Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2018
Jul. 02, 2018
Jun. 30, 2018
Sep. 30, 2017
Jun. 30, 2017
Current assets:          
Cash and cash equivalents $ 20,435,744 $ 22,088,853 $ 22,088,853 $ 8,554,815 $ 14,172,954
Accounts receivable, net of allowance of $610,061 and $571,511 7,487,381 12,775,461 12,775,461    
Accounts receivable, net - related party 3,039,320 3,374,272 3,374,272    
Revenues in excess of billings 13,335,529 6,956,966 14,285,778    
Revenues in excess of billings - related party 70,250    
Convertible note receivable - related party 2,881,500 2,123,500 2,123,500    
Other current assets 3,438,861 2,703,032 2,703,032    
Total current assets 50,688,585 50,022,084 57,350,896    
Revenues in excess of billings, net - long term 1,206,669    
Property and equipment, net 15,650,128 16,165,491 16,165,491    
Long term investment 2,958,692 3,217,162 3,217,162    
Other assets 54,936 70,299 70,299    
Intangible assets, net 11,465,925 12,247,196 12,247,196    
Goodwill 9,516,568 9,516,568 9,516,568    
Total assets 90,334,834 91,238,800 99,774,281    
Current liabilities:          
Accounts payable and accrued expenses 7,153,778 7,873,809 7,873,809    
Current portion of loans and obligations under capitalized leases 8,433,675 8,595,919 8,595,919    
Unearned revenues 4,913,731 6,167,755 5,949,581    
Common stock to be issued 88,324 88,324 88,324    
Total current liabilities 20,589,508 22,725,807 22,507,633    
Loans and obligations under capitalized leases; less current maturities 296,680 330,596 330,596    
Total liabilities 20,886,188 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; 11,708,469 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 117,824 117,085 117,085    
Additional paid-in-capital 126,918,319 126,479,147 126,479,147    
Treasury stock (At cost, 205,853 shares and 34,779 shares as of June 30, 2018 and June 30, 2017, respectively) (1,205,024) (1,205,024) (1,205,024)    
Accumulated deficit (42,827,708) (43,790,297) (37,994,502)    
Stock subscription receivable (221,000) (221,000) (221,000)    
Other comprehensive loss (24,649,274) (24,386,071) (24,386,071)    
Total NetSol stockholders' equity 58,133,137 56,993,840 62,789,635    
Non-controlling interest 11,315,509 11,188,557 14,146,417    
Total stockholders' equity 69,448,646 68,182,397 76,936,052 $ 77,287,574 $ 78,193,553
Total liabilities and stockholders' equity $ 90,334,834 $ 91,238,800 $ 99,774,281    

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Net Revenues:    
Total net revenues $ 16,396,545 $ 12,818,776
Cost of revenues:    
Salaries and consultants 5,020,562 5,464,160
Travel 1,151,997 513,112
Depreciation and amortization 937,604 1,173,113
Other 1,048,324 856,582
Total cost of revenues 8,158,487 8,006,967
Gross profit 8,238,058 4,811,809
Operating expenses:    
Selling and marketing 1,701,326 1,711,296
Depreciation and amortization 212,232 245,873
General and administrative 4,406,720 3,787,558
Research and development cost 318,155 185,085
Total operating expenses 6,638,433 5,929,812
Income (loss) from operations 1,599,625 (1,118,003)
Other income and (expenses)    
Gain (loss) on sale of assets 52,294 (7,130)
Interest expense (99,434) (118,071)
Interest income 248,964 136,911
Gain on foreign currency exchange transactions 10,912 1,016,362
Share of net loss from equity investment (299,691) (67,562)
Other income (expense) 5,379 1,099
Total other income (expenses) (81,576) 961,609
Net income (loss) before - income taxes 1,518,049 (156,394)
Income tax provision (236,914) (24,871)
Net income (loss) 1,281,135 (181,265)
Non-controlling interest (318,546) (188,233)
Net income (loss) attributable to NetSol $ 962,589 $ (369,498)
Net income (loss) per share:    
Net income (loss) per common share Basic $ 0.08 $ (0.03)
Net income (loss) per common share Diluted $ 0.08 $ (0.03)
Weighted average number of shares outstanding    
Basic 11,502,616 11,099,113
Diluted 11,507,730 11,099,113
License Fees [Member]    
Net Revenues:    
Total net revenues $ 5,956,113 $ 326,066
Maintenance Fees [Member]    
Net Revenues:    
Total net revenues 3,638,327 3,473,725
Services [Member]    
Net Revenues:    
Total net revenues 6,418,634 7,017,737
License Fees - Related Party [Member]    
Net Revenues:    
Total net revenues 44,408
Maintenance Fees - Related Party [Member]    
Net Revenues:    
Total net revenues 101,349 102,963
Services - Related Party [Member]    
Net Revenues:    
Total net revenues $ 282,122 $ 1,853,877

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income (loss) $ 1,281,135 $ (181,265)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,149,836 1,418,986
Share of net loss from investment under equity method 299,691 67,562
(Gain) loss on sale of assets (52,294) 7,130
Stock based compensation 432,048 439,308
Changes in operating assets and liabilities:    
Accounts receivable 5,136,381 (903,730)
Accounts receivable - related party 284,869 (1,251,994)
Revenues in excess of billing (6,347,196) (3,230,619)
Revenues in excess of billing - related party (70,102) (130)
Other current assets (571,246) (478,390)
Accounts payable and accrued expenses (680,147) 231,645
Unearned revenue (1,202,420) (270,743)
Net cash used in operating activities (339,445) (4,152,240)
Cash flows from investing activities:    
Purchases of property and equipment (563,413) (328,163)
Sales of property and equipment 184,032 116,023
Convertible note receivable - related party (758,000) (500,000)
Net cash used in investing activities (1,137,381) (712,140)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 162,385
Proceeds from exercise of subsidiary options 2,650
Purchase of treasury stock (500,663)
Proceeds from bank loans 119,895
Payments on capital lease obligations and loans - net (179,237) (148,707)
Net cash used in financing activities (56,692) (486,985)
Effect of exchange rate changes (119,591) (266,774)
Net decrease in cash and cash equivalents (1,653,109) (5,618,139)
Cash and cash equivalents at beginning of the period 22,088,853 14,172,954
Cash and cash equivalents at end of period 20,435,744 8,554,815
SUPPLEMENTAL DISCLOSURES:    
Interest 120,010 97,547
Taxes 213,605 20,961
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 268,300
Assets acquired under capital lease $ 144,801 $ 41,695

Source