PROPERTY AND EQUIPMENT

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 10 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	As of			As of
	March 31, 2022			June 30, 2021
Office Furniture and Equipment	$	3,287,329		$	3,440,501
Computer Equipment		14,122,850			18,681,991
Assets Under Capital Leases		341,927			1,136,128
Building		5,378,874			6,205,210
Land		1,387,483			1,608,024
Autos		2,244,069			1,770,147
Improvements		191,934			35,592
Subtotal		26,954,466			32,877,593
Accumulated Depreciation		(16,840,008	)		(20,785,781	)
Property and Equipment, Net	$	10,114,458		$	12,091,812

For the three and nine months ended March 31, 2022, depreciation expense was $540,822 and $1,608,007, respectively. Of these amounts, $334,476 and $974,526, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2021, depreciation expense was $575,855 and $1,557,578, respectively. Of these amounts, $303,780 and $842,141, respectively, are reflected in cost of revenues.

Following is a summary of fixed assets held under finance leases as of March 31, 2022 and June 30, 2021:

	As of			As of
	March 31, 2022			June 30, 2021
Computers and Other Equipment	$	-		$	169,487
Furniture and Fixtures		-			57,509
Vehicles		341,927			909,132
Total		341,927			1,136,128
Less: Accumulated Depreciation - Net		(149,740	)		(627,119	)
	$	192,187		$	509,009

Finance lease term and discount rate were as follows:

	As of			As of
	March 31, 2022			June 30, 2021
Weighted average remaining lease term - Finance leases		2.18 Years			0.55 Years
Weighted average discount rate - Finance leases		9.7	%		5.6	%

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2022

(Unaudited)