Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Jun. 30, 2020
Current assets:    
Cash and cash equivalents $ 24,885,365 $ 20,166,830
Accounts receivable, net of allowance of $279,903 and $435,611 6,732,575 10,131,752
Accounts receivable - related party, net of allowance of $1,373,099 and $90,594 1,282,505
Revenues in excess of billings, net of allowance of $91,250 and $188,914 18,430,766 17,198,281
Revenues in excess of billings - related party, net of allowance of $8,163 and $0 8,163
Other current assets, net of allowance of $1,243,633 and $0 2,616,769 3,108,180
Total current assets 52,665,475 51,895,711
Revenues in excess of billings, net - long term 1,300,289
Convertible note receivable related party, net of allowance of $4,250,000 and $0 4,250,000
Property and equipment, net 11,256,306 11,329,631
Right of use of assets - operating leases 2,133,902 2,360,129
Long term investment 2,417,291 2,387,692
Other assets 41,175 41,992
Intangible assets, net 5,032,630 5,391,077
Goodwill 9,516,568 9,516,568
Total assets 83,063,347 88,473,089
Current liabilities:    
Accounts payable and accrued expenses 6,005,999 5,680,837
Current portion of loans and obligations under finance leases 9,677,277 9,139,561
Current portion of operating lease obligations 1,165,957 1,111,912
Unearned revenues 2,775,600 4,095,472
Common stock to be issued 88,324 88,324
Total current liabilities 19,713,157 20,116,106
Loans and obligations under finance leases; less current maturities 1,705,699 1,539,975
Operating lease obligations; less current maturities 1,110,832 1,339,965
Total liabilities 22,529,688 22,996,046
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,137,045 shares issued and 11,742,490 outstanding as of September 30, 2020 and 12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 121,371 121,222
Additional paid-in-capital 128,764,618 128,677,754
Treasury stock (at cost, 394,555 shares and 247,503 shares as of September 30, 2020 and June 30, 2020, respectively) (1,920,645) (1,455,969)
Accumulated deficit (39,861,985) (34,269,817)
Other comprehensive loss (33,210,231) (34,085,047)
Total NetSol stockholders' equity 53,893,128 58,988,143
Non-controlling interest 6,640,531 6,488,900
Total stockholders' equity 60,533,659 65,477,043
Total liabilities and stockholders' equity $ 83,063,347 $ 88,473,089