Here's an update on NTWK. 8 million shares out there at $24.
This $200M company has net collections of under $2M/year and
losses of $1M per year.
Somehow they have 200 programers for that $3M operating
budget. Some kind of hocus pocus.
Netsol International Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended December 31, 1999 & 1998 and
For the Six Months Ended December 31, 1999 & 1998
Three Months Ended Six Months Ended
December 31 December 31
1999 1998 1999 1998
(unaudited) (unaudited) (unaudited) (unaudited)
Net revenues $1,771,809 $1,186,989 $2,990,317 $2,523,823
Cost of revenues 570,301 -- 974,845 --
Gross profit 1,201,508 1,186,989 2,015,472 2,523,823
Operating expenses 1,640,660 1,767,241 3,128,173 3,081,497
Other income/
(expense) (28,356) (59,469) (28,356) (34,272)
Net loss before
income allocated
to minority
interest (467,508) (639,721) (1,141,058) (591,946)
Minority interest
in subsidiaries
earnings -- (35,296) -- (168,146)
Net loss $(467,508) $(675,017) $(1,141,058) $(760,092)
Net loss per share:
Basic $(0.05) $(0.29) $(0.14) $(0.33)
Diluted $(0.05) $(0.20) $(0.14) $(0.23)
Weighted average
shares outstanding:
Basic 8,557,882 2,337,180 8,089,132 2,337,180
Diluted 8,557,882 3,357,940 8,089,132 3,357,940
Netsol International Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
For the Three Months Ended December 31, 1999 & 1998 and
For the Six Months Ended December 31, 1999 & 1998
Three Months Ended Six Months Ended
December 31 December 31
1999 1998 1999 1998
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net (loss) $(457,639) $(675,017) $(1,141,058) $(760,092)
ADJUSTMENTS TO
RECONCILE NET
LOSS TO NET CASH
PROVIDED BY
OPERATING
ACTIVITIES:
Depreciation and
amortization 182,783 71,175 (12,800) 79,691
Non-cash
compensation
expense 365,625 566,000 440,625 566,000
Minority interest
income -- 35,296 -- 168,146
(Increase) decrease
in accounts
receivable (1,497,806) 127,012 (2,059,139) (222,323) |
