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FINANCE RECEIVABLES | 12 Months Ended
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Jun. 30, 2024
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, 2024 and 2023, finance receivables consist of the following:
| As of June 30,
($ in thousands) | 2024 |  | 2023
Current finance receivables, net | $ | 6,391 |  |  | $ | 6,668 |
Finance receivables due after one year, net | 10,036 |  |  | 13,307 |
Total finance receivables, net of allowance of $1,934 and $2,098, respectively | $ | 16,427 |  |  | $ | 19,975 |
The Company collects 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. At June 30, 2024, 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 |  | $ | 2,199 |  |  | $ | 5,135 |  |  | $ | 4,668 |  |  | $ | 1,961 |  |  | $ | 456 |  |  | $ | 324 |  |  | $ | 14,743 |
30 days and under |  | 13 |  |  | 67 |  |  | 80 |  |  | 85 |  |  | 56 |  |  | 42 |  |  | 343 |
31 - 60 days |  | 8 |  |  | 64 |  |  | 58 |  |  | 49 |  |  | 47 |  |  | 38 |  |  | 264 |
61 - 90 days |  | 8 |  |  | 62 |  |  | 48 |  |  | 32 |  |  | 36 |  |  | 38 |  |  | 224 |
Greater than 90 days |  | 35 |  |  | 387 |  |  | 625 |  |  | 208 |  |  | 297 |  |  | 1,235 |  |  | 2,787 |
Total finance receivables |  | $ | 2,263 |  |  | $ | 5,715 |  |  | $ | 5,479 |  |  | $ | 2,335 |  |  | $ | 892 |  |  | $ | 1,677 |  |  | $ | 18,361 |
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 |
The following table represents a rollforward of the allowance for finance receivables for the years ending June 30, 2024 and 2023:
| Year ended June 30,
($ in thousands) | 2024 |  | 2023
Balance, beginning of year | $ | 2,098 |  |  | $ | 760 |
Provision for expected losses | (164) |  |  | 1,626 |
Write-offs | — |  |  | (288) |
Balance, end of year | $ | 1,934 |  |  | $ | 2,098 |
Cash to be collected on our performing finance receivables due for each of the fiscal years after June 30, 2024 are as follows:
($ in thousands) |
2025 | $ | 7,274 |
2026 | 5,795 |
2027 | 3,908 |
2028 | 1,871 |
2029 | 596 |
Thereafter | 30 |
Total amounts to be collected | 19,474 |
Less: interest | (1,113) |
Less: allowance for expected credit losses | (1,934) |
Total finance receivables | $ | 16,427 |
Equipment sales, Cost of equipment sales, and Interest income, associated with equipment under sales type leases and are included in each respective line of the Consolidated Statement of Operations for the year ended June 30, 2024:
($ in thousands) |
Equipment sales | $ | 2,882 |
Cost of equipment sales | 2,861 |
Interest income | 1,910 |

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