Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Current assets:                
Cash and cash equivalents $ 8,450,115 $ 9,505,383 $ 11,156,437 $ 11,557,527 $ 11,881,159 $ 13,986,773 $ 10,075,324 $ 14,168,957
Accounts receivable, net of allowance of $494,011 and $492,498 10,301,949 5,840,490 7,142,255 9,691,229   6,025,334 7,485,807  
Accounts receivable, net - related party 4,414,635 4,303,380 5,384,573 5,691,178   5,749,523 4,409,186  
Revenues in excess of billings 20,893,955 18,019,894 15,433,769 10,493,096   4,876,595 5,969,635  
Revenues in excess of billings - related party 94,685 469,030 682,049 804,168        
Other current assets 3,040,774 2,904,650 3,192,425 2,214,628   2,671,613 2,279,083  
Total current assets 47,196,113 93,001,049 42,991,508 40,451,826   33,399,838 30,309,035  
Restricted cash 90,000 90,000 90,000 90,000        
Property and equipment, net 21,205,976 21,873,277 22,612,752 22,774,435   23,251,920 24,053,908  
Other assets 2,549,858 2,054,938 1,604,731 842,553        
Intangible assets, net 17,662,773 18,423,439 19,326,259 19,674,033   20,877,711 21,837,105  
Goodwill 9,516,568 9,516,568 9,516,568 9,516,568   9,516,568 9,516,568  
Total assets 98,221,288 93,099,699 96,141,818 93,349,415   87,046,037 85,716,616  
Current liabilities:                
Accounts payable and accrued expenses 7,404,181 7,373,097 6,389,128 5,962,770   5,907,103 5,030,352  
Current portion of loans and obligations under capitalized leases 5,650,475 4,368,930 4,408,173 4,440,084   3,767,193 4,241,836  
Unearned revenues 4,025,642 2,884,625 4,419,692 4,739,214   3,361,846 4,213,636  
Common stock to be issued 88,324 88,324 88,324 88,324   88,324 88,324  
Total current liabilities 17,168,622 14,714,976 15,305,317 15,230,392   13,124,466 13,574,148  
Long term loans and obligations under capitalized leases; less current maturities 499,515 501,554 539,859 477,692   273,109 329,834  
Total liabilities 17,668,137 15,216,530 15,845,176 15,708,084   13,397,575 13,903,982  
Commitments and contingencies      
Stockholders' equity:                
Preferred stock, $.01 par value; 500,000 shares authorized;    
Common stock, $.01 par value; 14,500,000 shares authorized; 11,132,349 shares issued and 11,097,570 outstanding as of March 31, 2017 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016 111,324 109,931 108,823 107,134   104,184 103,228  
Additional paid-in-capital 123,693,569 123,019,215 122,367,231 121,448,946   119,890,798 119,287,407  
Treasury stock (At cost, 34,779 shares and 27,279 shares as of March 31, 2017 and June 30, 2016, respectively) (454,310) (454,310) (415,425) (415,425)   (415,425) (415,425)  
Accumulated deficit (39,177,897) (39,877,865) (37,709,471) (37,323,360)   (40,262,084) (41,464,101)  
Stock subscription receivable (359,070) (450,220) (602,811) (783,172)   (1,139,672) (1,139,672)  
Other comprehensive loss (18,797,496) (18,628,395) (17,960,133) (18,730,494)   (18,546,296) (18,130,300)  
Total NetSol stockholders' equity 65,016,120 63,718,356 65,788,214 64,303,629   59,631,505 58,241,137  
Non-controlling interest 15,537,031 14,066,163 14,508,428 13,337,702   14,016,957 13,571,497  
Total stockholders' equity 80,553,151 77,784,519 80,296,642 77,641,331   73,648,462 71,812,634  
Total liabilities and stockholders' equity $ 98,221,288 $ 93,001,049 $ 96,141,818 $ 93,349,415   $ 87,046,037 $ 85,716,616  

