|
NOTE
16 – 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
September 30, 2023 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
3,594,004 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(285,611 |
) |
| NAMECET |
|
|
32.38 |
% |
|
|
(8,825 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(153 |
) |
| OTOZ Thai |
|
|
5.60 |
% |
|
|
(21,877 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(75,815 |
) |
| Total |
|
|
|
|
|
$ |
3,201,723 |
|
| SUBSIDIARY |
|
Non-Controlling Interest % |
|
|
Non-Controlling Interest at
June 30, 2023 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
3,314,659 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(223,504 |
) |
| NAMECET |
|
|
32.38 |
% |
|
|
(5,384 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(194 |
) |
| OTOZ Thai |
|
|
5.60 |
% |
|
|
(23,572 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(86,952 |
) |
| Total |
|
|
|
|
|
$ |
2,975,053 |
|
In
September 2022, the Company’s subsidiary, Otoz, issued 191,011 shares to an employee per the 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
September
30, 2023
(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
| |
|
2023 |
|
|
2022 |
|
| |
|
For the Three Months |
|
| |
|
Ended September 30, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Net income (loss) attributable to NetSol |
|
$ |
30,890 |
|
|
$ |
(620,729 |
) |
| 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 |
|
$ |
30,890 |
|
|
$ |
(500,164 |
) |
|