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Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2018
Sep. 30, 2018
Jul. 02, 2018
Jun. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Current assets:              
Cash and cash equivalents $ 20,320,804   $ 22,088,853 $ 22,088,853      
Accounts receivable, net of allowance of $376,178 and $610,061 7,852,296   12,775,461 12,775,461      
Accounts receivable, net - related party 2,944,290   3,374,272 3,374,272      
Revenues in excess of billings 13,832,654   6,956,966 14,285,778      
Revenues in excess of billings - related party 62,323        
Convertible note receivable - related party 3,156,500   2,123,500 2,123,500      
Other current assets 4,092,921   2,703,032 2,703,032      
Total current assets 52,261,788   50,022,084 57,350,896      
Revenues in excess of billings, net - long term   1,206,669      
Property and equipment, net 14,005,541   16,165,491 16,165,491      
Long term investment 2,689,005   3,217,162 3,217,162      
Other assets 35,470   70,299 70,299      
Intangible assets, net 9,637,010   12,247,196 12,247,196      
Goodwill 9,516,568   9,516,568 9,516,568      
Total assets 88,145,382   91,238,800 99,774,281      
Current liabilities:              
Accounts payable and accrued expenses 7,468,984   7,873,809 7,873,809      
Current portion of loans and obligations under capitalized leases 7,627,426   8,595,919 8,595,919      
Unearned revenues 4,705,302   6,167,755 5,949,581      
Common stock to be issued 88,324   88,324 88,324      
Total current liabilities 19,890,036   22,725,807 22,507,633      
Loans and obligations under capitalized leases; less current maturities 345,473   330,596 330,596      
Total liabilities 20,235,509   23,056,403 22,838,229      
Commitments and contingencies        
Stockholders' equity:              
Preferred stock, $.01 par value; 500,000 shares authorized;        
Common stock, $.01 par value; 14,500,000 shares authorized; 11,860,310 shares issued and 11,654,457 outstanding as of December 31, 2018 and 11,708,469 shares issued and 11,502,616 outstanding as of June 30, 2018 118,603   117,085 117,085      
Additional paid-in-capital 127,398,738   126,479,147 126,479,147      
Treasury stock (At cost, 205,853 shares and 205,853 shares as of December 31, 2018 and June 30, 2018, respectively) (1,205,024)   (1,205,024) (1,205,024)      
Accumulated deficit (39,972,079)   (43,790,297) (37,994,502)      
Stock subscription receivable (221,000)   (221,000) (221,000)      
Other comprehensive loss (28,446,811)   (24,386,071) (24,386,071)      
Total NetSol stockholders' equity 57,672,427   56,993,840 62,789,635      
Non-controlling interest 10,237,446   11,188,557 14,146,417      
Total stockholders' equity 67,909,873 $ 69,448,646 68,182,397 76,936,052 $ 76,422,386 $ 77,287,574 $ 78,193,553
Total liabilities and stockholders' equity $ 88,145,382   $ 91,238,800 $ 99,774,281      

