Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2020
Jun. 30, 2020
Current assets:    
Cash and cash equivalents $ 32,003,647 $ 20,166,830
Accounts receivable, net of allowance of $308,236 and $435,611 5,213,604 10,131,752
Accounts receivable - related party, net of allowance of $1,373,099 and $90,594 1,282,505
Revenues in excess of billings, net of allowance of $153,650 and $188,914 13,290,010 17,198,281
Revenues in excess of billings - related party, net of allowance of $8,163 and $0 8,163
Other current assets, net of allowance of $1,243,633 and $0 2,395,985 3,108,180
Total current assets 52,903,246 51,895,711
Revenues in excess of billings, net - long term 356,059 1,300,289
Convertible note receivable - related party, net of allowance of $4,250,000 and $0 4,250,000
Property and equipment, net 12,209,500 11,329,631
Right of use of assets - operating leases 1,937,907 2,360,129
Long term investment 3,734,907 2,387,692
Other assets 47,190 41,992
Intangible assets, net 4,753,543 5,391,077
Goodwill 9,516,568 9,516,568
Total assets 85,458,920 88,473,089
Current liabilities:    
Accounts payable and accrued expenses 6,327,192 5,680,837
Current portion of loans and obligations under finance leases 10,383,572 9,139,561
Current portion of operating lease obligations 1,169,960 1,111,912
Unearned revenues 3,753,781 4,095,472
Common stock to be issued 88,324 88,324
Total current liabilities 21,722,829 20,116,106
Loans and obligations under finance leases; less current maturities 1,554,317 1,539,975
Operating lease obligations; less current maturities 962,724 1,339,965
Total liabilities 24,239,870 22,996,046
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,147,458 shares issued and 11,452,959 outstanding as of December 31, 2020 and 12,122,149 shares issued and 11,874,646 outstanding as of June 30, 2020 121,476 121,222
Additional paid-in-capital 128,823,181 128,677,754
Treasury stock (at cost, 694,499 shares and 247,503 shares as of December 31, 2020 and June 30, 2020, respectively) (2,848,640) (1,455,969)
Accumulated deficit (40,104,089) (34,269,817)
Other comprehensive loss (32,060,151) (34,085,047)
Total NetSol stockholders' equity 53,931,777 58,988,143
Non-controlling interest 7,287,273 6,488,900
Total stockholders' equity 61,219,050 65,477,043
Total liabilities and stockholders' equity $ 85,458,920 $ 88,473,089