Commitments And Contingencies

12 Months Ended

Jun. 30, 2024

Commitments And Contingencies [Abstract]

Commitments And Contingencies

22. COMMITMENTS AND CONTINGENCIES

Capital commitments

As of June 30, 2024 and 2023, the Company had outstanding capital commitments of approximately $

0.3

 million and $

0.1

million, respectively. 

Purchase obligations

As of June 30, 2024 and 2023, the Company had purchase obligations totaling $

2.5

 million and $

3.0

 million, respectively. The

purchase obligations as of June 30, 2024, primarily relate to POS devices, components for safe assets and inventory that will be

delivered to the Company and sold to customers in fiscal 2025.

Guarantees

The South African Revenue Service and certain of the Company’s customers, suppliers and other business partners have asked

the Company to provide them with guarantees, including standby letters of credit, issued by South African banks. The Company is

required to procure these guarantees for these third parties to operate its business.

Nedbank has issued guarantees to these third parties amounting to ZAR

2.1

 million ($

0.1

 million, translated at exchange rates

applicable as of June 30, 2024) thereby utilizing part of the Company’s short-term facilities. The Company pays commission of

between

0.47

% per annum to

1.84

% per annum of the face value of these guarantees and does not recover any of the commission from

third parties.

RMB has issued guarantees to these third parties amounting to ZAR

33.1

 million ($

1.8

 million, translated at exchange rates

applicable as of June 30, 2024) thereby utilizing part of the Company’s short-term facilities.

The Company has not recognized any obligation related to these guarantees in its consolidated balance sheet as of June 30, 2024.

The maximum potential amount that the Company could pay under these guarantees is ZAR

35.2

 million ($

1.9

 million, translated at

exchange rates applicable as of June 30, 2024). As discussed in Note 12, the Company has ceded and pledged certain bank accounts

to Nedbank as security for these guarantees with an aggregate value of ZAR

2.1

 million ($

0.1

 million translated at exchange rates

applicable as of June 30, 2024). The guarantees have reduced the amount available under its indirect and derivative facilities in the

Company’s short-term credit facility described in Note 12.

Contingencies

The Company is subject to a variety of insignificant claims and suits that arise from time to time in the ordinary course of

business. Management currently believes that the resolution of these other matters, individually or in the aggregate, will not have a

material adverse impact on the Company’s financial position, results of operations or cash flows.