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, 2016
Jun. 30, 2015
Current assets:    
Cash and cash equivalents $ 11,881,159 $ 14,168,957
Restricted cash 90,000 90,000
Accounts receivable, net of allowance of $501,496 and $524,565 6,072,413 6,480,344
Accounts receivable, net - related party 6,467,551 3,491,899
Revenues in excess of billings 8,860,248 5,267,275
Other current assets 2,756,621 2,012,190
Total current assets 36,127,992 $ 31,510,665
Investment 555,556
Property and equipment, net 23,178,350 $ 25,119,634
Intangible assets, net 20,276,715 22,815,467
Goodwill 9,516,568 9,516,568
Total assets 89,655,181 88,962,334
Current liabilities:    
Accounts payable and accrued expenses 6,354,959 5,952,561
Current portion of loans and obligations under capitalized leases 4,538,218 3,896,353
Unearned revenues 3,412,019 4,897,327
Common stock to be issued 88,324 88,324
Total current liabilities 14,393,520 14,834,565
Long term loans and obligations under capitalized leases; less current maturities 315,653 487,492
Total liabilities $ 14,709,173 $ 15,322,057
Commitments and contingencies  
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized;10,558,600 shares issued and 10,531,321 outstanding as of March 31, 2016 and 10,307,826 shares issued and 10,280,547 outstanding as of June 30, 2015 $ 105,586 $ 103,078
Additional paid-in-capital 120,513,094 119,209,807
Treasury stock (27,279 shares) (415,425) (415,425)
Accumulated deficit (39,412,605) (40,726,121)
Stock subscription receivable (947,353) (1,204,603)
Other comprehensive loss (18,898,747) (17,167,100)
Total NetSol stockholders’ equity 60,944,550 59,799,636
Non-controlling interest 14,001,458 13,840,641
Total stockholders’ equity 74,946,008 73,640,277
Total liabilities and stockholders’ equity $ 89,655,181 $ 88,962,334