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Note 1 - Basis of Presentation and Principles of Consolidation
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6 Months Ended |
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Dec. 31, 2011
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| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
NOTE
1 - BASIS OF PRESENTATION AND PRINCIPLES OF
CONSOLIDATION
The
Company designs, develops, markets, and exports proprietary
software products to customers in the automobile finance and
leasing, banking, healthcare, and financial services
industries worldwide. The Company also provides
system integration, consulting, IT products and services in
exchange for fees from customers.
The
consolidated condensed interim financial statements included
herein have been prepared by the Company, without audit,
pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and
footnote disclosures normally included in financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Company believes
that the disclosures are adequate to make the information
presented not misleading.
These
statements reflect all adjustments, consisting of normal
recurring adjustments, which, in the opinion of management,
are necessary for fair presentation of the information
contained therein. It is suggested that these
consolidated condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the Company’s annual report on
Form 10-K for the year ended June 30,
2011. The Company follows the same accounting
policies in preparation of interim
reports. Results of operations for the interim
periods are not indicative of annual results.
The
accompanying consolidated financial statements include the
accounts of NetSol Technologies, Inc. and subsidiaries
(collectively, the “Company”) as follows:
Wholly-owned
Subsidiaries
NetSol
Technologies North America, Inc. (“NTNA”)
NetSol
Technologies Limited (“NetSol UK”)
NetSol
Connect (Private), Ltd. (“Connect)
NetSol-Abraxas
Australia Pty Ltd. (“Abraxas”)
NetSol
Technologies Europe Limited (“NTE”)
NTPK
(Thailand) Co. Limited (“NTPK Thailand”)
Vroozi,
Inc. (“Vroozi”)
Majority-owned
Subsidiaries
NetSol
Technologies, Ltd. (“NetSol PK”)
NetSol
Innovation (Private) Limited (“NetSol
Innovation”)
Virtual
Lease Services Holdings Limited (“VLSH”)
Virtual
Lease Services Limited (“VLS”)
Hanover
Asset Finance (Ireland) Limited (“HAFL”)
For
comparative purposes, prior year’s consolidated
financial statements have been reclassified to conform to
report classifications of the current year.
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