8-K
Netsol Technologies Inc (NTWK)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,DC 20549
FORM8-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, 2021
Commission file number: 0-22773
NETSOLTECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)
| NEVADA | 95-4627685 |
|---|---|
| (State<br> or other Jurisdiction of | (I.R.S.<br> Employer NO.) |
| Incorporation<br> or Organization) |
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<br> Stock, $.01 par value per share | NTWK | NASDAQ |
Item2.02 Results of Operations and Financial Condition.
On April 30, 2021, NetSol Technologies, Inc.’s Pakistani subsidiary, NetSol Technologies, Ltd. posted the results of operations and financial conditions for period ended March 31, 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
99.1Earnings Announcement for April 30, 2021, 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<br> TECHNOLOGIES, INC. | ||
|---|---|---|
| Date: | April<br> 30, 2021 | /s/ Najeeb Ghauri |
| NAJEEB<br> GHAURI | ||
| Chief<br> Executive Officer | ||
| Date: | April<br> 30, 2021 | /s/ Roger Almond |
| --- | --- | --- |
| ROGER<br> ALMOND | ||
| Chief<br> 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, 2021.
Financial Highlights Q3, 2020-21
| ● | Revenues clocked at PKR 1,241 million compared to PKR 1,159 million in corresponding quarter of last fiscal year |
|---|---|
| ● | Company reported a gross profit of PKR 455 million compared to PKR 359 million in the corresponding period |
| ● | Company reported net loss of PKR 180 million compared to net profit of PKR 201 million last year |
Revenues for the quarter ended March 31, 2021 increased to PKR 1,241 million compared with PKR 1,159 million in same quarter of last year. The company reported gross profit of PKR 455 million compared to PKR 359 million in the comparative quarter of last fiscal year. The company posted a net loss of PKR 180 million or a loss of PKR 2.00 per diluted share in comparison of a net profit of PKR 201 million or a profit of PKR 2.24 per diluted share in the same quarter of fiscal 2020. Included in net loss of this quarter is an exchange loss of PKR 290 million due to appreciation of Pak rupee during the quarter compared to an exchange gain of PKR 229 million in the comparative period of last year.