| NON-CONTROLLING INTEREST IN SUBSIDIARY |
NOTE
22 – 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, 2022 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
5,479,905 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
49,146 |
|
| NetSol Thai |
|
|
0.006 |
% |
|
|
(196 |
) |
| OTOZ Thai |
|
|
5.60 |
% |
|
|
(30,768 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(47,698 |
) |
| Total |
|
|
|
|
|
$ |
5,450,389 |
|
| SUBSIDIARY |
|
Non-Controlling Interest % |
|
|
Non-Controlling Interest at
June 30, 2021 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
33.88 |
% |
|
$ |
7,101,883 |
|
| NetSol-Innovation |
|
|
33.88 |
% |
|
|
136,611 |
|
| NetSol Thai |
|
|
0.006 |
% |
|
|
(208 |
) |
| OTOZ Thai |
|
|
0.006 |
% |
|
|
(52 |
) |
| OTOZ |
|
|
5.00 |
% |
|
|
(22,761 |
) |
| Total |
|
|
|
|
|
$ |
7,215,473 |
|
NetSol
PK
During
the year ended June 30, 2022, NetSol PK purchased 2,000,000 shares of common stock from open market for $950,352. Due to this purchase,
the non-controlling interest decreased from 33.88% at June 30, 2021 to 32.38% at June 30, 2022. The following schedule discloses the
effect to the Company’s equity due to the changes in the Company’s ownership interest in NetSol PK.
SCHEDULE
OF CHANGE IN OWNERSHIP INTEREST
| |
|
|
1 |
|
|
|
1 |
|
| |
|
For the Years |
|
| |
|
Ended June 30, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Net income (loss) attributable to NetSol |
|
$ |
(851,156 |
) |
|
$ |
1,778,257 |
|
| Transfer (to) from non-controlling interest |
|
|
|
|
|
|
|
|
Increase in paid-in
capital for purchase of 2,000,000 treasury shares of NetSol Pk’s common stock |
|
|
36,403 |
|
|
|
- |
|
| Net transfer (to) from non-controlling interest |
|
|
36,403 |
|
|
|
- |
|
| Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest |
|
$ |
(814,753 |
) |
|
$ |
1,778,257 |
|
|