Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2021
Jun. 30, 2021
Current assets:    
Cash and cash equivalents $ 25,587,515 $ 33,705,154
Accounts receivable, net of allowance of $173,589 and $166,231 7,190,759 4,184,096
Accounts receivable - related party, net of allowance of $1,373,099 and $1,373,099
Revenues in excess of billings, net of allowance of $82,042 and $136,976 18,730,022 14,680,131
Revenues in excess of billings - related party, net of allowance of $8,163 and $8,163
Other current assets, net of allowance of $1,243,633 and $1,243,633 2,581,401 3,009,393
Total current assets 54,089,697 55,578,774
Revenues in excess of billings, net - long term 985,772 957,603
Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000
Property and equipment, net 10,265,385 12,091,812
Right of use of assets - operating leases 1,029,294 1,345,869
Long term investment 2,921,667 3,155,852
Other assets 33,204 55,127
Intangible assets, net 2,657,204 3,904,656
Goodwill 9,516,568 9,516,568
Total assets 81,498,791 86,606,261
Current liabilities:    
Accounts payable and accrued expenses 6,394,780 6,696,035
Current portion of loans and obligations under finance leases 10,147,993 11,366,171
Current portion of operating lease obligations 770,559 857,729
Unearned revenue 3,719,348 4,556,626
Total current liabilities 21,032,680 23,476,561
Loans and obligations under finance leases; less current maturities 120,277 699,841
Operating lease obligations; less current maturities 319,613 564,257
Total liabilities 21,472,570 24,740,659
Commitments and contingencies  
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,186,070 shares issued and 11,247,039 outstanding as of December 31, 2021 and 12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021 121,861 121,816
Additional paid-in-capital 129,042,021 129,018,826
Treasury stock (at cost, 939,031 shares and 916,521 shares as of December 31, 2021 and June 30, 2021, respectively) (3,920,856) (3,820,750)
Accumulated deficit (37,206,528) (38,801,282)
Other comprehensive loss (34,935,629) (31,868,481)
Total NetSol stockholders’ equity 53,100,869 54,650,129
Non-controlling interest 6,925,352 7,215,473
Total stockholders’ equity 60,026,221 61,865,602
Total liabilities and stockholders’ equity $ 81,498,791 $ 86,606,261