Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 69

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 on a constant currency basis. The increase is primarily due to the foreign currency
exchange transactions and interest income. The majority of the contracts with NetSol PK are either in U.S. dollars or Euros; therefore,
the currency fluctuations will lead to foreign currency exchange gains or losses depending on the value of the PKR compared to the U.S.
dollar and the Euro. During the six months ended December 31, 2024, we recognized a loss of $155,847 in foreign currency exchange transactions
compared to $148,870 for the six months ended December 31, 2023. During the six months ended December 31, 2024, the value of the U.S.
dollar increased 0.2% and the Euro decreased 2.9%, compared to the PKR. During the six months ended December 31, 2023, the value of the
U.S. dollar and the Euro decreased 2.6% and 1.2%, respectively, compared to the PKR. During the six months ended December 31, 2024, interest
income was $1,298,939 compared to $882,998 for the six months ended December 31, 2023, for an increase of $415,941 and on constant currency
basis an increase of $374,167. The increase in interest income was driven by a higher balance of interest-bearing funds during the period.

Non-controlling
Interest

For the
six months ended December 31, 2024, the net income attributable to non-controlling interest was $107,750, compared to $834,672 for the
six months ended December 31, 2023. The decrease in non-controlling interest is primarily due to the increase in net loss of NetSol PK
and NetSol Innovation.

Net
income (loss) attributable to NetSol

The net
loss was $1,076,247 for the six months ended December 31, 2024 compared to net income of $439,206 for the six months ended December 31,
2023. This is an increase in loss of $1,515,453 with an increase of $1,316,457 on a constant currency basis, compared to the prior year.
For the six months ended December 31, 2024, net loss per share was $0.09 for basic and diluted shares compared to net income per share
of $0.04 for basic and diluted shares for the six