Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2024
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 12,338,642 $ 15,533,254
Accounts receivable, net of allowance of $414,745 and $420,354 15,826,210 11,714,422
Revenues in excess of billings, net of allowance of $116,023 and $1,380,141 15,659,806 12,377,677
Other current assets 2,398,403 1,978,514
Total current assets 46,223,061 41,603,867
Revenues in excess of billings, net - long term 752,582
Property and equipment, net 5,505,609 6,161,186
Right of use assets - operating leases 1,490,669 1,151,575
Other assets 32,341 32,327
Intangible assets, net 127,931
Goodwill 9,302,524 9,302,524
Total assets 63,306,786 58,379,410
Current liabilities:    
Accounts payable and accrued expenses 6,707,937 6,552,181
Current portion of loans and obligations under finance leases 6,047,511 5,779,510
Current portion of operating lease obligations 635,168 505,237
Unearned revenue 9,503,548 7,932,306
Total current liabilities 22,894,164 20,769,234
Loans and obligations under finance leases; less current maturities 130,381 176,229
Operating lease obligations; less current maturities 837,756 652,194
Total liabilities 23,862,301 21,597,657
Stockholders’ equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 12,344,271 shares issued and 11,405,240 outstanding as of March 31, 2024, 12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023 123,445 122,850
Additional paid-in-capital 128,736,328 128,476,048
Treasury stock (at cost, 939,031 shares as of March 31, 2024 and June 30, 2023) (3,920,856) (3,920,856)
Accumulated deficit (44,129,431) (44,896,186)
Other comprehensive loss (45,505,920) (45,975,156)
Total NetSol stockholders’ equity 35,303,566 33,806,700
Non-controlling interest 4,140,919 2,975,053
Total stockholders’ equity 39,444,485 36,781,753
Total liabilities and stockholders’ equity $ 63,306,786 $ 58,379,410