Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2012
Jun. 30, 2011
Current assets:    
Cash and cash equivalents $ 9,118,206 $ 4,172,802
Restricted Cash 90,000 5,700,000
Accounts receivable, net 14,654,748 15,062,503
Revenues in excess of billings 9,310,578 7,601,230
Other current assets 2,631,360 2,053,904
Total current assets 35,804,892 34,590,439
Property and equipment, net 16,877,321 16,014,461
Intangible assets, net 29,077,051 25,602,195
Goodwill 9,653,330 9,439,285
Total intangibles 38,730,381 35,041,480
Total assets 91,412,594 85,646,379
Current liabilities:    
Accounts payable and accrued expenses 4,624,876 4,730,027
Current portion of loans and obligations under capitalized leases 1,955,872 7,062,535
Other payables - acquisitions 103,226 103,226
Unearned revenues 3,359,913 2,653,460
Convertible notes payable , current portion   2,745,524
Loans payable, bank 2,198,769 2,319,377
Common stock to be issued 106,700 400,700
Total current liabilities 12,349,356 20,014,849
Obligations under capitalized leases, less current maturities 196,137 285,472
Convertible notes payable less current maturities 3,692,792  
Long term loans; less current maturities 1,950,165 434,884
Total liabilities 18,188,450 20,735,205
Stockholders' equity:    
Common stock, $.001 par value; 95,000,000 shares authorized; 74,746,688 & 55,531,855 issued and outstanding as of March 31, 2012 and June 30, 2011 74,747 55,532
Additional paid-in-capital 105,787,566 97,886,492
Treasury stock (415,425) (396,008)
Accumulated deficit (33,585,470) (34,130,944)
Stock subscription receivable (2,033,710) (2,198,460)
Other comprehensive loss (10,187,687) (8,805,922)
Total NetSol shareholders' equity 59,640,021 52,410,690
Non-controlling interest 13,584,123 12,500,484
Total stockholders' equity 73,224,144 64,911,174
Total liabilities and stockholders' equity $ 91,412,594 $ 85,646,379