Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 98

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 98
---
    31, 2025  
    June
    30, 2024 

    Office Furniture and Equipment 
    $2,446,214  
    $2,352,940 
  
    Computer Equipment 
     8,901,316  
     8,679,791 
  
    Assets Under Capital Leases 
     138,549  
     154,718 
  
    Building 
     3,586,906  
     3,602,819 
  
    Land 
     909,226  
     913,473 
  
    Autos 
     1,585,341  
     1,658,961 
  
    Improvements 
     213,868  
     206,387 
  
    Subtotal 
     17,781,420  
     17,569,089 
  
    Accumulated Depreciation 
     (13,012,576) 
     (12,462,247)
  
    Property and Equipment,
    Net 
    $4,768,844  
    $5,106,842 

For
the three and nine months ended March 31, 2025, depreciation expense totaled $363,503 and $1,102,085, respectively. Of these amounts,
$240,444 and $706,876, respectively, are reflected in cost of revenues. For the three and nine months ended March 31, 2024, depreciation
expense totaled $391,290 and $1,225,198, respectively. Of these amounts, $250,126 and $781,442, respectively, are reflected in cost of
revenues.

    Page 21

NETSOL
                                            TECHNOLOGIES, INC.

Notes
to Condensed Consolidated Financial Statements

March
31, 2025

(Unaudited)

Following
is a summary of fixed assets held under finance leases as of March 31, 2025 and June 30, 2024:

 SCHEDULE OF FIXED ASSETS HELD UNDER CAPITAL LEASES

    As of  
    As of 

    March
    31, 2025  
    June
    30, 2024 
  
    Vehicles 
    $138,549  
    $154,718 
  
    Total 
     138,549  
     154,718 
  
    Less: Accumulated