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FINANCE RECEIVABLES | 12 Months Ended
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Jun. 30, 2023
Receivables [Abstract] |
FINANCE RECEIVABLES | FINANCE RECEIVABLES The Company’s finance receivables consist of financed devices under the QuickStart program and 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, 2023 and 2022, finance receivables consist of the following:
| As of June 30,
($ in thousands) | 2023 |  | 2022
Current finance receivables, net | $ | 6,668 |  |  | $ | 6,721 |
Finance receivables due after one year, net | 13,307 |  |  | 14,727 |
Total finance receivables, net of allowance of $2,098 and $760, respectively | $ | 19,975 |  |  | $ | 21,448 |
We collect lease payments from customers primarily as part of the flow of funds from our transaction processing service. Balances are considered past due if customers do not have sufficient transaction revenue to cover the monthly lease payment by the end of the monthly billing period. Credit risk for finance receivables is continuously monitored by management and reflected within the allowance for finance receivables. As our finance receivables generally have similar risk characteristics, our key credit quality indicator is the aging (days past due status) of our aggregated finance receivables balances. Specifically, we estimate our allowance by using an aging analysis of the aggregated finance receivables balances, primarily based on historical loss experience. Additionally, current conditions are analyzed to determine if the allowance calculation needs to be adjusted further for any qualitative factors impacting a customer’s ability to meet its financial obligations that is not already reflected through the historical loss analysis. The Company writes off finance receivable balances against the allowance for credit losses when management determines the balance is uncollectible and the Company ceases collection efforts. At June 30, 2023, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:
| Leases by Origination
($ in thousands) |  | Up to 1 Year Ago |  | Between 1 and 2 Years Ago |  | Between 2 and 3 Years Ago |  | Between 3 and 4 Years Ago |  | Between 4 and 5 Years Ago |  | More than 5 Years Ago |  | Total
Current |  | $ | 6,595 |  |  | $ | 6,505 |  |  | $ | 3,304 |  |  | $ | 1,306 |  |  | $ | 846 |  |  | $ | 829 |  |  | $ | 19,385 |
30 days and under |  | 66 |  |  | 73 |  |  | 69 |  |  | 52 |  |  | 22 |  |  | 68 |  |  | 350 |
31 - 60 days |  | 53 |  |  | 40 |  |  | 32 |  |  | 42 |  |  | 19 |  |  | 71 |  |  | 257 |
61 - 90 days |  | 60 |  |  | 52 |  |  | 26 |  |  | 32 |  |  | 16 |  |  | 71 |  |  | 257 |
Greater than 90 days |  | 155 |  |  | 132 |  |  | 197 |  |  | 233 |  |  | 271 |  |  | 836 |  |  | 1,824 |
Total finance receivables |  | $ | 6,929 |  |  | $ | 6,802 |  |  | $ | 3,628 |  |  | $ | 1,665 |  |  | $ | 1,174 |  |  | $ | 1,875 |  |  | $ | 22,073 |
At June 30, 2022, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:
| Leases by Origination
($ in thousands) |  | Up to 1 Year Ago |  | Between 1 and 2 Years Ago |  | Between 2 and 3 Years Ago |  | Between 3 and 4 Years Ago |  | Between 4 and 5 Years Ago |  | More than 5 Years Ago |  | Total
Current |  | $ | 7,451 |  |  | $ | 5,047 |  |  | $ | 2,758 |  |  | $ | 2,593 |  |  | $ | 2,807 |  |  | $ | 103 |  |  | $ | 20,759 |
30 days and under |  | 18 |  |  | 10 |  |  | 32 |  |  | 56 |  |  | 94 |  |  | 3 |  |  | 213 |
31 - 60 days |  | 25 |  |  | 23 |  |  | 26 |  |  | 58 |  |  | 100 |  |  | — |  |  | 232 |
61 - 90 days |  | 25 |  |  | 14 |  |  | 20 |  |  | 46 |  |  | 91 |  |  | — |  |  | 196 |
Greater than 90 days |  | 41 |  |  | 47 |  |  | 97 |  |  | 232 |  |  | 391 |  |  | — |  |  | 808 |
Total finance receivables |  | $ | 7,560 |  |  | $ | 5,141 |  |  | $ | 2,933 |  |  | $ | 2,985 |  |  | $ | 3,483 |  |  | $ | 106 |  |  | $ | 22,208 |
The following table represents a rollforward of the allowance for finance receivables for the year ending June 30, 2023 and 2022:
($ in thousands) | Year ended June 30, 2023 |  | Year ended June 30, 2022
Balance, beginning of period | $ | 760 |  |  | $ | 1,109 |
Provision for expected losses | 1,626 |  |  | 36 |
Write-offs | (288) |  |  | (385) |
Balance, end of period | $ | 2,098 |  |  | $ | 760 |
Cash to be collected on our performing finance receivables due for each of the fiscal years after June 30, 2023 are as follows:
($ in thousands) |
2024 | $ | 7,956 |
2025 | 6,126 |
2026 | 4,833 |
2027 | 3,050 |
2028 | 1,077 |
Thereafter | 56 |
Total amounts to be collected | 23,098 |
Less: interest | (1,025) |
Less: allowance for expected credit losses | (2,098) |
Total finance receivables | $ | 19,975 |

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