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CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY
 12 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

NOTE 6 – CONVERTIBLE NOTE RECEIVABLE – RELATED PARTY

 

The Company has entered into multiple convertible note receivable agreements with WRLD3D. The convertible notes bear interest ranging from 5% to 10% with various maturity dates. The convertible notes have conversion features which allow the Company to convert the notes into shares of WRLD3D stock upon the occurrence of certain events. The Company has a security interest in all of WRLD3D’s personal property, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts and the proceeds thereof.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2022 and 2021

 

The following table summarizes the convertible notes receivable from WRLD3D.

 

       Convertible Note   Accrued 
Agreement Date  Interest Rate   Maturity Date  Amount   Interest 
May 25, 2017   5%  March 2, 2018  $750,000   $110,202 
February 9, 2018   10%  March 31, 2019   2,500,000    500,773 
April 1, 2019   10%  March 31, 2020   600,000    57,648 
August 19, 2019   10%  March 31, 2020   400,000    32,439 
            4,250,000    701,062 
Less allowance for doubtful account           (4,250,000)   (701,062)
Net Balance          $-   $- 

 

The Company has accrued interest of $701,062 at June 30, 2022 and 2021, which is included in “Other current assets”. The Company has not been accruing interest since July 1, 2020.