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Note 17 - Non-Controlling Interest In Subsidiary
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Sep. 30, 2013
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest Disclosure [Text Block] |
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. For the three months ended September 30, 2013 and 2012, NetSol PK had net income of $1,286,605 and $606,090, respectively. The related non-controlling interest was $460,219 and $239,284, respectively. For the same period the Comprehensive loss attributable to non-controlling interest was $1,167,688, and $237,743, respectively.
Employees of the company also exercised options to acquire 1,174,000 shares of the subsidiary valued at $176,280.
(B) NETSOL INNOVATION (PRIVATE) LIMITED
For the three months ended September 30, 2013 and 2012, NetSol Innovation had net income of $501,344 and $256,535. The related non-controlling interest was $250,171 and $128,011, respectively. For the same period the Comprehensive loss attributable to non-controlling interest was $70,418 and $12,356 respectively.
(C) VIRTUAL LEASE SERVICES
For the three months ended September 30, 2013 and 2012, VLS had a net loss of $90,879 and $64,620. The related, non-controlling interest was $44,531 and $31,664, respectively. For the same period the comprehensive income attributable to non-controlling interest was $17,572 and $17,543 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 three months ended September 30, 2013 Vroozi® had a net loss of $348,648, of which $31,692 has been recorded as non-controlling interest.
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