Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v2.4.1.9
Property and Equipment
 6 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of
December 31, 2014		     As of
June 30, 2014		  
             
Office Furniture and Equipment   $ 2,624,218     $ 2,628,814  
Computer Equipment     25,899,260       27,215,091  
Assets Under Capital Leases     1,804,147       1,861,445  
Building     6,068,353       6,259,290  
Land     3,249,086       3,351,316  
Capital Work In Progress     3,184,387       2,812,181  
Autos     994,641       999,277  
Improvements     510,573       533,102  
Subtotal     44,334,665       45,660,516  
Accumulated Depreciation     (16,791,176 )     (15,939,388 )
Property and Equipment, Net   $ 27,543,489     $ 29,721,128  

 

For the three and six months ended December 31, 2014, depreciation expense totaled $1,360,652 and $2,729,359, respectively. Of these amounts, $932,063 and $1,850,955, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2013, depreciation expense totaled $1,116,347 and $2,113,907, respectively. Of these amounts, $715,871 and $1,327,961, respectively, are reflected in cost of revenues.

 

The Company’s capital work in progress consists of ongoing enhancements to its facilities and infrastructure necessary to meet expected long term growth needs. Accumulated capitalized interest was $776,463 and $664,614 as of December 31, 2014 and June 30, 2014, respectively.

 

Following is a summary of fixed assets held under capital leases as of December 31, 2014 and June 30, 2014:

 

    As of
December 31, 2014		     As of
June 30, 2014		  
Computers and Other Equipment   $ 684,941     $ 731,354  
Furniture and Fixtures     355,037       280,184  
Vehicles     764,169       849,907  
Total     1,804,147       1,861,445  
Less: Accumulated Depreciation - Net     (514,566 )     (469,336 )
    $ 1,289,581     $ 1,392,109