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Strategic Investments | 3 Months Ended
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Dec. 31, 2018
Equity Method Investments and Joint Ventures [Abstract] |
STRATEGIC INVESTMENTS | NOTE 4: STRATEGIC INVESTMENTS As of December 31, 2018, we owned 214,183,714 shares, or approximately 34.75%, of Cash Converters International Limited ("Cash Converters International"). The following tables present summary financial information for Cash Converters International’s most recently reported results after translation to U.S. dollars:
| June 30,
| 2018 |  | 2017
| (in thousands)
Current assets | $ | 229,105 |  |  | $ | 155,749 |
Non-current assets | 148,195 |  |  | 150,843 |
Total assets | $ | 377,300 |  |  | $ | 306,592 |
Current liabilities | $ | 122,924 |  |  | $ | 57,387 |
Non-current liabilities | 15,449 |  |  | 48,698 |
Shareholders’ equity | 238,927 |  |  | 200,507 |
Total liabilities and shareholders’ equity | $ | 377,300 |  |  | $ | 306,592 |
| Fiscal Year Ended June 30,
| 2018 |  | 2017
| (in thousands)
Gross revenues | $ | 201,800 |  |  | $ | 204,509 |
Gross profit | 128,366 |  |  | 130,943 |
Net profit | 17,443 |  |  | 15,546 |
During the first quarter of fiscal 2019, the fair value of our investment in Cash Converters International, as estimated by reference to its quoted market price per share, declined from its value at September 30, 2018 and ended the quarter below its carrying value. As of December 31, 2018, we determined that our investment was impaired and that such impairment was other-than-temporary. In reaching this conclusion, we considered all available evidence, including evidence in existence as of September 30, 2018 as discussed in Note 4 of Notes to Consolidated Financial Statements included in "Part II, Item 8 — Financial Statements and Supplementary Data" of our Annual Report on Form 10-K for the year ended September 30, 2018. Additionally, we noted the following developments subsequent to September 30, 2018: (i) continued decline in Cash Converters International's share price; and (ii) ongoing uncertainty around remaining Queensland class action lawsuit. As a result, we recognized an other-than-temporary impairment in Cash Converters International of $13.3 million ($10.3 million, net of taxes). The above impairment increased the difference between the amount at which our investment was carried and the amount of underlying equity in net assets of Cash Converters International and was recorded under “Impairment of investment in unconsolidated affiliate” in our condensed consolidated statements of operations in the “Other International” segment. We will continue to monitor the fair value of our investment in Cash Converters International for other-than-temporary impairments in future reporting periods and may record additional impairment charges should the fair value of our investment in Cash Converters International further decline below its carrying value for an extended period of time. See Note 5 for the fair value and carrying value of our investment in Cash Converters International.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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