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Related Party Transactions
12 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS

 

NetSol-Innovation

 

In November 2004, the Company entered into a joint venture agreement with the Innovation Group called NetSol-Innovation. NetSol-Innovation provides support services to the Innovation Group. During the years ended June 30, 2015 and 2014, NetSol Innovation provided services of $6,043,617 and $4,970,794, respectively. Accounts receivable at June 30, 2015 and 2014 were $3,226,733 and $2,232,610, respectively.

 

Investec Asset Finance

 

In October 2011, NTE entered into an agreement with Investec Asset Finance to acquire VLS. NTE and VLS provide support services to Investec. During the year ended June 30, 2015 and 2014, NTE and VLS provided maintenance and services of $1,652,077 and $715,567, respectively. Accounts receivable at June 30, 2015 and 2014 were $265,166 and $183,890, respectively.