Quarterly report pursuant to Section 13 or 15(d)

Note 19 - Non-Controlling Inerest In Subsidiary

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Note 19 - Non-Controlling Inerest In Subsidiary
 6 Months Ended
Dec. 31, 2012
Noncontrolling Interest Disclosure [Text Block]
NOTE 19 – 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
December 31,
2012
 
             
NetSol PK
    35.46 %   $ 13,957,436  
NetSol-Innovation
    49.90 %     1,333,760  
VLS
    49.00 %     655,810  
                 
Total
          $ 15,947,006  

SUBSIDIARY
 
Non Controlling
Interest %
   
Non-Controlling
Interest at
June 30,
2012
 
                 
NetSol PK
    39.48 %   $ 13,600,492  
NetSol-Innovation
    49.90 %     1,076,833  
VLS
    49.00 %     722,096  
                 
Total
          $ 15,399,421  

(A) NETSOL TECHNOLOGIES, LIMITED

NetSol PK is majority owned by the Company. During the period ended December 31, 2012, the Company purchased 3,142,400 shares of NetSol PK from the open market against the value of $621,563. After this purchase, the non-controlling interest in NetSol PK was reduced from 39.48% to 35.46%.  For the six months ended December 31, 2012 and 2011, NetSol PK had net income of $4,408,358 and $1,847,135. The related non-controlling interest was $1,587,227 and $729,249, respectively. For the same period the Comprehensive loss attributable to non-controlling interest was $611,742 and $803,074 respectively.

Employees of the company also exercised options to acquire 18,000 shares of the subsidiary valued at $3,031.

(B) NETSOL INNOVATION (PRIVATE) LIMITED

For the six months ended December 31, 2012 and 2011, NetSol Innovation had net income of $589,819 and $501,681. The related non-controlling interest was $294,320 and $250,339, respectively. For the same period the Comprehensive loss attributable to non-controlling interest was $37,395 and $49,983 respectively.

(C) VIRTUAL LEASE SERVICES

For the six months ended December 31, 2012 and 2011, VLS had a net loss of $170,955 and $34,052. The related  non-controlling interest was $83,768 and $16,685, respectively. For the same period the Comprehensive income attributable to non-controlling interest was $17,482 and comprehensive loss $1,783 respectively.