Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2022
Jun. 30, 2021
Current assets:    
Cash and cash equivalents $ 30,573,312 $ 33,705,154
Accounts receivable, net of allowance of $208,547 and $166,231 7,054,468 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 $84,209 and $136,976 14,610,725 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 2,864,742 3,009,393
Total current assets 55,103,247 55,578,774
Revenues in excess of billings, net - long term 993,862 957,603
Convertible note receivable - related party, net of allowance of $4,250,000  and $4,250,000
Property and equipment, net 10,114,458 12,091,812
Right of use of assets - operating leases 1,238,713 1,345,869
Long term investment 2,893,700 3,155,852
Other assets 37,583 55,127
Intangible assets, net 2,178,128 3,904,656
Goodwill 9,516,568 9,516,568
Total assets 82,076,259 86,606,261
Current liabilities:    
Accounts payable and accrued expenses 6,317,127 6,696,035
Current portion of loans and obligations under finance leases 9,622,669 11,366,171
Current portion of operating lease obligations 706,684 857,729
Unearned revenue 6,948,669 4,556,626
Total current liabilities 23,595,149 23,476,561
Loans and obligations under finance leases; less current maturities 127,899 699,841
Operating lease obligations; less current maturities 570,871 564,257
Total liabilities 24,293,919 24,740,659
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,191,570  shares issued and 11,252,539  outstanding as of March 31, 2022  and  12,181,585  shares issued and 11,265,064  outstanding as of June 30, 2021 121,916 121,816
Additional paid-in-capital 129,084,786 129,018,826
Treasury stock (at cost, 939,031 shares and 916,521 shares  as of March 31, 2022 and June 30, 2021, respectively) (3,920,856) (3,820,750)
Accumulated deficit (37,484,998) (38,801,282)
Other comprehensive loss (36,740,406) (31,868,481)
Total NetSol stockholders’ equity 51,060,442 54,650,129
Non-controlling interest 6,721,898 7,215,473
Total stockholders’ equity 57,782,340 61,865,602
Total liabilities and stockholders’ equity $ 82,076,259 $ 86,606,261