Note 19 - Commitments and Contingencies
|12 Months Ended|
Jun. 30, 2012
|Commitments and Contingencies Disclosure [Text Block]||
NOTE 19 – COMMITMENTS AND CONTINGENCIES
The Company’s headquarters is located in California in approximately 7,210 rentable square feet and a rent of $20,417 per month. The term of the lease is for five years and five months and expires on August 31, 2017. A security deposit of $23,821 was made and is included in other current assets in the accompanying consolidated financial statements.
The Australia lease is a month to month lease and is rented at the rate of $175 per month. The Beijing lease is a three-year lease that expires in January 2014. The monthly rent is approximately $10,242. The Bangkok lease is a three years lease expiring in November 2013 with monthly rent of approximately $8,140. The NetSol Europe facilities, located in Horsham, United Kingdom, are leased until June 23, 2021 for an annual rent of approximately $109,319. VLS facilities, located in London, United Kingdom, are leased until October 2015 for an annual rent of approximately $54,660. NTNA relocated to Alameda, California location. The Alameda lease is about to end in November 2012. The monthly rent is $7,148.
The NetSol Connect Karachi lease is a one-year lease that expires on December 2012 and currently is rented at the rate of approximately $1,323 per month. The NetSol Pindi office lease is a one year-lease that expires in April 2013 and currently is rented at the rate of approximately $529 per month.
Upon expiration of its leases, the Company does not anticipate any difficulty in obtaining renewals or alternative space. Rent expense amounted to $1,026,304 and $861,262 for the years ended June 30, 2012 and 2011, respectively.
The total annual lease commitment for the next five years is as follows:
As of June 30, 2012 and 2011, to the best knowledge of the Company’s management and counsel, there is no material litigation pending or threatened against the Company.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef