Joint Venture (Tables)

12 Months Ended

Jun. 30, 2024

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):

	June 30, 2024			June 30, 2023
Carrying value of investment in joint venture	$	9,826		$	15,128
Deferred intra-entity profit margin		9,835			5,737
Equity method goodwill		(4,720	)		(4,720	)
Proportional share of equity investment in joint venture	$	14,941		$	16,145

Summary of Financial Information of Joint Ventures (Operations Data)

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

Statement of Operations Data:	Twelve Months Ended March 31, 2024		Twelve Months Ended March 31, 2023		Twelve Months Ended March 31, 2022
Revenue	$	114,942	$	109,097	$	55,190
Gross profit	$	22,137	$	21,522	$	15,915
Net income	$	3,750	$	5,280	$	422
Net income attributable to the Company	$	1,838	$	2,572	$	241

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

Summarized Balance Sheet Data:	As of March 31, 2024		As of March 31, 2023
Assets
Current assets	$	102,500	$	87,662
Non current assets		12,425		16,504
Total assets	$	114,925	$	104,166
Liabilities and Stockholders' Equity
Current liabilities	$	79,300	$	70,189
Non current liabilities		113		398
Stockholder's equity		35,512		33,579
Total liabilities and stockholders' equity	$	114,925	$	104,166

Schedule of Deferred Intra Entity Profit Margin from Sales to the Joint Ventures

The following table shows the activity of the Company’s deferred intra-entity profit margin from sales to the JV (in thousands):

	Years Ended June 30,
	2024			2023			2022
Deferred intra-entity profit margin recognized on sales to the JV	$	9,061		$	10,436		$	4,007
Deferred intra-entity profit margin on sales to the JV		(13,159	)		(10,718	)		(7,307	)
Net deferred profit margin on sales to the JV (1)	$	(4,098	)	$	(282	)	$	(3,300	)

(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.