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Strategic Investments | 9 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Strategic Investments | NOTE 5: STRATEGIC INVESTMENTS Cash Converters International Limited The following table presents the Company’s ownership in Cash Converters International Limited (“Cash Converters”) for the periods presented:
Date of purchase | Purchase amount (in thousands) | Shares purchased | Shares owned | Ownership percentage
October 1, 2021 | $2,500 | 13,000,000 |  | 236,702,991 |  | 37.7 | %
March 10, 2022 | $1,000 | 5,500,000 |  | 242,239,157 |  | 38.6 | %
April 5, 2022 | $2,500 | 13,000,000 |  | 255,239,157 |  | 40.7 | %
September 15, 2022 | $900 | 5,700,000 |  | 260,939,157 |  | 41.6 | %
November 2, 2022 | $2,100 | 13,000,000 |  | 273,939,157 |  | 43.7 | %
In October 2021, April 2022, November 2022 and April 2023, we received cash dividends of $1.7 million, $1.7 million, $1.8 million and $1.8 million, respectively, from Cash Converters. The following tables present summary financial information for Cash Converters most recently reported results at December 31, 2022 after translation to U.S. dollars:
| December 31,
(in thousands) | 2022 |  | 2021
Current assets | $ | 189,179 |  |  | $ | 162,558 |
Non-current assets | 98,301 |  |  | 185,780 |
Total assets | $ | 287,480 |  |  | $ | 348,338 |
Current liabilities | $ | 91,601 |  |  | $ | 59,701 |
Non-current liabilities | 56,792 |  |  | 59,915 |
Shareholders’ equity | 139,087 |  |  | 228,722 |
Total liabilities and shareholders’ equity | $ | 287,480 |  |  | $ | 348,338 |
| Half-Year Ended December 31,
(in thousands) | 2022 |  | 2021
Gross revenues | $ | 98,768 |  |  | $ | 84,185 |
Gross profit | 63,800 |  |  | 55,280 |
Net profit | (73,197) |  |  | 1 |
During the three and nine months ended June 30, 2023, we recorded our share of income of $1.5 million and a $29.4 million loss on our share of losses from Cash Converters, respectively, included in “Equity in net (income) loss of unconsolidated affiliates” in the condensed consolidated statements of operations. For the nine months ended June 30, 2023, the $29.4 million loss includes $32.4 million of our share of their non-cash goodwill impairment charge. See Note 6: Fair Value Measurements for the fair value and carrying value of our investment in Cash Converters. 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 then newly-formed entity with one other member. Founders used that $15.0 million to acquire an equity interest in Simple Management Group, Inc. (“SMG”). On December 2, 2022, we contributed an additional $15.0 million to Founders associated with our preferred interest, which proceeds were used by Founders to acquire additional common stock in SMG. In addition, we loaned $15.0 million to Founders in exchange for a Demand Promissory Note secured by the common interest in Founders held by the other member. We have an interest in Founders, a variable interest entity, but because the Company is not the primary beneficiary, we do not consolidate Founders. 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 equity investment in Founders is accounted for utilizing the measurement alternative within Accounting Standards Codification (“ASC”) 321, Investments — Equity Securities. Our $30.0 million carrying value of the investment and $15.0 million Demand Promissory Note are included in “Other investments” and “Prepaid expenses and other current assets” in our consolidated balance sheets, respectively. Our maximum exposure for losses related to our investment in Founders is our $30.0 million equity investment and $15.0 million Demand Promissory Note plus accrued and unpaid interest. See Note 6: Fair Value Measurements for the fair values and carrying values of our investment in and loan to Founders, respectively.

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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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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