Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Jun. 30, 2017
Current assets:    
Cash and cash equivalents $ 22,088,853 $ 14,172,954
Accounts receivable, net of allowance of $610,061 and $571,511 12,775,461 6,583,199
Accounts receivable, net - related party 3,374,272 1,644,942
Revenues in excess of billings 14,285,778 19,126,389
Revenues in excess of billings - related party 80,705
Convertible note receivable - related party 2,123,500 200,000
Other current assets 2,703,032 2,463,886
Total current assets 57,350,896 44,272,075
Revenues in excess of billings, net - long term 1,206,669 5,173,538
Property and equipment, net 16,165,491 20,370,703
Long term investment 3,217,162 3,057,020
Other assets 70,299 244,275
Intangible assets, net 12,247,196 17,043,151
Goodwill 9,516,568 9,516,568
Total assets 99,774,281 99,677,330
Current liabilities:    
Accounts payable and accrued expenses 7,873,809 6,880,194
Current portion of loans and obligations under capitalized leases 8,595,919 10,222,795
Unearned revenues 5,949,581 3,925,702
Common stock to be issued 88,324 88,324
Total current liabilities 22,507,633 21,117,015
Loans and obligations under capitalized leases; less current maturities 330,596 366,762
Total liabilities 22,838,229 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; 11,708,469 shares issued and 11,502,616 outstanding as of June 30, 2018 and 11,225,385 shares issued and 11,190,606 outstanding as of June 30, 2017 117,085 112,254
Additional paid-in-capital 126,479,147 124,409,998
Treasury stock (At cost, 205,853 shares and 34,779 shares as of June 30, 2018 and June 30, 2017, respectively) (1,205,024) (454,310)
Accumulated deficit (37,994,502) (42,301,390)
Stock subscription receivable (221,000) (297,511)
Other comprehensive loss (24,386,071) (18,074,570)
Total NetSol stockholders' equity 62,789,635 63,394,471
Non-controlling interest 14,146,417 14,799,082
Total stockholders' equity 76,936,052 78,193,553
Total liabilities and stockholders' equity $ 99,774,281 $ 99,677,330

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Net Revenues:    
Total net revenues $ 60,930,258 $ 65,366,268
Cost of revenues:    
Salaries and consultants 21,856,162 24,645,223
Travel 1,775,327 3,137,671
Depreciation and amortization 4,610,737 5,448,059
Other 3,481,115 3,727,379
Total cost of revenues 31,723,341 36,958,332
Gross profit 29,206,917 28,407,936
Operating expenses:    
Selling and marketing 7,620,476 9,746,229
Depreciation and amortization 962,737 1,114,275
Provision for bad debts 460,730 1,407,751
General and administrative 16,254,067 16,747,550
Research and development cost 853,996 393,345
Total operating expenses 26,152,006 29,409,150
Income (loss) from operations 3,054,911 (1,001,214)
Other income and (expenses)    
Gain (loss) on sale of assets 7,594 (30,147)
Interest expense (422,327) (310,044)
Interest income 592,153 179,723
Gain on foreign currency exchange transactions 5,010,383 306,819
Share of net loss from equity investment (262,556)
Other income (expense) 42,847 50,378
Total other income (expenses) 4,968,094 196,729
Net income (loss) before income taxes 8,023,005 (804,485)
Income tax provision (873,027) (931,951)
Net income (loss) 7,149,978 (1,736,436)
Non-controlling interest (2,843,090) (3,241,594)
Net income (loss) attributable to NetSol $ 4,306,888 $ (4,978,030)
Net income (loss) per share:    
Net income (loss) per common share Basic $ 0.38 $ (0.46)
Net income (loss) per common share Diluted $ 0.38 $ (0.46)
Weighted average number of shares outstanding    
Basic 11,197,319 10,912,284
Diluted 11,197,319 10,912,284
License Fees [Member]    
Net Revenues:    
Total net revenues $ 6,598,254 $ 18,218,912
Maintenance Fees [Member]    
Net Revenues:    
Total net revenues 14,382,309 14,157,367
Services [Member]    
Net Revenues:    
Total net revenues 33,611,982 24,798,899
License Fees - Related Party [Member]    
Net Revenues:    
Total net revenues 261,513 246,957
Maintenance Fees - Related Party [Member]    
Net Revenues:    
Total net revenues 418,444 311,359
Services - Related Party [Member]    
Net Revenues:    
Total net revenues $ 5,657,756 $ 7,632,774

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income (loss) $ 7,149,978 $ (1,736,436)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,573,474 6,562,334
Provision for bad debts 460,730 1,407,751
Impairment of assets 172,505
Share of net loss from investment under equity method 262,556
(Gain) loss on sale of assets (7,594) 30,147
Stock based compensation 1,861,445 2,522,158
Fair market value of warrants and stock options granted 241,165
Changes in operating assets and liabilities:    
Accounts receivable (7,735,582) 2,292,980
Accounts receivable - related party (2,735,846) 2,803,520
Revenues in excess of billing 6,788,580 (13,966,522)
Revenues in excess of billing - related party 77,128 211,615
Other current assets (195,529) 72,522
Accounts payable and accrued expenses 1,653,778 751,835
Unearned revenue 2,388,699 (738,704)
Net cash provided by operating activities 15,714,322 454,365
Cash flows from investing activities:    
Purchases of property and equipment (2,449,449) (2,203,203)
Sales of property and equipment 943,252 781,018
Convertible note receivable - related party (1,923,500) (200,000)
Investment in WRLD3D (230,000) (1,105,555)
Purchase of subsidiary shares from open market (33,987)
Net cash used in investing activities (3,693,684) (2,727,740)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 312,311 866,438
Proceeds from exercise of subsidiary options 10,349 75,382
Restricted cash 90,000
Purchase of treasury stock (750,714) (38,885)
Dividend paid by subsidiary to non-controlling interest (417,853) (2,156,273)
Proceeds from bank loans 1,365,250 6,184,635
Payments on capital lease obligations and loans - net (1,626,109) (554,048)
Net cash provided by (used in) financing activities (1,016,766) 4,377,249
Effect of exchange rate changes (3,087,973) 511,553
Net increase in cash and cash equivalents 7,915,899 2,615,427
Cash and cash equivalents at beginning of the period 14,172,954 11,557,527
Cash and cash equivalents at end of period 22,088,853 14,172,954
SUPPLEMENTAL DISCLOSURES:    
Interest 390,649 225,641
Taxes 700,127 195,726
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 601,869 1,231,115
Assets acquired under capital lease $ 507,865 $ 498,333

Source