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Unaudited Quarterly Results (Table)
12 Months Ended
Jun. 30, 2021
Error Corrections And Prior Period Adjustments Restatement [Line Items]  
Impact Of The Restatement On Financial Statements
Consolidated statement of operations
Year
 
ended June 30, 2020
As reported
Correction
As restated
(in thousands)
Revenue
$
150,997
$
(6,698)
$
144,299
Cost of goods sold, IT processing, servicing and support
$
109,006
$
(6,698)
$
102,308
Year
 
ended June 30, 2019
As reported
Correction
As restated
(in thousands)
Revenue
$
166,227
$
(5,592)
$
160,635
Cost of goods sold, IT processing, servicing and support
$
129,696
$
(5,592)
$
124,104
Years
 
ended
June 30, 2020
June 30, 2019
Processing
Total
Processing
Total
Processing fees - as restated
$
55,992
$
60,895
$
82,995
$
83,090
As reported
62,690
67,593
88,587
88,682
Correction
(6,698)
(6,698)
(5,592)
(5,592)
South Africa - as restated
50,951
55,854
73,153
73,248
As reported
57,649
62,552
78,745
78,840
Correction
(6,698)
(6,698)
(5,592)
(5,592)
Rest of world
$
5,041
$
5,041
$
9,842
$
9,842
Total revenue,
 
derived from the following geographic locations - as
restated
$
83,628
$
144,299
$
107,422
$
160,635
As reported
90,326
150,997
113,014
166,227
Correction
(6,698)
(6,698)
(5,592)
(5,592)
South Africa - as restated
78,587
139,258
97,580
150,793
As reported
85,285
145,956
103,172
156,385
Correction
(6,698)
(6,698)
(5,592)
(5,592)
Rest of world
$
5,041
$
5,041
$
9,842
$
9,842
Revenue (as restated)
Reportable
Segment
Corporate/
Eliminations
Inter-
segment
From
external
customers
Processing - as restated
$
91,786
$
-
$
8,158
$
83,628
As reported
98,484
-
8,158
90,326
Correction
(6,698)
-
-
(6,698)
Total for the year
 
ended June 30, 2020 - as restated
156,727
-
12,428
144,299
As reported
163,425
-
12,428
150,997
Correction
(6,698)
-
-
(6,698)
Processing - as restated
$
118,088
$
-
$
10,666
$
107,422
As reported
123,680
-
10,666
113,014
Correction
(5,592)
-
-
(5,592)
Total for the year
 
ended June 30, 2019 - as restated
195,237
(19,709)
14,893
160,635
As reported
200,829
(19,709)
14,893
166,227
Correction
$
(5,592)
$
-
$
-
$
(5,592)
Schedule Of Unaudited Consolidated Statements Of Operations
Three months ended
Jun 30, 2021
Mar 31, 2021
Dec 31, 2020
Sep 30, 2020
June 30, 2021
(In thousands except per share data)
Revenue
$
34,517
$
28,828
$
32,305
$
35,136
$
130,786
Operating loss
(13,600)
(14,292)
(15,205)
(10,775)
(53,872)
Net income (loss) attributable to Net1
$
1,639
$
(6,204)
$
(4,534)
$
(28,958)
$
(38,057)
Net earnings (loss) per share, in United
States dollars
 
Basic earnings (loss) attributable to Net1
shareholders
$
0.03
$
(0.11)
$
(0.08)
$
(0.51)
$
(0.67)
Diluted earnings (loss) attributable to Net1
shareholders
$
0.03
$
(0.10)
$
(0.08)
$
(0.52)
$
(0.67)
Three months ended
Jun 30, 2020
Mar 31, 2020
Dec 31, 2019
Sep 30, 2019
June 30, 2020
(as restated)
(A)
(as restated)
(A)
(as restated)
(A)
(as restated)
(A)
(as restated)
(A)
(In thousands except per share data)
Revenue
$
24,551
$
34,614
$
38,918
$
46,216
$
144,299
Operating loss
(13,180)
(14,212)
(10,420)
(6,436)
(44,248)
Net (loss) income attributable to Net1
(38,880)
(34,881)
(205)
(4,392)
(78,358)
Continuing
(38,601)
(48,361)
(2,925)
(7,327)
(97,214)
Discontinued
$
(279)
$
13,480
$
2,720
$
2,935
$
18,856
Net (loss) income per share, in United
States dollars
 
