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, 2012
Jun. 30, 2012
Current assets:    
Cash and cash equivalents $ 8,019,788 $ 7,599,607
Restricted cash 1,712,673 141,231
Accounts receivable, net 18,077,796 13,757,637
Revenues in excess of billings 10,529,745 12,131,329
Other current assets 2,357,261 2,648,302
Total current assets 40,697,263 36,278,106
Property and equipment, net 17,437,469 16,912,795
Intangible assets, net 28,772,866 28,502,983
Goodwill 9,653,330 9,653,330
Total intangibles 38,426,196 38,156,313
Total assets 96,560,928 91,347,214
Current liabilities:    
Accounts payable and accrued expenses 4,242,659 3,869,355
Current portion of loans and obligations under capitalized leases 3,430,619 1,896,238
Other payables - acquisitions 103,226 103,226
Unearned revenues 4,274,011 2,704,661
Convertible notes payable, current portion 2,681,861 2,809,093
Loans payable, bank 2,092,926 2,116,402
Common stock to be issued 108,875 105,575
Total current liabilities 16,934,177 13,604,550
Obligations under capitalized leases, less current maturities 303,581 260,107
Convertible notes payable less current maturities   936,364.25
Long term loans; less current maturities 1,506,457 1,551,541
Total liabilities 18,744,215 16,352,562
Commitments and contingencies      
Stockholders' equity:    
Common stock, $.01 par value; 15,000,000 shares authorized; 7,907,455 & 7,513,745 issued and outstanding as of September 30, 2012 and June 30, 2012 79,075 75,137
Additional paid-in-capital 108,576,679 106,101,165
Treasury stock (415,425) (415,425)
Accumulated deficit (30,755,274) (31,684,399)
Stock subscription receivable (2,269,488) (2,119,488)
Other comprehensive loss (12,897,998) (12,361,759)
Total NetSol shareholders' equity 62,317,569 59,595,231
Non-controlling interest 15,499,144 15,399,421
Total stockholders' equity 77,816,713 74,994,652
Total liabilities and stockholders' equity $ 96,560,928 $ 91,347,214