Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.2.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Jun. 30, 2021
Current assets:    
Cash and cash equivalents $ 23,963,797 $ 33,705,154
Accounts receivable, net of allowance of $156,846 and $166,231 8,669,202 4,184,096
Revenues in excess of billings, net of allowance of $136,839 and $136,976 14,571,776 14,680,131
Other current assets, net of allowance of $1,243,633 and $1,243,633 2,223,361 3,009,393
Total current assets 49,428,136 55,578,774
Revenues in excess of billings, net - long term 853,601 957,603
Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000
Property and equipment, net 9,382,624 12,091,812
Right of use assets - operating leases 969,163 1,345,869
Long term investment 1,059,368 3,155,852
Other assets 25,546 55,127
Intangible assets, net 1,587,670 3,904,656
Goodwill 9,302,524 9,516,568
Total assets 72,608,632 86,606,261
Current liabilities:    
Accounts payable and accrued expenses 6,813,541 6,696,035
Current portion of loans and obligations under finance leases 8,567,145 11,366,171
Current portion of operating lease obligations 548,678 857,729
Unearned revenue 4,901,562 4,556,626
Total current liabilities 20,830,926 23,476,561
Loans and obligations under finance leases; less current maturities 476,223 699,841
Operating lease obligations; less current maturities 447,260 564,257
Total liabilities 21,754,409 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; 12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 and 12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021 121,966 121,816
Additional paid-in-capital 128,218,247 129,018,826
Treasury stock (at cost, 939,031 shares and 916,521 shares as of June 30, 2022 and June 30, 2021, respectively) (3,920,856) (3,820,750)
Accumulated deficit (39,652,438) (38,801,282)
Other comprehensive loss (39,363,085) (31,868,481)
Total NetSol stockholders’ equity 45,403,834 54,650,129
Non-controlling interest 5,450,389 7,215,473
Total stockholders’ equity 50,854,223 61,865,602
Total liabilities and stockholders’ equity $ 72,608,632 $ 86,606,261