Financials

v3.6.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Current assets:    
Cash and cash equivalents $ 9,505,383 $ 11,557,527
Accounts receivable, net of allowance of $495,760 and $492,498 5,840,490 9,691,229
Accounts receivable, net - related party 4,303,380 5,691,178
Revenues in excess of billings 17,646,488 10,493,096
Revenues in excess of billings - related party 469,030 804,168
Other current assets 2,904,650 2,214,628
Total current assets 40,669,421 40,451,826
Restricted cash 90,000 90,000
Property and equipment, net 21,873,277 22,774,435
Other assets 2,054,938 842,553
Intangible assets, net 18,423,439 19,674,033
Goodwill 9,516,568 9,516,568
Total assets 92,627,643 93,349,415
Current liabilities:    
Accounts payable and accrued expenses 7,373,097 5,962,770
Current portion of loans and obligations under capitalized leases 4,368,930 4,440,084
Unearned revenues 2,806,804 4,739,214
Common stock to be issued 88,324 88,324
Total current liabilities 14,637,155 15,230,392
Long term loans and obligations under capitalized leases; less current maturities 501,554 477,692
Total liabilities 15,138,709 15,708,084
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 10,993,054 shares issued and 10,958,275 outstanding as of December 31, 2016 and10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016 109,931 107,134
Additional paid-in-capital 123,019,215 121,448,946
Treasury stock (34,779 shares and 27,279 shares) (454,310) (415,425)
Accumulated deficit (40,074,755) (37,323,360)
Stock subscription receivable (450,220) (783,172)
Other comprehensive loss (18,628,395) (18,730,494)
Total NetSol stockholders' equity 63,521,466 64,303,629
Non-controlling interest 13,967,468 13,337,702
Total stockholders' equity 77,488,934 77,641,331
Total liabilities and stockholders' equity $ 92,627,643 $ 93,349,415

Source

v3.6.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Net Revenues:        
License fees $ 5,350,086 $ 709,691 $ 8,849,946 $ 1,903,045
Maintenance fees 3,787,696 3,240,472 7,190,517 6,252,710
Services 6,984,084 9,574,104 12,790,801 16,327,977
License fees - related party 246,957
Maintenance fees - related party 51,345 31,755 181,976 189,986
Services - related party 1,464,901 2,635,675 3,379,473 4,823,083
Total net revenues 17,638,112 16,191,697 32,639,670 29,496,801
Cost of revenues:        
Salaries and consultants 5,979,804 5,083,412 11,873,153 10,244,661
Travel 836,240 754,009 1,548,135 1,235,462
Depreciation and amortization 1,318,764 1,461,466 2,649,636 2,935,701
Other 1,065,727 1,022,682 2,038,065 1,961,479
Total cost of revenues 9,200,535 8,321,569 18,108,989 16,377,303
Gross profit 8,437,577 7,870,128 14,530,681 13,119,498
Operating expenses:        
Selling and marketing 2,713,478 2,002,990 5,057,516 3,701,394
Depreciation and amortization 271,485 285,616 540,582 576,788
General and administrative 3,933,413 3,378,829 8,552,609 6,583,517
Research and development cost 91,607 117,924 184,539 229,994
Total operating expenses 7,009,983 5,785,359 14,335,246 11,091,693
Income from operations 1,427,594 2,084,769 195,435 2,027,805
Other income and (expenses)        
Loss on sale of assets (32,339) (2,333) (34,742) (14,206)
Interest expense (62,127) (72,156) (116,602) (140,329)
Interest income 23,416 35,299 53,856 87,411
Loss on foreign currency exchange transactions (621,887) (134,527) (1,036,783) (248,246)
Other income 6,823 120,684 28,383 174,998
Total other income (expenses) (686,114) (53,033) (1,105,888) (140,372)
Net income (loss) before income taxes 741,480 2,031,736 (910,453) 1,887,433
Income tax provision (338,884) (273,275) (378,759) (348,498)
Net income (loss) 402,596 1,758,461 (1,289,212) 1,538,935
Non-controlling interest (1,388,272) (883,396) (1,462,183) (1,074,898)
Net income (loss) attributable to NetSol $ (985,676) $ 875,065 $ (2,751,395) $ 464,037
Net income (loss) per share:        
Net income (loss) per common share - Basic $ (0.09) $ 0.08 $ (0.26) $ 0.05
Net income (loss) per common share - Diluted $ (0.09) $ 0.08 $ (0.26) $ 0.04
Weighted average number of shares outstanding        
Basic 10,877,446 10,308,186 10,783,685 10,294,760
Diluted 10,877,446 10,548,922 10,783,685 10,535,497

Source

v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ (1,289,212) $ 1,538,935
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,190,218 3,512,489
Provision for bad debts 1,026 37,043
Loss on sale of assets 34,742 14,206
Stock issued for services 1,525,775 326,019
Fair market value of warrants and stock options granted 21,804 145,716
Changes in operating assets and liabilities:    
Accounts receivable 3,678,110 111,967
Accounts receivable - related party 829,285 (2,383,828)
Revenues in excess of billing (7,219,089) 520,071
Revenues in excess of billing - related party 285,791 15,866
Other current assets 585,147 (758,802)
Accounts payable and accrued expenses 334,241 142,008
Unearned revenue (1,908,440) (1,190,072)
Net cash provided by operating activities 69,398 2,031,618
Cash flows from investing activities:    
Purchases of property and equipment (1,074,316) (1,177,443)
Sales of property and equipment 181,087 357,933
Purchase of treasury stock (38,885)
Purchase of non-controlling interest in subsidiary (347,623)
Investment (705,555)
Net cash used in investing activities (1,637,669) (1,167,133)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 429,452 194,680
Proceeds from exercise of subsidiary options 18,089
Dividend paid by subsidiary to Non-controlling interest (968,657)
Proceeds from bank loans 306,750
Payments on capital lease obligations and loans - net (69,998) (530,733)
Net cash provided by (used in) financing activities (591,114) 35,628
Effect of exchange rate changes 107,241 (1,082,297)
Net decrease in cash and cash equivalents (2,052,144) (182,184)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 9,505,383 13,986,773
SUPPLEMENTAL DISCLOSURES:    
Interest 123,682 132,764
Taxes 77,414 156,737
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. 549,621
Assets acquired under capital lease $ 312,632

Source