Note 19 - Subsequent Events |
3 Months Ended |
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Sep. 30, 2011 | |
| Subsequent Events [Text Block] |
NOTE
19 - SUBSEQUENT EVENTS
On
October 13, 2011, the Company issued 187,500 shares to its
directors against compensation for which the expenses have
already been recorded in shares to be issued as at September
30, 2011.
On
October 13, 2011, the Company issued 40,000 shares to its
independent directors against compensation for which the
expenses have already been recorded in shares to be issued as
at September 30, 2011.
On
October 13, 2011, the Company issued 200,000 shares to its
employee against exercise of options.
On
October 20, 2011, NetSol Technologies Europe, Ltd.
(“NTE”) entered into a joint venture agreement
with Investec Asset Finance, PLC (“Investec’) to
form Virtual Lease Services Holdings Limited, a company
formed under the laws of England and Wales (“VLS
Holdings”) for the purpose of acquiring Virtual Lease
Services, Limited, a company formed under the laws of England
and Wales (“VLS”). In the stock
purchase agreement by and between the parties, VLS Holdings
acquired 100% of the issued and outstanding shares of common
stock of VLS in exchange for cash in the amount of
£1,293,238.78. Under the terms of the
VLS Holdings shareholders’ agreement, NTE shall hold
51% of equity of VLS Holdings and Investec shall own 49% of
VLS Holdings.
On
October 24, 2011, the company filed a S3- $40 MN universal
shelf registration statement with SEC.
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