XML 40 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1
Joint Venture (Tables)
6 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Reconciliation Between the Carrying Value of Investment and Proportional Share of Underlying Equity in Net Assets of Joint Ventures

The following table shows the reconciliation between the carrying value of the Company's investment in the JV and its proportional share of the underlying equity in net assets of the JV (in thousands):

 

 

 

December 31,
 2023

 

 

June 30,
2023

 

Carrying value of investment in joint venture

 

$

14,536

 

 

$

15,128

 

Deferred intra-entity profit margin

 

 

5,443

 

 

 

5,737

 

Equity method goodwill

 

 

(4,720

)

 

 

(4,720

)

Proportional share of equity investment in joint venture

 

$

15,259

 

 

$

16,145

 

 

Summary of Financial Information of Joint Ventures (Operations Data)

Summarized financial information of the JV is as follows (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

Statement of Operations Data:

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

22,457

 

 

$

23,983

 

 

$

54,312

 

 

$

50,723

 

Gross profit

 

 

2,800

 

 

 

3,719

 

 

 

8,613

 

 

 

8,315

 

Net income (loss)

 

 

(872

)

 

 

(1,416

)

 

 

7

 

 

 

(2,168

)

Net income (loss) attributable to the Company

 

 

(427

)

 

 

(699

)

 

 

4

 

 

 

(1,067

)

Summary of Financial Information of Joint Ventures (Balance Sheet Data)

Summarized Balance Sheet Data:

 

As of
September 30, 2023

 

 

As of
September 30, 2022

 

Assets

 

 

 

 

 

 

Current assets

 

$

94,504

 

 

$

74,525

 

Non-current assets

 

 

13,576

 

 

 

17,658

 

Total assets

 

$

108,080

 

 

$

92,183

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Current liabilities

 

$

76,338

 

 

$

66,618

 

Non-current liabilities

 

 

174

 

 

 

669

 

Stockholders' equity

 

 

31,568

 

 

 

24,896

 

Total liabilities and stockholders' equity

 

$

108,080

 

 

$

92,183

 

Schedule of Net Revenue Recognized From Intra Entity Profit Margin

The following table shows the activity of the Company’s net revenue recognized from intra-entity profit margin from sales (in thousands):

 

 

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Sales recognized from released deferred intra-entity profit margin

 

$

4,728

 

 

$

4,067

 

 

$

6,313

 

 

$

6,415

 

Deferred intra-entity profit margin from sales

 

 

(2,858

)

 

 

(3,042

)

 

 

(6,019

)

 

 

(5,429

)

Net revenue recognized from intra-entity profit margin from sales (1)

 

$

1,870

 

 

$

1,025

 

 

$

294

 

 

$

986

 

 

(1)
Profit earned by the Company from the JV is eliminated through cost of goods sold until it is realized; such profits would generally be considered realized when the inventory has been sold through to third parties.