NOTE 6 – RELATED PARTY TRANSACTIONS

NetSol-Innovation

In November 2004, the Company entered into a joint venture with 1insurer, formerly Innovation Group, called NetSol-Innovation. NetSol-Innovation provides support services to 1insurer. During the three and nine months ended March 31, 2019, NetSol Innovation provided services of $nil and $67,286, respectively. During the three and nine months ended March 31, 2018, NetSol Innovation provided services of $774,393 and $2,702,906, respectively. Accounts receivable at March 31, 2019 and June 30, 2018 were $2,348,134 and $2,521,533, respectively.

Investec Asset Finance

In October 2011, NTE entered into an agreement with Investec Asset Finance to acquire VLS. NTE and VLS provide support services to Investec. During the three and nine months ended March 31, 2019, NTE and VLS provided license, maintenance and services of $352,108 and $743,987, respectively. During the three and nine months ended March 31, 2018, NTE and VLS provided license, maintenance and services of $464,976 and $1,508,867, respectively. Accounts receivable at March 31, 2019 and June 30, 2018 were $142,774 and $379,521, respectively.