Company: NTWK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010127
Chunk: 77

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 provided by operating activities was $6,315 for the nine months ended March 31, 2025 compared to net cash used in operating activities
of $3,602,677 for the nine months ended March 31, 2024. At March 31, 2025, we had current assets of $42,411,540 and current liabilities
of $18,738,636. We had accounts receivable of $5,443,498 at March 31, 2025 compared to $13,049,614 at June 30, 2024. We had revenues
in excess of billings of $15,424,896 at March 31, 2025 compared to $13,638,547 at June 30, 2024 of which $697,486 and $954,029 is shown
as long-term as of March 31, 2025 and June 30, 2024, respectively. The long-term portion was discounted by $97,285 and $152,446 at March
31, 2025 and June 30, 2024, respectively, using the discounted cash flow method with interest rates ranging from 7.3% to 17.5%. During
the nine months ended March 31, 2025, our revenues in excess of billings were reclassified to accounts receivable pursuant to billing
requirements detailed in each contract. The combined totals for accounts receivable and revenues in excess of billings decreased by $5,819,767
from $26,688,161 at June 30, 2024 to $20,868,394 at March 31, 2025. At March 31, 2025 and June 30, 2024, accounts payable and accrued
expenses were $7,097,343 and $8,232,842, respectively. At March 31 2025 and June 30, 2024 the current portions of loans and lease obligations
were $8,459,991 and $6,276,125, respectively.

The
average days sales outstanding for the nine months ended March 31, 2025 and 2024 were 137 and 147 days, respectively. The days sales
outstanding have been calculated by taking into consideration the average combined balances of accounts receivable and revenues in excess
of billings.

Net
cash used in investing activities was $843,044 for the nine months ended March 31, 2025