8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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        Date of Report (Date of earliest event reported): April 21, 2005
                                (April 21, 2005)


Commission file number: 0-22773



                            NETSOL TECHNOLOGIES, INC.
        (Exact name of small business issuer as specified in its charter)

            NEVADA                                         95-4627685
(State or other Jurisdiction of                      (I.R.S. Employer NO.)
Incorporation or Organization)


 23901 Calabasas Road, Suite 2072, Calabasas, CA    91302
   (Address of principal executive offices)       (Zip Code)

                         (818) 222-9195 / (818) 222-9197
           (Issuer's telephone/facsimile numbers, including area code)


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Item 2.02  Results of Operations and Financial Condition.

On April 21, 2005, NetSol Technologies, Inc. issued a press release announcing
results of operations and financial conditions for its wholly owned subsidiary,
CQ Systems Ltd. ("CQ"), for CQ's fiscal year ended March 31, 2005. The press
release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this report shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liability of that section, and shall not be
incorporated by reference into any registration statement or other document
field under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.

Exhibits

99.1  News Release dated April 21, 2005.

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                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

NETSOL TECHNOLOGIES, INC.


Date:    April 21, 2005                   /s/ Naeem Ghauri
                                          ---------------------------
                                          NAEEM GHAURI
                                          Chief Executive Officer


Date:    April 21, 2005                   /s/  Najeeb Ghauri
                                          ---------------------------
                                          NAJEEB GHAURI
                                          Chief Financial Officer and Chairman



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                                  EXHIBIT 99.1

                        NEWS RELEASE DATED APRIL 21, 2005









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                                                                          Page 4

EX-99.1

                  NETSOL TECHNOLOGIES' WHOLLY OWNED SUBSIDIARY,
              CQ SYSTEMS, POSTS STRONG RESULTS FOR FISCAL YEAR END

 New Global Customers Including DaimlerChrysler Services and Orix Leasing Drive
         Revenues for Fiscal 2005 to Over $5.2 Million, with Net Income
                               Exceeding $730,000

Calabasas, CA - April 21, 2005 - NetSol Technologies, Inc. (NASDAQ:NTWK), a
developer of proprietary software applications and provider of information
technology (IT) services, today announced that it new wholly owned subsidiary,
CQ Systems, has reported strong revenues and earnings for its fiscal 2005 year,
ended March 31, 2005. CQ reported revenue in excess of $5.2 million with net
profit of approximately $730,000. NetSol acquired 100 percent of CQ Systems in
February of 2005.

"The successful integration of CQ Systems with NetSol's operations will pave the
way for rapid market penetration in Europe," said NetSol Technologies CEO Naeem
Ghauri. "We believe our combined product and service offering, coupled with CQ's
powerful brand name will result in the penetration of existing customers and
numerous new sales opportunities in the coming quarters. CQ has again
demonstrated strong sales with new customers including industry leaders such as
Aascent Finance, Kenya Commercial Bank, Hutchinson Trust, and Ipswich & Norwich
Cooperative Society."

Ghauri continued, "In addition to revenue growth, we are looking forward to
improved profit margins through leveraging our development infrastructure in
Lahore. This would benefit the revenue and net income for NetSol and provide for
cost savings passed on to our customers. Moving forward, we also anticipate
increased sales opportunities within the European marketplace."

"We are pleased with our performance and the success of NetSol as a whole since
the completion of the acquisition," commented CQ Systems Managing Director Andy
Elliott. "The integration of CQ with NetSol at the senior management level has
to date been a seamless process. We anticipate the market acceptance of our
combined product and service offerings will be reflected in our current fiscal
year as our sales pipeline already exceeds our expectations."

About CQ Systems Ltd.

CQ Systems Ltd was established in 1986. It provides robust, powerful, scalable
and safe contract management and accounting solutions for the installment
credit, motor finance and asset finance markets. Today CQ has more than 55
banking, independent and captive finance house clients in the UK, Europe, Africa
and Asia.

CQ Systems' clients include:

o        Bank of Ireland (Business Finance)
o        Bank of Scotland Equipment Finance
o        Broadcastle PLC
o        Capital One Services


                                     -more-


NETSOL TECHNOLOGIES' WHOLLY OWNED SUBSIDIARY, CQ SYSTEMS, POSTS
STRONG RESULTS FOR FISCAL YEAR END MARCH 31, 2005
PAGE 2-2-2


o     DaimlerChrysler Services
o     Deutsche Leasing
o     Investec Asset Finance
o     Kenya Commercial Bank
o     Scania Finance GB
o     Singer & Friedlander Insurance Premium Finance

For more information on CQ Systems Ltd, please visit www.cqsystems.com.

About NetSol Technologies, Inc.

NetSol Technologies is a leading end-to-end solution provider for the lease and
finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc.
operates on a global basis with locations in the U.S., Europe, East Asia and
Asia Pacific. NetSol helps its clients identify, evaluate and implement
technology solutions to meet their most critical business challenges and
maximize their bottom line. By utilizing its worldwide resources, NetSol
delivers high-quality, cost-effective IT services ranging from consulting and
application development to systems integration and outsourcing. NetSol's
commitment to quality is demonstrated by its achievement of both ISO 9001 and
SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 4
assessment. For more information, visit NetSol Technologies' web site at
www.netsoltek.com.

Securities Exchange Act of 1934
This release is comprised of inter-related information that must be interpreted
in the context of all the information provided; accordingly, care should be
exercised not to consider portions of this release out of context. This release
is provided in compliance with Commission Regulation FD and contains certain
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any
statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, goals, assumptions or
future events or performance, are not statements of historical fact and may be
"forward-looking statements." Forward looking statements are based on
expectations, estimates and projections at the time the statements are made that
involve a number of risks and uncertainties which could cause actual results or
events to differ materially from those presently anticipated. Forward looking
statements in this action may be identified through the use of words such as
"expects", "will", "anticipates", "estimates", "believes", or statements
indicating certain actions "may", "could", or "might" occur. Such statements
reflect the current views of NetSol Technologies with respect to future events
and are subject to certain assumptions, including those described in this
release. Should one or more of the underlying assumptions prove incorrect,
actual results may vary materially from those described herein as anticipated,
believed or expected. NetSol Technologies does not intend to update these
forward-looking statements prior to announcement of quarterly or annual results.

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