Annual report pursuant to Section 13 and 15(d)

GOODWILL

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GOODWILL
 12 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL

NOTE 13 – GOODWILL

 

Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in prior period business combinations. Goodwill was comprised of the following amounts:

 

SCHEDULE OF GOODWILL ACQUIRED

  As of     As of  
Entity (Segment)   June 30, 2023     June 30, 2022  
NetSol PK (Asia - Pacific)   $ 1,166,610     $ 1,166,610  
NTE (Europe)     3,471,814       3,471,814  
NTA (North America)     4,664,100       4,664,100  
Total   $ 9,302,524     $ 9,302,524  

 

The Company tests for goodwill impairment at each reporting unit and recorded an impairment of $214,044 at June 30, 2022. The Company performed the goodwill analysis using an income approach.