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 29, 2020
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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $.01 par value per share | NTWK | NASDAQ |
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2020, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for period ended September 30, 2020. 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 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.
Item 9.01 Financial Statements and Exhibits.
Exhibits
99.1 Earnings Announcement for October 29, 2020, for NetSol Technologies Ltd.
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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: | October 29, 2020 | /s/ Najeeb Ghauri |
NAJEEB GHAURI | ||
Chief Executive Officer | ||
Date: | October 29, 2020 | /s/ Roger Almond |
ROGER ALMOND | ||
Chief Financial Officer |
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EXHIBIT 99.1
NetSol Technologies Limited Pakistan, (“NetSol PK”), a majority owned subsidiary of NetSol Technologies, Inc. servicing the Asia-Pacific region, announced financial results for the quarter ended September 30, 2020.
Financial Highlights Q1, 2020-21
● | Net revenues decreased to PKR 1,115 million compared to PKR 1,318 million in corresponding quarter of last fiscal year | |
● | Gross profit decreased to PKR 448 million versus PKR 511 million in the same period of last fiscal year | |
● | Company posted a net profit of PKR 127 million or a profit of PKR 1.41 per diluted share compared to a net loss of PKR 190 million last year or a loss of PKR 2.11 per diluted share |
Company posted revenues of PKR 1,115 million for the quarter ended September 30, 2020 compared with PKR 1,318 million in same quarter of last year. Revenue dropped mainly due to no license revenue being recorded in the current quarter. Gross profit reduced to PKR 448 million compared to PKR 511 million in the corresponding period. Cost of sales of the company decreased from PKR 807 million to PKR 667 million in the reporting quarter. The Company posted a net profit after tax of PKR 127 million or a profit of PKR 1.41 per diluted share in comparison of a net loss of PKR 190 million or a loss of PKR 2.11 per diluted share in the same quarter of fiscal year 2020.