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Financials

v3.19.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jul. 02, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Current assets:                  
Cash and cash equivalents $ 17,014,590     $ 22,088,853 $ 22,088,853        
Accounts receivable, net of allowance of $373,329 and $610,061 15,971,676     12,775,461 12,775,461        
Accounts receivable, net - related party 3,012,133     3,374,272 3,374,272        
Revenues in excess of billings 13,381,205     6,956,966 14,285,778        
Revenues in excess of billings - related party 61,822              
Convertible note receivable - related party 3,250,000     2,123,500 2,123,500        
Other current assets 3,593,057     2,703,032 2,703,032        
Total current assets 56,284,483     50,022,084 57,350,896        
Revenues in excess of billings, net - long term     1,206,669        
Property and equipment, net 14,374,262     16,165,491 16,165,491        
Long term investment 2,501,299     3,217,162 3,217,162        
Other assets 23,994     70,299 70,299        
Intangible assets, net 9,042,726     12,247,196 12,247,196        
Goodwill 9,516,568     9,516,568 9,516,568        
Total assets 91,743,332     91,238,800 99,774,281        
Current liabilities:                  
Accounts payable and accrued expenses 6,881,435     7,873,809 7,873,809        
Current portion of loans and obligations under capitalized leases 8,111,332     8,595,919 8,595,919        
Unearned revenues 6,241,741     6,167,755 5,949,581        
Common stock to be issued 88,324     88,324 88,324        
Total current liabilities 21,322,832     22,725,807 22,507,633        
Loans and obligations under capitalized leases; less current maturities 716,563     330,596 330,596        
Total liabilities 22,039,395     23,056,403 22,838,229        
Commitments and contingencies            
Stockholders' equity:                  
Preferred stock, $.01 par value; 500,000 shares authorized;            
Common stock, $.01 par value; 14,500,000 shares authorized; 11,879,056 shares issued and 11,673,203 outstanding as of March 31, 2019 and 11,708,469 shares issued and 11,502,616 outstanding as of June 30, 2018 118,791     117,085 117,085        
Additional paid-in-capital 127,551,606     126,479,147 126,479,147        
Treasury stock (At cost, 205,853 shares and 205,853 shares as of March 31, 2019 and June 30, 2018, respectively) (1,205,024)     (1,205,024) (1,205,024)        
Accumulated deficit (38,704,519)     (43,790,297) (37,994,502)        
Stock subscription receivable (221,000)     (221,000) (221,000)        
Other comprehensive loss (28,474,832)     (24,386,071) (24,386,071)        
Total NetSol stockholders' equity 59,065,022     56,993,840 62,789,635        
Non-controlling interest 10,638,915     11,188,557 14,146,417        
Total stockholders' equity 69,703,937 $ 67,909,873 $ 69,448,646 68,182,397 76,936,052 $ 78,811,420 $ 76,422,386 $ 77,287,574 $ 78,193,553
Total liabilities and stockholders' equity $ 91,743,332     $ 91,238,800 $ 99,774,281        