Source

v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Mar. 31, 2017
Mar. 31, 2016
Net Revenues:                    
License fees $ 5,730,222 $ 3,769,557 $ 5,453,795 $ 1,358,469 $ 1,115,837 $ 602,235 $ 9,223,352 $ 1,718,072 $ 14,953,574 $ 3,076,541
Maintenance fees 3,538,996 3,588,899 3,523,797 3,388,526 3,336,557 3,101,126 7,112,696 6,437,683 10,651,692 9,826,209
Services 7,004,272 6,984,084 5,806,717 8,159,490 9,574,104 6,753,873 12,790,801 16,327,977 19,795,073 24,487,467
License fees - related party 246,957 484,644     246,957   246,957 484,644
Maintenance fees - related party 51,698 51,345 130,631 28,423 31,755 158,231 181,976 189,986 233,674 218,409
Services - related party 1,624,132 1,464,901 1,914,572 2,554,347 2,635,675 2,187,408 3,379,473 4,823,083 5,003,605 7,377,430
Total net revenues 17,949,320 15,858,786 17,076,469 15,973,899 16,693,928 12,802,873 32,935,255 29,496,801 50,884,575 45,470,700
Cost of revenues:                    
Salaries and consultants 6,161,110 5,979,804 5,893,349 5,691,530 4,925,565 4,999,890 11,873,153 9,925,455 18,034,263 15,936,191
Travel 764,867 836,240 711,895 543,672 754,009 481,453 1,548,135 1,235,462 2,313,002 1,779,134
Depreciation and amortization 1,340,188 1,318,764 1,330,872 1,483,695 1,461,466 1,474,235 2,649,636 2,935,701 3,989,824 4,419,396
Other 686,950 1,065,727 972,338 860,868 1,022,682 938,797 2,038,065 1,961,479 2,725,015 2,822,347
Total cost of revenues 8,953,115 9,200,535 8,908,454 8,579,765 8,163,722 7,894,375 18,108,989 16,058,097 27,062,104 24,957,068
Gross profit 8,996,205 6,658,251 8,168,015 7,394,134 530,206 4,908,498 14,826,266 13,438,704 23,822,471 20,513,632
Operating expenses:                    
Selling and marketing 2,439,948 2,713,478 2,411,136 1,896,295 2,002,990 1,698,404 5,057,516 3,701,394 7,497,464 5,597,689
Depreciation and amortization 284,642 271,485 269,097 321,230 285,616 291,172 540,582 576,788 825,224 898,018
General and administrative 4,329,798 3,933,413 4,552,098 3,808,327 3,536,676 3,366,047 8,552,609 6,902,723 12,882,407 10,391,844
Research and development cost 101,193 91,607 92,932 132,123 117,924 112,070 184,539 229,994 285,732 362,117
Total operating expenses 7,155,581 7,009,983 7,325,263 6,157,975 5,943,206 5,467,693 14,335,246 11,410,899 21,490,827 17,249,668
Income from operations 1,840,624 (351,732) 842,752 1,236,159 2,587,000 (559,195) 491,020 2,027,805 2,331,644 3,263,964
Other income and (expenses)                    
Gain (loss) on sale of assets 1,647 (32,339) (2,403) 14,848 (2,333) 11,873 (34,742) (14,206) (33,095) 642
Interest expense (60,357) (62,127) (54,475) (56,070) (72,156) (68,173) (116,602) (140,329) (176,959) (196,399)
Interest income 27,229 23,416 30,440 29,673 35,299 52,112 53,856 87,411 81,085 117,084
Gain (loss) on foreign currency exchange transactions 390,897 (621,887) (414,896) 12,955 (134,527) (113,719) (1,036,783) (248,246) (645,886) (235,291)
Other income (expense) (219) 6,823 21,560 25,258 120,684 54,314 28,383 174,998 28,164 200,256
Total other income (expenses) 359,197 (686,114) (419,774) 26,664 (53,033) (87,339) (1,105,888) (140,372) (746,691) (113,708)
Net income before income taxes 2,199,821 (1,037,846) 422,978 1,262,823 2,533,967 (646,534) (614,868) 1,887,433 1,584,953 3,150,256
Income tax provision (61,604) (338,884) (39,875) (106,209) (273,275) (75,223) (378,759) (348,498) (440,363) (454,707)
Net income 2,138,217 (1,376,730) 383,103 1,156,614 2,260,692 (721,757) (993,627) 1,538,935 1,144,590 2,695,549
Non-controlling interest (1,438,249) (791,664) (769,214) (307,135) (1,058,675) (16,223) (1,560,878) (1,074,898) (2,999,127) (1,382,033)
Net income (loss) attributable to NetSol $ 699,968 $ (2,168,394) $ (386,111) $ 849,479 $ 1,202,017 $ (737,980) $ (2,554,505) $ 464,037 $ (1,854,537) $ 1,313,516
Net income (loss) per share:                    
Net income (loss) per common share - Basic $ 0.06 $ (0.20) $ (0.04) $ 0.08 $ 0.12 $ (0.07) $ (0.24) $ 0.05 $ (0.17) $ 0.13
Net income (loss) per common share - Diluted $ 0.06 $ (0.20) $ (0.04) $ 0.08 $ 0.11 $ (0.07) $ (0.24) $ 0.04 $ (0.17) $ 0.12
Weighted average number of shares outstanding                    
Basic 10,987,214 10,877,446 10,697,425 10,427,664 10,308,186 10,281,335 10,783,685 10,294,760 10,850,538 10,338,740
Diluted 11,121,620 10,877,446 10,697,425 10,643,479 10,548,922 10,281,335 10,783,685 10,535,496 10,850,538 10,554,555

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 1,144,590 $ 2,695,549
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,815,048 5,317,414
Provision for bad debts 732 49,605
(Gain) Loss on sale of assets 33,095 (642)
Stock issued for services 1,998,968 694,693
Fair market value of warrants and stock options granted 26,956 145,716
Changes in operating assets and liabilities:    
Accounts receivable (649,776) 115,428
Accounts receivable - related party 405,009 (3,111,316)
Revenues in excess of billing (10,388,695) (3,078,655)
Revenues in excess of billing - related party 553,767 15,507
Other current assets 419,704 (838,913)
Accounts payable and accrued expenses 337,890 617,112
Unearned revenue (715,880) (1,490,697)
Net cash provided by (used in) operating activities (2,018,592) 1,130,801
Cash flows from investing activities:    
Purchases of property and equipment (1,315,922) (2,523,865)
Sales of property and equipment 149,430 556,280
Purchase of treasury stock (38,885)
Investment in eeGeo (905,555) (555,556)
Purchase of subsidiary shares from open market (767,397)
Net cash used in investing activities (2,110,932) (3,290,538)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 785,479 728,699
Proceeds from exercise of subsidiary options 54,377 16,744
Dividend paid by subsidiary to non-controlling interest (968,657)
Proceeds from bank loans 1,484,162 1,334,285
Payments on capital lease obligations and loans - net (251,040) (736,405)
Net cash provided by financing activities 1,104,321 1,408,254
Effect of exchange rate changes (82,209) (1,536,315)
Net decrease in cash and cash equivalents (3,107,412) (2,287,798)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 8,450,115 11,881,159
SUPPLEMENTAL DISCLOSURES:    
Interest 201,670 195,737
Taxes 215,424 195,104
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. 836,070
Assets acquired under capital lease $ 466,528

Source