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): September 24, 2021
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 Incorporation or Organization) |
(I.R.S. 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 September 23, 2021, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for period ended June 30, 2021. 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 September 23, 2021, for NetSol Technologies Ltd. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 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: | September 24, 2021 | /s/ Najeeb Ghauri |
| NAJEEB GHAURI | ||
| Chief Executive Officer | ||
| Date: | September 24, 2021 | /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., today announced financial results for the year ended June 30, 2021.
Financial Highlights Fiscal 2020-21
| ● | Company reported annual revenue of PKR 4,948 million as compared to PKR 4,708 million in corresponding fiscal year |
| ● | Gross profit of PKR 1,800 million was reported in comparison of PKR 1,566 million in the preceding year |
| ● | Company reported a net profit of PKR 192 million compared to PKR 245 million last year |
Revenues for the year ended June 30, 2021 increased to PKR 4,948 million compared with PKR 4,708 million last year. The company reported gross profit of PKR 1,800 million compared to PKR 1,566 million in the comparative fiscal year. Company posted a net profit of PKR 192 million or an earning of PKR 2.13 per diluted share in comparison of a net profit of PKR 245 million or a profit of PKR 2.73 per diluted share in fiscal 2020. The drop in net earnings is mainly due to foreign currency exchange loss of PKR 120 million due to appreciation of Pak Rupee compared to an exchange gain of PKR 83 million last year. Previous year figures also include a dividend income amounting to PKR 218 million from our subsidiary company. There was no such dividend income this year.