Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Dec. 31, 2011
Jun. 30, 2011
Current assets:    
Cash and cash equivalents $ 4,723,366 $ 4,172,802
Restricted Cash 2,703,618 5,700,000
Accounts receivable, net 12,209,500 15,062,503
Revenues in excess of billings 9,553,286 7,601,230
Other current assets 2,144,031 2,053,904
Total current assets 31,333,801 34,590,439
Property and equipment, net 16,919,342 16,014,461
Intangible assets, net 28,071,966 25,602,195
Goodwill 9,653,330 9,439,285
Total assets 85,978,439 85,646,380
Current liabilities:    
Accounts payable and accrued expenses 4,935,799 4,730,027
Current portion of loans and obligations under capitalized leases 4,413,779 7,062,535
Other payables 103,226 103,226
Unearned revenues 3,296,324 2,653,460
Convertible notes payable , current portion   2,745,524
Loans payable, bank 2,217,295 2,319,378
Common stock to be issued 125,525 400,700
Total current liabilities 15,091,948 20,014,850
Obligations under capitalized leases, less current maturities 245,139 285,472
Convertible notes, payable less current maturities 3,640,128  
Long term loans; less current maturities 1,798,051 434,884
Total liabilities 20,775,266 20,735,206
Commitments and contingencies      
Stockholders' equity:    
Common stock, $.001 par value; 95,000,000 shares authorized; 56,948,855 & 55,531,855 issued and outstanding as of December 31, 2011 and June 30, 2011 56,949 55,532
Additional paid-in-capital 99,428,924 97,886,492
Treasury stock (415,425) (396,008)
Accumulated deficit (35,271,598) (34,130,944)
Stock subscription receivable (2,031,210) (2,198,460)
Other comprehensive loss (9,964,572) (8,805,922)
Total NetSol shareholders' equity 51,803,068 52,410,690
Non-controlling interest 13,400,105 12,500,484
Total stockholders' equity 65,203,173 64,911,174
Total liabilities and stockholders' equity $ 85,978,439 $ 85,646,380