Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1501

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 8
Chunk 1501
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 401(k) employer matching.

Director
Independence

The
Nasdaq Stock Market LLC (“Nasdaq”) requires that a majority of our board of directors must be composed of “independent
directors,” which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any
other individual having a relationship, which, in the opinion of the company’s board of directors would interfere with the director’s
exercise of independent judgment in carrying out the responsibilities of a director. The board has determined that Mark Caton, Kausar
Kazmi, Michael Francis, and Ian Smith are “independent”. Our board currently consists of three independent directors and
two non-independent directors. Mr. Francis’s term ended in June 2025, and Mr. Smith was elected to the Board of Directors in June
2025.

ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 

Audit
Fees

Fortune
CPA (“Fortune”) audited the Company’s financial statements for the fiscal year ended June 30, 2025. The aggregate fees
billed by principal accountants for the annual audit and review of financial statements included in the Company’s Form 10-K, was
$401,700 for the year ended June 30, 2025.

BF
Borgers was engaged to review our quarterly financial statements for the first two quarters of fiscal year ended 2024, for which we incurred
fees of $60,000. Due to subsequent sanctions imposed by the SEC on BF Borgers, we engaged Fortune to re-audit the financial statements
for the fiscal year ended June 30, 2023, and to audit our financial statements for the fiscal year ended June 30, 2024. In addition,
Fortune reviewed our quarterly financial statements for the third quarter of fiscal year 2024 and 2023. The total amount paid to Fortune
for these services was $563,500.

Tax
Fees

Tax
fees for fiscal year 2025 were $19,500 and consisted of the preparation of the Company’s federal and state tax returns for the
fiscal year 2024. Tax fees for fiscal year 2024 were $19,000 and consisted of the preparation of the Company’s federal and state
tax returns for the fiscal year 2023.

48

All
Other Fees

No
other fees were paid to the principal accountant during the fiscal years 202