Note 5 - Other Comprehensive Income & Foreign Currency |
3 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Comprehensive Income (Loss) Note [Text Block] |
NOTE
5 – OTHER COMPREHENSIVE INCOME & FOREIGN
CURRENCY:
The
accounts of NetSol UK and NTE use the British Pound; NetSol
PK, Connect, and NetSol Innovation use Pakistan Rupees; NTPK
Thailand uses Thai Baht and Abraxas uses the Australian
dollar as the functional currencies. NetSol
Technologies, Inc., and subsidiaries, NTNA and Vroozi, Inc.,
use the U.S. dollar as the functional
currency. Assets and liabilities are translated at
the exchange rate on the balance sheet date, and operating
results are translated at the average exchange rate
throughout the period. Accumulated translation
losses of $9,362,762 and $8,805,922 as of September 30, 2011
and June 30, 2011, respectively, are classified as an item of
accumulated other comprehensive loss in the
stockholders’ equity section of the consolidated
balance sheet. During the three months ended September 30,
2011 and 2010, comprehensive loss in the consolidated
statements of operations included translation loss of
$556,839 and $269,014 respectively.
|