0001493152-20-020129.txt : 20201029 0001493152-20-020129.hdr.sgml : 20201029 20201029163140 ACCESSION NUMBER: 0001493152-20-020129 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20201029 DATE AS OF CHANGE: 20201029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NETSOL TECHNOLOGIES INC CENTRAL INDEX KEY: 0001039280 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 954627685 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22773 FILM NUMBER: 201273060 BUSINESS ADDRESS: STREET 1: 23975 PARK SORRENTO STREET 2: SUITE 250 CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8182229195 MAIL ADDRESS: STREET 1: 23975 PARK SORRENTO STREET 2: SUITE 250 CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: NETSOL INTERNATIONAL INC DATE OF NAME CHANGE: 19990819 FORMER COMPANY: FORMER CONFORMED NAME: MIRAGE HOLDINGS INC DATE OF NAME CHANGE: 19970519 8-K 1 form8-k.htm

 

 

 

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.

 

  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 29, 2020 /s/ Najeeb Ghauri
    NAJEEB GHAURI
    Chief Executive Officer
     
Date: October 29, 2020 /s/ Roger Almond
    ROGER ALMOND
    Chief Financial Officer

 

  Page 3

 

EX-99.1 2 ex99-1.htm

 

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.