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Financials

v3.24.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 15,659,516 $ 15,533,254
Accounts receivable, net of allowance of $421,288 and $420,354 5,975,716 11,714,422
Revenues in excess of billings, net of allowance of $137,406 and $1,380,141 16,299,287 12,377,677
Other current assets 2,142,487 1,978,514
Total current assets 40,077,006 41,603,867
Revenues in excess of billings, net - long term 734,397
Property and equipment, net 5,665,699 6,161,186
Right of use assets - operating leases 1,659,622 1,151,575
Other assets 32,338 32,327
Intangible assets, net 127,931
Goodwill 9,302,524 9,302,524
Total assets 57,471,586 58,379,410
Current liabilities:    
Accounts payable and accrued expenses 6,713,920 6,552,181
Current portion of loans and obligations under finance leases 5,982,466 5,779,510
Current portion of operating lease obligations 689,770 505,237
Unearned revenue 4,426,008 7,932,306
Total current liabilities 17,812,164 20,769,234
Loans and obligations under finance leases; less current maturities 99,527 176,229
Operating lease obligations; less current maturities 1,022,361 652,194
Total liabilities 18,934,052 21,597,657
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,329,919 shares issued and 11,390,888 outstanding as of December 31, 2023; 12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023 123,301 122,850
Additional paid-in-capital 128,587,384 128,476,048
Treasury stock (at cost, 939,031 shares as of December 31, 2023 and June 30, 2023) (3,920,856) (3,920,856)
Accumulated deficit (44,456,980) (44,896,186)
Other comprehensive loss (45,870,309) (45,975,156)
Total NetSol stockholders’ equity 34,462,540 33,806,700
Non-controlling interest 4,074,994 2,975,053
Total stockholders’ equity 38,537,534 36,781,753
Total liabilities and stockholders’ equity $ 57,471,586 $ 58,379,410

Source

v3.24.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Net Revenues:        
Total net revenues $ 15,237,941 $ 12,390,358 $ 29,480,122 $ 25,096,477
Cost of revenues 8,062,204 9,247,895 16,142,368 17,702,017
Gross profit 7,175,737 3,142,463 13,337,754 7,394,460
Operating expenses:        
Selling, general and administrative 5,807,494 5,716,073 11,240,463 11,394,634
Research and development cost 341,411 472,904 719,830 942,531
Total operating expenses 6,148,905 6,188,977 11,960,293 12,337,165
Income (loss) from operations 1,026,832 (3,046,514) 1,377,461 (4,942,705)
Other income and (expenses)        
Interest expense (290,322) (202,363) (566,339) (323,973)
Interest income 468,280 309,906 882,998 741,763
Gain (loss) on foreign currency exchange transactions (14,617) 657,223 (148,870) 1,972,928
Share of net loss from equity investment 5,133 5,133
Other income (expense) (57,305) 94,708 576 120,324
Total other income (expenses) 106,036 864,607 168,365 2,516,175
Net income (loss) before income taxes 1,132,868 (2,181,907) 1,545,826 (2,426,530)
Income tax provision (150,053) (220,056) (271,948) (413,404)
Net income (loss) 982,815 (2,401,963) 1,273,878 (2,839,934)
Non-controlling interest (574,499) 309,037 (834,672) 126,279
Net income (loss) attributable to NetSol $ 408,316 $ (2,092,926) $ 439,206 $ (2,713,655)
Net income (loss) per share:        
Basic $ 0.04 $ (0.19) $ 0.04 $ (0.24)
Diluted $ 0.04 $ (0.19) $ 0.04 $ (0.24)
Weighted average number of shares outstanding        
Basic 11,372,819 11,270,199 11,359,338 11,263,869
Diluted 11,372,819 11,270,199 11,359,338 11,263,869
License [Member]        
Net Revenues:        
Total net revenues $ 2,990,453 $ 15,884 $ 4,270,902 $ 265,844
Subscription and Support [Member]        
Net Revenues:        
Total net revenues 6,827,781 6,502,669 13,340,024 12,519,503
Service [Member]        
Net Revenues:        
Total net revenues $ 5,419,707 $ 5,871,805 $ 11,869,196 $ 12,311,130

Source

v3.24.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,273,878 $ (2,839,934)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 959,949 1,736,503
Provision for bad debts 29,191 (67,176)
Share of net (gain) loss from investment under equity method (5,133)
Gain on sale of assets (98) (28,344)
Stock based compensation 111,787 146,167
Changes in operating assets and liabilities:    
Accounts receivable 5,722,791 3,772,091
Revenues in excess of billing (4,239,762) (702,812)
Other current assets 329,171 (529,579)
Accounts payable and accrued expenses 72,501 904,731
Unearned revenue (3,654,724) (696,971)
Net cash provided by operating activities 604,684 1,689,543
Cash flows from investing activities:    
Purchases of property and equipment (570,584) (1,252,325)
Sales of property and equipment 1,248 70,283
Net cash used in investing activities (569,336) (1,182,042)
Cash flows from financing activities:    
Proceeds from bank loans 135,123  
Payments on finance lease obligations and loans - net (162,482) (537,180)
Net cash used in financing activities (27,359) (537,180)
Effect of exchange rate changes 118,273 (2,987,396)
Net increase (decrease) in cash and cash equivalents 126,262 (3,017,075)
Cash and cash equivalents at beginning of the period 15,533,254 23,963,797
Cash and cash equivalents at end of period 15,659,516 20,946,722
Cash paid during the period for:    
Interest 670,330 226,271
Taxes $ 342,643 $ 395,710

Source