NETSOL Technologies, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions	3 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 RELATED PARTY TRANSACTIONS NetSol-Innovation In November 2004, the Company entered into a joint venture agreement with 1insurer (formerly Innovation Group) called NetSol-Innovation. NetSol-Innovation provides support services to 1insurer. During the three months ended September 30, 2016 and 2015, NetSol-Innovation provided services of $1,555,475 and $1,897,799, respectively. Accounts receivable at September 30, 2016 and June 30, 2016 were $5,099,633 and $4,689,322, respectively. Investec Asset Finance In October 2011, NTE entered into an agreement with Investec Asset Finance to acquire VLS. NTE and VLS both provide support services to Investec. During the three months ended September 30, 2016 and 2015, NTE and VLS provided license, maintenance and services of $736,685 and $447,840, respectively. Accounts receivable at September 30, 2016 and June 30, 2016 were $284,940 and $1,001,856, respectively. Revenue in excess of billing at September 30, 2016 and June 30, 2016 were $682,049 and $804,168, respectively. G-Force LLC Najeeb Ghauri, CEO and Chairman of the Board, and Naeem Ghauri, Director, have a financial interest in G-Force LLC which purchased a 4.9% investment in eeGeo, Inc. for $1,111,111. G-Force LLC paid $555,556 at the initial closing and $555,555 on September 1, 2016. See Note 8 Other Long Term Assets.

Related Party Transactions

3 Months Ended

Sep. 30, 2016

NOTE 5 RELATED PARTY TRANSACTIONS

NetSol-Innovation

In November 2004, the Company entered into a joint venture agreement with 1insurer (formerly Innovation Group) called NetSol-Innovation. NetSol-Innovation provides support services to 1insurer. During the three months ended September 30, 2016 and 2015, NetSol-Innovation provided services of $1,555,475 and $1,897,799, respectively. Accounts receivable at September 30, 2016 and June 30, 2016 were $5,099,633 and $4,689,322, respectively.

Investec Asset Finance

In October 2011, NTE entered into an agreement with Investec Asset Finance to acquire VLS. NTE and VLS both provide support services to Investec. During the three months ended September 30, 2016 and 2015, NTE and VLS provided license, maintenance and services of $736,685 and $447,840, respectively. Accounts receivable at September 30, 2016 and June 30, 2016 were $284,940 and $1,001,856, respectively. Revenue in excess of billing at September 30, 2016 and June 30, 2016 were $682,049 and $804,168, respectively.

G-Force LLC

Najeeb Ghauri, CEO and Chairman of the Board, and Naeem Ghauri, Director, have a financial interest in G-Force LLC which purchased a 4.9% investment in eeGeo, Inc. for $1,111,111. G-Force LLC paid $555,556 at the initial closing and $555,555 on September 1, 2016. See Note 8 Other Long Term Assets.