Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 26

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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Other current assets consisted
of the following:

SCHEDULE OF OTHER CURRENT ASSETS 

    As of  
    As of 

    December 31, 2024  
    June 30, 2024 

    Prepaid Expenses 
    $1,554,542  
    $1,314,524 
  
    Advance Income Tax 
     361,010  
     300,368 
  
    Employee Advances 
     209,650  
     165,264 
  
    Security Deposits 
     157,548  
     199,633 
  
    Other Receivables 
     553,283  
     258,880 
  
    Other Assets 
     355,345  
     362,117 
  
    Net Balance 
    $3,191,378  
    $2,600,786 

    Page 19

NETSOL
TECHNOLOGIES, INC. 

Notes
to Condensed Consolidated Financial Statements 

December
31, 2024 

(Unaudited)

NOTE 8 – REVENUES IN
EXCESS OF BILLINGS – LONG TERM

Revenues in excess of billings,
net consisted of the following:

SCHEDULE OF REVENUE IN EXCESS OF BILLING 

    As of  
    As of 

    December 31, 2024  
    June 30, 2024 

    Revenues in excess of billings - long term 
    $892,554  
    $1,106,475 
  
    Present value discount 
     (115,126) 
     (152,446)
  
    Net Balance 
    $777,428  
    $954,029 

Pursuant
to revenue recognition for contract accounting, the Company has recorded revenues in excess of billings long-term for amounts billable
after one year. During the three and six months ended December 31, 2024, the Company accreted $18,367 and $36,734, respectively, which
was recorded in interest income for that period. During the three and six months ended December 31, 2023, the Company accreted $12,309
and $18,464, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with
interest rates ranging from 7.3% to