Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest in Subsidiary

v3.10.0.1
Non-Controlling Interest in Subsidiary
 6 Months Ended
Dec. 31, 2018
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 20 – NON-CONTROLLING INTEREST IN SUBSIDIARY

 

The Company had non-controlling interests in several of its subsidiaries. The balance of non-controlling interest was as follows:

 

SUBSIDIARY   Non-Controlling Interest %     Non-Controlling Interest at December 31, 2018  
             
NetSol PK     33.80 %   $ 7,967,841  
NetSol-Innovation     49.90 %     1,546,797  
VLS, VLSH & VLSIL Combined     49.00 %     722,821  
NetSol Thai     0.006 %     (13 )
Total           $ 10,237,446  

 

SUBSIDIARY   Non-Controlling Interest %     Non-Controlling Interest at June 30, 2018  
             
NetSol PK     33.79 %   $ 11,873,029  
NetSol-Innovation     49.90 %     1,699,661  
VLS, VLHS & VLSIL Combined     49.00 %     573,742  
NetSol Thai     0.006 %     (15 )
Total           $ 14,146,417  

 

NetSol PK

 

During the six months ended December 31, 2018, employees of NetSol PK exercised 20,000 options of common stock and NetSol PK received cash of $2,650. Due to the exercise of options, the non-controlling interest increased from 33.79% to 33.80%. During the six months ended December 31, 2018, NetSol PK paid a cash dividend of $1,675,936.

 

During the six months ended December 31, 2017, employees of NetSol PK exercised 50,000 of options of common stock pursuant to employees exercising stock options and NetSol PK received cash of $7,755 resulting in an increase in non-controlling interest from 33.80% to 33.83%. During the six months ended December 31, 2017, NetSol PK paid a cash dividend of $1,234,991.