Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Current assets:    
Cash and cash equivalents $ 33,705,154 $ 20,166,830
Accounts receivable, net of allowance of $166,231 and $435,611 4,184,096 10,131,752
Accounts receivable - related party, net of allowance of $1,373,099 and $90,594 1,282,505
Revenues in excess of billings, net of allowance of $136,976 and $188,914 14,680,131 17,198,281
Revenues in excess of billings - related party, net of allowance of $8,163 and $0 8,163
Other current assets, net of allowance of $1,243,633 and $0 3,009,393 3,108,180
Total current assets 55,578,774 51,895,711
Revenues in excess of billings, net - long term 957,603 1,300,289
Convertible note receivable - related party, net of allowance of $4,250,000 and $0 4,250,000
Property and equipment, net 12,091,812 11,329,631
Right of use of assets - operating leases 1,345,869 2,360,129
Long term investment 3,155,852 2,387,692
Other assets 55,127 41,992
Intangible assets, net 3,904,656 5,391,077
Goodwill 9,516,568 9,516,568
Total assets 86,606,261 88,473,089
Current liabilities:    
Accounts payable and accrued expenses 6,696,035 5,769,161
Current portion of loans and obligations under finance leases 11,366,171 9,139,561
Current portion of operating lease obligations 857,729 1,111,912
Unearned revenue 4,556,626 4,095,472
Total current liabilities 23,476,561 20,116,106
Loans and obligations under finance leases; less current maturities 699,841 1,539,975
Operating lease obligations; less current maturities 564,257 1,339,965
Total liabilities 24,740,659 22,996,046
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,181,585 shares issued and 11,265,064 outstanding as of June 30, 2021 and 12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 121,816 121,222
Additional paid-in-capital 129,018,826 128,677,754
Treasury stock (at cost, 916,521 shares and 247,503 shares as of June 30, 2021 and June 30, 2020, respectively) (3,820,750) (1,455,969)
Accumulated deficit (38,801,282) (34,269,817)
Other comprehensive loss (31,868,481) (34,085,047)
Total NetSol stockholders' equity 54,650,129 58,988,143
Non-controlling interest 7,215,473 6,488,900
Total stockholders' equity 61,865,602 65,477,043
Total liabilities and stockholders' equity $ 86,606,261 $ 88,473,089