| Schedule of Other Long Term Assets |
| |
|
As of
March 31, 2017
|
|
|
As of
June 30, 2016
|
|
| |
|
|
|
|
|
|
| Investment (1) |
|
$ |
2,461,975 |
|
|
$ |
720,350 |
|
| Long Term Security Deposits |
|
|
87,883 |
|
|
|
122,203 |
|
| Total |
|
$ |
2,549,858 |
|
|
$ |
842,553 |
|
| (1) |
Investment under cost method |
| |
● |
On March 2, 2016, the Company purchased a 4.9% interest in eeGeo a non-public company for $1,111,111. The Company paid $555,556 at the initial closing and $555,555 on September 1, 2016. NetSol PK, the subsidiary of the Company, purchased a 12.2% investment in eeGeo, for $2,777,778 which will be earned over future periods by providing IT and enterprise software solutions. Per the agreement, NetSol PK is to provide a minimum of $200,000 of services in each three-month period and the entire balance is required to be provided within three years of the date of the agreement. If NetSol PK fails to provide the future services, it may be required to forfeit the shares back to eeGeo. During the three and nine months ended March 31, 2017, NetSol PK provided services valued at $286,449 and $836,070, respectively. During the nine months ended March 31, 2017, NetSol PK paid $350,000 to eeGeo to buy out a portion of the services requirement. As of March 31, 2017, the accumulated balance of services provided was $1,000,864 which is recorded as investment. |
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