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Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended
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Jun. 30, 2021
Ownership Percentage Of Equity-Accounted Investments | June 30, June 30, 2021 2020 Finbond Group Limited (“Finbond”) 31 % 31 % Carbon Tech Limited (“Carbon”), formerly OneFi Limited 25 % 25 % SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50 % 50 % Revix (“Revix”) 15 % 25 % Bank Frick & Co AG (“Bank Frick”) - 35 % V2 Limited (“V2”) - 50 % Walletdoc Proprietary Limited (“Walletdoc”) - 20 %
Summary Of Movement In Equity-Accounted Investments | Finbond Bank Frick DNI Other (1) Total Investment in equity Balance as of June 30, 2019 $ 32,611 $ 47,240 $ 61,030 $ 7,398 $ 148,279 Acquisition of shares 274 - - 2,500 2,774 Stock-based compensation 71 - - - 71 Comprehensive (loss) income: 4,067 (17,273) (9,744) (4,365) (27,315) Other comprehensive income 2,227 - - - 2,227 Equity accounted (loss) earnings 1,840 (17,273) (9,744) (4,365) (29,542) Share of net income (loss) 1,857 1,421 4,676 (1,865) 6,089 Amortization of acquired intangible assets - (569) (1,874) - (2,443) Deferred taxes on acquired intangible assets - 136 524 - 660 Dilution resulting from corporate transactions (17) - - - (17) Impairment - (18,261) (13,070) (2,500) (33,831) Dividends received (274) (1,308) (1,787) (454) (3,823) Sale of DNI - - (36,508) - (36,508) Foreign currency adjustment (2) (5,873) 1,080 (12,991) (478) (18,262) Balance as of June 30, 2020 30,876 29,739 - 4,601 65,216 Stock-based compensation (25) - - - (25) Comprehensive (loss) income: (23,976) 1,156 - (4,025) (26,845) Other comprehensive income (1,967) - - - (1,967) Equity accounted (loss) earnings (22,009) 1,156 - (4,025) (24,878) Share of net income (loss) (4,359) 1,156 - (531) (3,734) Impairment (17,650) - - (3,494) (21,144) Dividends received - - - (194) (194) Sale of DNI - (32,892) - (13) (32,905) Foreign currency adjustment (2) 2,947 1,997 - (187) 4,757 Balance as of June 30, 2021 $ 9,822 $ - $ - $ 182 $ 10,004 Investment in loans: Balance as of June 30, 2019 $ - $ - $ - $ 148 $ 148 Loans granted - - - 1,230 1,230 Allowance for doubtful loans - - - (730) (730) Foreign currency adjustment (2) - - - (28) (28) Balance as of June 30, 2020 - - - 620 620 Loans repaid - - - (134) (134) Loans granted - - - 1,238 1,238 Allowance for doubtful loans - - - (1,738) (1,738) Foreign currency adjustment (2) - - - 14 14 Balance as of June 30, 2021 $ - $ - $ - $ - $ - Equity Loans Total Carrying amount as of : June 30, 2020 $ 65,216 $ 620 $ 65,836 June 30, 2021 $ 10,004 $ - $ 10,004 (1) Includes Carbon, SmartSwitch Namibia, V2 and Walletdoc; (2) The foreign currency adjustment represents the effects of the fluctuations of the Swiss franc, ZAR, Nigerian naira and Namibian dollar, against the U.S. dollar on the carrying value.
Summary Financial Information Of Equity-Accounted Investments | Finbond (1) Bank Frick (2) DNI Other (3) Balance sheet, as of February 28 June 30 June 30 Various Current assets (4) 2021 $ n/a $ n/a $ n/a $ 24,066 2020 n/a n/a n/a 19,910 Long-term assets 2021 289,260 n/a n/a 4,977 2020 294,734 1,042,366 n/a 6,145 Current liabilities (4) 2021 n/a n/a n/a 26,983 2020 n/a n/a n/a 7,824 Long-term liabilities 2021 208,043 n/a n/a 5,732 2020 189,159 940,948 n/a 18,076 Non-controlling interest 2021 13,574 n/a n/a - 2020 15,795 - n/a (73) Statement of operations, for the period ended February 28 June 30 (2) June 30 (5) Various Revenue 2021 95,847 35,641 n/a 6,404 2020 161,378 37,864 68,983 7,862 2019 174,177 41,126 15,898 33,707 Operating income (loss) 2021 (18,980) 3,860 n/a (2,413) 2020 17,483 4,815 24,563 (5,064) 2019 20,355 3,633 5,814 (753) Income (loss) from continuing operations 2021 (15,466) 3,303 n/a (2,539) 2020 14,449 4,053 17,092 (5,116) 2019 17,761 3,169 4,306 (915) Net income (loss) 2021 (17,889) 3,303 n/a (2,539) 2020 6,433 4,053 15,772 (5,014) 2019 $ 9,385 $ 3,169 $ 4,481 $ (1,029) (1) Finbond balances included were derived from its publicly available information and presented for its years ended February; (2) Bank Frick disposed of in February 2021. Statement of operations information for Bank Frick is for the period from July 1, 2020 to January 31, 2021, and the full twelve months for both fiscal 2020 and 2019. (3) Includes Carbon, SmartSwitch Namibia, Revix, Walletdoc and V2, as appropriate. Balance sheet information for Carbon, SmartSwitch Namibia, Revix and V2 is as of June 30, 2021 and 2020, and Walletdoc as of February 29, 2021 and February 28, 2020, respectively. Statement of operations information for Carbon, SmartSwitch Namibia, Revix, and V2 for the year ended June 30, and Walletdoc for the year ended February 28/29 (as appropriate); (4) Bank Frick and Finbond are banks and do not present current and long-term assets and liabilities. All assets and liabilities of these two entities are included under the long-term caption; (5) Statement of operations information for DNI is for the period from July 1, 2019 to March 31, 2020, and April 1, 2019 to June 30, 2019.
