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Non-Controlling Interest in Subsidiary
12 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Non-Controlling Interest in Subsidiary

NOTE 22 – 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

June 30, 2020

 
             
NetSol PK     33.88 %   $ 6,361,747  
NetSol-Innovation     33.88 %     128,514  
NetSol Thai     0.006 %     (39 )
OTOZ Thai     0.006 %     4  
OTOZ     5.00 %     (1,326 )
Total           $ 6,488,900  

 

SUBSIDIARY   Non-Controlling Interest %    

Non-Controlling Interest at

June 30, 2019

 
             
NetSol PK     33.80 %   $ 6,993,491  
NetSol-Innovation     49.90 %     1,421,528  
NetSol Thai     0.006 %     (32 )
Total           $ 8,414,987  

 

NetSol PK

 

During the years ended June 30, 2020 and 2019, employees of NetSol PK exercised 114,000 and 20,000 options of common stock and NetSol PK received cash of $11,261 and $2,650, respectively. Due to the exercise of options, the non-controlling interest increased from 33.80% at June 30, 2019 to 33.88% at June 30, 2020.

 

During the years ended June 30, 2020 and 2019, NetSol PK paid a cash dividend of $1,610,909 and $1,675,936, respectively.

 

NetSol Innovation

 

During the year ended June, 30, 2020, the Company’s subsidiary NetSol PK purchased NetSol Innovation, from Insurer for $89,425. Due to this purchase, the non-controlling interest decreased from 49.90% at June 30, 2019 to 33.88% at June 30, 2020.

 

During the year ended June 30, 2020, NetSol Innovation paid a cash dividend of $2,778,453.