Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2017
Jun. 30, 2017
Sep. 30, 2016
Jun. 30, 2016
Current assets:        
Cash and cash equivalents $ 8,554,815 $ 14,172,954 $ 11,156,437 $ 11,557,527
Accounts receivable, net of allowance of $361,416 and $571,511 7,469,888 6,583,199 7,142,255  
Accounts receivable, net - related party 2,611,562 1,644,942 5,384,573  
Revenues in excess of billings 22,104,283 19,126,389 15,433,769  
Revenues in excess of billings - related party 80,057 80,705 682,049  
Convertible note receivable - related party 700,000 200,000    
Other current assets 2,940,599 2,463,886 3,192,425  
Total current assets 44,461,204 44,272,075 42,991,508  
Restricted cash 90,000 90,000 90,000  
Revenues in excess of billings, net - long term 5,225,260 5,173,538    
Property and equipment, net 19,646,592 20,370,703 22,612,752  
Other assets 3,400,418 3,211,295 1,604,731  
Intangible assets, net 16,139,921 17,043,151 19,326,259  
Goodwill 9,516,568 9,516,568 9,516,568  
Total assets 98,479,963 99,677,330 96,141,818  
Current liabilities:        
Accounts payable and accrued expenses 7,123,148 6,880,194 6,389,128  
Current portion of loans and obligations under capitalized leases 10,016,697 10,222,795 4,408,173  
Unearned revenues 3,656,591 3,925,702 4,419,692  
Common stock to be issued 88,324 88,324 88,324  
Total current liabilities 20,884,760 21,117,015 15,305,317  
Loans and obligations under capitalized leases; less current maturities 307,629 366,762 539,859  
Total liabilities 21,192,389 21,483,777 15,845,176  
Commitments and contingencies      
Stockholders’ equity:        
Preferred stock, $.01 par value; 500,000 shares authorized;  
Common stock, $.01 par value; 14,500,000 shares authorized; 11,333,129 shares issued and 11,186,570 outstanding as of September 30, 2017 and 11,225,385 shares issued and 11,190,606 outstanding as of June 30, 2017 113,331 112,254 108,823  
Additional paid-in-capital 124,987,029 124,409,998 122,367,231  
Treasury stock (At cost, 146,559 shares and 34,779 shares as of September 30, 2017 and June 30, 2017, respectively) (954,973) (454,310) (415,425)  
Accumulated deficit (42,670,888) (42,301,390) (37,709,471)  
Stock subscription receivable (273,926) (297,511) (602,811)  
Other comprehensive loss (18,663,149) (18,074,570) (17,960,133)  
Total NetSol stockholders’ equity 62,537,424 63,394,471 65,788,214  
Non-controlling interest 14,750,150 14,799,082 14,508,428  
Total stockholders’ equity 77,287,574 78,193,553 80,296,642  
Total liabilities and stockholders’ equity $ 98,479,963 $ 99,677,330 $ 96,141,818  

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Net Revenues:    
License fees $ 326,066 $ 5,453,795
Maintenance fees 3,473,725 3,523,797
Services 7,017,737 5,556,135
License fees - related party 44,408 246,957
Maintenance fees - related party 102,963 130,631
Services - related party 1,853,877 2,165,154
Total net revenues 12,818,776 17,076,469
Cost of revenues:    
Salaries and consultants 5,464,160 5,893,349
Travel 513,112 711,895
Depreciation and amortization 1,173,113 1,330,872
Other 856,582 972,338
Total cost of revenues 8,006,967 8,908,454
Gross profit 4,811,809 8,168,015
Operating expenses:    
Selling and marketing 1,711,296 2,344,038
Depreciation and amortization 245,873 269,097
General and administrative 3,787,558 4,619,196
Research and development cost 185,085 92,932
Total operating expenses 5,929,812 7,325,263
Income (loss) from operations (1,118,003) 842,752
Other income and (expenses)    
Gain (loss) on sale of assets (7,130) (2,403)
Interest expense (118,071) (54,475)
Interest income 136,911 30,440
Gain (loss) on foreign currency exchange transactions 1,016,362 (414,896)
Share of net loss from equity investment (67,562)
Other income (expense) 1,099 21,560
Total other income (expenses) 961,609 (419,774)
Net income (loss) before income taxes (156,394) 422,978
Income tax provision (24,871) (39,875)
Net income (loss) (181,265) 383,103
Non-controlling interest (188,233) (769,214)
Net loss attributable to NetSol $ (369,498) $ (386,111)
Net income (loss) per share:    
Net loss per common share - Basic $ (0.03) $ (0.04)
Net loss per common share - Diluted $ (0.03) $ (0.04)
Weighted average number of shares outstanding    
Basic 11,099,113 10,697,425
Diluted 11,099,113 10,697,425

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (181,265) $ 383,103
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,418,986 1,599,969
Share of net loss from investment under equity method 67,562
Loss on sale of assets 7,130 2,403
Stock issued for services 427,809 865,456
Fair market value of warrants and stock options granted 21,804
Changes in operating assets and liabilities:    
Accounts receivable (903,730) 2,336,894
Accounts receivable - related party (1,251,994) 121,800
Revenues in excess of billing (3,230,619) (4,821,828)
Revenues in excess of billing - related party (130) 93,208
Other current assets (478,390) 306,339
Accounts payable and accrued expenses 243,144 (780,569)
Unearned revenue (270,743) (346,108)
Net cash used in operating activities (4,152,240) (217,529)
Cash flows from investing activities:    
Purchases of property and equipment (328,163) (554,873)
Sales of property and equipment 116,023 151,818
Convertible note receivable - related party (500,000)
Investment in WRLD3D (555,555)
Net cash used in investing activities (712,140) (958,610)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 162,385 276,861
Proceeds from exercise of subsidiary options 14,013
Purchase of treasury stock (500,663)
Payments on capital lease obligations and loans - net (148,707) (49,117)
Net cash provided by (used in) financing activities (486,985) 241,757
Effect of exchange rate changes (266,774) 533,292
Net decrease in cash and cash equivalents (5,618,139) (401,090)
Cash and cash equivalents, beginning of the period 14,172,954 11,557,527
Cash and cash equivalents, end of period 8,554,815 11,156,437
SUPPLEMENTAL DISCLOSURES:    
Interest 97,547 83,672
Taxes 20,961 17,351
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 268,300 248,658
Assets acquired under capital lease $ 41,695

Source