NTWK 8-K
Netsol Technologies Inc (NTWK)
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): April 30, 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. Employer | |
| Incorporation or Organization) | 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 April 30, 2020, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for period ended March 31, 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 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 March 31, 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: | April 30, 2020 | /s/ Najeeb Ghauri |
| NAJEEB GHAURI | ||
| Chief Executive Officer | ||
| Date: | April 30, 2020 | /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 quarter ended March 31, 2020.
Financial Highlights Q3, 2019-20
| ● | Revenues clocked at PKR 1,159 million compared to PKR 1,436 million in corresponding quarter of last fiscal year | |
| ● | Company reported a gross profit of PKR 359 million compared to PKR 561 million in the corresponding period | |
| ● | Company reported net profit of PKR 201 million compared to 183 million last year |
Revenues for the quarter ended March 31, 2020 decreased to PKR 1,159 million compared with PKR 1,436 million in same quarter of last year. The company reported gross profit of PKR 359 million compared to PKR 561 million in the comparative quarter of last fiscal year. The company posted a net profit of PKR 201 million or a profit of PKR 2.24 per diluted share in comparison of PKR 183 million or PKR 2.03 per diluted share in the same quarter of fiscal 2019.