Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 12

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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:

Wholly
owned Subsidiaries

NetSol
Technologies Americas, Inc. (“NTA”) 

NetSol
Connect (Private), Ltd. (“Connect”) 

NetSol
Technologies Australia Pty Ltd. (“Australia”) 

NetSol
Technologies Europe Limited (“NTE”) 

NetSol
Technologies (Beijing) Co. Ltd. (“NetSol Beijing”) 

Tianjin
NuoJinZhiCheng Co., Ltd (“Tianjin”) 

Ascent
Europe Ltd. (“AEL”) 

Virtual
Lease Services Holdings Limited (“VLSH”) 

Virtual
Lease Services Limited (“VLS”) 

Virtual
Lease Services (Ireland) Limited (“VLSIL”) 

 Otoz,
Inc. (“Otoz®”)

Majority-owned
Subsidiaries

NetSol
Technologies, Ltd. (“NetSol PK”) 

NetSol
Innovation (Private) Limited (“NetSol Innovation”) 

NETSOL
Ascent Middle East Computer Equipment Trading LLC (“Namecet”) 

NetSol
Technologies Thailand Limited (“NetSol Thai”) 

Otoz
(Thailand) Limited (“Otoz® Thai”)

    Page 10

NETSOL
TECHNOLOGIES, INC. 

Notes
to Condensed Consolidated Financial Statements 

December
31, 2024 

(Unaudited)

NOTE 2 – ACCOUNTING
POLICIES

Use of Estimates

The preparation
of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. The areas requiring significant estimates are provision for doubtful accounts, provision for taxation, useful life of depreciable
assets, useful life of intangible assets, contingencies, assumptions used to determine the net present value of operating lease liabilities,
and estimated contract costs. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results could differ
from those estimates.

Concentration of Credit
Risk

Cash includes
cash on hand and demand deposits in accounts maintained within the United States as well as in foreign countries. Certain financial instruments,
which subject the Company to concentration of credit risk, consist of cash