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Discontinued Operations - DNI | 6 Months Ended
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Dec. 31, 2019
Discontinued Operations [Abstract] |
Discontinued Operations - DNI | 22. Discontinued operation - DNI The Company determined that the disposal of its controlling interest in DNI is a discontinued operation because it represented a strategic shift that will have a major effect on the Company’s operations and financial results as a result of the sale of a significant portion of its investment in DNI. Refer to Note 3 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2019, for additio nal information regarding the deconsolidation of DNI. The table below presents certain major captions to the Company’s unaudited condensed consolidated statement of operations and unaudited condensed consolidated statement of cash flows for three and six months ended December 31, 2018, that have not been separately presented on those statements:
|  | DNI |
|  |  |  |  |  |  |  |  |  |  | December 31, 2018 |
|  |  |  |  |  |  |  |  |  |  | Three months ended |  |  | Six months ended |
|  | Unaudited condensed consolidated statement of operations |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Discontinued: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Revenue |  |  |  |  |  |  |  | $ | 19 708 |  | $ | 38 495 |
|  | Cost of goods sold, IT processing, servicing and support |  |  |  |  |  |  |  |  | 9 954 |  |  | 20 166 |
|  | Selling, general and administration |  |  |  |  |  |  |  |  | 1 266 |  |  | 1 722 |
|  | Depreciation and amortization |  |  |  |  |  |  |  |  | 2 662 |  |  | 5 599 |
|  | Operating income |  |  |  |  |  |  |  |  | 5 826 |  |  | 11 008 |
|  | Interest income |  |  |  |  |  |  |  |  | 224 |  |  | 499 |
|  | Interest expense |  |  |  |  |  |  |  |  | 215 |  |  | 416 |
|  | Net income before tax |  |  |  |  |  |  |  |  | 5 835 |  |  | 11 091 |
|  | Income tax expense |  |  |  |  |  |  |  |  | 2 100 |  |  | 3 615 |
|  | Net income before earnings from equity-accounted investments |  |  |  |  |  |  |  |  | 3 735 |  |  | 7 476 |
|  | Earnings from equity-accounted investments (1) |  |  |  |  |  |  |  |  | 44 |  |  | (58) |
|  | Net income from discontinued operations |  |  |  |  |  |  |  | $ | 3 779 |  | $ | 7 418 |
|  | Unaudited condensed consolidated statement of cash flows |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Discontinued: |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total net cash (used in) provided by operating activities |  |  |  |  |  |  |  | $ | 10 546 |  | $ | 7 028 |
|  | Total net cash (used in) provided by investing activities |  |  |  |  |  |  |  |  | (172) |  |  | (197) |
|  | (1) Earnings from equity-accounted investments for the three and six months ended December 31, 2018, represents earnings attributed to equity-accounted investments owned by DNI and included in the Company’s results as a result of the consolidation of DNI. |
The Company retained a continuing involvement in DNI through its 30% interest in DNI (refer to Note 7). The Company expects to retain an interest in DNI for less than 12 months. The Company recorded earnings under the equity method related to its retained investment in DNI during the three and six months ended December 31, 2019, refe r to Note 7. The table below presents revenues and expenses between the Company and DNI, after the DNI disposal transaction, during the three and six months ended December 31, 2019:
|  | DNI |
|  |  |  |  |  |  |  |  |  |  | December 31, 2019 |
|  |  |  |  |  |  |  |  |  |  | Three months ended |  |  | Six months ended |
|  | Revenue generated from transactions with DNI |  |  |  |  |  |  |  | $ | - |  | $ | - |
|  | Expenses incurred related to transactions with DNI |  |  |  |  |  |  |  | $ | 333 |  | $ | 2 607 |
Refer to Note 7 for the dividends received from DNI and accounted for under the equity method during the six months ended December 31, 2019.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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