Summary Of Other Long-Term Asset | June 30, June 30, 2021 2020 Total equity investments $ 76,297 $ 26,993 Investment in 11 % (2020: 12 %) of MobiKwik (1) 76,297 26,993 Investment in 15 % of Cell C, at fair value (Note 5) - - Investment in 87.50 % of CPS (Note 23) (1)(2) - - Total held to maturity investments - - Investment in 7.625 % of Cedar Cellular Investment 1 (RF) (Pty) Ltd 8.625 % notes - - Long-term portion of amount due related to sale of interest in Bank Frick (3) 3,890 - Long-term portion of amount due from DNI related to sale of remaining interest in DNI - 2,857 Policy holder assets under investment contracts (Note 10) 381 490 Reinsurance assets under insurance contracts (Note 10) 1,298 1,006 Total other long-term assets $ 81,866 $ 31,346 (1) The Company determined that MobiKwik and CPS do not have readily determinable fair values and therefore elected to record these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. (2) On October 16, 2020, the High Court of South Africa, Gauteng Division, Pretoria ordered that CPS be placed into liquidation. (3) Long-term portion of amount due related to sale of interest in Bank Frick represents the amount due by the purchaser in July 2022.
Summary Of Components Of Equity Securities Without Readily Determinable Fair Value And Held To Maturity Investments | Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in Mobikwik $ 26,993 $ 49,304 $ - $ 76,297 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297 Cost basis Unrealized holding Unrealized holding Carrying gains losses value Equity securities: Investment in MobiKwik $ 26,993 $ - $ - $ 26,993 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ - $ - $ 26,993
Summary Of Contractual Maturity Of Investment | Cost basis Estimated fair value (1) Due in one year or less $ - $ - Due in one year through five years (2) - - Due in five years through ten years - - Due after ten years - - Total $ - $ - (1) The estimated fair value of the Cedar Cellular note has been calculated utilizing the Company’s portion of the security provided to the Company by Cedar Cellular, namely, Cedar Cellular’s investment in Cell C. (2) The cost basis is zero ($ 0.0 million).
Disposal Of DNI On April 1, 2020 [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | April 1 2020 Consideration received in cash on April 1, 2020 - 26,886,310 shares $ 42,477 Consideration received with note on April 1, 2020 - present value of note - 3,508,455 shares 5,354 Less: transaction costs (1,010) Less: carrying value of DNI (36,508) Less: release of foreign currency translation reserve from accumulated other comprehensive loss (11,323) Loss on sale of DNI before tax (1,010) Taxes related to sale of DNI - Capital gains tax related to sale of DNI (1) 2,475 Utilization of capital loss carryforwards (1) (2,475) Loss on disposal of DNI after tax $ (1,010) (1) Net1 SA recorded a valuation allowance related to capital losses previously generated but not utilized. The Company utilized approximately $ 12.0 million of these unutilized capital losses as a result of the disposal of its remaining interest in DNI in April 2020 and, therefore, the equivalent portion of the valuation allowance created was released.
Disposal Of DNI On May 3, 2019 [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | May 3, 2019 May 3, 2019 fair value of consideration received $ 15,011 Less: equity-method interest sold (14,996) Less: released from accumulated other comprehensive loss – foreign currency translation reserve (as restated) (Note 1 and Note 14) 162 May 2019 gain recognized on disposal, before tax 177 Capital loss related to disposal (1) - Gain recognized on disposal, after tax, as of May 3, 2019 $ 177 (1) The disposal of the 8 % interest in DNI resulted in a capital loss for tax purposes of approximately $ 23.9 million and the Company provided a valuation allowance of $ 23.9 million against this capital loss because it did not have any capital gains to offset against this amount at the time.
Disposal Of Bank Frick on February 3, 2021 [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | February 3, 2021 Loss on sale of Bank Frick: Consideration received in cash on February 3, 2021 $ 18,600 Consideration received with note on February 3, 2021, refer to (Note 3) and other long-term assets below 11,400 Less: transaction costs (42) Less: carrying value of Bank Frick (32,892) Add: release of foreign currency translation reserve from accumulated other comprehensive loss 2,462 Loss on sale of Bank Frick (1) $ (472) (1) The Company does not expect to pay taxes related to the sale of Bank Frick because the base cost of its investment exceeds the sales consideration received. The Company does not believe that it will be able to utilize any capital loss, if any, generated because Net1 LI does not own any other capital assets. 8. EQUITY - ACCOUNTED INVESTMENTS AND OTHER LONG - TERM ASSETS (continued) Equity-accounted investments (continued)

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