| NON-CONTROLLING INTEREST IN SUBSIDIARY |
NOTE
18 – 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:
SCHEDULE OF BALANCE OF NON-CONTROLLING INTEREST
| SUBSIDIARY |
|
Non-Controlling
Interest %
|
|
|
Non-Controlling
Interest at
March 31,
2023
|
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
3,630,559 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(123,724 |
) |
| NAMECET |
|
|
32.38 |
% |
|
|
(3,608 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(197 |
) |
| OTOZ Thai |
|
|
10.95 |
% |
|
|
(43,064 |
) |
| OTOZ |
|
|
10.94 |
% |
|
|
(156,930 |
) |
| Total |
|
|
|
|
|
$ |
3,303,036 |
|
| SUBSIDIARY |
|
Non-Controlling
Interest %
|
|
|
Non-Controlling
Interest at
June 30,
2022
|
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
5,479,905 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
49,146 |
|
| NetSol Thai |
|
|
0.006 |
% |
|
|
(196 |
) |
| OTOZ Thai |
|
|
5.60 |
% |
|
|
(30,768 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(47,698 |
) |
| Total |
|
|
|
|
|
$ |
5,450,389 |
|
The
Company’s subsidiary, Otoz, issued 191,011 shares to an employee per the employment agreement resulting in an increase of non-controlling
interest from 5.59% to 10.94%. The effective shareholding of the non-controlling interest for Otoz Thai increased to 10.95%.
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
March
31, 2023
(Unaudited)
The
following schedule discloses the effect to the Company’s equity due to the changes in the Company’s ownership interest in
Otoz and Otoz Thai.
SCHEDULE OF CHANGE IN OWNERSHIP INTEREST
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
For the Three Months |
|
|
For the Nine Months |
|
| |
|
Ended March 31, |
|
|
Ended March 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) attributable to NetSol |
|
$ |
2,544,623 |
|
|
$ |
(278,470 |
) |
|
$ |
(169,032 |
) |
|
$ |
1,316,284 |
|
| Transfer (to) from non-controlling interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Increase in paid-in capital for issuance of 191,011 shares of OTOZ Inc common stock |
|
|
- |
|
|
|
- |
|
|
|
120,565 |
|
|
|
- |
|
| Net transfer (to) from non-controlling interest |
|
|
- |
|
|
|
- |
|
|
|
120,565 |
|
|
|
- |
|
|
Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest
|
|
$ |
2,544,623 |
|
|
$ |
(278,470 |
) |
|
$ |
(48,467 |
) |
|
$ |
1,316,284 |
|
|