Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 1402

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 7A
Chunk 1402
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 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 2025 and 2024.

Pre-Approval
Procedures

The
Audit Committee and the Board of Directors are responsible for the engagement of the independent auditors and for approving, in advance,
all auditing services and permitted non-audit services to be provided by the independent auditors. The Audit Committee maintains a policy
for the engagement of the independent auditors that is intended to maintain the independent auditor’s independence from NETSOL.
In adopting the policy, the Audit Committee considered the various services that the independent auditors have historically performed
or may be needed to perform in the future. The policy, which is to be reviewed and re-adopted at least annually by the Audit Committee:

(i) Approves
the performance by the independent auditors of certain types of service (principally audit-related and tax), subject to restrictions
in some cases, based on the Committee’s determination that this would not be likely to impair the independent auditors’ independence
from NETSOL;

(ii) Requires
that management obtain the specific prior approval of the Audit Committee for each engagement of the independent auditors to perform
other types of