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
Date of Report (Date of earliest event reported): October 30, 2019
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. | |
Incorporation or Organization) | Employer NO.) |
23975 PARK SORRENTO, SUITE 250, Calabasas CA 91302
(Address of principal executive offices) (Zip Code)
(818) 222-9195 / (818) 222-9197
(Issuer’s telephone/facsimile numbers, including area code)
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2019, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for period ended September 30, 2019. The results are posted on the Pakistan Stock Exchange. These results represent only the results of one subsidiary of NetSol Technologies, Inc. and are not representative of the results of the NetSol Technologies, Inc. on a consolidated basis.
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 Earnings Announcement for October 30, 2019, for NetSol Technologies Ltd.
Page 2 |
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: | October 30, 2019 | /s/ Najeeb Ghauri |
NAJEEB GHAURI | ||
Chief Executive Officer |
Date: | October 30, 2019 | /s/ Roger Almond |
ROGER ALMOND | ||
Chief Financial Officer |
Page 3 |
EXHIBIT 99.1
NetSol Technologies Limited Pakistan, (“NetSol PK”), a majority owned subsidiary of NetSol Technologies, Inc. servicing the Asia-Pacific region, today announced financial results for the quarter ended September 30, 2019.
Financial Highlights Q1, 2019-20
● | Net revenues increased to PKR 1,318 million compared to PKR 1,222 million in corresponding quarter of last fiscal year | |
● | Gross profit increased to PKR 511 million versus PKR 485 million in the same period of last fiscal year | |
● | Company posted a net loss of PKR 190 million compared to a net profit of PKR 135 million last year |
Company posted revenues of PKR 1,318 million for the quarter ended September 30, 2019 compared with PKR 1,222 million in same quarter of last year. Gross profit increased to PKR 511 million compared to PKR 485 million in the corresponding period. Cost of sales of the company increased from PKR 737 million to PKR 807 million. The Company posted a net loss after tax of PKR 190 million or a loss of PKR 2.11 per diluted share in comparison of a net profit of PKR 135 million or PKR 1.51 per diluted share in the same quarter of fiscal year 2019. Included in net loss is foreign currency exchange loss of PKR 249 million compared to a foreign currency gain of PKR 7 million in the corresponding period of fiscal 2019.