Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 16,551,677 $ 15,533,254
Accounts receivable, net of allowance of $416,435 and $420,354 6,870,956 11,714,422
Revenues in excess of billings, net of allowance of $116,425 and $1,380,141 13,008,285 12,377,677
Other current assets 2,244,490 1,978,514
Total current assets 38,675,408 41,603,867
Revenues in excess of billings, net - long term 724,875
Property and equipment, net 5,770,794 6,161,186
Right of use assets - operating leases 1,359,106 1,151,575
Other assets 32,326 32,327
Intangible assets, net 127,931
Goodwill 9,302,524 9,302,524
Total assets 55,865,033 58,379,410
Current liabilities:    
Accounts payable and accrued expenses 6,802,879 6,552,181
Current portion of loans and obligations under finance leases 5,756,553 5,779,510
Current portion of operating lease obligations 538,363 505,237
Unearned revenue 5,170,335 7,932,306
Total current liabilities 18,268,130 20,769,234
Loans and obligations under finance leases; less current maturities 137,847 176,229
Operating lease obligations; less current maturities 795,935 652,194
Total liabilities 19,201,912 21,597,657
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,311,850 shares issued and 11,372,819  outstanding as of September 30, 2023 12,284,887 shares issued and 11,345,856  outstanding as of June 30, 2023 123,120 122,850
Additional paid-in-capital 128,536,132 128,476,048
Treasury stock (at cost, 939,031 shares as of September 30, 2023 and June 30, 2023) (3,920,856) (3,920,856)
Accumulated deficit (44,865,296) (44,896,186)
Other comprehensive loss (46,411,702) (45,975,156)
Total NetSol stockholders’ equity 33,461,398 33,806,700
Non-controlling interest 3,201,723 2,975,053
Total stockholders’ equity 36,663,121 36,781,753
Total liabilities and stockholders' equity $ 55,865,033 $ 58,379,410