Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 48

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 48
---
 
  
    Increase
    in paid-in capital for purchase of 2,690,251 shares of common stock of NetSol PK from Open Market 
     29,135  
     -  
     29,135  
     - 
  
    Net transfer to (from)
    non-controlling interest 
     29,135  
     -  
     (73,997) 
     - 
  
    Change
    from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest 
    $1,453,103  
    $327,549  
    $273,724  
    $766,755 

NOTE
17– INCOME TAXES

The
current tax provision is based on taxable income for the year determined in accordance with the prevailing law for taxation of income.
The charge for tax on income is calculated at the current rates of taxation as applicable after considering tax credit and tax rebates
available, if any. We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our effective tax rate will depend
on the portion of our profits earned within and outside the United States.

During
the three and nine months ended March 31, 2025, the Company recorded an income tax provision of $151,334 and $712,765, respectively.
During the three and nine months ended March 31, 2024, the Company recorded an income tax provision of $146,569 and $418,517, respectively.

NOTE
18– SUBSEQUENT EVENTS 

The
Company’s subsidiary OTOZ Inc. has been merged with NTA effective April 1, 2025. The merger has no financial impact on the consolidated
financial statements.

Page 32

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The
following discussion is intended to assist in an understanding of the Company’s financial position and results of operations for
the three months ended March 31, 2025. The following discussion should be read in conjunction with the information included within our
Annual Report on Form 10-K for the year ended June 30, 2024, and the Condensed Consolidated Financial Statements and notes thereto included
elsewhere in this Quarterly Report on Form 10-Q.

Our
website is located at https://netsoltech.com/, and our investor relations website is located at https://ir.netsoltech.com