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NON-CONTROLLING INTEREST IN SUBSIDIARY
3 Months Ended
Sep. 30, 2024
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTEREST IN SUBSIDIARY

NOTE 16 – 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

September 30, 2024

 
         
NetSol PK   32.38%  $5,498,409 
NetSol-Innovation   32.38%   (486,522)
NAMECET   32.38%   (26,026)
NetSol Thai   0.006%   (178)
OTOZ Thai   0.66%   90,905 
OTOZ   0.65%   (58,913)
Total       $5,017,675 

 

SUBSIDIARY 

Non-Controlling

Interest %

  

Non-Controlling

Interest at

June 30, 2024

 
         
NetSol PK   32.38%  $4,679,101 
NetSol-Innovation   32.38%   137,232 
NAMECET   32.38%   (21,014)
NetSol Thai   0.006%   (163)
OTOZ Thai   5.60%   (17,483)
OTOZ   5.59%   (83,255)
Total       $4,694,418 

 

In September 2024, the Company’s subsidiary, Otoz®, repurchased 157,895 shares from one of its shareholders for $7,895, resulting in a decrease of non-controlling interest from 5.59% to 0.65%. The effective shareholding of the non-controlling interest for Otoz® Thai decreased to 0.66%.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2024

(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.

 

         
  

For the Three Months

Ended September 30,

 
   2024   2023 
         
Net income (loss) attributable to NetSol  $70,795   $30,890 
Transfer (to) from non-controlling interest          
Decrease in paid-in capital for purchase of 157,895 shares of OTOZ Inc common stock   (135,119)     
Net transfer (to) from non-controlling interest   (135,119)   - 
Change from net income (loss) attributable to NetSol and transfer (to) from non-controlling interest  $(64,324)  $30,890