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NON-CONTROLLING INTEREST IN SUBSIDIARY

12 Months Ended

Jun. 30, 2022

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:

 SCHEDULE OF BALANCE OF NON-CONTROLLING INTEREST

SUBSIDIARY		Non-Controlling Interest %				Non-Controlling Interest at June 30, 2022
NetSol PK			32.38	%		$	5,479,905
NetSol-Innovation			32.38	%			49,146
NetSol Thai			0.006	%			(196	)
OTOZ Thai			5.60	%			(30,768	)
OTOZ			5.59	%			(47,698	)
Total						$	5,450,389

SUBSIDIARY		Non-Controlling Interest %				Non-Controlling Interest at June 30, 2021
NetSol PK			33.88	%		$	7,101,883
NetSol-Innovation			33.88	%			136,611
NetSol Thai			0.006	%			(208	)
OTOZ Thai			0.006	%			(52	)
OTOZ			5.00	%			(22,761	)
Total						$	7,215,473

NetSol PK

During the year ended June 30, 2022, NetSol PK purchased 2,000,000 shares of common stock from open market for $950,352. Due to this purchase, the non-controlling interest decreased from 33.88% at June 30, 2021 to 32.38% at June 30, 2022. The following schedule discloses the effect to the Company’s equity due to the changes in the Company’s ownership interest in NetSol PK.

SCHEDULE OF CHANGE IN OWNERSHIP INTEREST

			1				1
		For the Years
		Ended June 30,
		2022				2021
Net income (loss) attributable to NetSol		$	(851,156	)		$	1,778,257
Transfer (to) from non-controlling interest
Increase in paid-in capital for purchase of 2,000,000 treasury shares of NetSol Pk’s common stock			36,403				-
Net transfer (to) from non-controlling interest			36,403				-
Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest		$	(814,753	)		$	1,778,257

X

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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