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PROPERTY AND EQUIPMENT
 3 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 9 - PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following:

 

   As of
September 30,
2023		   As of
June 30,
2023		 
         
Office Furniture and Equipment  $2,341,918   $2,678,664 
Computer Equipment   8,101,989    8,317,131 
Assets Under Capital Leases   46,451    46,554 
Building   3,490,534    3,497,913 
Land   883,505    885,474 
Autos   1,940,408    1,941,063 
Improvements   202,241    205,289 
Subtotal   17,007,046    17,572,088 
Accumulated Depreciation   (11,236,252)   (11,410,902)
Property and Equipment, Net  $5,770,794   $6,161,186 

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)

 

For the three months ended September 30, 2023 and 2022, depreciation expense totaled $404,745 and $522,183, respectively. Of these amounts, $266,942 and $331,229, respectively, are reflected in cost of revenues.

 

Following is a summary of fixed assets held under finance leases as of September 30, 2023 and June 30, 2023:

 

  

As of
September 30,

2023

  

As of
June 30,

2023

 
Vehicles  $46,451   $46,554 
Total   46,451    46,554 
Less: Accumulated Depreciation - Net   (19,650)   (17,366)
Fixed assets held under capital leases, Total  $26,801   $29,188 

 

Finance lease term and discount rate were as follows:

 

   As of
September 30,
2023		   As of
June 30,
2023		 
         
Weighted average remaining lease term - Finance leases   1 Years    1.21 Years 
           
Weighted average discount rate - Finance leases   16.4%   16.4%