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RELATED-PARTY TRANSACTIONS | 12 Months Ended
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Jun. 30, 2023
RELATED-PARTY TRANSACTIONS |
RELATED-PARTY TRANSACTIONS | 12. RELATED-PARTY TRANSACTIONS In 1994, we, together with an unrelated company, formed ECIL-Rapiscan Security Products Limited, a joint venture organized under the laws of India. We own a 36% interest in the joint venture, our Chairman and Chief Executive Officer owns a 10.5% interest, and one of our Executive Vice Presidents owns a 4.5% ownership interest. Our initial investment in the joint venture was approximately $0.1 million. For each of the years ended June 30, 2021, 2022 and 2023 our equity earnings in the joint venture were less than $0.1 million. We, our Chairman and Chief Executive Officer and our Executive Vice President collectively control less than 50% of the board of directors voting power in the joint venture. As a result, we account for the investment under the equity method of accounting. The joint venture was formed for the purpose of the manufacture, assembly, service and testing of security and inspection systems and other products. Some of our subsidiaries are suppliers to the joint venture partner, which in turn manufactures and sells the resulting products. Sales to the joint venture partner for fiscal 2021, 2022 and 2023 were approximately $2.4 million, $2.3 million and $6.9 million, respectively. Receivables from the joint venture were $0.6 million and $1.9 million as of June 30, 2022 and 2023, respectively.

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