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