Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest in Subsidiary

v3.20.1
Non-Controlling Interest in Subsidiary
9 Months Ended
Mar. 31, 2020
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 21 – 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:

 

SUBSIDIARY   Non-Controlling Interest %    

Non-Controlling Interest at

March 31, 2020

 
             
NetSol PK     33.88 %   $ 6,203,015  
NetSol-Innovation     49.90 %     158,549  
NetSol Thai     0.006 %     (11 )
Total           $ 6,361,553  

 

SUBSIDIARY   Non-Controlling Interest %    

Non-Controlling Interest at

June 30, 2019

 
             
NetSol PK     33.80 %   $ 6,993,491  
NetSol-Innovation     49.90 %     1,421,528  
NetSol Thai     0.006 %     (32 )
Total           $ 8,414,987  

 

NetSol PK

 

During the nine months ended March 31, 2020, employees of NetSol PK exercised 114,000 options of common stock and NetSol PK received cash of $11,261. Due to the exercise of options, the non-controlling interest increased from 33.80% to 33.88%. During the nine months ended March 31, 2020, NetSol PK paid a cash dividend of $1,610,909.

 

NetSol Innovation

 

During the nine months ended March 31, 2020, NetSol Innovation paid a cash dividend of $2,778,453.