Company: NTWK
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006348
Chunk: 107

Company: NETSOL TECHNOLOGIES INC
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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7.3% to 17.5%. During the six months ended
December 31, 2024, 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 $4,508,691 from $26,688,161
at June 30, 2024 to $19,268,800 at December 31, 2024. Accounts payable and accrued expenses, and current portions of loans and lease
obligations amounted to $7,332,560 and $8,784,232, respectively at December 31, 2024. Accounts payable and accrued expenses, and current
portions of loans and lease obligations amounted to $8,232,342 and $6,276,125, respectively, at June 30, 2024.

The average
days sales outstanding for the six months ended December 31, 2024 and 2023 were 140 and 147 days, respectively, for each period. 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 $531,477 for the six months ended December 31, 2024, compared to $569,336 for the six months ended December
31, 2023. We had purchases of property and equipment of $568,134 compared to $570,584 for the six months ended December 31, 2023.

Net cash
provided by financing activities was $2,637,763 for the six months ended December 31, 2024, compared to net cash used in financing activities
of $27,359 for the six months ended December 31, 2023. During the six months ended December 31, 2024, we received bank proceeds of $2,676,932
compared to $135,123 during the six months ended December 31, 2023. During the six months ended December 31, 2024, we had net payments
for bank loans and finance leases of $162,370 compared to $162,482 for the six months ended December 31, 2023. Employees of the Company
exercised 200,00 options of common stock for $430,000. NetSol PK, a subsidiary of the Company, paid a dividend of $