Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 46

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 Change from net income (loss) attributable to NetSol and transfer to (from) non-controlling interest 
    $(1,178,046) 
    $408,316  
    $(1,242,370) 
    $439,206 

NOTE 17– INCOME TAXES

The current
tax provision is based on taxable income for the year determined in accordance with the prevailing law for taxation of income. The charge
for tax on income is calculated at the current rates of taxation as applicable after considering tax credit and tax rebates available,
if any. We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our effective tax rate will depend on the portion
of our profits earned within and outside the United States.

During
the three and six months ended December 31, 2024, the Company recorded an income tax provision of $331,614 and $561,431, respectively.
During the three and six months ended December 31, 2023, the Company recorded an income tax provision of $150,053 and $271,948, respectively.

NOTE 18– SUBSEQUENT EVENTS

NetSol PK announced a share buyback program for the
repurchase of up to 10,000,000 shares representing approximately 11.1% of the estimated 89,837,000 outstanding shares. The buyback program
was announced on January 3, 2025, and will continue through June 29, 2025. As of February 10, 2025, NetSol PK had repurchased approximately
2,358,000 shares valued at approximately $1,345,000.

Page 31

Item 2. Management’s
Discussion and Analysis of Financial Condition and Results of Operations

The following
discussion is intended to assist in an understanding of the Company’s financial position and results of operations for the three
months ended December 31, 2024. The following discussion should be read in conjunction with the information included within our Annual
Report on Form 10-K for the year ended June 30, 2024, and the Condensed Consolidated Financial Statements and notes thereto included
elsewhere in this Quarterly Report on Form 10-Q.

Our website
is located at https://netsoltech.com/, and our investor relations website is located at https://ir.netsoltech.com. The
following filings are available through our investor relations website after we file with the SEC: Annual Reports on Form 10-K