Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 78

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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, compared to $822,451 for the nine months ended
March 31, 2024. We had purchases of property and equipment of $897,743 compared to $948,337 for the nine months ended March 31, 2024.

Net
cash provided by financing activities was $866,299 for the nine months ended March 31, 2025, compared to $33,612 for the nine months
ended March 31, 2024. During the nine months ended March 31, 2025, we received bank proceeds of $2,451,256 compared to $340,847 during
the nine months ended March 31, 2024. During the nine months ended March 31, 2025, we had net payments for bank loans and finance leases
of $247,496 compared to $307,235 for the nine months ended March 31, 2024. Employees of the Company exercised 220,00 options of common
stock for $473,000. NetSol PK, a subsidiary of the Company, paid a dividend of $306,799 to the non-controlling shareholders. NetSol PK
purchased 2,690,251 shares of its common stock from the open market for $1,503,662. We are operating in various geographical regions
of the world through our various subsidiaries. Those subsidiaries have financial arrangements from various financial institutions to
meet both their short and long-term funding requirements. These loans will become due at different maturity dates as described in Note
12 of the financial statements. We are in compliance with the covenants of the financial arrangements and there is no default, which
may lead to early payment of these obligations. We anticipate paying back all these obligations on their respective due dates from its
own sources.

We
typically fund the cash requirements for our operations in the U.S. through our license, services, and subscription and support agreements,
intercompany charges for corporate services, and through the exercise of options and warrants. As of March 31, 2025, we had approximately
$18.8 million of cash, cash equivalents and marketable securities of which approximately $17.8 million is held by our foreign subsidiaries.
As of June 30, 2024, we had approximately $19.1 million of cash, cash equivalents and marketable securities of which approximately $18.2
million is held by our foreign subsidiaries.

We
remain open to strategic relationships that would provide value added benefits. The