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Note 13 - Other Payable and Common Stock to be Issued
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6 Months Ended |
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Dec. 31, 2011
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| Other Payable And Common Stock To Be Issued Textblock |
NOTE
13 – OTHER PAYABLE AND COMMON STOCK TO BE ISSUED
On
June 30, 2006, the Company acquired McCue Systems, Inc.
(“McCue”), a California corporation (subsequently
renamed as NetSol Technologies North America, Inc.) The total
purchase price was $7,080,385, including $3,784,635 of cash
and 1,712,332 shares of the Company’s common stock. Of
the total purchase price, the accompanying consolidated
financial statements include certain amounts payable to McCue
shareholders that have not been located as of the date of
this report.
As
of the period-ended December 31, 2011 and June 30, 2011, the
remaining cash due of $103,226 is shown as “Other
Payable” and the remaining stock to be issued of 46,704
shares at an average price of $1.89 is shown in “Common
stock to be issued” in the accompanying consolidated
financial statements.
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