Quarterly report pursuant to Section 13 or 15(d)

Restatement of Previously Issued Financial Statements - Schedule of Condensed Consolidated Financial Statements (Details)

v3.8.0.1
Restatement of Previously Issued Financial Statements - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Cash and cash equivalents $ 10,004,650 $ 9,505,383 $ 14,172,954 $ 9,505,383 $ 10,004,650 $ 14,172,954 $ 9,505,383
Accounts receivable, net of allowance of $495,760 and $492,498         19,106,677 6,583,199 5,840,490
Accounts receivable, net - related party         2,582,403 1,644,942 4,303,380
Revenues in excess of billings         16,094,026 19,126,389 18,019,894
Revenues in excess of billings - related party         107,562 80,705 469,030
Other current assets         2,819,183 2,463,886 2,904,650
Total current assets         51,464,501 44,272,075 41,042,827
Restricted cash         90,000 90,000 90,000
Property and equipment, net         18,443,494 20,370,703 21,873,277
Other assets         3,543,315 3,211,295 2,054,938
Intangible assets, net         14,810,605 17,043,151 18,423,439
Goodwill         9,516,568 9,516,568 9,516,568
Total assets         104,537,337 99,677,330 93,001,049
Accounts payable and accrued expenses         7,560,298 6,880,194 7,373,097
Current portion of loans and obligations under capitalized leases         10,133,100 10,222,795 4,368,930
Unearned revenues         10,082,346 3,925,702 2,884,625
Common stock to be issued         88,324 88,324 88,324
Total current liabilities         27,864,068 21,117,015 14,714,976
Long term loans and obligations under capitalized leases; less current maturities         250,883 366,762 501,554
Total liabilities         28,114,951 21,483,777 15,216,530
Commitments and contingencies        
Preferred stock, $.01 par value; 500,000 shares authorized;        
Common stock, $.01 par value; 14,500,000 shares authorized; 10,993,054 shares issued and 10,958,275 outstanding as of December 31, 2016 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016         113,954 112,254 109,931
Additional paid-in-capital         125,354,035 124,409,998 123,019,215
Treasury stock (34,779 and 27,279 shares)         (1,055,330) (454,310) (454,310)
Accumulated deficit         (42,036,467) (42,301,390) (39,877,865)
Stock subscription receivable         (221,000) (297,511) (450,220)
Other comprehensive loss         (20,276,030) (18,074,570) (18,628,395)
Total NetSol stockholders’ equity         61,879,162 63,394,471 63,718,356
Non-controlling interest         14,543,224 14,799,082 14,066,163
Total stockholders’ equity         76,422,386 78,193,553 77,784,519
Total liabilities and stockholders’ equity         $ 104,537,337 $ 99,677,330 93,001,049
License fees 235,932 3,769,557 561,998 9,223,352      
Maintenance fees 3,568,448 3,588,899 7,042,173 7,112,696      
Services 9,087,191 6,619,158 16,104,928 12,175,293      
License fees - related party 217,105 261,513 246,957      
Maintenance fees - related party 101,251 51,345 204,214 181,976      
Services - related party 1,236,508 1,829,827 3,090,385 3,994,981      
Total net revenues 14,446,435 15,858,786 27,265,211 32,935,255      
Salaries and consultants 5,362,092 5,979,804 10,826,252 11,873,153      
Travel 287,901 836,240 801,013 1,548,135      
Depreciation and amortization 1,168,103 1,318,764 2,341,216 2,649,636      
Other 939,986 1,065,727 1,796,568 2,038,065      
Total cost of revenues 7,758,082 9,200,535 15,765,049 18,108,989      
Gross profit 6,688,353 6,658,251 11,500,162 14,826,266      
Selling and marketing 1,932,140 2,713,478 3,643,436 5,057,516      
Depreciation and amortization 222,785 271,485 468,658 540,582      
General and administrative 4,026,706 3,932,387 7,814,264 8,551,583      
Research and development cost 189,891 91,607 374,976 184,539      
Total operating expenses 6,371,522 7,009,983 12,301,334 14,335,246      
Income (loss) from operations 316,831 (351,732) (801,172) 491,020      
Loss on sale of assets (8,939) (32,339) (16,069) (34,742)      
Interest expense (109,675) (62,127) (227,746) (116,602)      
Interest income 115,570 23,416 252,481 53,856      
Loss on foreign currency exchange transactions 1,737,967 (621,887) 2,754,329 (1,036,783)      
Other income   6,823   28,383      
Total other income (expenses) 1,546,098 (686,114) 2,507,707 (1,105,888)      
Net income (loss) before  income taxes 1,862,929 (1,037,846) 1,706,535 (614,868)      
Income tax provision (200,927) (338,884) (225,798) (378,759)      
Net income (loss) from continuing operations   (1,376,730)   (993,627)      
Non-controlling interest (1,027,581) (791,664) (1,215,814) (1,560,878)      
Net income (loss) attributable to NetSol $ 634,421 $ (2,168,394) $ 264,923 $ (2,554,505)      
Net income (loss) per common share - Basic $ 0.06 $ (0.20) $ 0.02 $ (0.24)      
Net income (loss) per common share - Diluted $ 0.06 $ (0.20) $ 0.02 $ (0.24)      
Weighted average number of shares outstanding - Basic 11,159,075 10,877,446 11,115,346 10,783,685      
