Annual report pursuant to Section 13 and 15(d)

Non-Controlling Interest in Subsidiary

v3.5.0.2
Non-Controlling Interest in Subsidiary
 12 Months Ended
Jun. 30, 2016
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 18 – NON-CONTROLLING INTEREST IN SUBSIDIARY

 

The Company had non-controlling interests in several of its subsidiaries. The balance of non-controlling interest as of June 30, 2016 and 2015 was as follows:

 

SUBSIDIARY   Non Controlling Interest %     Non-Controlling
Interest at
June 30, 2016 		 
             
NetSol PK     33.40 %   $ 10,292,495  
NetSol-Innovation     49.90 %     2,735,998  
VLS, VLSH & VLSIL Combined     49.00 %     309,213  
NetSol Thai     0.006 %     (4 )
Total           $ 13,337,702  

 

SUBSIDIARY   Non Controlling Interest %     Non-Controlling
Interest at
June 30, 2015 		 
             
NetSol PK     34.90 %   $ 11,411,954  
NetSol-Innovation     49.90 %     2,035,548  
VLS, VLHS & VLSIL Combined     49.00 %     393,139  
Total           $ 13,840,641  

 

NetSol PK

 

During the year ended June 30, 2016, employees of NetSol PK exercised 108,000 of options of common stock pursuant to employees exercising stock options and NetSol PK received cash of $16,744. The Company purchased 1,374,000 shares of common stock of NetSol PK from the open market for $767,397, resulting in an overall decrease in non-controlling interest from 34.90% to 33.40%.

 

NetSol-Innovation

 

During the year ended June 30, 2016 and 2015, NetSol-Innovation paid a cash dividend of $2,028,805 and $1,500,000, respectively.

 

NetSol Thai

 

During the year ended June 30, 2016, NetSol Thai issued 3 qualification shares to each of its directors.