Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
Current assets:    
Cash and cash equivalents $ 14,172,954 $ 11,557,527
Accounts receivable, net of allowance of $571,511 and $492,498 6,583,199 9,691,229
Accounts receivable, net - related party 1,644,942 5,691,178
Revenues in excess of billings 19,126,389 10,493,096
Revenues in excess of billings - related party 80,705 804,168
Convertible note receivable - related party 200,000
Other current assets 2,463,886 2,214,628
Total current assets 44,272,075 40,451,826
Restricted cash 90,000 90,000
Revenues in excess of billings, net - long term 5,173,538
Property and equipment, net 20,370,703 22,774,435
Other assets 3,211,295 842,553
Intangible assets, net 17,043,151 19,674,033
Goodwill 9,516,568 9,516,568
Total assets 99,677,330 93,349,415
Current liabilities:    
Accounts payable and accrued expenses 6,880,194 5,962,770
Current portion of loans and obligations under capitalized leases 10,222,795 4,440,084
Unearned revenues 3,925,702 4,739,214
Common stock to be issued 88,324 88,324
Total current liabilities 21,117,015 15,230,392
Loans and obligations under capitalized leases; less current maturities 366,762 477,692
Total liabilities 21,483,777 15,708,084
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 11,225,385 shares issued and 11,190,606 outstanding as of June 30, 2017 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016 112,254 107,134
Additional paid-in-capital 124,409,998 121,448,946
Treasury stock (At cost, 34,779 shares and 27,279 shares as of June 30, 2017 and June 30, 2016, respectively) (454,310) (415,425)
Accumulated deficit (42,301,390) (37,323,360)
Stock subscription receivable (297,511) (783,172)
Other comprehensive loss (18,074,570) (18,730,494)
Total NetSol stockholders' equity 63,394,471 64,303,629
Non-controlling interest 14,799,082 13,337,702
Total stockholders' equity 78,193,553 77,641,331
Total liabilities and stockholders' equity $ 99,677,330 $ 93,349,415