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Goodwill And Intangible Assets, Net
 3 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets, Net [Abstract]  
Goodwill And Intangible Assets, Net

6.Goodwill and intangible assets, net

 

Goodwill

 

Summarized below is the movement in the carrying value of goodwill for the three months ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross value

 

 

Accumulated impairment

 

 

Carrying value

 

 

 

Balance as of June 30, 2020

 

$

63,194

 

$

(39,025)

 

$

24,169

 

 

 

 

Foreign currency adjustment (1)

 

 

892

 

 

(196)

 

 

696

 

 

 

 

 

Balance as of September 30, 2020

 

$

64,086

 

$

(39,221)

 

$

24,865

 

(1) The foreign currency adjustment represents the effects of the fluctuations between the ZAR and the euro, and the U.S. dollar on the carrying value.

 

Refer to Note 17 for additional information regarding changes to the Company’s reportable segments during the three months ended September 30, 2020. Goodwill has been allocated to the Company’s reportable segments as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Processing

 

 

Financial services

 

 

Technology

 

 

Carrying value

 

 

Balance as of June 30, 2020

 

$

9,989

 

$

-

 

$

14,180

 

$

24,169

 

 

 

Foreign currency adjustment (1)

 

 

276

 

 

-

 

 

420

 

 

696

 

 

 

 

Balance as of September 30, 2020

 

$

10,265

 

$

-

 

$

14,600

 

$

24,865

(1) The foreign currency adjustment represents the effects of the fluctuations between the ZAR and the euro, and the U.S. dollar on the carrying value.

Intangible assets

 

Carrying value and amortization of intangible assets

 

Summarized below is the carrying value and accumulated amortization of the intangible assets as of September 30, 2020, and June 30, 2020:

 

 

 

 

 

As of September 30, 2020

 

As of June 30, 2020

 

 

 

 

 

 

 

Gross carrying value

 

 

Accumulated amortization

 

 

Net carrying value

 

 

Gross carrying value

 

 

Accumulated amortization

 

 

Net carrying value

 

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

$

19,317

 

$

(19,118)

 

$

199

 

$

19,064

 

$

(18,806)

 

$

258

 

 

 

Software and unpatented

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

technology

 

3,973

 

 

(3,973)

 

 

-

 

 

3,931

 

 

(3,931)

 

 

-

 

 

 

FTS patent

 

2,276

 

 

(2,276)

 

 

-

 

 

2,211

 

 

(2,211)

 

 

-

 

 

 

Trademarks

 

2,780

 

 

(2,431)

 

 

349

 

 

2,731

 

 

(2,377)

 

 

354

 

 

 

Total finite-lived intangible assets

$

28,346

 

$

(27,798)

 

$

548

 

$

27,937

 

$

(27,325)

 

$

612

 

 

Infinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial institution licenses

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

-

 

 

 

Total infinite-lived intangible assets

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total intangible assets

 

 

 

 

 

 

$

548

 

 

 

 

 

 

 

$

612

 

Aggregate amortization expense on the finite-lived intangible assets for the three months ended September 30, 2020 and 2019, was approximately $0.1 million and $0.1 million, respectively.

 

Future estimated annual amortization expense for the next five fiscal years and thereafter, assuming exchange rates that prevailed on September 30, 2020, is presented in the table below. Actual amortization expense in future periods could differ from this estimate as a result of acquisitions, changes in useful lives, exchange rate fluctuations and other relevant factors.

 

Fiscal 2021

 

$

327

 

 

Fiscal 2022

 

 

61

 

 

Fiscal 2023

 

 

61

 

 

Fiscal 2024

 

 

61

 

 

Fiscal 2025

 

 

60

 

 

Thereafter

 

 

61

 

 

 

Total future estimated annual amortization expense

 

 

 

 

 

 

 

 

$

631