Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 6 Months Ended
Dec. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 14 - STOCKHOLDERS’ EQUITY

 

During the three and six months ended December 31, 2023, the Company issued 18,069 and 40,032 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 and $79,500, respectively.

 

During the three and six months ended December 31, 2023, the Company issued nil and 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 $nil and $9,050.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2023

(Unaudited)

 

Stock Grants

 

The following table summarizes stock grants awarded as compensation:

 

   

# Number of

shares

    

Weighted

Average Grant

Date Fair

Value ($)

  
             
Unvested, June 30, 2022     -     $ -  
Granted     58,317     $ 2.73  
Vested     (58,317 )   $ 2.73  
Unvested, June 30, 2023     -     $ -  
Granted     45,032     $ 1.97  
Vested     (45,032 )   $ 1.97  
Unvested, December 31, 2023     -     $ -  

 

For the three and six months ended December 31, 2023, the Company recorded compensation expense of $39,750 and $88,550, respectively. For the three and six months ended December 31, 2022, the Company recorded compensation expense of $39,750 and $79,500, respectively. The weighted average grant date fair value is determined by the Company’s closing stock price on the grant date.