Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 11

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 8

NETSOL
TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(UNAUDITED)

    For the Six Months 

    Ended December 31, 

    2024  
    2023 
  
    SUPPLEMENTAL DISCLOSURES: 

    Cash paid during the period for: 

    Interest 
    $503,375  
    $670,330 
  
    Taxes 
    $942,413  
    $342,643 

The accompanying
notes are an integral part of these unaudited condensed consolidated financial statements.

Page 9

NETSOL
TECHNOLOGIES, INC.

Notes
to Condensed Consolidated Financial Statements

December
31, 2024

(Unaudited)

NOTE 1 - BASIS OF PRESENTATION
AND PRINCIPLES OF CONSOLIDATION

The Company
is a business services and asset finance solutions provider that designs, develops, markets, and exports proprietary software products
to customers in the automobile financing and leasing, banking, and financial services industries worldwide. The Company also provides
system integration, consulting, and IT products and services in exchange for fees from customers.

The consolidated
condensed interim financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared
in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although
the Company believes that the disclosures are adequate to make the information presented not misleading. The year-end condensed consolidated
balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles
generally accepted in the United States of America.

These statements
reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for fair presentation
of the information contained therein. It is suggested that these condensed consolidated financial statements be read in conjunction with
the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended June 30,
2024. The Company follows the same accounting policies in preparation of interim reports. Results of operations for the interim periods
are not indicative of annual results.

The accompanying
consolidated financial statements include the accounts of the Company as follows