Annual report pursuant to Section 13 and 15(d)

RE-CLASSIFICATION OF OTHER COMPREHENSIVE INCOME (LOSS)

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RE-CLASSIFICATION OF OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Jun. 30, 2023
Equity [Abstract]  
RE-CLASSIFICATION OF OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 4 – RE-CLASSIFICATION OF OTHER COMPREHENSIVE INCOME (LOSS)

 

The Company re-classified certain foreign currency translation adjustments of foreign entities in other comprehensive income (loss) to income (loss) for the period ended June 30, 2023.

 

Details about Accumulated
Other Comprehensive
Income (Loss) Components

  

For the Year ended June 30, 2023

Amount Reclassified from

Accumulated Other Income (Loss)

    

Affected Line Item in the Statement

Consolidated Statement of Operations

Where Net Loss is Presented
           
Foreign currency translation gain (loss) on            
liquidation of NTPK Thailand   $ (323,764 )   Gain on foreign currency exchange transactions
             
Foreign currency translation gain (loss) on            
investment in WRLD3D      (650,242 )   Other income (expense)
             
Total reclassification for the period   $ (974,006 )    

 

NTPK Thailand had been a dormant company in Thailand since 2016 when it was replaced by NetSol Technologies Thailand Limited. During the year ended June 30, 2023, the dissolution of NTPK Thailand was finalized by Thailand’s authorities.