Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v2.3.0.15
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Sep. 30, 2011
Jun. 30, 2011
Current assets:    
Cash and cash equivalents $ 3,123,686 $ 4,172,802
Restricted Cash 2,700,000 5,700,000
Accounts receivable, net 13,864,226 15,062,503
Revenues in excess of billings 7,038,291 7,601,230
Other current assets 2,081,864 2,053,904
Total current assets 28,808,066 34,590,439
Property and equipment, net 16,469,748 16,014,461
Intangibles:    
Product licenses, renewals, enhancements, copyrights, trademarks, and tradenames, net 26,364,728 25,437,479
Customer lists, net 147,067 164,715
Goodwill 9,439,285 9,439,285
Total intangibles 35,951,080 35,041,480
Total assets 81,228,895 85,646,380
Current liabilities:    
Accounts payable and accrued expenses 4,069,230 4,730,027
Current portion of loans and obligations under capitalized leases 4,092,747 7,062,535
Other payables - acquisitions 103,226 103,226
Unearned revenues 2,475,387 2,653,460
Convertible notes payable , current portion   2,745,524
Loans payable, bank 2,269,632 2,319,378
Common stock to be issued 206,625 400,700
Total current liabilities 13,216,848 20,014,850
Obligations under capitalized leases, less current maturities 257,711 285,472
Convertible notes payable less current maturities 3,587,464  
Long term loans; less current maturities 425,556 434,884
Total liabilities 17,487,579 20,735,206
Commitments and contingencies    
Stockholders' equity:    
Common stock, $.001 par value; 95,000,000 shares authorized; 56,076,355 & 55,531,855 issued and outstanding as of September 30, 2011 and June 30, 2011 56,077 55,532
Additional paid-in-capital 98,844,487 97,886,492
Treasury stock (396,008) (396,008)
Accumulated deficit (35,589,651) (34,130,944)
Stock subscription receivable (2,031,210) (2,198,460)
Other comprehensive loss (9,362,762) (8,805,922)
Total NetSol shareholders' equity 51,520,932 52,410,690
Non-controlling interest 12,220,383 12,500,484
Total stockholders' equity 63,741,315 64,911,174
Total liabilities and stockholders' equity $ 81,228,895 $ 85,646,380