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, 2022
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 20,946,722 $ 23,963,797
Accounts receivable, net of allowance of $163,111 and $166,231 4,595,675 8,669,202
Revenues in excess of billings, net of allowance of $49,614 and $136,976 14,785,593 14,571,776
Other current assets, net of allowance of $1,243,633 and $1,243,633 2,748,520 2,223,361
Total current assets 43,076,510 49,428,136
Revenues in excess of billings, net - long term 604,358 853,601
Convertible note receivable - related party, net of allowance of $4,250,000 and $4,250,000
Property and equipment, net 8,719,657 9,382,624
Right of use of assets - operating leases 1,246,778 969,163
Long term investment 1,064,501 1,059,368
Other assets 532 25,546
Intangible assets, net 801,039 1,587,670
Goodwill 9,302,524 9,302,524
Total assets 64,815,899 72,608,632
Current liabilities:    
Accounts payable and accrued expenses 7,423,248 6,813,541
Current portion of loans and obligations under finance leases 7,386,750 8,567,145
Current portion of operating lease obligations 499,455 548,678
Unearned revenue 4,048,768 4,901,562
Total current liabilities 19,358,221 20,830,926
Loans and obligations under finance leases; less current maturities 306,945 476,223
Operating lease obligations; less current maturities 789,621 447,260
Total liabilities 20,454,787 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; 12,222,985 shares issued and 11,283,954 outstanding as of December 31, 2022 and 12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 122,231 121,966
Additional paid-in-capital 128,484,714 128,218,247
Treasury stock (at cost, 939,031 sharesand as of December 31, 2022 and June 30, 2022) (3,920,856) (3,920,856)
Accumulated deficit (42,366,093) (39,652,438)
Other comprehensive loss (42,011,340) (39,363,085)
Total NetSol stockholders’ equity 40,308,656 45,403,834
Non-controlling interest 4,052,456 5,450,389
Total stockholders’ equity 44,361,112 50,854,223
Total liabilities and stockholders’ equity $ 64,815,899 $ 72,608,632