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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 5. GOODWILL AND INTANGIBLES On January 15, 2016, the Company executed an Asset Purchase Agreement with VendScreen, Inc (“VendScreen”) a Portland, Oregon based developer of vending industry cashless payment technology, by which it acquired substantially all of VendScreen’s assets and assumed specified liabilities, for a cash payment of $5.625 million and the corresponding goodwill recorded was $4.040 million. In December 2016, the company finalized the opening balance sheet of VendScreen and recorded a reduction of goodwill for $211 thousand and increase finance receivables for the same amount. The final goodwill amount related to VendScreen opening balance sheet is $3.829 million. The following table summarizes the final purchase price allocation to reflect the fair values of the assets acquired and liabilities assumed at the date of acquisition.
Consideration: |  |  |  |  |
Fair value of total consideration paid in cash |  |  |  | $ | 5,625
Acquisition related costs: |  |  |  | $ | 842
Recognized amounts of identifiable assets acquired and liabilities assumed:
Financial Assets: |  |  |  |  |
Accounts Receivable |  |  |  |  | 3
Finance Receivables |  |  |  |  | 839
Other Current Assets |  |  |  |  | 20
Deferred Income Taxes |  |  |  |  | 18
|  |  |  |  | 880
Property, Plant & Equipment |  |  |  |  | 81
Identifiable Intangible Assets: |  |  |  |  |
Developed Technology |  |  |  |  | 639
Customer Relationships |  |  |  |  | 149
Brand |  |  |  |  | 95
Noncompete Agreement |  |  |  |  | 2
Fair Value of Intangible Assets |  |  |  |  | 885
Financial Liabilities |  |  |  |  |
Accrued Liabilities |  |  |  | $ | (50)
Total identifiable net assets |  |  |  | $ | 1,796
Goodwill |  |  |  | $ | 3,829
Total Fair Value |  |  |  | $ | 5,625
During the three and six months ended December 31, 2016, there was $43 thousand and $87 thousand, respectively, of amortization expense relating to acquired intangible assets. There was no amortization expense relating to acquired intangible assets during the three and six months ended December 31, 2015. Intangible asset balances consisted of the following:
|  | Balance |  | Additions/ |  |  |  |  | Balance |  | Amortization
($ in thousands) |  | June 30, 2016 |  | Adjustments |  | Amortization |  | December 31, 2016 |  | Period
Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-compete agreements |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 1 |  | 2 years
Brand |  |  | 79 |  |  | — |  |  | (16) |  |  | 63 |  | 3 years
Developed technology |  |  | 576 |  |  | — |  |  | (63) |  |  | 513 |  | 5 years
Customer relationships |  |  | 142 |  |  | — |  |  | (8) |  |  | 134 |  | 10 years
Total Intangible Assets |  | $ | 798 |  | $ | — |  | $ | (87) |  | $ | 711 |  |
Goodwill |  | $ | 11,703 |  | $ | (211) |  | $ | — |  | $ | 11,492 |  | Indefinite

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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