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<SEC-DOCUMENT>0001144204-10-049289.txt : 20100914
<SEC-HEADER>0001144204-10-049289.hdr.sgml : 20100914
<ACCEPTANCE-DATETIME>20100914161045
ACCESSION NUMBER:		0001144204-10-049289
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20100630
FILED AS OF DATE:		20100914
DATE AS OF CHANGE:		20100914

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22773
		FILM NUMBER:		101071608

	BUSINESS ADDRESS:	
		STREET 1:		23901 CALABASAS ROAD
		STREET 2:		SUITE 2072
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		8182229195

	MAIL ADDRESS:	
		STREET 1:		23901 CALABASAS ROAD
		STREET 2:		SUITE 2072
		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
</SEC-HEADER>
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<TYPE>10-K/A
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AND EXCHANGE COMMISSION</font></div>
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ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES</font></div>
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE</font></div>
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CA 91302</font></div>
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222-9195</font></div>
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by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes
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by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
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by check mark if&#160;&#160;disclosure of delinquent filers in response to Item
405 of Regulation S-K(&#167;229.405) is not contained herein, and will not be
contained, to the best of registrant&#8217;s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.</font></div>
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by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller
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by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act).&#160;&#160;Yes <font style="DISPLAY: inline;" face="Wingdings">o</font> No <font style="DISPLAY: inline;" face="Wingdings">x</font></font></div>
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aggregate market value of the Common Stock held by non-affiliates of the
registrant was approximately $24,096,750 based upon the closing price of the
stock as reported on NASDAQ Capital Market ($0.73 per share) on June 30, 2010,
the last business day of the registrant&#8217;s fiscal year.&#160; As of September 6,
2010, there were 40,205,421 shares of common stock outstanding and no shares of
its Preferred Stock issued and outstanding.</font></div>
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INCORPORATED BY REFERENCE</font></div>
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REPORT</font></div>
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TO SECTION 13 OR 15(d) OF THE</font></div>
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ACT OF 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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10-K/A amends the Annual Report on Form 10-K of NetSol Technologies, Inc. (the
&#8220;Company&#8221;) for the year ended June 30, 2010 (the &#8220;Original Filing&#8221;), filed on
September 9, 2010 to correct language contained in Item 8(A)(T).&#160;&#160; The
remainder of the 10-K filed dated September 9, 2010 remains
unchanged.</font></div>
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Form 10-K/A amends Part 2, Item 8A(T) (Controls and Procedures) in the Company's
Original Filing. Except to the extent required to reflect the above-referenced
revisions, this Form 10-K/A continues to describe the Company as of the date of
the Original Filing, and does not update disclosures to reflect events that
occurred after the date of the Original Filing. Accordingly, this Amendment
should be read in conjunction with the Original Filing and with our other
filings made with the Securities and Exchange Commission subsequent to the
filing of the Original Filing, including any amendments to those
filings.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
8(A)T</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Evaluation
of Disclosure Controls and Procedures</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is the
responsibility of our management to establish, maintain, and monitor disclosure
controls and procedures that are designed to ensure that information required to
be disclosed in our reports filed or submitted under the Securities Exchange Act
of 1934 are recorded, processed, summarized, and reported within the time
periods specified in the Securities and Exchange Commission rules and forms.
Additionally, these disclosure controls include controls and procedures that are
designed to accumulate and communicate the information required to be disclosed
to our company&#8217;s Chief Executive Officer and Chief <font style="DISPLAY: inline; FONT-SIZE: 10pt">F</font>inancial Officer, allowing for
timely decisions regarding required disclosures. As of the end of the period
covered by this report, our management carried out an evaluation, under the
supervision and with the participation of the Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the design and operation of our
disclosure controls and procedures pursuant to Exchange Act Rule
13a-15(f).&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Based upon
that evaluation, the Chairman, Chief </font>Financial Officer and Chief
Executive Officer concluded that our disclosure controls and procedures were
ineffective in that they failed to detect that we had omitted the conclusion
regarding Disclosure Controls and Procedures and Management&#8217;s Report on Internal
Control over Financial Reporting in the initial 10-K.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Management&#8217;s
Report on Internal Control over Financial Reporting</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
management has the responsibility to establish and maintain adequate internal
controls over our financial reporting, as defined in Rule 13a-15(f) under the
Securities and Exchange Act of 1934. Our internal controls are designed to
provide reasonable assurance regarding the reliability of our financial
reporting and the preparation of our external financial statements in accordance
with generally accepted accounting principles (GAAP).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Due to
inherent limitations of any internal control system, management acknowledges
that there are limitations as to the effectiveness of internal controls over
financial reporting and therefore recognize that only reasonable assurance can
be gained from any internal control system. Accordingly, our internal control
system may not detect or prevent material misstatements in our financial
statements and projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
supervision and participation of management, including the Chief Executive
Officer and Chief Financial Officer, we have performed an assessment of the
effectiveness of our internal controls over financial reporting as of
July&#160;3, 2010. This assessment was based on the criteria established in
Internal Control-Integrated Framework, issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on our assessment, we believe
that as of July&#160;3, 2010, the Company&#8217;s internal control over financial
reporting is effective based on that criteria.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
annual report does not include an attestation report of our registered public
accounting firm regarding internal control over financial reporting.
Management&#8217;s report was not subject to attestation by our registered public
accounting firm pursuant to rules of the SEC that permit us to provide only
management&#8217;s report in this annual report.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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in Internal Control over Financial Reporting</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
have been no significant changes in our internal controls over financial
reporting during our fourth fiscal quarter ended July&#160;3, 2010 that have
materially affected, or are reasonable likely to materially affect, the
Company&#8217;s internal control over financial reporting (as defined in Exchange Act
Rules 13a &#8211; 15(f) and 15d &#8211; 15(f)).</font></div>
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accordance with Section 13 or 15 (d) of the Exchange Act, the Registrant caused
this amended report to be signed on its behalf by the undersigned, thereunto
duly authorized.</font></div>
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accordance with the Exchange Act, this amended report has been signed below by
the following persons on behalf of the Registrant and in the capacities and on
the dates indicated.</font></div>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>v196644_ex31-1.htm
<TEXT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
31.1</font></div>
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to 18 U.S.C. Section 1350,</font></div>
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adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div>
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      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
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      on my knowledge, the financial statements and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the
      registrant as of, and for, the periods presented in this
      report;</font></div>
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            <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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      registrant&#8217;s other certifying officer and I are responsible for
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      such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
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      such internal control over financial reporting, or caused such internal
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      provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting
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evaluation;</font></div>
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certification is made solely for purpose of 18 U.S.C. Section 1350, subject to
the knowledge standard contained therein, and not for any other
purpose.</font></div>
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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>v196644_ex31-2.htm
<TEXT>
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    <!--Licensed to: vf-->
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    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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31.2</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CERTIFICATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to 18 U.S.C. Section 1350,</font></div>
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adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I, Boo
Ali Siddiqui, certify that:</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      have reviewed this annual report on Form 10-K for the year ended June 30,
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      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
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      on my knowledge, the financial statements and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the
      registrant as of, and for, the periods presented in this
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      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
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      control over financial reporting to be designed under our supervision, to
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      reporting and the preparation of financial statements for external
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certification is made solely for purpose of 18 U.S.C. Section 1350, subject to
the knowledge standard contained therein, and not for any other
purpose.</font><br></div>
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