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SCHEDULE OF COMPONENTS OF NOTES PAYABLE AND CAPITAL LEASES (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023
--- | --- | ---
Debt Instrument [Line Items] |  |  |
Total |  | $ 5,874,522 | $ 5,927,409
Current Maturities |  | 5,737,547 | 5,754,560
Long-Term Maturities |  | 136,975 | 172,849
Subsidiary Finance Leases, Total | [1] | 19,878 | 28,330
Subsidiary Finance Leases, Current Maturities | [1] | 19,006 | 24,950
Subsidiary Finance Leases, Long-Term Maturities | [1] | 872 | 3,380
Total |  | 5,894,400 | 5,955,739
Current Maturities |  | 5,756,553 | 5,779,510
Long-Term Maturities |  | 137,847 | 176,229
D&O Insurance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [2] | 14,495 | 89,823
Current Maturities | [2] | 14,495 | 89,823
Long-Term Maturities | [2] |  |
Bank Overdraft Facility [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [3] |  |
Current Maturities | [3] |  |
Long-Term Maturities | [3] |  |
Loan Payable Bank - Export Refinance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [4] | 1,737,619 | 1,741,493
Current Maturities | [4] | 1,737,619 | 1,741,493
Long-Term Maturities | [4] |  |
Loan Payable Bank - Running Finance [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [5] |  |
Current Maturities | [5] |  |
Long-Term Maturities | [5] |  |
Loan Payable Bank - Export Refinance II [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [6] | 1,320,591 | 1,323,535
Current Maturities | [6] | 1,320,591 | 1,323,535
Long-Term Maturities | [6] |  |
Loan Payable Bank - Export Refinance III [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [7] | 2,432,667 | 2,438,089
Current Maturities | [7] | 2,432,667 | 2,438,089
Long-Term Maturities | [7] |  |
Sale and Leaseback Financing [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [8] | 286,142 | 321,113
Current Maturities | [8] | 149,167 | 148,264
Long-Term Maturities | [8] | 136,975 | 172,849
Term Finance Facility [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [9] | 8,105 | 13,356
Current Maturities | [9] | 8,105 | 13,356
Long-Term Maturities | [9] |  |
Insurance Financing [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Total | [10] | 74,903 |
Current Maturities | [10] | 74,903 |
Long-Term Maturities | [10] |  |
[1] | The Company leases various fixed assets under finance lease arrangements expiring in various years through 2024. 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 months ended September 30, 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% as of September 30, 2023 and June 30, 2023, 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 $365,854. The annual interest rate was 9.5% as of September 30, 2023. The total outstanding balance as of September 30, 2023 and June 30, 2023 was £Nil.
[4] | 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 $1,737,619 at September 30, 2023 and Rs. 500,000,000 or $1,741,493 at June 30, 2023. The interest rate for the loan was 19.0% and 17.0% at September 30, 2023 and June 30, 2023, respectively.
[5] | 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 $186,273, at September 30, 2023. The balance outstanding at September 30, 2023 and June 30, 2023 was Rs. Nil. The interest rate for the loan was 24.9% at September 30, 2023 and June 30, 2023.
[6] | 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 $1,320,591 and Rs. 380,000,000 or $1,323,535 at September 30, 2023 and June 30, 2023, respectively. The interest rate for the loan was 19.0% and 18.0% at September 30, 2023 and June 30, 2023, respectively.
[7] | 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 $3,127,715 and Rs. 900,000,000 or $3,134,687, at September 30, 2023 and June 30, 2023, respectively. NetSol PK used Rs. 700,000,000 or $2,432,667 and Rs. 700,000,000 or $2,438,089, at September 30, 2023 and June 30, 2023, respectively. The interest rate for the loan was 19.0% and 18.0% at September 30, 2023 and June 30, 2023, respectively.
[8] | 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 September 30, 2023, NetSol PK used Rs. 82,337,274 or $286,142 of which $136,975 was shown as long term and $149,167 as current. As of June 30, 2023, NetSol PK used Rs. 92,194,774 or $321,113 of which $172,849 was shown as long term and $148,264 as current. The interest rate for the loan was 9.0% to 16.0% at September 30, 2023, and June 30, 2023.
[9] | In March 2019, the Company’s subsidiary, VLS, entered into a loan agreement. The loan amount was £69,549, or $84,816, for a period of 5 years with monthly payments of £1,349, or $1,645. As of September 30, 2023, the subsidiary has used this facility up to $8,105, which was shown as current. As of June 30, 2023, the subsidiary has used this facility up to $13,356, which was shown as current. The interest rate was 6.14% at September 30, 2023 and June 30, 2023.
[10] | The Company’s subsidiary, VLS, finances Directors’ and Officers’ (“D&O”) liability insurance, and the $74,903 and $nil was recorded in current maturities, at September 30, 2023 and June 30, 2023, respectively. The interest rate on this financing ranged from 9.7% to 12.7% as of September 30, 2023 and June 30, 2023.

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