Source

v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Net Revenues:        
Total net revenues $ 17,127,055 $ 17,043,820 $ 50,526,227 $ 44,309,031
Cost of revenues:        
Salaries and consultants 4,833,611 5,418,067 14,351,227 16,244,319
Travel 1,793,964 425,060 4,652,143 1,226,073
Depreciation and amortization 874,654 1,127,077 2,692,306 3,468,293
Other 1,067,506 880,897 3,176,602 2,677,465
Total cost of revenues 8,569,735 7,851,101 24,872,278 23,616,150
Gross profit 8,557,320 9,192,719 25,653,949 20,692,881
Operating expenses:        
Selling and marketing 1,864,990 1,962,402 5,614,619 5,605,838
Depreciation and amortization 252,442 231,308 658,453 699,966
General and administrative 3,833,209 4,048,271 12,241,988 11,862,535
Research and development cost 513,770 197,643 1,256,577 572,619
Total operating expenses 6,464,411 6,439,624 19,771,637 18,740,958
Income (loss) from operations 2,092,909 2,753,095 5,882,312 1,951,923
Other income and (expenses)        
Gain (loss) on sale of assets 16,380 40,537 65,170 24,468
Interest expense (70,447) (102,522) (233,685) (330,268)
Interest income 201,084 142,356 680,469 394,837
Gain on foreign currency exchange transactions 47,218 2,550,394 2,594,885 5,304,723
Share of net loss from equity investment (245,389) (263,678) (843,373) (534,576)
Other income 3,116 314 12,998 15,924
Total other income (expenses) (48,038) 2,367,401 2,276,464 4,875,108
Net income before income taxes 2,044,871 5,120,496 8,158,776 6,827,031
Income tax provision (275,476) (261,182) (777,262) (486,980)
Net income 1,769,395 4,859,314 7,381,514 6,340,051
Non-controlling interest (501,835) (1,994,869) (2,295,736) (3,210,683)
Net income attributable to NetSol $ 1,267,560 $ 2,864,445 $ 5,085,778 $ 3,129,368
Net income (loss) per share:        
Net income (loss) per common share Basic $ 0.11 $ 0.26 $ 0.44 $ 0.28
Net income (loss) per common share Diluted $ 0.11 $ 0.25 $ 0.44 $ 0.28
Weighted average number of shares outstanding        
Basic 11,656,098 11,190,048 11,580,066 11,118,529
Diluted 11,691,342 11,268,842 11,615,310 11,152,365
License Fees [Member]        
Net Revenues:        
Total net revenues $ 2,536,320 $ 2,648,870 $ 13,310,002 $ 3,210,868
Maintenance Fees [Member]        
Net Revenues:        
Total net revenues 3,562,412 3,659,998 10,735,432 10,702,171
Services [Member]        
Net Revenues:        
Total net revenues 10,519,219 9,345,210 25,175,187 25,450,138
License Fees - Related Party [Member]        
Net Revenues:        
Total net revenues 261,513
Maintenance Fees - Related Party [Member]        
Net Revenues:        
Total net revenues 142,344 105,325 370,723 309,539
Services - Related Party [Member]        
Net Revenues:        
Total net revenues $ 366,760 $ 1,284,417 $ 934,883 $ 4,374,802

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 7,381,514 $ 6,340,051
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 3,350,759 4,168,259
Share of net loss from investment under equity method 843,373 534,576
Gain on sale of assets (65,170) (24,468)
Stock based compensation 980,682 1,281,763
Fair market value of stock options 43,612
Changes in operating assets and liabilities:    
Accounts receivable (4,249,540) (17,848,921)
Accounts receivable - related party (461,435) (2,634,063)
Revenues in excess of billing (6,862,451) 5,904,161
Revenues in excess of billing - related party (97,359) (85,743)
Other current assets (1,189,909) (796,126)
Accounts payable and accrued expenses (540,615) 1,139,509
Unearned revenue 611,157 4,273,007
Net cash provided by (used in) operating activities (255,382) 2,252,005
Cash flows from investing activities:    
Purchases of property and equipment (2,590,302) (1,107,732)
Sales of property and equipment 1,005,214 348,762
Convertible note receivable - related party (1,126,500) (550,000)
Investment in WRLD3D (50,000)
Purchase of subsidiary shares from open market (33,987)
Net cash used in investing activities (2,711,588) (1,392,957)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 85,000 215,311
Proceeds from exercise of subsidiary options 2,650 10,349
Restricted cash 90,000
Purchase of treasury stock (750,714)
Dividend paid by subsidiary to non-controlling interest (566,465) (417,853)
Proceeds from bank loans 1,337,092 696,936
Payments on capital lease obligations and loans - net (298,610) (961,901)
Net cash provided by (used in) financing activities 559,667 (1,117,872)
Effect of exchange rate changes (2,666,960) (1,202,147)
Net decrease in cash and cash equivalents (5,074,263) (1,460,971)
Cash and cash equivalents at beginning of the period 22,088,853 14,172,954
Cash and cash equivalents at end of period 17,014,590 12,711,983
SUPPLEMENTAL DISCLOSURES:    
Interest 256,528 300,688
Taxes 673,712 388,549
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 601,869
Assets acquired under capital lease $ 66,256 $ 304,533

Source