Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME AND FOREIGN CURRENCY

v3.23.3
OTHER COMPREHENSIVE INCOME AND FOREIGN CURRENCY
3 Months Ended
Sep. 30, 2023
Other Comprehensive Income And Foreign Currency  
OTHER COMPREHENSIVE INCOME AND FOREIGN CURRENCY

NOTE 5 – OTHER COMPREHENSIVE INCOME AND FOREIGN CURRENCY

 

The following table represents the functional currencies of the Company and its subsidiaries:

 

The Company and Subsidiaries   Functional Currency

 

   
NetSol Technologies, Inc.   USD
NTA   USD
Otoz   USD
NTE   British Pound
AEL   British Pound
VLSH   British Pound
VLS   British Pound
VLSIL   Euro
NetSol PK   Pakistan Rupee
Connect   Pakistan Rupee
NetSol Innovation   Pakistan Rupee
NetSol Thai   Thai Bhat
Otoz Thai   Thai Bhat
Australia   Australian Dollar
Namecet   AED
NetSol Beijing   Chinese Yuan
Tianjin   Chinese Yuan

 

Assets and liabilities are translated at the exchange rate on the balance sheet date, and operating results are translated at the average exchange rate throughout the period. Accumulated translation losses classified as an item of accumulated other comprehensive loss in the stockholders’ equity section of the consolidated balance sheet were $46,411,702 and $45,975,156 as of September 30, 2023 and June 30, 2023, respectively. During the three months ended September 30, 2023 and 2022, comprehensive income (loss) in the consolidated statements of comprehensive income (loss) included a translation loss attributable to NetSol of $436,546 and $2,918,050, respectively.