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FINANCE RECEIVABLES | 9 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
FINANCE RECEIVABLES | FINANCE RECEIVABLES The Company's finance receivables consist of financed devices under its financing 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 March 31, 2024 and June 30, 2023, finance receivables consist of the following:
($ in thousands) |  | March 31, 2024 |  | June 30, 2023
Current finance receivables, net |  | $ | 5,781 |  |  | $ | 6,668 |
Finance receivables due after one year, net |  | 11,041 |  |  | 13,307 |
Total finance receivables, net of allowance of $2,212 and $2,098, respectively |  | $ | 16,822 |  |  | $ | 19,975 |
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 March 31, 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 |  | $ | 2,284 |  |  | $ | 7,423 |  |  | $ | 4,399 |  |  | $ | 1,225 |  |  | $ | 523 |  |  | $ | 25 |  |  | $ | 15,879 |
30 days and under |  | 12 |  |  | 70 |  |  | 87 |  |  | 40 |  |  | 72 |  |  | 42 |  |  | 323 |
31-60 days |  | 6 |  |  | 48 |  |  | 65 |  |  | 31 |  |  | 45 |  |  | 40 |  |  | 235 |
61-90 days |  | 5 |  |  | 43 |  |  | 54 |  |  | 26 |  |  | 40 |  |  | 35 |  |  | 203 |
Greater than 90 days |  | 41 |  |  | 716 |  |  | 436 |  |  | 65 |  |  | 272 |  |  | 864 |  |  | 2,394 |
Total finance receivables |  | $ | 2,348 |  |  | $ | 8,300 |  |  | $ | 5,041 |  |  | $ | 1,387 |  |  | $ | 952 |  |  | $ | 1,006 |  |  | $ | 19,034 |
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 nine months ended March 31, 2024 and 2023:
|  | Nine months ended March 31,
($ in thousands) |  | 2024 |  | 2023
Balance at June 30 |  | $ | 2,098 |  |  | $ | 760 |
Provision for expected losses |  | 51 |  |  | 392 |
Write-offs |  | — |  |  | — |
Balance at September 30 |  | 2,149 |  |  | 1,152 |
Provision for expected losses |  | 108 |  |  | — |
Write-offs |  | — |  |  | (288) |
Balance at December 31 |  | 2,257 |  |  | 864 |
Provision for expected losses |  | (45) |  |  | — |
Write-offs |  | — |  |  | — |
Balance at March 31 |  | $ | 2,212 |  |  | $ | 864 |
Cash to be collected on our performing finance receivables due for each of the fiscal years is as follows:
($ in thousands) |
2024 | $ | 7,096 |
2025 | 6,228 |
2026 | 4,371 |
2027 | 2,295 |
2028 | 695 |
Thereafter | 14 |
Total amounts to be collected | 20,699 |
Less: interest | (1,665) |
Less: allowance for uncollectible receivables | (2,212) |
Total finance receivables | $ | 16,822 |

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