Annual report pursuant to Section 13 and 15(d)

Non-Controlling Interest in Subsidiary

v3.21.2
Non-Controlling Interest in Subsidiary
 12 Months Ended
Jun. 30, 2021
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 22 – 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

June 30, 2021

  
             
NetSol PK     33.88 %   $ 7,101,883  
NetSol-Innovation     33.88 %     136,611  
NetSol Thai     0.006 %     (208 )
OTOZ Thai     0.006 %     (52 )
OTOZ     5.00 %     (22,761 )
Total           $ 7,215,473  

 

SUBSIDIARY   Non-Controlling Interest %    

Non-Controlling Interest at

June 30, 2020

  
             
NetSol PK     33.88 %   $ 6,361,747  
NetSol-Innovation     33.88 %     128,514  
NetSol Thai     0.006 %     (39 )
OTOZ Thai     0.006 %     4  
OTOZ     5.00 %     (1,326 )
Total           $ 6,488,900  

 

NetSol PK

 

During the year ended June 30, 2020, employees of NetSol PK exercised and 114,000 options of common stock and NetSol PK received cash of $11,261, respectively. Due to the exercise of options, the non-controlling interest increased from 33.80% at June 30, 2019 to 33.88% at June 30, 2020.

 

During the year ended June 30, 2020, NetSol PK paid a cash dividend of $1,610,909.

 

NetSol Innovation

 

During the year ended June 30, 2020, the Company’s subsidiary NetSol PK purchased NetSol Innovation, from 1insurer for $89,425. Due to this purchase, the non-controlling interest decreased from 49.90% at June 30, 2019 to 33.88% at June 30, 2020.

 

During the year ended June 30, 2020, NetSol Innovation paid a cash dividend of $2,778,453.