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Strategic Investments | 12 Months Ended
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Sep. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |
Strategic Investments | NOTE 5: STRATEGIC INVESTMENTS As of September 30, 2021, we owned 223,702,991 shares, or approximately 35.65%, of Cash Converters. 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. In April 2021, we acquired 9,519,277 shares through the Cash Converters Dividend Reinvestment Plan, bringing our total ownership to 35.65% as indicated above. Since September 30 2021, we have acquired an additional 13 million shares, bringing our total ownership as of November 1, 2021 to 236,702,991 shares representing an ownership interest of 37.72%. See Note 16: Subsequent Events. Our equity in Cash Converters’s net income was $4.3 million in fiscal 2021, and our equity in net loss was $2.1 million and $0.1 million in fiscal 2020 and 2019, respectively. Cash Converters did not declare or pay a dividend in fiscal 2020 or 2019. Cash Converters’s accumulated undistributed after-tax earnings included in our consolidated retained earnings were $18.0 million as of September 30, 2021. 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) | 2021 |  | 2020
Current assets | $ | 167,553 |  |  | $ | 157,183 |
Non-current assets | 191,788 |  |  | 172,833 |
Total assets | $ | 359,341 |  |  | $ | 330,016 |
Current liabilities | $ | 61,395 |  |  | $ | 68,028 |
Non-current liabilities | 57,511 |  |  | 51,275 |
Shareholders’ equity | 240,435 |  |  | 210,713 |
Total liabilities and shareholders’ equity | $ | 359,341 |  |  | $ | 330,016 |
| Fiscal Year Ended June 30,
(in thousands) | 2021 |  | 2020 |  | 2019
Gross revenues | $ | 150,165 |  |  | $ | 187,025 |  |  | $ | 201,365 |
Gross profit | $ | 105,851 |  |  | $ | 112,511 |  |  | $ | 111,932 |
Net profit (loss) | $ | 12,081 |  |  | $ | (7,032) |  |  | $ | (1,210) |
At September 30, 2021, the fai r value of our investment in Cash Converters, as estimated by reference to its quoted market price per share, was greater than its carrying value. For the first and second quarters of fiscal 2019, 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. Additionally, we noted the following developments subsequent to September 30, 2018: (i) continued decline in Cash Converters's share price; and (ii) ongoing uncertainty around the Queensland, Australia class action lawsuit regarding historical lending practices by Cash Converters, for which a settlement agreement was reached subsequent to September 30, 2019. As a result, we recognized an other-than-temporary impairment loss in Cash Converters of $19.8 million ($15.3 million, net of taxes) during fiscal 2019. The fair value of our investment in Cash Converters was $6.2 million below its carrying value as of September 30, 2019, which we determined was not other-than temporary primarily as a result of the subsequent settlement of the remaining Queensland, Australia class action lawsuit and recovery of share price. We will continue to monitor the fair value of our investment in Cash Converters 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 decline below its carrying value for an extended period of time. See Note 6: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters. We hold a 13.14% ownership in "RDC" and recognized a $0.4 million, $0.3 million and $0.2 million net loss for the fiscal years ended 2021, 2020 and 2019 respe

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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