Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 9 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 14 - STOCKHOLDERS’ EQUITY

 

During the three and nine months ended March 31, 2024, the Company issued 14,352 and 54,384 shares of common stock for services rendered by the independent members of the Board of Directors as part of their board compensation. These shares were valued at the fair market value of $39,750 and $119,250, respectively.

 

During the three and nine months ended March 31, 2024, the Company issued nil and 5,000 shares of common stock for services rendered by the employees of the Company as part of their compensation. These shares were valued at the fair market value of $nil and $9,050.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2024

(Unaudited)

 

Stock Grants

 

The following table summarizes stock grants awarded as compensation:

 

    # Number of
shares		     Weighted
Average Grant
Date Fair Value
($)		  
             
Unvested, June 30, 2022     -     $ -  
Granted     58,317     $ 2.73  
Vested     (58,317 )   $ 2.73  
Unvested, June 30, 2023     -     $ -  
Granted     59,384     $ 2.16  
Vested     (59,384 )   $ 2.16  
Unvested, March 31, 2024     -     $ -  

 

For the three and nine months ended March 31, 2024, the Company recorded compensation expense of $39,750 and $128,300, respectively. For the three and nine months ended March 31, 2023, the Company recorded compensation expense of $39,750 and $119,250, respectively. The weighted average grant date fair value is determined by the Company’s closing stock price on the grant date.