XML 20 R9.htm IDEA: XBRL DOCUMENT

Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net

3 Months Ended

Sep. 30, 2020

Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net [Abstract]

Accounts Receivable, Net And Other Receivables And Finance Loans Receivable, Net

2. Accounts receivable, net and other receivables and finance loans receivable, net

Accounts receivable, net and other receivables

The Company’s accounts receivable, net, and other receivables as of September 30, 2020, and June 30, 2020, are presented in the table below:

		September 30,		June 30,
		2020		2020

Accounts receivable, trade, net		$	12,567	$	8,458
Accounts receivable, trade, gross			12,853		8,711
Allowance for doubtful accounts receivable, end of period			286		253
	Beginning of period		253		661
	Reversed to statement of operations		-		(155)
	Charged to statement of operations		32		181
	Utilized		(6)		(151)
	Deconsolidation		-		(178)
	Foreign currency adjustment		7		(105)

Taxes refundable related to sale of Net1 Korea			-		19,796
Loans provided to Carbon			3,000		3,000
Current portion of amount outstanding related to sale of remaining interest in DNI			3,916		2,756
Other receivables			8,831		9,058
	Total accounts receivable, net and other receivables	$	28,314	$	43,068

In January 2020, the Company agreed that the purchaser of Net1 Korea would withhold potential capital gains taxes of approximately $19.8 million (KRW 23.8 billion) from the Net1 Korea transaction price and pay such amounts, on behalf of Net1 BV, to the South Korean tax authorities. Net1 BV commenced a process to claim a refund from the South Korean tax authorities of the potential amount withheld and received this amount of approximately $20.1 million (KRW 23.8 billion) in September 2020.

On October 26, 2020, DNI settled the full amount outstanding related to sale of the remaining interest in DNI, including the $1.6 million included in other long-term assets, refer to Note 5.

Other receivables include prepayments, deposits and other receivables.

2. Accounts receivable, net and other receivables and finance loans receivable, net (continued)

Finance loans receivable, net

The Company’s finance loans receivable, net, as of September 30, 2020, and June 30, 2020, is presented in the table below:

		September 30,		June 30,
		2020		2020

Microlending finance loans receivable, net		$	20,508	$	15,879
Microlending finance loans receivable, gross			22,785		17,737
Allowance for doubtful finance loans receivable, end of period			2,277		1,858
	Beginning of period		1,858		3,199
	Reversed to statement of operations		-		(492)
	Charged to statement of operations		486		1,211
	Utilized		(119)		(1,451)
	Foreign currency adjustment		52		(609)


Working capital finance loans receivable, gross			5,800		5,800
Allowance for doubtful finance loans receivable, end of period			5,800		5,800
	Beginning of period		5,800		5,800

	Total accounts receivable, net	$	20,508	$	15,879

Gross microlending finance loans receivable as of September 30, 2020, increased compared to June 30, 2020, following subdued lending activity due to COVID-19 restrictions in April and early May 2020. The Company was unable to originate any significant loans in April and early May 2020.