Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 67

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 67
---
 to $12,918,171 for the six months
ended December 31, 2024 and on a constant currency basis increased by $749,645. The increase is due to annual salary raises. As a percentage
of sales, salaries and consultant expense increased from 40.2% for the six months ended December 31, 2023 to 42.9% for the six months
ended December 31, 2024.

Travel
expenses were $1,172,113 for the six months ended December 31, 2024 compared to $1,408,439 for the six months ended December 31, 2023
for a decrease of $236,326 with a decrease in constant currency of $260,082. As a percentage of sales, travel expense decreased from
4.8% for the six months ended December 31, 2023 to 3.9% for the six months ended December 31, 2024.

Depreciation
and amortization expense decreased to $466,432 compared to $657,357 for the six months ended December 31, 2023 or a decrease of $190,925
and on a constant currency basis a decrease of $204,128.

Other costs
decreased to $2,093,990 for the six months ended December 31, 2024 compared to $2,215,067 for the six months ended December 31, 2023
or a decrease of $121,077 and on a constant currency basis a decrease of $176,216.

Operating
Expenses

Operating
expenses were $14,731,561 for the six months ended December 31, 2024 compared to $11,960,293, for the six months ended December 31, 2023
for an increase of $2,771,268 and on a constant currency basis an increase of $2,435,341. As a percentage of sales, it increased from
40.6% to 48.9%. The increase in operating expenses was primarily due to increases in selling and marketing expenses, salaries and wages,
provision for doubtful accounts, and other general and administrative expenses.

Selling
expenses were $4,954,596 for the six months ended December 31, 2024 compared to $3,493,375, for the six months ended December 31, 2023
for an increase of $1,461,221 and on a constant currency