Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest in Subsidiary

v3.19.1
Non-Controlling Interest in Subsidiary
 9 Months Ended
Mar. 31, 2019
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
March 31, 2019 		 
             
NetSol PK     33.80 %   $ 8,244,871  
NetSol-Innovation     49.90 %     1,575,624  
VLS, VLSH & VLSIL Combined     49.00 %     818,451  
NetSol Thai     0.006 %     (31 )
Total           $ 10,638,915  

 

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 nine months ended March 31, 2019, 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 nine months ended March 31, 2019, NetSol PK paid a cash dividend of $1,675,936.

 

During the nine months ended March 31, 2018, employees of NetSol PK exercised 67,000 options of common stock and NetSol PK received cash of $10,349. The Company purchased 55,500 shares of common stock of NetSol PK from the open market for $33,987. Due to the exercise of options and the shares purchase, the non-controlling interest decreased from 33.80% to 33.79%. During the nine months ended March 31, 2018, NetSol PK paid a cash dividend of $1,234,991.