Annual report pursuant to Section 13 and 15(d)

Non-Controlling Interest in Subsidiary

v3.10.0.1
Non-Controlling Interest in Subsidiary
 12 Months Ended
Jun. 30, 2018
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 20 – 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, 2018 and 2017 was as follows:

 

SUBSIDIARY   Non-Controlling Interest %     Non-Controlling Interest at
June 30, 2018 		 
             
NetSol PK     33.79 %   $ 11,873,029  
NetSol-Innovation     49.90 %     1,699,661  
VLS, VLSH & VLSIL Combined     49.00 %     573,742  
NetSol Thai     0.006 %     (15 )
Total           $ 14,146,417  

 

SUBSIDIARY   Non-Controlling Interest %     Non-Controlling Interest at
June 30, 2017 		 
             
NetSol PK     33.80 %   $ 12,887,938  
NetSol-Innovation     49.90 %     1,599,734  
VLS, VLHS & VLSIL Combined     49.00 %     311,502  
NetSol Thai     0.006 %     (92 )
Total           $ 14,799,082  

 

NetSol PK

 

During the years ended June 30, 2018 and 2017, employees of NetSol PK exercised 67,000 and 481,500 options of common stock and NetSol PK received cash of $10,349 and $75,382, respectively. During the year ended June 30, 2018, the Company purchased 55,500 shares of common stock of NetSol PK from the open market for $33,987. Due to the exercise of options and the shares purchase, the non-controlling interest decreased from 33.80% to 33.79%.

 

During the year ended June 30, 2018 and 2017, NetSol PK paid a cash dividend of $1,234,991 and $425,988, respectively.

 

NetSol-Innovation

 

During the year ended June 30, 2017, NetSol-Innovation paid a cash dividend of $4,061,943.