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CONVERTIBLE NOTES RECEIVABLE – RELATED PARTY | 9 Months Ended
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Mar. 31, 2022
Receivables [Abstract] |
CONVERTIBLE NOTES RECEIVABLE – RELATED PARTY | NOTE 7 – CONVERTIBLE NOTES 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. The following table summarizes the convertible notes receivable from WRLD3D. SCHEDULE OF CONVERTIBLE NOTES
|  |  |  |  |  |  | Convertible |  |  |  |
Agreement |  | Interest |  |  | Maturity |  | Note |  |  | Accrued |
Date |  | Rate |  |  | 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 March 31, 2022 and June 30, 2021, which is included in “Other current assets”. As of July 1, 2020, the Company stopped accruing interest. NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements March 31, 2022 (Unaudited)

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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