Company: NTWK
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001493152-25-015950
Chunk: 805

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-09-29
Form: 10-K
Item: Item 3
Chunk 805
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000, respectively. The Company employs Mr. Faraaz
Ghauri, Mr. Najeeb Ghauri’s son, as Vice President-Digital Retail. His total compensation for fiscal years 2025 and 2024 was $319,000
and $178,000, respectively. Mr. Najeeb Ghauri’s brother, Salim Ghauri, was a co-founder of the Company and is CEO of NetSol Technologies
Limited, the company’s Pakistani subsidiary. His compensation for fiscal years 2025 and 2024 was $648,000 and $618,000, respectively.
Compensation for the purpose of this disclosure includes salary, bonuses, commissions, equity awards and other benefits such as medical
and 401(k) employer matching.

Director
Independence

The
Nasdaq Stock Market LLC (“Nasdaq”) requires that a majority of our board of directors must be composed of “independent
directors,” which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any
other individual having a relationship, which, in the opinion of the company’s board of directors would interfere with the director’s
exercise of independent judgment in carrying out the responsibilities of a director. The board has determined that Mark Caton, Kausar
Kazmi, Michael Francis, and Ian Smith are “independent”. Our board currently consists of three independent directors and
two non-independent directors. Mr. Francis’s term ended in June 2025, and Mr. Smith was elected to the Board of Directors in June
2025.

ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 

Audit
Fees

Fortune
CPA (“Fortune”) audited the Company’s financial statements for the fiscal year ended June 30, 2025. The aggregate 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