Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 74

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 74
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, and current
portions of loans and lease obligations amounted to $8,232,342 and $6,276,125, respectively, at June 30, 2024.

The average
days sales outstanding for the six months ended December 31, 2024 and 2023 were 140 and 147 days, respectively, for each period. The
days sales outstanding have been calculated by taking into consideration the average combined balances of accounts receivable and revenues
in excess of billings.

Net cash
used in investing activities was $531,477 for the six months ended December 31, 2024, compared to $569,336 for the six months ended December
31, 2023. We had purchases of property and equipment of $568,134 compared to $570,584 for the six months ended December 31, 2023.

Net cash
provided by financing activities was $2,637,763 for the six months ended December 31, 2024, compared to net cash used in financing activities
of $27,359 for the six months ended December 31, 2023. During the six months ended December 31, 2024, we received bank proceeds of $2,676,932
compared to $135,123 during the six months ended December 31, 2023. During the six months ended December 31, 2024, we had net payments
for bank loans and finance leases of $162,370 compared to $162,482 for the six months ended December 31, 2023. Employees of the Company
exercised 200,00 options of common stock for $430,000. NetSol PK, a subsidiary of the Company, paid a dividend of $306,799 to the non-controlling
interest. We are operating in various geographical regions of the world through our various subsidiaries. Those subsidiaries have financial
arrangements from various financial institutions to meet both their short and long-term funding requirements. These loans will become
due at different maturity dates as described in Note 12 of the financial statements. We are in compliance with the covenants of the financial
arrangements and there is no default, which may lead to early payment of these obligations. We anticipate paying back all these obligations
on their respective due dates from its own sources.

We
typically fund the cash requirements for our operations in the U.S. through our license, services, and subscription and support
agreements, inter