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Note 19 - Non-Controlling Interest In Subsidiary
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Mar. 31, 2013
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| 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:
(A)
NETSOL TECHNOLOGIES, LIMITED
NetSol
PK is majority owned by the Company. During the period ended
March 31, 2013, the Company purchased 4,071,400 shares of
NetSol PK from the open market against the value of $799,349.
After this purchase, the non-controlling interest in NetSol
PK was reduced from 39.48% to 34.35%. For the nine
months ended March 31, 2013 and 2012, NetSol PK had net
income of $7,278,370 and $3,229,747 respectively. The related
non-controlling interest was $2,573,076 and $1,275,104,
respectively. For the same period the Comprehensive loss
attributable to non-controlling interest was $1,012,448 and
$957,938 respectively.
Employees
of the company also exercised options to acquire 108,000
shares of the subsidiary valued at $17,871.
(B)
NETSOL INNOVATION (PRIVATE) LIMITED
For
the nine months ended March 31, 2013 and 2012, NetSol
Innovation had net income of $875,704 and $788,053. The
related non-controlling interest was $436,977 and $393,238,
respectively. For the same period the Comprehensive loss
attributable to non-controlling interest was $66,688 and
$60,340 respectively.
(C)
VIRTUAL LEASE SERVICES
For
the nine months ended March 31, 2013 and 2012, VLS had a net
loss of $444,591 and $66,246. The related, non-controlling
interest was $217,850 and $32,460, respectively. For the same
period the comprehensive loss attributable to non-controlling
interest was $5,779 and comprehensive income $16,702
respectively.
(D)
VROOZI, INC.
During
the quarter ended March 31, 2013, the subsidiary company
issued shares worth of $100,000 to one employee against his
services. As a result, the status of the subsidiary has been
changed from wholly owned subsidiary to majority owned
subsidiary. For the nine months ended March 31, 2013 Vroozi
had a net loss of $1,915,091 out of which $26,040 has been
recorded as non-controlling interest.
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