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Equity-Accounted Investments And Other Long-Term Assets (Tables)
 9 Months Ended
Mar. 31, 2021
Equity-Accounted Investments And Other Long-Term Assets [Abstract]  
Ownership Percentage Of Equity-Accounted Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

2020

 

 

Finbond Group Limited (“Finbond”)

 

31

%

 

31

%

 

 

Carbon Tech Limited (“Carbon”)

 

25

%

 

25

%

 

 

Revix (“Revix”)

 

25

%

 

25

%

 

 

SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”)

 

50

%

 

50

%

 

 

V2 Limited (“V2”)

 

50

%

 

50

%

 

 

Bank Frick & Co AG (“Bank Frick”)

 

-

%

 

35

%

 

 

Walletdoc Proprietary Limited (“Walletdoc”)

 

-

%

 

20

%

 
Calculation Of Loss On Disposal Of Bank Frick

 

 

 

 

 

 

February 3,

 

 

 

2021

 

 

Loss on sale of Bank Frick:

 

 

 

 

Consideration received in cash on February 3, 2021

$

18,600

 

 

Consideration received with note on February 3, 2021, refer to (Note 3) and other long-term assets below

 

11,400

 

 

Less: transaction costs

 

(42)

 

 

Less: carrying value of Bank Frick

 

(32,892)

 

 

Add: release of foreign currency translation reserve from accumulated other comprehensive loss

 

2,462

 

 

 

Loss on sale of Bank Frick(1)

$

(472)

 
Summary Of Movement In Equity-Accounted Investments

 

 

 

 

 

 

 

 

Bank Frick

 

Finbond

 

Other(1)

 

Total

 

 

Investment in equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

$

29,739

 

$

30,876

 

$

4,601

 

$

65,216

 

 

 

 

Stock-based compensation

 

-

 

 

(40)

 

 

-

 

 

(40)

 

 

 

 

Comprehensive (loss) income:

 

1,156

 

 

(18,579)

 

 

(987)

 

 

(18,410)

 

 

 

 

 

Other comprehensive income

 

-

 

 

1,688

 

 

-

 

 

1,688

 

 

 

 

 

Equity accounted (loss) earnings

 

1,156

 

 

(20,267)

 

 

(987)

 

 

(20,098)

 

 

 

 

 

 

Share of net (loss) income

 

1,156

 

 

(2,617)

 

 

(439)

 

 

(1,900)

 

 

 

 

 

 

Impairment

 

-

 

 

(17,650)

 

 

(548)

 

 

(18,198)

 

 

 

 

Dividends received

 

-

 

 

-

 

 

(125)

 

 

(125)

 

 

 

 

Disposal of equity-accounted investment

 

(32,892)

 

 

-

 

 

(13)

 

 

(32,905)

 

 

 

 

Foreign currency adjustment(2)

 

1,997

 

 

3,004

 

 

120

 

 

5,121

 

 

 

Balance as of March 31, 2021

$

-

 

$

15,261

 

$

3,596

 

$

18,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

$

-

 

$

-

 

$

620

 

$

620

 

 

 

 

Loans granted

 

-

 

 

-

 

 

1,238

 

 

1,238

 

 

 

 

Allowance for doubtful loans

 

-

 

 

-

 

 

(738)

 

 

(738)

 

 

 

 

Loans repaid

 

-

 

 

-

 

 

(134)

 

 

(134)

 

 

 

 

Foreign currency adjustment(2)

 

-

 

 

-

 

 

14

 

 

14

 

 

 

Balance as of March 31, 2021

$

-

 

$

-

 

$

1,000

 

$

1,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

Loans

 

Total

 

 

Carrying amount as of :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

$

65,216

 

$

620

 

$

65,836

 

 

 

 

March 31, 2021

 

 

 

$

18,857

 

$

1,000

 

$

19,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes Carbon, SmartSwitch Namibia, V2 and Walletdoc.

(2) The foreign currency adjustment represents the effects of the fluctuations of the Swiss franc, ZAR, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value.
Summary Of Other Long-Term Asset

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity investments

$

52,935

 

$

26,993

 

 

 

Investment in 15% of Cell C, at fair value (Note 5)

 

-

 

 

-

 

 

 

Investment in 12% of MobiKwik

 

52,935

 

 

26,993

 

 

 

Investment in 87.5% of CPS(1)

 

-

 

 

-

 

Total held to maturity investments

 

-

 

 

-

 

 

 

Investment in 7.625% of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625% notes

 

-

 

 

-

 

Long-term portion of amount due related to sale of interest in Bank Frick(2)

 

3,890

 

 

-

 

Long-term portion of amount due from DNI related to sale of remaining interest in DNI

 

-

 

 

2,857

 

Policy holder assets under investment contracts (Note 8)

 

441

 

 

490

 

Reinsurance assets under insurance contracts (Note 8)

 

1,181

 

 

1,006

 

 

 

Total other long-term assets

$

58,447

 

$

31,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) On October 16, 2020, the High Court of South Africa, Gauteng Division, Pretoria ordered that CPS be placed into liquidation.(2) Long-term portion of amount due related to sale of interest in Bank Frick represents the amount due by the purchaser in July 2022.
Summary Of Unrealized Gain (Loss) On Investments

 

 

 

 

 

 

 

 

 

 

 

Cost basis

 

 

Unrealized holding

 

 

Unrealized holding

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

 

gains

 

 

losses

 

 

value

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in MobiKwik

$

26,993

 

$

25,942

 

$

-

 

$

52,935

 

 

 

Investment in CPS

 

-

 

 

-

 

 

-

 

 

-

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in Cedar Cellular notes

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

 

Total

$

26,993

 

$

25,942

 

$

-

 

$

52,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost basis

 

 

Unrealized holding

 

 

Unrealized holding

 

 

Carrying

 

 

 

 

 

 

 

 

 

 

 

 

 

 

gains

 

 

losses

 

 

value

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in MobiKwik

$

26,993

 

$

-

 

$

-

 

$

26,993

 

 

 

Investment in CPS

 

-

 

 

-

 

 

-

 

 

-

 

 

Held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in Cedar Cellular notes

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

 

Total

$

26,993

 

$

-

 

$

-

 

$

26,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary Of Contractual Maturity Of Investment

 

 

 

 

 

 

 

 

 

Cost basis

 

 

Estimated fair value(1)

 

 

Due in one year or less

$

-

 

$

-

 

 

Due in one year through five years(2)

 

-

 

 

-

 

 

Due in five years through ten years

 

-

 

 

-

 

 

Due after ten years

 

-

 

 

-

 

 

 

 

Total

$

-

 

$

-

 

(1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company’s portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular’s investment in Cell C.

(2) The cost basis is zero ($0.0 million).