Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 3 Months Ended
Sep. 30, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 14 - STOCKHOLDERS’ EQUITY

 

During the three months ended September 30, 2023, the Company issued 21,963 shares of common stock for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $39,750.

 

During the three months ended September 30, 2023, the Company issued 5,000 shares of common stock for services rendered by the employees of the company as part of their compensation. These shares were valued at the fair market value of $9,050.

 

Stock Grants

 

The following table summarizes stock grants awarded as compensation:

 

    # Number of
shares		     Weighted
Average Grant
Date Fair Value ($)		  
Unvested, June 30, 2023     -     $ -  
Granted     26,963     $ 1.81  
Vested     (26,963 )   $ 1.81  
Unvested, September 30, 2023     -     $ -  

 

For the three months ended September 30, 2023 and 2022, the Company recorded compensation expense of $48,800 and $39,750, respectively. The weighted average grant date fair value is determined by the Company’s closing stock price on the grant date.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2023

(Unaudited)