Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 27

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
17.5%, for the period ended December 31, 2024 and June 30, 2024.

NOTE 9 - PROPERTY AND EQUIPMENT

Property and equipment consisted
of the following:

SCHEDULE OF PROPERTY AND EQUIPMENT 

    As of  
    As of 

    December 31, 2024  
    June 30, 2024 

    Office Furniture and Equipment 
    $2,377,621  
    $2,352,940 
  
    Computer Equipment 
     9,156,088  
     8,679,791 
  
    Assets Under Capital Leases 
     133,897  
     154,718 
  
    Building 
     3,597,784  
     3,602,819 
  
    Land 
     912,129  
     913,473 
  
    Autos 
     1,594,928  
     1,658,961 
  
    Improvements 
     212,897  
     206,387 
  
    Subtotal 
     17,985,344  
     17,569,089 
  
    Accumulated Depreciation 
     (13,050,846) 
     (12,462,247)
  
    Property and Equipment, Net 
    $4,934,498  
    $5,106,842 

For the
three and six months ended December 31, 2024 and 2023, depreciation expense totaled $372,585 and $738,582, respectively. Of these amounts,
$237,882 and $466,432, respectively, are reflected in cost of revenues. For the three and six months ended December 31, 2023, depreciation
expense totaled $429,163 and $833,908, respectively. Of these amounts, $264,374 and $531,316, respectively, are reflected in cost of
revenues.

    Page 20

NETSOL
TECHNOLOGIES, INC. 

Notes
to Condensed Consolidated Financial Statements 

December
31, 2024 

(Unaudited)

Following is a summary of fixed
assets held under finance leases as of December 31, 2024 and June 30, 2024:

SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES 

    As of  
    As of