Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v2.4.1.9
Related Party Transactions
 9 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

NetSol-Innovation

 

In November 2004, the Company entered into a joint venture agreement with the Innovation Group called NetSol-Innovation (Pvt) Ltd., (“NetSol-Innovation”), a Pakistani company. NetSol-Innovation provides support services to the Innovation Group. During the three and nine months ended March 31, 2015, NetSol-Innovation provided services of $1,524,528 and $4,275,004, respectively. During the three and nine months ended March 31, 2014, NetSol-Innovation provided services of $1,416,740 and $3,641,182, respectively. Accounts receivable at March 31, 2015 and June 30, 2014 were $2,364,054 and $2,232,610, respectively.

 

Investec Asset Finance

 

In October 2011, NTE entered into an agreement with the Investec Asset Finance to acquire VLS. NTE provides support services to Investec. During the three and nine months ended March 31, 2015, NTE provided maintenance and services of $332,617 and $864,311, respectively. During the three and nine months ended March 31, 2014, NTE provided maintenance and services of $174,820 and $515,152, respectively. Accounts receivable at March 31, 2015 and June 30, 2014 were $134,106 and $183,890, respectively. Revenue in excess of billing at March 31, 2015 and June 30, 2014 were $188,426 and $nil, respectively. Unearned revenue at March 31, 2015 and June 30, 2014 were $50,490 and $47,649, respectively.