Note 21 - Non-Controlling Interest In Subsidiary
|12 Months Ended|
Jun. 30, 2012
|Noncontrolling Interest Disclosure [Text Block]||
NOTE 21 – 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, 2012 and 2011 was as follows:
For the fiscal years ended June 30, 2012 and 2011, NetSol Technologies Ltd. (“NetSol PK”) had net income of $9,438,135 and $8,506,045. The related non-controlling interest was $3,736,175 and $3,469,710, respectively.
For the fiscal years ended June 30, 2012 and 2011, NetSol Innovation (Private) Limited (“NetSol Innovation”) had net income of $1,102,318 and $1,012,368. The related non-controlling interest was $550,057 and $505,172, respectively.
During the fiscal year-ended June 2012, NetSol Innovation declared a cash dividend of $690,314, of which the Company’s interest was $348,747. The amount attributable to the non-controlling interest was $341,567 and is reflected in the accompanying consolidated financial statements.
For the period ended June 30, 2012, VLS had a net loss of $150,013. The related 49% non-controlling interest was $73,506.
The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.
Reference 1: http://www.xbrl.org/2003/role/presentationRef