Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF ESTIMATED USEFUL LIVES OF ASSETS

 

Category   Estimated Useful Life
     
Computer equipment and software   3 to 5 Years
Office furniture and equipment  

5 to 10 Years
Building   20 Years
Autos   5 Years
Assets under capital leases   3 to 10 Years
Improvements   5 to 10 Years
SCHEDULE OF FAIR VALUE OF FINANCIAL ASSETS MEASURED ON RECURRING BASIS

The Company’s financial assets that were measured at fair value on a recurring basis as of June 30, 2024, are as follows:

 

    Level 1     Level 2     Level 3     Total Assets  
Revenues in excess of billings - long term   $     -     $      -     $ 954,029     $ 954,029  
Total   $ -     $ -     $ 954,029     $ 954,029  
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS RECONCILIATION

The reconciliation for the years ended June 30, 2024 and 2023 is as follows:

 

    Revenues in excess of
billings - long term		     Fair value discount     Total  
Balance at June 30, 2022   $ 881,940     $ (28,339 )   $ 853,601  
Amortization during the period     -       28,029       28,029  
Transfers to short term     (890,794 )     -       (890,794 )
Effect of Translation Adjustment     8,854       310       9,164  
Balance at June 30, 2023   $ -     $ -     $ -  
Additions     1,107,853       (194,827 )     913,026  
Amortization during the period     -       42,814       42,814  
Effect of Translation Adjustment     (1,378 )     (433 )     (1,811 )
Balance at June 30, 2024   $ 1,106,475     $ (152,446 )   $ 954,029  
SCHEDULE OF FOREIGN CURRENCY TRANSLATION

The Company transacts business in various foreign currencies. 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