Weighted average number of shares outstanding - Diluted 11,171,543 10,877,446 11,127,814 10,783,685      
Translation adjustment $ (2,453,890) $ (944,837) $ (3,279,634) $ 149,237      
Comprehensive income (loss) (1,612,881) (668,262) (2,201,460) 102,099      
Comprehensive income (loss) attributable to non-controlling interest (841,009) (276,575) (1,078,174) 47,138      
Comprehensive income (loss) attributable to NetSol (978,460) (2,836,656) (1,936,537) (2,452,406)      
Depreciation and amortization     2,809,874 3,190,218      
Provision for bad debts 1,026 1,026      
Loss on sale of assets 8,939 32,339 16,069 34,742      
Stock issued for services 405,721 682,640 833,530 1,525,775      
Fair market value of warrants and stock options granted     21,804      
Accounts receivable     (13,231,059) 3,678,110      
Accounts receivable - related party     (1,637,829) 829,285      
Revenues in excess of billing     602,676 (7,592,495)      
Revenues in excess of billing - related party     (32,308) 285,791      
Other current assets     (524,547) 585,147      
Accounts payable and accrued expenses     887,824 334,241      
Unearned revenue     6,469,146 (1,830,619)      
Net cash used in operating activities     (2,054,989) 69,398      
Purchases of property and equipment     (543,123) (1,074,316)      
Sales of property and equipment     193,241 181,087      
Purchase of treasury stock     601,020 38,885      
Investment     (50,000) (705,555)      
Net cash used in investing activities     (899,882) (1,598,784)      
Proceeds from the exercise of stock options and warrants     215,311 429,452      
Proceeds from exercise of subsidiary options     7,755 18,089      
Dividend paid by subsidiary to Non controlling interest     (417,853) (968,657)      
Payments on capital lease obligations and loans - net     (361,814) (69,998)      
Net cash provided by financing activities     (449,164) (629,999)      
Effect of exchange rate changes     (764,269) 107,241      
Net decrease in cash and cash equivalents     (4,168,304) (2,052,144)      
Cash and cash equivalents, beginning of the period     14,172,954 11,557,527      
Cash and cash equivalents, end of period $ 10,004,650 9,505,383 $ 10,004,650 9,505,383      
As Originally Presented [Member]              
Cash and cash equivalents   9,505,383   9,505,383     9,505,383
Accounts receivable, net of allowance of $495,760 and $492,498             5,840,490
Accounts receivable, net - related party             4,303,380
Revenues in excess of billings             17,646,488
Revenues in excess of billings - related party             469,030
Other current assets             2,904,650
Total current assets             40,669,421
Restricted cash             90,000
Property and equipment, net             21,873,277
Other assets             2,054,938
Intangible assets, net             18,423,439
Goodwill             9,516,568
Total assets             92,627,643
Accounts payable and accrued expenses             7,373,097
Current portion of loans and obligations under capitalized leases             4,368,930
Unearned revenues             2,806,804
Common stock to be issued             88,324
Total current liabilities             14,637,155
Long term loans and obligations under capitalized leases; less current maturities             501,554
Total liabilities             15,138,709
Commitments and contingencies            
Preferred stock, $.01 par value; 500,000 shares authorized;            
Common stock, $.01 par value; 14,500,000 shares authorized; 10,993,054 shares issued and 10,958,275 outstanding as of December 31, 2016 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016             109,931
Additional paid-in-capital             123,019,215
Treasury stock (34,779 and 27,279 shares)             (454,310)
Accumulated deficit             (40,074,755)
Stock subscription receivable             (450,220)
Other comprehensive loss             (18,628,395)
Total NetSol stockholders’ equity             63,521,466
Non-controlling interest             13,967,468
Total stockholders’ equity             77,488,934
Total liabilities and stockholders’ equity             92,627,643
License fees   5,350,086   8,849,946      
Maintenance fees   3,787,696   7,190,517      
Services   6,984,084   12,790,801      
License fees - related party     246,957      
Maintenance fees - related party   51,345   181,976      
Services - related party   1,464,901   3,379,473      
Total net revenues   17,638,112   32,639,670      
Salaries and consultants   5,979,804   11,873,153      
Travel   836,240   1,548,135      
Depreciation and amortization   1,318,764   2,649,636      
Other   1,065,727   2,038,065      
Total cost of revenues   9,200,535   18,108,989      
Gross profit   8,437,577   14,530,681      
Selling and marketing   2,713,478   5,057,516      
Depreciation and amortization   271,485   540,582      
General and administrative   3,933,413   8,552,609      
Research and development cost   91,607   184,539      
Total operating expenses   7,009,983   14,335,246      
