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Contingencies | 12 Months Ended
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Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Contingencies | NOTE 19 – CONTINGENCIES
(A) | Non-cancellable operating leases
| ● | The Company’s headquarters is located in Calabasas California with approximately 5,000 rentable square feet for $16,828 per month. The term of the lease is for five years and five months and expires April 30, 2023.
| ● | The Australia lease is a three-year lease that expires in June 2021 with a monthly rent of approximately $4,848.
| ● | The Beijing lease is a three-year lease that expires in August 2019 with a monthly rent of approximately $33,756.
| ● | The Bangkok lease is a three years lease expiring in May 2020 with a monthly rent of approximately $10,728.
| ● | The NetSol Europe facilities, located in Horsham, United Kingdom, are leased until June 23, 2021 with a monthly rent of approximately $17,173.
| ● | VLS facilities, located in Chester, United Kingdom, are leased until July 2026 with a monthly rent of approximately $3,004.
Upon expiration of the leases, the Company does not anticipate any difficulty in obtaining renewals or alternative space. Rent expense amounted to $1,941,310 and $1,722,019 for the years ended June 30, 2019 and 2018, respectively. The total annual lease commitment for the next five years is as follows:
FYE 6/30/20 |  | $ | 744,549 |
FYE 6/30/21 |  |  | 514,243 |
FYE 6/30/22 |  |  | 269,375 |
FYE 6/30/23 |  |  | 197,872 |
FYE 6/30/24 |  |  | 36,044 |
(B) | Litigation
From time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business including tax assessments. The Company defends itself vigorously against any such claims. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, the Company records the estimated loss. The Company provides disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. The Company bases accruals on the best information available at the time, which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements.

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- Definition The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2127197 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2127163 + Details
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