Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.22.2.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2022
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 20,922,948 $ 23,963,797
Accounts receivable, net of allowance of $153,580 and $166,231 7,319,856 8,669,202
Revenues in excess of billings, net of allowance of $77,525 and $136,976 13,347,524 14,571,776
Other current assets, net of allowance of $1,243,633 and $1,243,633 2,480,415 2,223,361
Total current assets 44,070,743 49,428,136
Revenues in excess of billings, net - long term 714,458 853,601
Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000
Property and equipment, net 8,850,651 9,382,624
Right of use of assets - operating leases 1,336,742 969,163
Long term investment 1,059,368 1,059,368
Other assets 529 25,546
Intangible assets, net 1,110,617 1,587,670
Goodwill 9,302,524 9,302,524
Total assets 66,445,632 72,608,632
Current liabilities:    
Accounts payable and accrued expenses 7,029,527 6,813,541
Current portion of loans and obligations under finance leases 7,426,972 8,567,145
Current portion of operating lease obligations 531,021 548,678
Unearned revenue 3,982,198 4,901,562
Total current liabilities 18,969,718 20,830,926
Loans and obligations under finance leases; less current maturities 292,456 476,223
Operating lease obligations; less current maturities 836,891 447,260
Total liabilities 20,099,065 21,754,409
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,209,230 shares issued and 11,270,199 outstanding as of September 30, 2022 and 12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 122,093 121,966
Additional paid-in-capital 128,420,519 128,218,247
Treasury stock (at cost, 939,031 shares as of September 30, 2022 and June 30, 2022) (3,920,856) (3,920,856)
Accumulated deficit (40,273,167) (39,652,438)
Other comprehensive loss (42,281,135) (39,363,085)
Total NetSol stockholders’ equity 42,067,454 45,403,834
Non-controlling interest 4,279,113 5,450,389
Total stockholders’ equity 46,346,567 50,854,223
Total liabilities and stockholders’ equity $ 66,445,632 $ 72,608,632