Basic (loss) earnings attributable to Net1
shareholders
$
(0.68)
$
(0.61)
$
-
$
(0.08)
$
(1.37)
Continuing
$
(0.68)
$
(0.85)
$
(0.05)
$
(0.13)
$
(1.70)
Discontinued
$
-
$
0.24
$
0.05
$
0.05
$
0.33
Diluted (loss) earnings attributable to Net1
shareholders
$
(0.69)
$
(0.62)
$
-
$
(0.08)
$
(1.37)
Continuing
$
(0.69)
$
(0.86)
$
(0.05)
$
(0.13)
$
(1.70)
Discontinued
$
-
$
0.24
$
0.05
$
0.05
$
0.33
(A) Certain amounts have been restated to correct the
 
misstatements
 
discussed in Note 1. The impact of the restatements for
 
the
years
 
ended June 30, 2020 and 2019, were first recorded in the unaudited condensed consolidated financial statements included in the
Company’s
 
Quarterly Report on
 
Form 10-Q for
 
the three and
 
six months
 
ended December 31,
 
2020 which was
 
filed on February
 
4,
2021.
Three Months Ended September 30, 2020 [Member]  
Error Corrections And Prior Period Adjustments Restatement [Line Items]  
Impact Of The Restatement On Financial Statements
Unaudited condensed consolidated statement of operations
Three months ended September 30, 2020
(1)
As reported
Correction
As restated
(in thousands)
Revenue
$
37,113
$
(1,977)
$
35,136
Cost of goods sold, IT processing, servicing and support
$
28,437
$
(1,977)
$
26,460
(1)
 
The error for the three
 
months ended September 30, 2020,
 
also impacted the year ended
 
June 30, 2021, by the
 
same amount
and
 
therefore
 
the
 
amounts
 
reported
 
for
 
the
 
year
 
ended
 
June
 
30,
 
2021,
 
includes
 
the
 
correction
 
of
 
the
 
error.
 
 
25.
 
UNAUDITED
 
QUARTERLY
 
RESULTS
 
(continued)
 
 
Restatement of financial statements – impact on unaudited quarterly results
 
(continued)
 
Related to overstatement of revenue and cost of goods
 
sold, IT processing, servicing and support (continued)
Unaudited
Three months ended
September 30, 2020
Processing
Total
Processing fees - as restated
(1)
$
16,330
$
16,929
As reported
18,307
18,906
Correction
(1,977)
(1,977)
South Africa - as restated
14,774
15,373
As reported
16,751
17,350
Correction
(1,977)
(1,977)
Rest of world
$
1,556
$
1,556
Total revenue, derived
 
from the following geographic locations - as restated
$
21,518
$
35,136
As reported
23,495
37,113
Correction
(1,977)
(1,977)
South Africa - as restated
19,962
33,580
As reported
21,939
35,557
Correction
(1,977)
(1,977)
Rest of world
$
1,556
$
1,556
(1) The error for the
 
three months ended September
 
30, 2020, also impacted the
 
year ended June 30, 2021
 
,
 
by the same amount
and therefore the amounts reported for the year ended June 30, 2021, include
 
the correction of the error.
Unaudited
Revenue (as restated)
Reportable
Segment
Corporate/
Eliminations
Inter-
segment
From
external
customers
Processing - as restated
(1)
$
22,506
$
-
$
988
$
21,518
As reported
24,483
-
988
23,495
Correction
(1,977)
-
-
(1,977)
Total for the three
 
months ended September 30, 2020 - as restated
36,982
-
1,846
35,136
As reported
38,959
-
1,846
37,113
Correction
$
(1,977)
$
-
$
-
(1,977)
(1) The error for the
 
three months ended September 30,
 
2020, also impacted the year
 
ended June 30, 2021, by
 
the same amount
and
 
therefore
 
the
 
amounts
 
reported
 
for
 
the
 
year
 
ended
 
June
 
30,
 
2021,
 
include
 
the
 
correction
 
of
 
the
 
error.