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Net Revenues:        
Total net revenues $ 17,002,627 $ 14,446,435 $ 33,399,172 $ 27,265,211
Cost of revenues:        
Salaries and consultants 4,497,054 5,362,092 9,517,616 10,826,252
Travel 1,706,182 287,901 2,858,179 801,013
Depreciation and amortization 880,048 1,168,103 1,817,652 2,341,216
Other 1,060,772 939,986 2,109,096 1,796,568
Total cost of revenues 8,144,056 7,758,082 16,302,543 15,765,049
Gross profit 8,858,571 6,688,353 17,096,629 11,500,162
Operating expenses:        
Selling and marketing 2,048,303 1,932,140 3,749,629 3,643,436
Depreciation and amortization 193,779 222,785 406,011 468,658
General and administrative 4,002,059 4,026,706 8,408,779 7,814,264
Research and development cost 424,652 189,891 742,807 374,976
Total operating expenses 6,668,793 6,371,522 13,307,226 12,301,334
Income (loss) from operations 2,189,778 316,831 3,789,403 (801,172)
Other income and (expenses)        
Gain (loss) on sale of assets (3,504) (8,939) 48,790 (16,069)
Interest expense (63,804) (109,675) (163,238) (227,746)
Interest income 230,421 115,570 479,385 252,481
Gain on foreign currency exchange transactions 2,536,755 1,737,967 2,547,667 2,754,329
Share of net loss from equity investment (298,293) (203,336) (597,984) (270,898)
Other income 4,503 14,511 9,882 15,610
Total other income (expenses) 2,406,078 1,546,098 2,324,502 2,507,707
Net income before income taxes 4,595,856 1,862,929 6,113,905 1,706,535
Income tax provision (264,872) (200,927) (501,786) (225,798)
Net income 4,330,984 1,662,002 5,612,119 1,480,737
Non-controlling interest (1,475,355) (1,027,581) (1,793,901) (1,215,814)
Net income attributable to NetSol $ 2,855,629 $ 634,421 $ 3,818,218 $ 264,923
Net income (loss) per share:        
Net income (loss) per common share Basic $ 0.25 $ 0.06 $ 0.33 $ 0.02
Net income (loss) per common share Diluted $ 0.25 $ 0.06 $ 0.33 $ 0.02
Weighted average number of shares outstanding        
Basic 11,586,507 11,159,075 11,542,877 11,115,346
Diluted 11,592,193 11,171,543 11,548,563 11,127,814
License Fees [Member]        
Net Revenues:        
Total net revenues $ 4,817,569 $ 235,932 $ 10,773,682 $ 561,998
Maintenance Fees [Member]        
Net Revenues:        
Total net revenues 3,534,693 3,568,448 7,173,020 7,042,173
Services [Member]        
Net Revenues:        
Total net revenues 8,237,334 9,087,191 14,655,968 16,104,928
License Fees - Related Party [Member]        
Net Revenues:        
Total net revenues 217,105 261,513
Maintenance Fees - Related Party [Member]        
Net Revenues:        
Total net revenues 127,030 101,251 228,379 204,214
Services - Related Party [Member]        
Net Revenues:        
Total net revenues $ 286,001 $ 1,236,508 $ 568,123 $ 3,090,385

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net income $ 5,612,119 $ 1,480,737
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,223,663 2,809,874
Share of net loss from investment under equity method 597,984 270,898
(Gain) loss on sale of assets (48,790) 16,069
Stock based compensation 869,743 833,530
Changes in operating assets and liabilities:    
Accounts receivable 4,208,751 (13,231,059)
Accounts receivable - related party (219,538) (1,637,829)
Revenues in excess of billing (7,633,216) 602,676
Revenues in excess of billing - related party (91,279) (32,308)
Other current assets (1,409,746) (524,547)
Accounts payable and accrued expenses 139,331 887,824
Unearned revenue (1,094,375) 6,469,146
Net cash provided by (used in) operating activities 3,154,647 (2,054,989)
Cash flows from investing activities:    
Purchases of property and equipment (1,441,237) (543,123)
Sales of property and equipment 519,645 193,241
Convertible note receivable - related party (1,033,000) (500,000)
Investment in WRLD3D (50,000)
Net cash used in investing activities (1,954,592) (899,882)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 65,000 215,311
Proceeds from exercise of subsidiary options 2,650 7,755
Purchase of treasury stock (601,020)
Dividend paid by subsidiary to non-controlling interest (566,465) (417,853)
Proceeds from bank loans 382,240 708,457
Payments on capital lease obligations and loans - net (289,027) (361,814)
Net cash used in financing activities (405,602) (449,164)
Effect of exchange rate changes (2,562,502) (764,269)
Net decrease in cash and cash equivalents (1,768,049) (4,168,304)
Cash and cash equivalents at beginning of the period 22,088,853 14,172,954
Cash and cash equivalents at end of period 20,320,804 10,004,650
SUPPLEMENTAL DISCLOSURES:    
Interest 170,571 189,769
Taxes 435,659 226,098
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 553,678
Assets acquired under capital lease $ 66,256 $ 113,220

Source