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Note 11 - Investment Under Equity Method
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Jun. 30, 2013
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures Disclosure [Text Block] |
NOTE
11 – INVESTMENT UNDER EQUITY METHOD
On
April 10, 2009, the Company entered into an agreement to
form a joint venture with the Atheeb Trading Company, a
member of the Atheeb Group (“Atheeb”). The
joint venture entity Atheeb NetSol Saudi Company Ltd. is a
company organized under the laws of the Kingdom of Saudi
Arabia. The venture was formed with an initial capital
contribution of $268,000 by the Company and $266,930 by
Atheeb with a profit sharing ratio of 50.1:49.9,
respectively. The final formation of the company was
completed on March 7, 2010. Since currently the
Company does not have control over the operational and
financial matters of Atheeb Netsol, therefore, it is
considered as an associated company and accounted for under
equity method.
The
Company's investment in equity for the years ended June 30,
2013 and 2012 is as follows:
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