| NON-CONTROLLING INTEREST IN SUBSIDIARY |
NOTE
19 – 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:
SCHEDULE OF BALANCE OF NON-CONTROLLING INTEREST
| SUBSIDIARY |
|
Non-Controlling
Interest %
|
|
|
Non-Controlling
Interest at
December 31, 2022
|
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
4,341,047 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(82,773 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(200 |
) |
| Otoz Thai |
|
|
10.95 |
% |
|
|
(46,963 |
) |
| Otoz |
|
|
10.94 |
% |
|
|
(158,655 |
) |
| Total |
|
|
|
|
|
$ |
4,052,456 |
|
| SUBSIDIARY |
|
|
Non-Controlling
Interest %
|
|
|
|
Non-Controlling Interest at
June 30, 2022
|
|
| |
|
|
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
5,479,905 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
49,146 |
|
| NetSol Thai |
|
|
0.006 |
% |
|
|
(196 |
) |
| Otoz Thai |
|
|
5.60 |
% |
|
|
(30,768 |
) |
| Otoz |
|
|
5.59 |
% |
|
|
(47,698 |
) |
| Total |
|
|
|
|
|
$ |
5,450,389 |
|
The
Company’s subsidiary, Otoz, issued 191,011 shares to one of its employees as part of their employment agreement resulting in an
increase of non-controlling interest from 5.59% to 10.94%. The effective shareholding of the non-controlling interest for Otoz Thai increased
to 10.95%.
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
December 31, 2022
(Unaudited)
The
following schedule discloses the effect to the Company’s equity due to the changes in the Company’s ownership interest in
Otoz and Otoz Thai.
SCHEDULE OF CHANGE IN OWNERSHIP INTEREST
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
For the Three Months |
|
|
For the Six Months |
|
| |
|
Ended December 31, |
|
|
Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to NetSol |
|
$ |
(2,092,926 |
) |
|
$ |
1,406,785 |
|
|
$ |
(2,713,655 |
) |
|
$ |
1,594,754 |
|
| Transfer (to) from non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Increase in paid-in capital for issuance of 191,011 shares of Otoz, Inc. common
stock |
|
|
- |
|
|
|
- |
|
|
|
120,565 |
|
|
|
- |
|
| Net transfer (to) from non-controlling interest |
|
|
- |
|
|
|
- |
|
|
|
120,565 |
|
|
|
- |
|
|
Change from net income (loss) attributable to NetSol
and transfer (to) from non-controlling interest |
|
$ |
(2,092,926 |
) |
|
$ |
1,406,785 |
|
|
$ |
(2,593,090 |
) |
|
$ |
1,594,754 |
|
|