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Strategic Investments
 12 Months Ended
Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Strategic Investments
NOTE 5: STRATEGIC INVESTMENTS
Cash Converters International Limited
On October 1, 2021, we purchased an additional 13 million shares of Cash Converters International Limited ("Cash Converters") for $2.5 million. This purchase increased our total ownership in Cash Converters to 236,702,991 shares, representing a 37.7% ownership interest. Additionally, on October 14, 2021, we received a cash dividend of $1.7 million from Cash Converters.
On March 10, 2022, we purchased an additional 5.5 million shares of Cash Converters for $1.0 million. This purchase increased our total ownership in Cash Converters to 242,239,157 shares, representing a 38.6% ownership interest.
On April 5, 2022, we acquired an additional 13 million shares for $2.5 million, bringing our total ownership to 255,239,157 shares, representing an ownership interest of 40.7%. Additionally, on April 14, 2022, we received a cash dividend of $1.7 million from Cash Converters.
On September 15, 2022, we acquired an additional 5.7 million shares for $0.9 million, bringing our total ownership to 260,939,157 shares, representing an ownership interest of 41.6%.
As of September 30, 2022, we owned 260,939,157 shares, or approximately 41.6%, of Cash Converters. Since September 30, 2022, we have acquired an additional 13 million shares, bringing our total ownership as of November 2, 2022 to 273,939,157 shares representing an ownership interest of 43.7%. See Note 16: Subsequent Events. We acquired our original investment (representing approximately 30% of the outstanding shares) in November 2009 and have increased our ownership through the acquisition of additional shares periodically since that time.
Our equity in Cash Converters’s net income was $2.9 million and $4.3 million in fiscal 2022 and 2021, respectively, and our equity in net loss was $2.1 million in fiscal 2020. Cash Converters did not declare or pay a dividend in fiscal 2020. Cash Converters’s accumulated undistributed after-tax earnings included in our consolidated retained earnings were $15.9 million as of September 30, 2022.
The following tables present summary financial information for Cash Converters’s most recently reported results as applicable after translation to U.S. dollars:
 June 30,
(in thousands)20222021
Current assets$158,987 $167,553 
Non-current assets170,798 191,788 
Total assets$329,785 $359,341 
Current liabilities$59,256 $61,395 
Non-current liabilities53,045 57,511 
Shareholders’ equity217,484 240,435 
Total liabilities and shareholders’ equity$329,785 $359,341 

 Fiscal Year Ended June 30,
(in thousands)202220212020
Gross revenues$178,215 $150,165 $187,025 
Gross profit$116,106 $105,851 $112,511 
Net profit (loss)$8,099 $12,081 $(7,032)
At September 30, 2022, 2021 and 2020, the fair value of our investment in Cash Converters, as estimated by reference to its quoted market price per share, was greater than its carrying value.
Founders One, LLC
In October 2021, we invested $15.0 million in exchange for a non-redeemable voting participating preferred equity interest in Founders One, LLC (“Founders”), a newly-formed entity with one other member. Founders used that $15.0 million to acquire an equity interest in Simple Management Group, Inc. (“SMG”), which owns and operates 21 pawn stores principally in the Caribbean region, with plans to build and acquire more stores in that region. The investment in Founders is a variable interest entity, but because the Company is not the primary beneficiary, we do not consolidate it. Further, as we are not the appointed manager, we do not have the ability to direct the activities of the investment entity that most significantly impact its economic performance. Consequently, our investment in Founders is accounted for utilizing the measurement alternative within ASC 321, Investments — Equity Securities. Our $15.0 million carrying value of the investment is
included in “Other investments” in our consolidated balance sheets. Our maximum exposure for losses in this investment is its contributed investment of $15.0 million.