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Note 21 - Non-Controlling Interest In Subsidiary
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Jun. 30, 2013
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| Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2013 and 2012 was as follows:
NetSol
PK is majority owned by the Company. During the year ended
June 30, 2013, the Company purchased 4,071,400 shares of
NetSol PK from the open market against the value of
$799,349. After this purchase, the non-controlling interest
in NetSol PK was reduced from 39.48% to
34.81%. For the fiscal years ended June 30, 2013
and 2012, NetSol Technologies Ltd. (“NetSol
PK”) had net income of $11,284,696 and $9,438,135.
The related non-controlling interest was $3,967,678 and
$3,736,175, respectively. For the same period the
Comprehensive loss attributable to non-controlling interest
was $1,283,182 and $1,657,376, respectively.
Employees
of Netsol PK also exercised options to acquire 661,500
shares of the subsidiary valued at $107,945.
For
the fiscal years ended June 30, 2013 and 2012, NetSol
Innovation had net income of $1,108,214 and $1,102,318. The
related non-controlling interest was $556,455 and $550,056,
respectively. For the same period the Comprehensive loss
attributable to non-controlling interest was $82,641 and
$100,447 respectively.
During
the fiscal year-ended June 2013, NetSol Innovation declared
a cash dividend of $786,170, of which the Company’s
interest was $397,173. The amount attributable to the
non-controlling interest was $388,997 and is reflected in
the accompanying consolidated financial statements.
For
the fiscal years ended June 30, 2013 and 2012, VLS had a
net loss of $477,814 and $150,013. The related,
non-controlling interest was $234,129 and $73,506,
respectively. For the same period the comprehensive loss
attributable to non-controlling interest was $6,846 and
comprehensive income $4,582 respectively.
During
the quarter ended March 31, 2013, the subsidiary company
issued shares worth of $100,000 to one employee against his
services. As a result, the status of the subsidiary has
been changed from wholly owned subsidiary to majority owned
subsidiary. For the year ended June 30, 2013, Vroozi had a
net loss of $2,344,708 of which $65,092 has been recorded
as non-controlling interest.
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