Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 2081

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 11
Chunk 2081
---
 opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

Critical
Audit Matters

The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

We
determined that there are no critical audit matters.

/s/
Fortune CPA, Inc

We
have served as the Company’s auditor since 2024.

Orange,
CA

September
29, 2025

PCAOB
#6901

F-2

NETSOL
TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated
Balance Sheets

    As
    of  
    As
    of 

    June
    30, 2025  
    June
    30, 2024 
  
    ASSETS 

    Current
    assets: 

    Cash
    and cash equivalents 
    $17,357,944  
    $19,127,165 
  
    Accounts
    receivable, net of allowance of $355,464 and $398,809 
     7,527,572  
     13,049,614 
  
    Revenues
    in excess of billings, net of allowance of $34,496 and $116,148 
     18,230,619  
     12,684,518 
  
    Other
    current assets 
     3,203,468  
     2,600,786 
  
    Total
    current assets