Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
 6 Months Ended
Dec. 31, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 10 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

    As of December 31,     As of June 30,  
    2017     2017  
             
Office Furniture and Equipment   $ 3,908,883     $ 3,755,710  
Computer Equipment     25,788,684       26,693,730  
Assets Under Capital Leases     1,522,708       1,965,650  
Building     8,794,381       9,243,866  
Land     2,299,047       2,428,626  
Autos     1,287,043       1,270,339  
Improvements     534,900       592,652  
Subtotal     44,135,646       45,950,573  
Accumulated Depreciation     (25,692,152 )     (25,579,870 )
Property and Equipment, Net   $ 18,443,494     $ 20,370,703  

 

For the three and six months ended December 31, 2017, depreciation expense totaled $707,668 and $1,436,327, respectively. Of these amounts, $484,883 and $967,669, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2016, depreciation expense totaled $902,678 and $1,801,981, respectively. Of these amounts, $631,193 and $1,261,399, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under capital leases as of December 31, 2017 and June 30, 2017:

 

    As of December 31,     As of June 30,  
    2017     2017  
Computers and Other Equipment   $ 236,518     $ 309,863  
Furniture and Fixtures     65,084       227,914  
Vehicles     1,221,106       1,427,873  
Total     1,522,708       1,965,650  
Less: Accumulated Depreciation - Net     (568,087 )     (711,622 )
    $ 954,621     $ 1,254,028