| Schedule of Other Long Term Assets |
| |
|
|
|
As of
December 31, 2016
|
|
|
As of
June 30, 2016
|
|
| Investment |
(1 |
) |
|
$ |
1,975,527 |
|
|
$ |
720,350 |
|
| Long Term Security Deposits |
|
|
|
|
79,411 |
|
|
|
122,203 |
|
| Total |
|
|
|
$ |
2,054,938 |
|
|
$ |
842,553 |
|
| (1) |
Investment under cost method |
| |
|
|
| |
● |
On March 2, 2016, the Company purchased a 4.9% interest in eeGeo a non-public company for $1,111,111. The Company paid $555,556 at the initial closing and $555,555 on September 1, 2016. NetSol PK, the subsidiary of the Company, purchased a 12.2% investment in eeGeo, for $2,777,778 which will be earned over future periods by providing IT and enterprise software solutions. Per the agreement, NetSol PK is to provide a minimum of $200,000 of services in each three-month period and the entire balance is required to be provided within three years of the date of the agreement. If NetSol PK fails to provide the future services, it may be required to forfeit the shares back to eeGeo. During the six months ended December 31, 2016, NetSol PK paid $150,000 to eeGeo for its share of investment. During the three and six months ended December 31, 2016, NetSol PK provided services valued at $300,963 and $549,621, respectively. As of December 31, 2016, the accumulated balance of services provided was $714,416 which is recorded as investment. |
|