Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
Current assets:    
Cash and cash equivalents $ 14,172,954 $ 11,557,527
Accounts receivable, net of allowance of $571,511 and $492,498 6,583,199 9,691,229
Accounts receivable, net - related party 1,644,942 5,691,178
Revenues in excess of billings 19,126,389 10,493,096
Revenues in excess of billings - related party 80,705 804,168
Convertible note receivable - related party 200,000
Other current assets 2,463,886 2,214,628
Total current assets 44,272,075 40,451,826
Restricted cash 90,000 90,000
Revenues in excess of billings, net - long term 5,173,538
Property and equipment, net 20,370,703 22,774,435
Other assets 3,211,295 842,553
Intangible assets, net 17,043,151 19,674,033
Goodwill 9,516,568 9,516,568
Total assets 99,677,330 93,349,415
Current liabilities:    
Accounts payable and accrued expenses 6,880,194 5,962,770
Current portion of loans and obligations under capitalized leases 10,222,795 4,440,084
Unearned revenues 3,925,702 4,739,214
Common stock to be issued 88,324 88,324
Total current liabilities 21,117,015 15,230,392
Loans and obligations under capitalized leases; less current maturities 366,762 477,692
Total liabilities 21,483,777 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; 11,225,385 shares issued and 11,190,606 outstanding as of June 30, 2017 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016 112,254 107,134
Additional paid-in-capital 124,409,998 121,448,946
Treasury stock (At cost, 34,779 shares and 27,279 shares as of June 30, 2017 and June 30, 2016, respectively) (454,310) (415,425)
Accumulated deficit (42,301,390) (37,323,360)
Stock subscription receivable (297,511) (783,172)
Other comprehensive loss (18,074,570) (18,730,494)
Total NetSol stockholders' equity 63,394,471 64,303,629
Non-controlling interest 14,799,082 13,337,702
Total stockholders' equity 78,193,553 77,641,331
Total liabilities and stockholders' equity $ 99,677,330 $ 93,349,415

Source

v3.7.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Net Revenues:    
License fees $ 18,218,912 $ 8,352,441
Maintenance fees 14,157,367 13,310,591
Services 24,798,899 30,037,459
License fees - related party 246,957 1,616,138
Maintenance fees - related party 311,359 365,772
Services - related party 7,632,774 10,867,792
Total net revenues 65,366,268 64,550,193
Cost of revenues:    
Salaries and consultants 24,645,223 21,789,329
Travel 3,137,671 2,334,019
Depreciation and amortization 5,448,059 5,926,969
Other 3,727,379 3,698,290
Total cost of revenues 36,958,332 33,748,607
Gross profit 28,407,936 30,801,586
Operating expenses:    
Selling and marketing 9,746,229 7,823,916
Depreciation and amortization 1,114,275 1,225,170
Provision for bad debts 1,407,751 237,703
General and administrative 16,747,550 14,727,313
Research and development cost 393,345 485,783
Total operating expenses 29,409,150 24,499,885
Income (loss) from operations (1,001,214) 6,301,701
Other income and (expenses)    
Gain (loss) on sale of assets (30,147) 23,930
Interest expense (310,044) (264,511)
Interest income 179,723 161,794
Gain (loss) on foreign currency exchange transactions 306,819 (738,158)
Other income (expense) 50,378 224,931
Total other income (expenses) 196,729 (592,014)
Net income (loss) before income taxes (804,485) 5,709,687
Income tax provision (931,951) (652,546)
Net income (loss) (1,736,436) 5,057,141
Non-controlling interest (3,241,594) (1,654,380)
Net income (loss) attributable to NetSol $ (4,978,030) $ 3,402,761
Net income (loss) per share:    
Net income (loss) per common share - Basic $ (0.46) $ 0.33
Net income (loss) per common share - Diluted $ (0.46) $ 0.32
Weighted average number of shares outstanding    
Basic 10,912,284 10,391,157
Diluted 10,912,284 10,584,835

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (1,736,436) $ 5,057,141
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,562,334 7,152,139
Provision for bad debts 1,407,751 237,703
(Gain) Loss on sale of assets 30,147 (23,930)
Stock issued for services 2,522,158 1,264,618
Fair market value of warrants and stock options granted 241,165 268,591
Changes in operating assets and liabilities:    
Accounts receivable 2,292,980 (3,758,422)
Accounts receivable - related party 2,803,520 (2,564,819)
Revenues in excess of billing (13,966,522) (4,987,772)
Revenues in excess of billing - related party 211,615 (884,738)
Other current assets 72,522 (729,359)
Accounts payable and accrued expenses 751,835 558,033
Unearned revenue (738,704) 69,851
Net cash provided by operating activities 454,365 1,659,036
Cash flows from investing activities:    
Purchases of property and equipment (2,203,203) (3,335,921)
Sales of property and equipment 781,018 986,433
Convertible note receivable - related party (200,000)
Investment in WRLD3D (1,105,555) (555,556)
Purchase of subsidiary shares from open market (767,397)
Net cash used in investing activities (2,727,740) (3,672,441)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 866,438 1,137,480
Proceeds from exercise of subsidiary options 75,382 16,744
Purchase of treasury stock (38,885)
Dividend paid by subsidiary to non-controlling interest (2,156,273) (1,003,853)
Proceeds from bank loans 6,184,635 1,333,406
Payments on capital lease obligations and loans - net (554,048) (950,529)
Net cash provided by financing activities 4,377,249 598,179
Effect of exchange rate changes 511,553 (1,196,204)
Net increase (decrease) in cash and cash equivalents 2,615,427 (2,611,430)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 14,172,954 11,557,527
SUPPLEMENTAL DISCLOSURES:    
Interest 225,641 251,551
Taxes 195,726 391,285
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 1,231,115 164,794
Assets acquired under capital lease $ 498,333 $ 269,427

Source