Financials

v3.5.0.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2016
Jun. 30, 2016
Current assets:    
Cash and cash equivalents $ 11,156,437 $ 11,557,527
Accounts receivable, net of allowance of $500,853 and $492,498 7,142,255 9,691,229
Accounts receivable, net - related party 5,384,573 5,691,178
Revenues in excess of billings 13,358,858 10,493,096
Revenues in excess of billings - related party 682,049 804,168
Other current assets 3,192,425 2,214,628
Total current assets 40,916,597 40,451,826
Restricted cash 90,000 90,000
Property and equipment, net 22,612,752 22,774,435
Other assets 1,604,731 842,553
Intangible assets, net 19,326,259 19,674,033
Goodwill 9,516,568 9,516,568
Total assets 94,066,907 93,349,415
Current liabilities:    
Accounts payable and accrued expenses 6,389,128 5,962,770
Current portion of loans and obligations under capitalized leases 4,408,173 4,440,084
Unearned revenues 4,419,692 4,739,214
Common stock to be issued 88,324 88,324
Total current liabilities 15,305,317 15,230,392
Long term loans and obligations under capitalized leases; less current maturities 539,859 477,692
Total liabilities 15,845,176 15,708,084
Stockholders' equity:    
Preferred stock, $.01 par value; 500,000 shares authorized;
Common stock, $.01 par value; 14,500,000 shares authorized; 10,882,281 shares issued and 10,855,002 outstanding as of September 30, 2016 and 10,713,372 shares issued and 10,686,093 outstanding as of June 30, 2016 108,823 107,134
Additional paid-in-capital 122,367,231 121,448,946
Treasury stock (27,279 shares) (415,425) (415,425)
Accumulated deficit (39,089,079) (37,323,360)
Stock subscription receivable (602,811) (783,172)
Other comprehensive loss (17,960,133) (18,730,494)
Total NetSol stockholders' equity 64,408,606 64,303,629
Non-controlling interest 13,813,125 13,337,702
Total stockholders' equity 78,221,731 77,641,331
Total liabilities and stockholders' equity $ 94,066,907 $ 93,349,415

Source

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Net Revenues:    
License fees $ 3,499,860 $ 1,193,354
Maintenance fees 3,402,821 3,012,238
Services 5,806,717 6,753,873
License fees - related party 246,957
Maintenance fees - related party 130,631 158,231
Services - related party 1,914,572 2,187,408
Total net revenues 15,001,558 13,305,104
Cost of revenues:    
Salaries and consultants 5,893,349 5,161,249
Travel 711,895 481,453
Depreciation and amortization 1,330,872 1,474,235
Other 972,338 938,797
Total cost of revenues 8,908,454 8,055,734
Gross profit 6,093,104 5,249,370
Operating expenses:    
Selling and marketing 2,411,136 1,698,404
Depreciation and amortization 269,097 291,172
General and administrative 4,552,098 3,204,688
Research and development cost 92,932 112,070
Total operating expenses 7,325,263 5,306,334
Loss from operations (1,232,159) (56,964)
Other income and (expenses)    
Loss on sale of assets (2,403) (11,873)
Interest expense (54,475) (68,173)
Interest income 30,440 52,112
Loss on foreign currency exchange transactions (414,896) (113,719)
Other income 21,560 54,314
Total other income (expenses) (419,774) (87,339)
Net loss before income taxes (1,651,933) (144,303)
Income tax provision (39,875) (75,223)
Net loss (1,691,808) (219,526)
Non-controlling interest (73,911) (191,502)
Net loss attributable to NetSol $ (1,765,719) $ (411,028)
Net loss per share:    
Net loss per common share Basic $ (0.17) $ (0.04)
Net loss per common share Diluted $ (0.17) $ (0.04)
Weighted average number of shares outstanding    
Basic 10,697,425 10,281,335
Diluted 10,697,425 10,281,335

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (1,691,808) $ (219,526)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,599,969 1,765,407
Provision for bad debts 36,780
Loss on sale of assets 2,403 11,873
Stock issued for services 865,456 77,750
Fair market value of warrants and stock options granted 21,804
Changes in operating assets and liabilities:    
Accounts receivable 2,336,894 (1,268,570)
Accounts receivable - related party 121,800 (975,266)
Revenues in excess of billing (2,746,917) (773,583)
Revenues in excess of billing - related party 93,208 (138,926)
Other current assets 306,339 (322,533)
Accounts payable and accrued expenses (780,569) (833,638)
Unearned revenue (346,108) (538,259)
Net cash used in operating activities (217,529) (3,178,491)
Cash flows from investing activities:    
Purchases of property and equipment (554,873) (625,794)
Sales of property and equipment 151,818 180,258
Investment (555,555)
Net cash used in investing activities (958,610) (445,536)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 276,861
Proceeds from exercise of subsidiary options 14,013
Proceeds from bank loans 437,070
Payments on capital lease obligations and loans - net (49,117) (174,385)
Net cash provided by financing activities 241,757 327,616
Effect of exchange rate changes 533,292 (797,222)
Net decrease in cash and cash equivalents (401,090) (4,093,633)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 11,156,437 10,075,324
SUPPLEMENTAL DISCLOSURES:    
Interest 83,672 64,310
Taxes 17,351 71,172
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. $ 248,658

Source