Annual report pursuant to Section 13 and 15(d)

Note 19 - Non-Controlling Interest In Subsidiary

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Note 19 - Non-Controlling Interest In Subsidiary
 12 Months Ended
Jun. 30, 2014
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure [Text Block]
NOTE 19 – 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, 2014 and 2013 was as follows:

SUBSIDIARY
 
Non Controlling
Interest %
 
Non-Controlling
Interest at
June 30, 2014
 
             
NetSol PK
    36.62 %   $ 14,317,233  
NetSol-Innovation
    49.90 %     1,546,920  
VLS, VLHS & VLSIL Combined
    49.00 %     260,359  
Total
          $ 16,124,512  

SUBSIDIARY
 
Non Controlling
Interest %
 
Non-Controlling
Interest at
June 30, 2013
 
                 
NetSol PK
    34.81 %   $ 15,593,585  
NetSol-Innovation
    49.90 %     1,161,649  
VLS, VLHS & VLSIL Combined
    49.00 %     481,121  
Vroozi
    9.09 %     34,908  
Total
          $ 17,271,263  

NETSOL TECHNOLOGIES, LIMITED

During the year ended June 30, 2014, NetSol PK had the following equity transactions:

 
·
Paid a cash dividend of $743,363.

 
·
Declared a 10% stock dividend.

 
·
Issued 2,416,000 shares of common stock and received cash of $356,029 pursuant to employees exercising stock options.

In addition, during the year ended June 30, 2014, the Company purchased 42,500 shares of NetSol PK's common stock from the open market for $17,667.

NETSOL INNOVATION (PVT) LIMITED

During the year ended June 30, 2014, NetSol-Innovation paid a cash dividend of $1,500,000.

VROOZI, INC.

On March 31, 2014, the Company sold 100% of its shares in Vroozi. (See Note 17 Discontinued Operations.)