Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2017
Jun. 30, 2017
Current assets:    
Cash and cash equivalents $ 10,004,650 $ 14,172,954
Accounts receivable, net of allowance of $347,413 and $571,511 19,106,677 6,583,199
Accounts receivable, net - related party 2,582,403 1,644,942
Revenues in excess of billings 16,094,026 19,126,389
Revenues in excess of billings - related party 107,562 80,705
Convertible note receivable - related party 750,000 200,000
Other current assets 2,819,183 2,463,886
Total current assets 51,464,501 44,272,075
Restricted cash 90,000 90,000
Revenues in excess of billings, net - long term 6,668,854 5,173,538
Property and equipment, net 18,443,494 20,370,703
Other assets 3,543,315 3,211,295
Intangible assets, net 14,810,605 17,043,151
Goodwill 9,516,568 9,516,568
Total assets 104,537,337 99,677,330
Current liabilities:    
Accounts payable and accrued expenses 7,560,298 6,880,194
Current portion of loans and obligations under capitalized leases 10,133,100 10,222,795
Unearned revenues 10,082,346 3,925,702
Common stock to be issued 88,324 88,324
Total current liabilities 27,864,068 21,117,015
Loans and obligations under capitalized leases; less current maturities 250,883 366,762
Total liabilities 28,114,951 21,483,777
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 11,395,401 shares issued and 11,221,347 outstanding as of December 31, 2017 and 11,225,385 shares issued and 11,190,606 outstanding as of June 30, 2017 113,954 112,254
Additional paid-in-capital 125,354,035 124,409,998
Treasury stock (At cost, 174,054 shares and 34,779 shares as of December 31, 2017 and June 30, 2017, respectively) (1,055,330) (454,310)
Accumulated deficit (42,036,467) (42,301,390)
Stock subscription receivable (221,000) (297,511)
Other comprehensive loss (20,276,030) (18,074,570)
Total NetSol stockholders' equity 61,879,162 63,394,471
Non-controlling interest 14,543,224 14,799,082
Total stockholders' equity 76,422,386 78,193,553
Total liabilities and stockholders' equity $ 104,537,337 $ 99,677,330

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Net Revenues:        
License fees $ 235,932 $ 3,769,557 $ 561,998 $ 9,223,352
Maintenance fees 3,568,448 3,588,899 7,042,173 7,112,696
Services 9,087,191 6,619,158 16,104,928 12,175,293
License fees - related party 217,105 261,513 246,957
Maintenance fees - related party 101,251 51,345 204,214 181,976
Services - related party 1,236,508 1,829,827 3,090,385 3,994,981
Total net revenues 14,446,435 15,858,786 27,265,211 32,935,255
Cost of revenues:        
Salaries and consultants 5,362,092 5,979,804 10,826,252 11,873,153
Travel 287,901 836,240 801,013 1,548,135
Depreciation and amortization 1,168,103 1,318,764 2,341,216 2,649,636
Other 939,986 1,065,727 1,796,568 2,038,065
Total cost of revenues 7,758,082 9,200,535 15,765,049 18,108,989
Gross profit 6,688,353 6,658,251 11,500,162 14,826,266
Operating expenses:        
Selling and marketing 1,932,140 2,713,478 3,643,436 5,057,516
Depreciation and amortization 222,785 271,485 468,658 540,582
Provision for bad debts 1,026 1,026
General and administrative 4,026,706 3,932,387 7,814,264 8,551,583
Research and development cost 189,891 91,607 374,976 184,539
Total operating expenses 6,371,522 7,009,983 12,301,334 14,335,246
Income from operations 316,831 (351,732) (801,172) 491,020
Other income and (expenses)        
Loss on sale of assets (8,939) (32,339) (16,069) (34,742)
Interest expense (109,675) (62,127) (227,746) (116,602)
Interest income 115,570 23,416 252,481 53,856
Gain (loss) on foreign currency exchange transactions 1,737,967 (621,887) 2,754,329 (1,036,783)
Share of net loss from equity investment (203,336) (270,898)
Other income 14,511 6,823 15,610 28,383
Total other income (expenses) 1,546,098 (686,114) 2,507,707 (1,105,888)
Net income (loss) before income taxes 1,862,929 (1,037,846) 1,706,535 (614,868)
Income tax provision (200,927) (338,884) (225,798) (378,759)
Net income (loss) 1,662,002 (1,376,730) 1,480,737 (993,627)
Non-controlling interest (1,027,581) (791,664) (1,215,814) (1,560,878)
Net income (loss) attributable to NetSol $ 634,421 $ (2,168,394) $ 264,923 $ (2,554,505)
Net income (loss) per share:        
Net income (loss) per common share - Basic $ 0.06 $ (0.20) $ 0.02 $ (0.24)
Net income (loss) per common share - Diluted $ 0.06 $ (0.20) $ 0.02 $ (0.24)
Weighted average number of shares outstanding        
Basic 11,159,075 10,877,446 11,115,346 10,783,685
Diluted 11,171,543 10,877,446 11,127,814 10,783,685

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 1,480,737 $ (993,627)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,809,874 3,190,218
Provision for bad debts 1,026
Share of net loss from investment under equity method 270,898
Loss on sale of assets 16,069 34,742
Stock based compensation 833,530 1,525,775
Fair market value of warrants and stock options granted 21,804
Changes in operating assets and liabilities:    
Accounts receivable (13,231,059) 3,678,110
Accounts receivable - related party (1,637,829) 829,285
Revenues in excess of billing 602,676 (7,592,495)
Revenues in excess of billing - related party (32,308) 285,791
Other current assets (524,547) 585,147
Accounts payable and accrued expenses 887,824 334,241
Unearned revenue 6,469,146 (1,830,619)
Net cash provided by (used in) operating activities (2,054,989) 69,398
Cash flows from investing activities:    
Purchases of property and equipment (543,123) (1,074,316)
Sales of property and equipment 193,241 181,087
Convertible note receivable - related party (500,000)
Investment in WRLD3D (50,000) (705,555)
Net cash used in investing activities (899,882) (1,598,784)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 215,311 429,452
Proceeds from exercise of subsidiary options 7,755 18,089
Purchase of treasury stock (601,020) (38,885)
Dividend paid by subsidiary to non-controlling interest (417,853) (968,657)
Proceeds from bank loans 708,457
Payments on capital lease obligations and loans - net (361,814) (69,998)
Net cash used in financing activities (449,164) (629,999)
Effect of exchange rate changes (764,269) 107,241
Net decrease in cash and cash equivalents (4,168,304) (2,052,144)
Cash and cash equivalents, beginning of the period 14,172,954 11,557,527
Cash and cash equivalents, end of period 10,004,650 9,505,383
SUPPLEMENTAL DISCLOSURES:    
Interest 189,769 123,682
Taxes 226,098 77,414
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 553,678 549,621
Assets acquired under capital lease $ 113,220

Source