Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 166

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 166
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 to $1,830,025, for the three months ended March 31, 2024
for an increase of $596,058 and on a constant currency basis an increase of $585,484. The increase is mainly due to increases is salaries
and consultants of approximately $427,000, due to annual raises and the hiring of additional marketing personnel. Other marketing expenses
increased by approximately $130,000 due to the increase in advertising and marketing events.

Page 42

General
and administrative expenses were $4,457,504 for the three months ended March 31, 2025 compared to $3,981,310 for the three months ended
March 31, 2024 or an increase of $476,194 and on a constant currency basis an increase of $493,629. During the three months ended March
31, 2025, salaries increased by $14,558 and increased $21,091 on a constant currency basis, bad debt expense increased $606,795 and increased
$616,360 on a constant currency basis, and other general and administrative expenses decreased $145,149 and decreased by $143,822 on
a constant currency basis.

Research
and development cost was $304,788 for the three months ended March 31, 2025 compared to $345,582, for the three months ended March 31,
2024 for a decrease of $40,794 and on a constant currency basis a decrease of $40,836.

Income/Loss
from Operations

Income
from operations was $1,553,398 for the three months ended March 31, 2025 compared to $1,317,903 for the three months ended March 31,
2024. This represents an increase of $235,495 with an increase of $230,222 on a constant currency basis for the three months ended March
31, 2025 compared with the three months ended March 31, 2024. As a percentage of sales, income from operations was 8.9% for the three
months ended March 31, 2025 compared to 8.5% for the three months ended March 31, 2024.

Other
Income and Expense

Other
income was $432,366 for the three months ended March 31, 2025 compared to other expense of $855,464 for the three months ended March
31, 2024. This represents an increase in other income of $1,