Subsequent event (unaudited)

12 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent event (unaudited)

Subsequent event (unaudited)

In August 2019, we sold our advertising delivery platform (the Ads Business) to inMarket Media, LLC, or inMarket, a provider of digital advertising services. Upon the terms and subject to the conditions of the Asset Purchase Agreement, inMarket acquired substantially all of the assets and assumed certain liabilities related to and used in the Ads Business. In exchange, inMarket issued to Telenav units of inMarket representing a 14.5% member interest in inMarket at the time of closing of the transaction. In addition, inMarket granted to Telenav a perpetual, non-exclusive, irrevocable, royalty-free, license back to the software and other intellectual property rights being assigned to inMarket as part of the inMarket Transaction.

In connection with the agreement, we expect to assign our interest in our Culver City, California and Chicago, Illinois office leases to inMarket or to terminate such leases, resulting in a decrease in future minimum operating lease payments totaling $1.4 million.

We will report the operating results of the Ads Business as discontinued operations in our condensed consolidated financial statements for the first quarter of fiscal 2020 and for all prior comparative periods. Our pro forma results of operations for fiscal 2019, assuming the sale of the Ads Business had been completed on June 30, 2019, was as follows:

	Fiscal Year Ended
	June 30, 2019
Pro forma results of operations
Loss from continuing operations	$	(25,556	)
Net loss	$	(32,488	)
Pro forma loss per share
Continuing operations	$	(0.56	)
Net loss	$	(0.71	)

Assets transferred to inMarket or written off and liabilities assumed by inMarket or written off in connection with the inMarket Transaction totaled less than 5% and less than 1% of our consolidated total assets and consolidated total liabilities, respectively, at June 30, 2019.