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, 2024
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.

 

    For the Year ended June 30, 2023     Affected Line Item in the Statement
Details about Accumulated Other   Amount Reclassified from Accumulated     Consolidated Statement of Operations
Comprehensive Income (Loss) Components   Other Income (Loss)     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.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2024 and 2023