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FINANCE RECEIVABLES | 12 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
FINANCE RECEIVABLES | FINANCE RECEIVABLES The Company’s finance receivables consist of financed devices under the QuickStart program and Cantaloupe devices contractually associated with the Seed platform. Predominately all of the Company’s finance receivables agreements are classified as non-cancellable sixty month sales-type leases. As of June 30, 2020 and 2019, finance receivables consist of the following:
| As of June 30,
($ in thousands) | 2020 |  | 2019
Current finance receivables, net | $ | 7,468 |  |  | $ | 6,727 |
Finance receivables due after one year, net | 11,213 |  |  | 12,642 |
Total finance receivables, net of allowance of $150 and $606, respectively | $ | 18,681 |  |  | $ | 19,369 |
The Company routinely evaluates outstanding finance receivables for impairment based on past due balances or accounts otherwise determined to be at a higher risk of loss. A finance receivable is classified as nonperforming if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled. At June 30, 2020 and 2019, credit quality indicators consisted of the following:
| As of June 30,
($ in thousands) | 2020 |  | 2019
Performing | $ | 18,681 |  |  | $ | 19,369 |
Nonperforming | 150 |  |  | 606 |
Gross finance receivables | $ | 18,831 |  |  | $ | 19,975 |
As part of the financing under the Quickstart program and Cantaloupe devices contractually associated with the Seed platform, the Company has contractually granted deferred payment terms, where the entire sequence of up to 60 monthly payments are deferred by an agreed upon period. The “Deferred Payment Arrangements / Timing” column represents amounts subject to the agreed upon deferral period or amounts subject to adjustments related to situations where a third party is financing the receivable. The “Other Finance Receivables” column represents an aging schedule for finance receivables not subject to such deferral arrangements and other non-performing receivables.
| As of June 30, 2020 |  | As of June 30, 2019
($ in thousands) | Deferred Payment Arrangements / Timing |  | Other Finance Receivables |  | Total |  | Deferred Payment Arrangements / Timing |  | Other Finance Receivables |  | Total
Current | $ | 17,534 |  |  | $ | 27 |  |  | $ | 17,561 |  |  | $ | 18,780 |  |  | $ | 353 |  |  | $ | 19,133 |
30 days and under | 168 |  |  | 100 |  |  | 268 |  |  | 178 |  |  | 12 |  |  | 190 |
31 - 60 days | 28 |  |  | 12 |  |  | 40 |  |  | 38 |  |  | 11 |  |  | 49 |
61 - 90 days | 103 |  |  | 35 |  |  | 138 |  |  | 135 |  |  | 11 |  |  | 146 |
Greater than 90 days | 566 |  |  | 258 |  |  | 824 |  |  | 238 |  |  | 219 |  |  | 457 |
Total finance receivables | $ | 18,399 |  |  | $ | 432 |  |  | $ | 18,831 |  |  | $ | 19,369 |  |  | $ | 606 |  |  | $ | 19,975 |
Cash to be collected on our performing finance receivables due for each of the fiscal years after June 30, 2020 are as follows:
($ in thousands) |
2021 | $ | 9,129 |
2022 | 5,627 |
2023 | 4,237 |
2024 | 2,459 |
2025 | 886 |
Total amounts to be collected | $ | 22,338 |
Less: interest | (3,507 | )
Less: allowance for nonperforming receivables | (150 | )
Total finance receivables | $ | 18,681 |
Sale of Finance Receivables The Company accounts for transfers of finance receivables as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. During fiscal year 2018, the Company transferred certain groups of finance receivables with no recourse to third-party financing entities for approximately $2.3 million. The transfers were accounted for as sales with derecognition of the associated finance receivables. Gains and losses stemming from such transfers are immaterial. Transfers of finance receivables that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s balance sheet and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as financing obligations (debt), with attributable interest expense recognized over the life of the related transactions. During December 2017, the Company transferred certain groups of finance receivables to third-party financing entities for approximately $1.1 million. Such transfers are subject to recourse provisions for the first 3 months after the date of transfer, after which the recourse provisions expire. Accordingly, the related finance receivables remained on the balance sheet at December 31, 2017 and the cash proceeds of approximately $1.1 million were reported as financing obligations at December 31, 2017. During March 2018, the recourse provisions expired resulting in the finance receivables and financing obligations being derecognized.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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