Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Jun. 30, 2019
Current assets:    
Cash and cash equivalents $ 15,743,328 $ 17,366,364
Accounts receivable, net of allowance of $364,383 and $192,786 12,900,412 12,332,714
Accounts receivable, net of allowance of $54,307 and $166,075 - related party 1,332,575 3,266,600
Revenues in excess of billings, net of allowance of $190,811 and $194,684 15,301,150 14,719,047
Revenues in excess of billings - related party 8,245 110,827
Convertible note receivable - related party 4,250,000 3,650,000
Other current assets 3,593,365 3,146,264
Total current assets 53,129,075 54,591,816
Revenues in excess of billings, net - long term 1,282,898 1,281,492
Property and equipment, net 11,553,814 12,096,855
Right of use of assets - operating leases 2,690,777
Long term investment 2,329,706 2,653,769
Other assets 23,066 23,569
Intangible assets, net 5,880,759 7,332,950
Goodwill 9,516,568 9,516,568
Total assets 86,406,663 87,497,019
Current liabilities:    
Accounts payable and accrued expenses 7,107,933 7,476,560
Current portion of loans and obligations under finance leases 8,794,858 6,905,597
Current portion of operating lease obligations 1,146,696
Unearned revenues 3,440,663 5,977,736
Common stock to be issued 88,324 88,324
Total current liabilities 20,578,474 20,448,217
Loans and obligations under finance leases; less current maturities 305,702 564,572
Operating lease obligations; less current maturities 1,635,866
Total liabilities 22,520,042 21,012,789
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,038,697 shares issued and 11,791,194 outstanding as of March 31, 2020 and 11,911,742 shares issued and 11,664,239 outstanding as of June 30, 2019 120,387 119,117
Additional paid-in-capital 128,374,098 127,737,999
Treasury stock (At cost, 247,503 shares and 247,503 shares as of March 31, 2020 and June 30, 2019, respectively) (1,455,969) (1,455,969)
Accumulated deficit (35,448,063) (35,206,898)
Other comprehensive loss (34,065,385) (33,125,006)
Total NetSol stockholders' equity 57,525,068 58,069,243
Non-controlling interest 6,361,553 8,414,987
Total stockholders' equity 63,886,621 66,484,230
Total liabilities and stockholders' equity $ 86,406,663 $ 87,497,019