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Commitments and Contingencies
9 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 12 – COMMITMENTS AND CONTINGENCIES

Commitments

In addition to the operating lease commitment described in Note 11 above, the Company has multi-year agreements with certain vendors, which expire through 2025, to purchase software licenses, software support services, and cloud computing services. Additionally, the Company has a ten-year strategic partnership agreement with a third party to market and promote the Company’s online bill payment products that expires in June 2027.        

Future payments under these agreements are as follows as of March 31, 2021 (in thousands)

 

Fiscal years ending June 30:

 

Amount

 

Remainder of 2021

 

$

1,883

 

2022

 

 

8,885

 

2023

 

 

9,336

 

2024

 

 

5,496

 

2025

 

 

2,000

 

2026

 

 

1,750

 

Thereafter

 

 

1,750

 

Total

 

$

31,100

 

 

Litigation

From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of March 31, 2021, the estimate of the provision for litigation liability is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.