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Financials

v3.19.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2019
Jun. 30, 2019
Current assets:    
Cash and cash equivalents $ 17,621,379 $ 17,366,364
Accounts receivable, net of allowance of $160,396 and $192,786 8,079,537 12,332,714
Accounts receivable, net of allowance of $172,485 and $166,075 - related party 3,225,787 3,266,600
Revenues in excess of billings, net of allowance of $220,820 and $194,684 16,345,384 14,719,047
Revenues in excess of billings - related party 48,145 110,827
Convertible note receivable - related party 4,085,000 3,650,000
Other current assets 3,351,698 3,146,264
Total current assets 52,756,930 54,591,816
Revenues in excess of billings, net - long term 1,246,660 1,281,492
Property and equipment, net 12,478,841 12,096,855
Right-of-use assets - operating leases 2,734,762
Long term investment 2,460,870 2,653,769
Other assets 25,329 23,569
Intangible assets, net 7,159,422 7,332,950
Goodwill 9,516,568 9,516,568
Total assets 88,379,382 87,497,019
Current liabilities:    
Accounts payable and accrued expenses 7,377,985 7,476,560
Current portion of loans and obligations under finance leases 7,097,025 6,905,597
Current portion of operating lease obligations 920,115
Unearned revenues 4,424,652 5,977,736
Common stock to be issued 88,324 88,324
Total current liabilities 19,908,101 20,448,217
Loans and obligations under finance leases; less current maturities 493,403 564,572
Operating lease obligations; less current maturities 1,912,804
Total liabilities 22,314,308 21,012,789
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 11,972,109 shares issued and 11,724,606 outstanding as of September 30, 2019 and 11,911,742 shares issued and 11,664,239 outstanding as of June 30, 2019 119,721 119,117
Additional paid-in-capital 128,052,079 127,737,999
Treasury stock (At cost, 247,503 shares and 247,503 shares as of September 30, 2019 and June 30, 2019, respectively) (1,455,969) (1,455,969)
Accumulated deficit (37,034,845) (35,206,898)
Other comprehensive loss (32,221,661) (33,125,006)
Total NetSol stockholders' equity 57,459,325 58,069,243
Non-controlling interest 8,605,749 8,414,987
Total stockholders' equity 66,065,074 66,484,230
Total liabilities and stockholders' equity $ 88,379,382 $ 87,497,019

Source

v3.19.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Net Revenues:    
Total net revenues $ 13,572,416 $ 16,396,545
Cost of revenues:    
Salaries and consultants 4,454,964 5,020,562
Travel 1,342,635 1,151,997
Depreciation and amortization 719,665 937,604
Other 944,524 1,048,324
Total cost of revenues 7,461,788 8,158,487
Gross profit 6,110,628 8,238,058
Operating expenses:    
Selling and marketing 1,743,868 1,701,326
Depreciation and amortization 202,387 212,232
General and administrative 3,918,613 4,406,720
Research and development cost 672,970 318,155
Total operating expenses 6,537,838 6,638,433
Income (loss) from operations (427,210) 1,599,625
Other income and (expenses)    
Gain (loss) on sale of assets (289) 52,294
Interest expense (63,663) (99,434)
Interest income 399,229 248,964
Gain (loss) on foreign currency exchange transactions (1,760,190) 10,912
Share of net loss from equity investment (189,224) (299,691)
Other income 18,326 5,379
Total other income (expenses) (1,595,811) (81,576)
Net income (loss) before income taxes (2,023,021) 1,518,049
Income tax provision (238,238) (236,914)
Net income (loss) (2,261,259) 1,281,135
Non-controlling interest 433,312 (318,546)
Net income (loss) attributable to NetSol $ (1,827,947) $ 962,589
Net income (loss) per share:    
Basic $ (0.16) $ 0.08
Diluted $ (0.16) $ 0.08
Weighted average number of shares outstanding    
Basic 11,664,239 11,502,616
Diluted 11,664,239 11,507,730
License Fees [Member]    
Net Revenues:    
Total net revenues $ 2,679,145 $ 5,956,113
Maintenance Fees [Member]    
Net Revenues:    
Total net revenues 4,391,447 3,739,676
Services [Member]    
Net Revenues:    
Total net revenues 6,418,891 6,470,625
Services - Related Party [Member]    
Net Revenues:    
Total net revenues $ 82,933 $ 230,131

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ (2,261,259) $ 1,281,135
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 922,052 1,149,836
Provision for bad debts (38,621)
Share of net loss from investment under equity method 189,224 299,691
(Gain) loss on sale of assets 289 (52,294)
Stock based compensation 164,293 432,048
Changes in operating assets and liabilities:    
Accounts receivable 4,836,183 5,136,381
Accounts receivable - related party 46,016 284,869
Revenues in excess of billing (1,870,517) (6,347,196)
Revenues in excess of billing - related party 66,330 (70,102)
Other current assets (278,677) (571,246)
Accounts payable and accrued expenses 122,012 (680,147)
Unearned revenue (1,631,245) (1,202,420)
Net cash provided by (used in) operating activities 266,080 (339,445)
Cash flows from investing activities:    
Purchases of property and equipment (321,125) (563,413)
Sales of property and equipment 958 184,032
Convertible note receivable - related party (435,000) (758,000)
Net cash used in investing activities (755,167) (1,137,381)
Cash flows from financing activities:    
Proceeds from exercise of subsidiary options 11,621 2,650
Proceeds from bank loans 119,895
Payments on finance lease obligations and loans - net (147,376) (179,237)
Net cash used in financing activities (135,755) (56,692)
Effect of exchange rate changes 879,857 (119,591)
Net increase (decrease) in cash and cash equivalents 255,015 (1,653,109)
Cash and cash equivalents at beginning of the period 17,366,364 22,088,853
Cash and cash equivalents at end of period 17,621,379 20,435,744
SUPPLEMENTAL DISCLOSURES:    
Interest 105,368 120,010
Taxes 151,375 213,605
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease   $ 144,801
Assets recognized under operating leases $ 3,011,814  

Source