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Acquisitions (Tables)

12 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisition Consideration Transferred

The acquisition date fair value of the consideration transferred for Butter was approximately $16.3 million, which consisted of the following (in thousands):

Cash						$	14,863
Settlement of subordinated secured notes						1,475
Total acquisition date fair value of the consideration transferred						$	16,337

The acquisition date fair value of the consideration transferred was approximately $40.0 million, which consisted of the following (in thousands):

Cash						$	30,000
Fair value of Class A common stock transferred						10,000
Total acquisition date fair value of the consideration transferred						$	40,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the consideration paid of approximately $16.3 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Cash and cash equivalents						$	287
Loans held for investment, net						172
Accounts receivable, net						11
Intangible assets						9,243
Other assets						672
Total assets acquired						10,385
Accounts payable						568
Accrued expenses and other liabilities						2,923
Total liabilities assumed						3,491
Net assets acquired						6,894
Goodwill						9,443
Total purchase price						$	16,337

The following table summarizes the allocation of the consideration paid of approximately $40.0 million to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

Intangible assets						$	9,488
Total net assets acquired						9,488
Goodwill						30,512
Total purchase price						$	40,000

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):

Fair Value

Useful Life (in years)

Lending license

$

9,243

Indefinite

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition (in thousands):

						Fair Value						Useful Life (in years)
Developed technology						$	9,488					3.0

Asset Acquisition

The following table sets forth the identifiable intangible assets acquired and the cost allocated to each asset as of the date of acquisition (in thousands):

Assembled workforce						$	12,490
Developed technology (1)						12,925
Total						$	25,415

(1)During the year ended June 30, 2023, we completed the purchase of the developed technology intangible asset.

X

- Definition

Tabular disclosure of asset acquisition.

+ References

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-SubTopic 50
-Name Accounting Standards Codification
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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