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, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 15,659,516 $ 15,533,254
Accounts receivable, net of allowance of $421,288 and $420,354 5,975,716 11,714,422
Revenues in excess of billings, net of allowance of $137,406 and $1,380,141 16,299,287 12,377,677
Other current assets 2,142,487 1,978,514
Total current assets 40,077,006 41,603,867
Revenues in excess of billings, net - long term 734,397
Property and equipment, net 5,665,699 6,161,186
Right of use assets - operating leases 1,659,622 1,151,575
Other assets 32,338 32,327
Intangible assets, net 127,931
Goodwill 9,302,524 9,302,524
Total assets 57,471,586 58,379,410
Current liabilities:    
Accounts payable and accrued expenses 6,713,920 6,552,181
Current portion of loans and obligations under finance leases 5,982,466 5,779,510
Current portion of operating lease obligations 689,770 505,237
Unearned revenue 4,426,008 7,932,306
Total current liabilities 17,812,164 20,769,234
Loans and obligations under finance leases; less current maturities 99,527 176,229
Operating lease obligations; less current maturities 1,022,361 652,194
Total liabilities 18,934,052 21,597,657
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,329,919 shares issued and 11,390,888 outstanding as of December 31, 2023; 12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023 123,301 122,850
Additional paid-in-capital 128,587,384 128,476,048
Treasury stock (at cost, 939,031 shares as of December 31, 2023 and June 30, 2023) (3,920,856) (3,920,856)
Accumulated deficit (44,456,980) (44,896,186)
Other comprehensive loss (45,870,309) (45,975,156)
Total NetSol stockholders’ equity 34,462,540 33,806,700
Non-controlling interest 4,074,994 2,975,053
Total stockholders’ equity 38,537,534 36,781,753
Total liabilities and stockholders’ equity $ 57,471,586 $ 58,379,410