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NON-CONTROLLING INTEREST IN SUBSIDIARY

9 Months Ended

Mar. 31, 2023

Noncontrolling Interest [Abstract]

NON-CONTROLLING INTEREST IN SUBSIDIARY

NOTE 18 – 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 March 31, 2023
NetSol PK			32.38	%		$	3,630,559
NetSol-Innovation			32.38	%			(123,724	)
NAMECET			32.38	%			(3,608	)
NetSol Thai			0.006	%			(197	)
OTOZ Thai			10.95	%			(43,064	)
OTOZ			10.94	%			(156,930	)
Total						$	3,303,036

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

The Company’s subsidiary, Otoz, issued 191,011 shares to an employee per the employment agreement resulting in an increase of non-controlling interest from 5.59% to 10.94%. The effective shareholding of the non-controlling interest for Otoz Thai increased to 10.95%.

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2023

(Unaudited)

The following schedule discloses the effect to the Company’s equity due to the changes in the Company’s ownership interest in Otoz and Otoz Thai.

 SCHEDULE OF CHANGE IN OWNERSHIP INTEREST

		2023				2022				2023				2022
		For the Three Months								For the Nine Months
		Ended March 31,								Ended March 31,
		2023				2022				2023				2022
Net income (loss) attributable to NetSol		$	2,544,623			$	(278,470	)		$	(169,032	)		$	1,316,284
Transfer (to) from non-controlling interest
Increase in paid-in capital for issuance of 191,011 shares of OTOZ Inc common stock			-				-				120,565				-
Net transfer (to) from non-controlling interest			-				-				120,565				-
Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest		$	2,544,623			$	(278,470	)		$	(48,467	)		$	1,316,284

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
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//810/tableOfContent

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- References

No definition available.

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