Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.3.1.900
Property and Equipment
 6 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 7 – PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of     As of  
    December 31, 2015     June 30, 2015  
                 
Office Furniture and Equipment   $ 3,203,248     $ 3,104,375  
Computer Equipment     25,545,848       25,911,422  
Assets Under Capital Leases     1,859,806       1,887,767  
Building     8,717,470       8,743,130  
Land     2,393,866       2,451,577  
Capital Work In Progress     162,274       392,243  
Autos     981,035       943,873  
Improvements     382,451       204,779  
Subtotal     43,245,998       43,639,166  
Accumulated Depreciation     (19,994,078 )     (18,519,532 )
Property and Equipment, Net   $ 23,251,920     $ 25,119,634  

 

For the three and six months ended December 31, 2015, depreciation expense totaled $1,060,216 and $2,124,105, respectively. Of these amounts, $774,600 and $1,547,317, respectively, are reflected in cost of revenues. 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.

 

Following is a summary of fixed assets held under capital leases as of December 31, 2015 and June 30, 2015:

 

    As of     As of  
    December 31, 2015     June 30, 2015  
Computers and Other Equipment   $ 520,993     $ 590,625  
Furniture and Fixtures     405,809       414,023  
Vehicles     933,004       883,119  
Total     1,859,806       1,887,767  
Less: Accumulated Depreciation - Net     (600,457 )     (577,215 )
    $ 1,259,349     $ 1,310,552