Quarterly report pursuant to Section 13 or 15(d)

Note 17 - Non-Controlling Interest In Subsidiary

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Note 17 - Non-Controlling Interest In Subsidiary
 9 Months Ended
Mar. 31, 2014
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Disclosure [Text Block]
NOTE 17 – 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 
March 31, 2014
 
             
NetSol PK
    36.37 %   $ 14,837,377  
NetSol-Innovation
    49.90 %     1,274,879  
VLS, VLHS & VLSIL Combined
    49.00 %     260,789  
Total
          $ 16,373,045  

SUBSIDIARY
 
Non Controlling
Interest %
   
Non-Controlling
Interest at 
June 30, 2013
 
             
NetSol PK
    34.81 %   $ 15,593,585  
NetSol-Innovation
    49.90 %     1,161,649  
VLS, VLHS & VLSIL Combined
    49.00 %     481,121  
Vroozi
    9.09 %     34,908  
Total
          $ 17,271,263  

NETSOL TECHNOLOGIES, LIMITED

During the nine months ended March 31, 2014, NetSol PK had the following equity transactions:

·
Paid a cash dividend of $743,363.

·
Declared a 10% stock dividend.

·
Issued 2,069,500 shares of common stock and received cash of $314,585 pursuant to employees exercising stock options.

In addition, during the nine months ended March 31, 2014, the Company purchased 42,500 shares of NetSol PK's common stock from the open market for $17,667.

NETSOL INNOVATION (PVT) LIMITED

During the nine months ended March 31, 2014, NetSol-Innovation paid a cash dividend of $1,500,000.

VROOZI, INC.

On March 31, 2014, the Company sold 100% of its shares in Vroozi. (See Note 16 Discontinued Operations.)