Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 71

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
 We
also believe the exclusion of stock-based compensation expense provides a more useful comparison of our operating results to the operating
results of our peers.

Non-controlling
interest: We add back the non-controlling interest in calculating gross adjusted EBITDA and then subtract out the income taxes, depreciation
and amortization and net interest expense attributable to the non-controlling interest to arrive at a net adjusted EBITDA.

Page 47

Our reconciliation
of the non-GAAP financial measures of adjusted EBITDA and non-GAAP earnings per basic and diluted share to the most comparable GAAP measures
for the three and six months ended December 31, 2024 and 2023 are as follows: 

    For the Three Months Ended December 31,  
    For the Six Months Ended December 31, 

    2024  
    2023  
    2024  
    2023 

    Net Income (loss) attributable to NetSol 
    $(1,147,042) 
    $408,316  
    $(1,076,247) 
    $439,206 
  
    Non-controlling interest 
     (39,164) 
     574,499  
     107,750  
     834,672 
  
    Income taxes 
     331,614  
     150,053  
     561,431  
     271,948 
  
    Depreciation and amortization 
     372,585  
     429,163  
     738,582  
     959,949 
  
    Interest expense 
     236,386  
     290,322  
     494,605  
     566,339 
  
    Interest (income) 
     (529,072) 
     (468,280) 
     (1,298,939) 
     (882,998)
  
    EBITDA 
    $(774,693) 
    $1,384,073  
    $(472,818) 
    $2,189,116 
  
    Add back: 

    Non-cash stock-based compensation 
     47,355  
     51,433  
     95,134  
     111,787 
  
    Adjusted EBITDA, gross 
    $(727,338) 
    $1,435,