| NON-CONTROLLING INTEREST IN SUBSIDIARY |
NOTE
21 – 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 June 30, 2024 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
4,679,101 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
137,232 |
|
| NAMECET |
|
|
32.38 |
% |
|
|
(21,014 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(163 |
) |
| OTOZ Thai |
|
|
5.60 |
% |
|
|
(17,483 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(83,255 |
) |
| Total |
|
|
|
|
|
$ |
4,694,418 |
|
| 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 |
|
OTOZ
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%.
In
June 2023, the Company’s subsidiary, Otoz, repurchased the 191,011 shares from the same employee per the employment agreement,
after his resignation, resulting in a decrease of non-controlling interest from 10.94% to 5.59%. The effective shareholding of the non-controlling
interest for Otoz Thai decreased to 5.60%.
The
following schedule discloses the effect to the Company’s equity due to the changes in the Company’s ownership interest in
OTOZ.
SCHEDULE OF CHANGE IN OWNERSHIP INTEREST
| |
|
2024 |
|
|
2023 |
|
| |
|
For the Years |
|
| |
|
Ended June 30, |
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Net income (loss) attributable to NetSol |
|
$ |
536,141 |
|
|
$ |
(5,243,748 |
) |
| Transfer (to) from non-controlling interest |
|
|
|
|
|
|
|
|
| Increase in paid-in capital for issuance of 191,011 shares of OTOZ Inc common stock |
|
|
- |
|
|
|
120,565 |
|
| Decrease in paid-in capital for purchase of 191,011 shares of OTOZ Inc common stock |
|
|
- |
|
|
|
(118,207 |
) |
| Increase in paid-in capital for purchase of 2,000,000 shares of common stock of NetSol PK from Open Market |
|
|
- |
|
|
|
- |
|
| Net transfer (to) from non-controlling interest |
|
|
- |
|
|
|
2,358 |
|
| Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest |
|
$ |
536,141 |
|
|
$ |
(5,241,390 |
) |
|