Annual report pursuant to Section 13 and 15(d)

SCHEDULE OF COMPONENTS OF NOTES PAYABLE AND CAPITAL LEASES (Details)

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SCHEDULE OF COMPONENTS OF NOTES PAYABLE AND CAPITAL LEASES (Details) - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Debt Instrument [Line Items]    
Total $ 6,270,934 $ 5,927,409
Current Maturities 6,261,250 5,754,560
Long-Term Maturities 9,684 172,849
Subsidiary Finance Leases, Total [1] 100,962 28,330
Subsidiary Finance Leases, Current Maturities [1] 14,875 24,950
Subsidiary Finance Leases, Long-Term Maturities [1] 86,087 3,380
Total 6,371,896 5,955,739
Current Maturities 6,276,125 5,779,510
Long-Term Maturities 95,771 176,229
D&O Insurance [Member]    
Debt Instrument [Line Items]    
Total [2] 124,314 89,823
Current Maturities [2] 124,314 89,823
Long-Term Maturities [2]
Line of Credit [Member]    
Debt Instrument [Line Items]    
Total [3]
Current Maturities [3]
Long-Term Maturities [3]
Bank Overdraft Facility [Member]    
Debt Instrument [Line Items]    
Total [4]
Current Maturities [4]
Long-Term Maturities [4]
Loan Payable Bank - Export Refinance [Member]    
Debt Instrument [Line Items]    
Total [5] 1,796,558 1,741,493
Current Maturities [5] 1,796,558 1,741,493
Long-Term Maturities [5]
Loan Payable Bank - Running Finance [Member]    
Debt Instrument [Line Items]    
Total [6]
Current Maturities [6]
Long-Term Maturities [6]
Loan Payable Bank - Export Refinance II [Member]    
Debt Instrument [Line Items]    
Total [7] 1,365,384 1,323,535
Current Maturities [7] 1,365,384 1,323,535
Long-Term Maturities [7]
Loan Payable Bank - Export Refinance III [Member]    
Debt Instrument [Line Items]    
Total [8] 2,515,181 2,438,089
Current Maturities [8] 2,515,181 2,438,089
Long-Term Maturities [8]
Sale and Leaseback Financing [Member]    
Debt Instrument [Line Items]    
Total [9] 56,842 321,113
Current Maturities [9] 47,158 148,264
Long-Term Maturities [9] 9,684 172,849
Term Finance Facility [Member]    
Debt Instrument [Line Items]    
Total [10] 13,356
Current Maturities [10] 13,356
Long-Term Maturities [10]
Short Term Financing [Member]    
Debt Instrument [Line Items]    
Total [11] 412,655
Current Maturities [11] 412,655
Long-Term Maturities [11]
[1] The Company leases various fixed assets under capital lease arrangements expiring in various years through 2027. The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are secured by the assets themselves. Depreciation of assets under capital leases is included in depreciation expense for the years ended June 30, 2024 and 2023.
[2] The Company finances Directors’ and Officers’ (“D&O”) liability insurance and Errors and Omissions (“E&O”) liability insurance, for which the D&O and E&O balances are renewed on an annual basis and, as such, are recorded in current maturities. The interest rate on these financings range from 8.6
[3] The Company has an uncommitted discretionary demand line of credit up to an aggregate amount of $1,000,000
[4] The Company’s subsidiary, NTE, has an overdraft facility with HSBC Bank plc whereby the bank would cover any overdrafts up to £300,000
[5] The Company’s subsidiary, NetSol PK, has an export refinance facility with Askari Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every six months. The total facility amount is Rs. 500,000,000
[6] The Company’s subsidiary, NetSol PK, has a running finance facility with Askari Bank Limited, secured by NetSol PK’s assets. The total facility amount is Rs. 53,600,000
[7] The Company’s subsidiary, NetSol PK, has an export refinance facility with Samba Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every six months. The total facility amount is Rs. 380,000,000
[8] The Company’s subsidiary, NetSol PK, has an export refinance facility with Habib Metro Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every nine months. The total facility amount is Rs. 900,000,000
[9] The Company’s subsidiary, NetSol PK, availed sale and leaseback financing from First Habib Modaraba secured by the transfer of the vehicles’ title. As of June 30, 2024, NetSol PK used Rs. 15,819,683
[10] In March 2020, the Company’s subsidiary, VLS, entered into a loan agreement with Investec Bank PLC. The loan amount was £69,549
[11] The Company’s subsidiary, NetSol Beijing , has a short term loan facility with Bank of China, secured by personal guarantee of General Manager of NetSol Beijing for a period of one year. The facility amount is CNY 3,000,000