NETSOL Technologies, Inc. Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2023

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

The Company’s financial assets that were measured at fair value on a recurring basis as of June 30, 2022, are as follows:

	Level 1		Level 2		Level 3		Total Assets
Revenues in excess of billings - long term	$	-	$	-	$	853,601	$	853,601
Total	$	-	$	-	$	853,601	$	853,601

The reconciliation for the years ended June 30, 2023 and 2022 is as follows:

	Revenues in excess of billings - long term			Fair value discount			Total
Balance at June 30, 2021	$	1,024,382		$	(66,779	)	$	957,603
Amortization during the period		-			38,005			38,005
Transfers to short term		(129,352	)		-			(129,352	)
Effect of Translation Adjustment		(13,090	)		435			(12,655	)
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	$	-		$	-		$	-