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CONVERTIBLE NOTES RECEIVABLE – RELATED PARTY
 6 Months Ended
Dec. 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.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2022

(Unaudited)

 

The following table summarizes the convertible notes receivable from WRLD3D.

 

           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 December 31, 2022 and June 30, 2022, which is included in “Other current assets”. As of July 1, 2020, the Company stopped accruing interest.