Income (loss) from operations   1,427,594   195,435      
Loss on sale of assets   (32,339)   (34,742)      
Interest expense   (62,127)   (116,602)      
Interest income   23,416   53,856      
Loss on foreign currency exchange transactions   (621,887)   (1,036,783)      
Other income   6,823   28,383      
Total other income (expenses)   (686,114)   (1,105,888)      
Net income (loss) before  income taxes   741,480   (910,453)      
Income tax provision   (338,884)   (378,759)      
Net income (loss) from continuing operations   402,596   (1,289,212)      
Non-controlling interest   (1,388,272)   (1,462,183)      
Net income (loss) attributable to NetSol   $ (985,676)   $ (2,751,395)      
Net income (loss) per common share - Basic   $ (0.09)   $ (0.26)      
Net income (loss) per common share - Diluted   $ (0.09)   $ (0.26)      
Weighted average number of shares outstanding - Basic   10,877,446   10,783,685      
Weighted average number of shares outstanding - Diluted   10,877,446   10,783,685      
Translation adjustment   $ (944,837)   $ 149,237      
Comprehensive income (loss)   (1,930,513)   (2,602,158)      
Comprehensive income (loss) attributable to non-controlling interest   (276,575)   47,138      
Comprehensive income (loss) attributable to NetSol   (1,653,938)   (2,649,296)      
Depreciation and amortization       3,190,218      
Provision for bad debts       1,026      
Loss on sale of assets   32,339   34,742      
Stock issued for services       1,525,775      
Fair market value of warrants and stock options granted       21,804      
Accounts receivable       3,678,110      
Accounts receivable - related party       829,285      
Revenues in excess of billing       (7,219,089)      
Revenues in excess of billing - related party       285,791      
Other current assets       585,147      
Accounts payable and accrued expenses       334,241      
Unearned revenue       (1,908,440)      
Net cash used in operating activities       69,398      
Purchases of property and equipment       (1,074,316)      
Sales of property and equipment       181,087      
Purchase of treasury stock       (38,885)      
Investment       (705,555)      
Net cash used in investing activities       (1,637,669)      
Proceeds from the exercise of stock options and warrants       429,452      
Proceeds from exercise of subsidiary options       18,089      
Dividend paid by subsidiary to Non controlling interest       (968,657)      
Payments on capital lease obligations and loans - net       (69,998)      
Net cash provided by financing activities       (591,114)      
Effect of exchange rate changes       107,241      
Net decrease in cash and cash equivalents       (2,052,144)      
Cash and cash equivalents, beginning of the period       11,557,527      
Cash and cash equivalents, end of period   9,505,383   9,505,383      
Amount of Restatement [Member]              
Cash and cash equivalents        
Revenues in excess of billings             373,406
Total current assets             373,406
Total assets             373,406
Unearned revenues             77,821
Total current liabilities             77,821
Total liabilities             77,821
Commitments and contingencies            
Preferred stock, $.01 par value; 500,000 shares authorized;            
Accumulated deficit             196,890
Total NetSol stockholders’ equity             196,890
Non-controlling interest             98,695
Total stockholders’ equity             295,585
Total liabilities and stockholders’ equity             $ 373,406
License fees   (1,580,529)   373,406      
Maintenance fees   (198,797)   (77,821)      
Total net revenues   (1,779,326)   295,585      
Total cost of revenues          
Gross profit   (1,779,326)   295,585      
Total operating expenses          
Income (loss) from operations   (1,779,326)   295,585      
Total other income (expenses)          
Net income (loss) before  income taxes   (1,779,326)   295,585      
Net income (loss) from continuing operations   (1,779,326)   295,585      
Non-controlling interest   596,608   (98,695)      
Net income (loss) attributable to NetSol   $ (1,182,718)   $ 196,890      
Net income (loss) per common share - Basic   $ (0.11)   $ 0.03      
Net income (loss) per common share - Diluted   $ (0.11)   $ 0.03      
Weighted average number of shares outstanding - Basic   10,877,446   10,783,685      
Weighted average number of shares outstanding - Diluted   10,877,446   10,783,685      
Translation adjustment          
Comprehensive income (loss)   (1,182,718)   262,469      
Comprehensive income (loss) attributable to non-controlling interest          
Comprehensive income (loss) attributable to NetSol   (1,182,718)   262,469      
Revenues in excess of billing       (373,406)      
Unearned revenue       77,821      
Net cash used in operating activities            
Net cash used in investing activities            
Net cash provided by financing activities            
Net decrease in cash and cash equivalents            
Cash and cash equivalents, end of period