Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.3
Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Jun. 30, 2022
Current assets:    
Cash and cash equivalents $ 15,533,254 $ 23,963,797
Accounts receivable, net of allowance of $420,354 and $166,231 11,714,422 8,669,202
Revenues in excess of billings, net of allowance of $1,380,141 and $136,976 12,377,677 14,571,776
Other current assets 1,978,514 2,223,361
Total current assets 41,603,867 49,428,136
Revenues in excess of billings, net - long term 853,601
Property and equipment, net 6,161,186 9,382,624
Right of use assets - operating leases 1,151,575 969,163
Long term investment 25,396 1,059,368
Other assets 6,931 25,546
Intangible assets, net 127,931 1,587,670
Goodwill 9,302,524 9,302,524
Total assets 58,379,410 72,608,632
Current liabilities:    
Accounts payable and accrued expenses 6,552,181 6,813,541
Current portion of loans and obligations under finance leases 5,779,510 8,567,145
Current portion of operating lease obligations 505,237 548,678
Unearned revenue 7,932,306 4,901,562
Total current liabilities 20,769,234 20,830,926
Loans and obligations under finance leases; less current maturities 176,229 476,223
Operating lease obligations; less current maturities 652,194 447,260
Total liabilities 21,597,657 21,754,409
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023 12,196,570 shares issued and 11,257,539 outstanding as of June 30, 2022 122,850 121,966
Additional paid-in-capital 128,476,048 128,218,247
Treasury stock (at cost, 939,031 shares as of June 30, 2023 and June 30, 2022) (3,920,856) (3,920,856)
Accumulated deficit (44,896,186) (39,652,438)
Other comprehensive loss (45,975,156) (39,363,085)
Total NetSol stockholders’ equity 33,806,700 45,403,834
Non-controlling interest 2,975,053 5,450,389
Total stockholders’ equity 36,781,753 50,854,223
Total liabilities and stockholders’ equity $ 58,379,410 $ 72,608,632