Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interest in Subsidiary

v3.4.0.3
Non-Controlling Interest in Subsidiary
9 Months Ended
Mar. 31, 2016
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

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, 2016
 
             
NetSol PK     33.40 %   $ 10,333,383  
NetSol-Innovation     49.90 %     3,347,352  
VLS, VLSH & VLSIL Combined     49.00 %     320,723  
Total           $ 14,001,458  

 

SUBSIDIARY   Non Controlling Interest %     Non-Controlling
Interest at
June 30, 2015
 
             
NetSol PK     34.90 %   $ 11,411,954  
NetSol-Innovation     49.90 %     2,035,548  
VLS, VLHS & VLSIL Combined     49.00 %     393,139  
Total           $ 13,840,641  

 

NETSOL TECHNOLOGIES, LIMITED

 

During the nine months ended March 31, 2016, employees of the NetSol PK exercised 108,000 options of common stock pursuant to employees exercising stock options and NetSol PK received cash $16,744. The Company purchased 1,374,000 shares of common stock of NetSol PK from the open market for $767,397, resulting in an overall decrease in non-controlling interest from 34.90% to 33.40%.