|
NOTE
16 – 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
September
30, 2024
|
|
| |
|
|
|
|
|
|
| NetSol
PK |
|
|
32.38 |
% |
|
$ |
5,498,409 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(486,522 |
) |
| NAMECET |
|
|
32.38 |
% |
|
|
(26,026 |
) |
| NetSol
Thai |
|
|
0.006 |
% |
|
|
(178 |
) |
| OTOZ
Thai |
|
|
0.66 |
% |
|
|
90,905 |
|
| OTOZ |
|
|
0.65 |
% |
|
|
(58,913 |
) |
| Total |
|
|
|
|
|
$ |
5,017,675 |
|
| SUBSIDIARY |
|
Non-Controlling
Interest
%
|
|
|
Non-Controlling
Interest
at
June
30, 2024
|
|
| |
|
|
|
|
|
|
| NetSol
PK |
|
|
32.38 |
% |
|
$ |
4,679,101 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
137,232 |
|
| NAMECET |
|
|
32.38 |
% |
|
|
(21,014 |
) |
| NetSol
Thai |
|
|
0.006 |
% |
|
|
(163 |
) |
| OTOZ
Thai |
|
|
5.60 |
% |
|
|
(17,483 |
) |
| OTOZ |
|
|
5.59 |
% |
|
|
(83,255 |
) |
| Total |
|
|
|
|
|
$ |
4,694,418 |
|
In
September 2024, the Company’s subsidiary, Otoz®, repurchased 157,895 shares from one of its shareholders for $7,895, resulting
in a decrease of non-controlling interest from 5.59% to 0.65%. The effective shareholding of the non-controlling interest for Otoz®
Thai decreased to 0.66%.
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
September
30, 2024
(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
| |
|
|
|
|
|
|
| |
|
For
the Three Months
Ended
September 30,
|
|
| |
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
| Net
income (loss) attributable to NetSol |
|
$ |
70,795 |
|
|
$ |
30,890 |
|
| Transfer
(to) from non-controlling interest |
|
|
|
|
|
|
|
|
| Decrease
in paid-in capital for purchase of 157,895 shares of OTOZ Inc common stock |
|
|
(135,119 |
) |
|
|
|
|
| Net
transfer (to) from non-controlling interest |
|
|
(135,119 |
) |
|
|
- |
|
| Change
from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest |
|
$ |
(64,324 |
) |
|
$ |
30,890 |
|
|