| NON-CONTROLLING INTEREST IN SUBSIDIARY |
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
December 31, 2024 |
|
| |
|
|
|
|
|
|
| NetSol PK |
|
|
32.38 |
% |
|
$ |
5,163,259 |
|
| NetSol-Innovation |
|
|
32.38 |
% |
|
|
(538,843 |
) |
| NAMECET |
|
|
32.38 |
% |
|
|
(31,713 |
) |
| NetSol Thai |
|
|
0.006 |
% |
|
|
(169 |
) |
| OTOZ Thai |
|
|
0.01 |
% |
|
|
20 |
|
| OTOZ |
|
|
0.00 |
% |
|
|
- |
|
| Total |
|
|
|
|
|
$ |
4,592,554 |
|
| 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 |
|
During
the six months ended December 31, 2024, the Company acquired the remaining 177,558 minority shares from the non-controlling shareholders
for $8,878. As a result, the Company’s ownership interest increased, reducing the non-controlling interest from 5.59% to 0.0%.
The effective non-controlling interest in Otoz® Thai decreased to 0.01%.
NETSOL
TECHNOLOGIES, INC.
Notes
to Condensed Consolidated Financial Statements
December
31, 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
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
For the Three Months
Ended December 31, |
|
|
For the Six Months
Ended December 31, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to NetSol
|
|
$ |
(1,147,042 |
) |
|
$ |
408,316 |
|
|
$ |
(1,076,247 |
) |
|
$ |
439,206 |
|
|
Transfer to (from) non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease in paid-in capital for purchase of 177,558 shares of OTOZ Inc common stock |
|
|
(31,004 |
) |
|
|
|
|
|
|
(166,123 |
) |
|
|
- |
|
| Net transfer to (from) non-controlling interest |
|
|
(31,004 |
) |
|
|
- |
|
|
|
(166,123 |
) |
|
|
- |
|
|
Change from net income (loss) attributable to NetSol and transfer to (from) non-controlling interest
|
|
$ |
(1,178,046 |
) |
|
$ |
408,316 |
|
|
$ |
(1,242,370 |
) |
|
$ |
439,206 |
|
|