Netsol Technologies Files Q3 2024 10-Q

TL;DR

Netsol Q3 10-Q filed. Check financials.

AI Summary

Netsol Technologies Inc. filed its Q3 2024 10-Q report on May 20, 2024, covering the period ending March 31, 2024. The filing details financial performance and business operations for the third quarter and the year-to-date period. Key financial data and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Netsol Technologies, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• 2024-03-31 — Period End Date (End of the third fiscal quarter)

Key Players & Entities

• NETSOL TECHNOLOGIES INC (company) — Filer
• 0001493152-24-020606 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240520 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share NTWK NASDAQ I

Filing Documents

• form10-q.htm (10-Q) — 2063KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 7KB
• form10-q_001.jpg (GRAPHIC) — 2KB
• 0001493152-24-020606.txt ( ) — 8511KB
• ntwk-20240331.xsd (EX-101.SCH) — 55KB
• ntwk-20240331_cal.xml (EX-101.CAL) — 83KB
• ntwk-20240331_def.xml (EX-101.DEF) — 186KB
• ntwk-20240331_lab.xml (EX-101.LAB) — 408KB
• ntwk-20240331_pre.xml (EX-101.PRE) — 335KB
• form10-q_htm.xml (XML) — 1594KB

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 9 Notes to the Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 53

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A Risk Factors 54

Unregistered Sales of Equity and Use of Proceeds

Item 2. Unregistered Sales of Equity and Use of Proceeds 54

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 54 Page 2 PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) NETSOL TECHNOLOGIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) As of As of March 31, 2024 June 30, 2023 ASSETS 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 LIABILITIES AND STOCKHOLDERS' EQUITY 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 ) ( 3,92

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View this 10-Q filing on SEC EDGAR