| Property and Equipment |
NOTE 7 - PROPERTY AND EQUIPMENT
Property and equipment consisted of
the following:
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2016 |
|
|
June 30, 2016 |
|
| |
|
|
|
|
|
|
|
|
| Office Furniture and Equipment |
|
$ |
3,426,515 |
|
|
$ |
3,346,156 |
|
| Computer Equipment |
|
|
26,392,430 |
|
|
|
25,935,620 |
|
| Assets Under Capital Leases |
|
|
2,366,860 |
|
|
|
2,409,074 |
|
| Building |
|
|
9,344,596 |
|
|
|
9,185,570 |
|
| Land |
|
|
2,453,707 |
|
|
|
2,410,664 |
|
| Autos |
|
|
1,315,522 |
|
|
|
1,073,447 |
|
| Improvements |
|
|
392,011 |
|
|
|
385,135 |
|
| Subtotal |
|
|
45,691,641 |
|
|
|
44,745,666 |
|
| Accumulated Depreciation |
|
|
(23,078,889 |
) |
|
|
(21,971,231 |
) |
| Property and Equipment, Net |
|
$ |
22,612,752 |
|
|
$ |
22,774,435 |
|
For the three months ended September
30, 2016 and 2015, depreciation expense totaled $899,303 and $1,063,889, respectively. Of these amounts, $630,206 and $772,717,
respectively, are reflected in cost of revenues.
Following is a summary of fixed assets
held under capital leases as of September 30, 2016 and June 30, 2016:
| |
|
As of |
|
|
As of |
|
| |
|
September 30, 2016 |
|
|
June 30, 2016 |
|
| Computers and Other Equipment |
|
$ |
396,519 |
|
|
$ |
503,926 |
|
| Furniture and Fixtures |
|
|
414,326 |
|
|
|
408,200 |
|
| Vehicles |
|
|
1,556,015 |
|
|
|
1,496,948 |
|
| Total |
|
|
2,366,860 |
|
|
|
2,409,074 |
|
| Less: Accumulated Depreciation - Net |
|
|
(706,151 |
) |
|
|
(713,248 |
) |
| |
|
$ |
1,660,709 |
|
|
$ |
1,695,826 |
|
|