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v3.23.1

SCHEDULE OF COMPONENTS OF NOTES PAYABLE AND CAPITAL LEASES (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022
--- | --- | ---
Debt Instrument [Line Items] |  |  |
Total |  | $ 6,148,260 | $ 8,974,797
Current Maturities |  | 5,938,717 | 8,532,050
Long-Term Maturities |  | 209,543 | 442,747
Subsidiary Finance Leases, Total | [1] | 36,027 | 68,571
Subsidiary Finance Leases, Current Maturities | [1] | 30,327 | 35,095
Subsidiary Finance Leases, Long-Term Maturities | [1] | 5,700 | 33,476
Total |  | 6,184,287 | 9,043,368
Current Maturities |  | 5,969,044 | 8,567,145
Long-Term Maturities |  | 215,243 | 476,223
D&O Insurance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [2] | 179,887 | 89,552
Current Maturities | [2] | 179,887 | 89,552
Long-Term Maturities | [2] |  |
Bank Overdraft Facility [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [3] |  |
Current Maturities | [3] |  |
Long-Term Maturities | [3] |  |
Term Finance Facility [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [4] |  | 423,101
Current Maturities | [4] |  | 423,101
Long-Term Maturities | [4] |  |
Loan Payable Bank - Export Refinance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [5] | 1,762,363 | 2,434,749
Current Maturities | [5] | 1,762,363 | 2,434,749
Long-Term Maturities | [5] |  |
Loan Payable Bank - Running Finance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [6] |  |
Current Maturities | [6] |  |
Long-Term Maturities | [6] |  |
Loan Payable Bank - Export Refinance II [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [7] | 1,339,396 | 1,850,409
Current Maturities | [7] | 1,339,396 | 1,850,409
Long-Term Maturities | [7] |  |
Loan Payable Bank - Export Refinance III [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [8] | 2,467,308 | 3,408,648
Current Maturities | [8] | 2,467,308 | 3,408,648
Long-Term Maturities | [8] |  |
Sale and Lease Back Financing [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [9] | 358,939 | 619,108
Current Maturities | [9] | 149,396 | 189,226
Long-Term Maturities | [9] | 209,543 | 429,882
Term Finance Facility One [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [10] | 17,773 | 31,204
Current Maturities | [10] | 17,773 | 18,339
Long-Term Maturities | [10] |  | 12,865
Insurance Financing [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [11] | 22,594 | 118,026
Current Maturities | [11] | 22,594 | 118,026
Long-Term Maturities | [11] |  |
[1] | The Company leases various fixed assets under finance lease arrangements expiring in various years through 2025. The assets and liabilities under finance leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are secured by the assets themselves. Depreciation of assets under finance leases is included in depreciation expense for the three and nine months ended March 31, 2023 and 2022.
[2] | The Company finances Directors’ and Officers’ (“D&O”) liability insurance and Errors and Omissions (“E&O”) liability insurance, for which the D&O and E&O balances are renewed on an annual basis and, as such, are recorded in current maturities. The interest rate on these financings were ranging from 5.0% to 7.9% and 5.0% to 7.0% as of March 31, 2023 and June 30, 2022, respectively.
[3] | The Company’s subsidiary, NTE, has an overdraft facility with HSBC Bank plc whereby the bank would cover any overdrafts up to £300,000, or approximately $370,370. The annual interest rate was 5.5% as of March 31, 2023. The total outstanding balance as of March 31, 2023 and June 30, 2022 was £Nil.
[4] | The Company’s subsidiary, NetSol PK, has a term finance facility from Askari Bank Limited, approved by the Government of Pakistan to protect the employment situation during the COVID-19 pandemic. This is a term loan payable in three years. The availed facility amount was Rs. nil or $nil, at March 31, 2023. The availed facility amount is Rs. 86,887,974 or $423,101, at June 30, 2022, which is shown as current. The interest rate for the loan was 3.0% at March 31, 2023 and June 30, 2022.
[5] | The Company’s subsidiary, NetSol PK, has an export refinance facility with Askari Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every nine months. The total facility amount is Rs. 500,000,000 or $1,762,363 at March 31, 2023 and Rs. 500,000,000 or $2,434,749 at June 30, 2022. The interest rate for the loan was 17.0% and 3.0% at March 31, 2023 and June 30, 2022, respectively.
[6] | The Company’s subsidiary, NetSol PK, has a running finance facility with Askari Bank Limited, secured by NetSol PK’s assets. The total facility amount is Rs. 53,000,000 or $188,925, at March 31, 2023. The balance outstanding at March 31, 2023 and June 30, 2022 was Rs. Nil. The interest rate for the loan was 24.0% and 14.0% at March 31, 2023 and June 30, 2022, respectively.
[7] | The Company’s subsidiary, NetSol PK, has an export refinance facility with Samba Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every nine months. The total facility amount is Rs. 380,000,000 or $1,339,936 and Rs. 380,000,000 or $1,850,409 at March 31, 2023 and June 30, 2022, respectively. The interest rate for the loan was 10.0% and 3.0% at March 31, 2023 and June 30, 2022, respectively.
[8] | The Company’s subsidiary, NetSol PK, has an export refinance facility with Habib Metro Bank Limited, secured by NetSol PK’s assets. This is a revolving loan that matures every nine months. The total facility amount is Rs. 900,000,000 or $3,172,253 and Rs. 900,000,000 or $4,382,548, at March 31, 2023 and June 30, 2022, respectively. NetSol PK used Rs. 700,000,000 or $2,467,308 and Rs. 700,000,000 or $3,408,648, at March 31, 2023 and June 30, 2022, respectively. The interest rate for the loan was 10.0% and 3.0% at March 31, 2023 and June 30, 2022, respectively.
[9] | The Company’s subsidiary, NetSol PK, availed sale and leaseback financing from First Habib Modaraba secured by the transfer of the vehicles’ title. As of March 31, 2023, NetSol PK used Rs. 101,834,660 or $358,939 of which $209,543 was shown as long term and $149,396 as current. As of June 30, 2022, NetSol PK used Rs. 127,140,038 or $619,108 of which $429,882 was shown as long term and $189,226 as current. The interest rate for the loan was 9.0% to 16.0% at March 31, 2023, and June 30, 2022.
[10] | In March 2019, the Company’s subsidiary, VLS, entered into a loan agreement. The loan amount was £69,549, or $85,863, for a period of 5 years with monthly payments of £1,349, or $1,665. As of March 31, 2023, the subsidiary has used this facility up to $17,773, which was shown as current. As of June 30, 2022, the subsidiary has used this facility up to $31,204, of which $12,865 was shown as long-term and $18,339 as current. The interest rate was 6.14% at March 31, 2023 and June 30, 2022.
[11] | The Company’s subsidiary, VLS, finances Directors’ and Officers’ (“D&O”) liability insurance, and the $22,594 and $118,026 was recorded in current maturities, at March 31, 2023 and June 30, 2022, respectively. The interest rate on this financing ranged from 9.7% to 12.7% as of March 31, 2023 and June 30, 2022.

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