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Discontinued Operations | 9 Months Ended
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Mar. 31, 2021
Discontinued operations [Abstract] |
Discontinued Operations | 21.Discontinued operations The Company determined that, following the disposal of its controlling interest, Net1 Korea (in fiscal 2020) and DNI (in fiscal 2019) should be classified as discontinued operations because the disposal of these businesses represented a strategic shift that would have a major effect on the Company’s operations and financial results. 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, 2020, for additional information regarding the deconsolidation of Net1 Korea and 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 nine months ended March 31, 2020, that have not been separately presented on those statements related to the presentation of Net1 Korea as a discontinued operation:
|  | Net1 Korea
|  |  | Three months ended |  | Nine months ended
|  |  | March 31, 2020 |  | March 31, 2020
|  | Unaudited condensed consolidated statement of operations |  |  |  |  |
|  | Discontinued: |  |  |  |  |
|  | Revenue | $ | 19,044 |  | $ | 85,375
|  | Cost of goods sold, IT processing, servicing and support |  | 8,246 |  |  | 37,377
|  | Selling, general and administration |  | 7,278 |  |  | 30,562
|  | Depreciation and amortization |  | 2,004 |  |  | 8,652
|  | Operating income |  | 1,516 |  |  | 8,784
|  | Interest income |  | 129 |  |  | 678
|  | Interest expense |  | 6 |  |  | 106
|  | Net income before tax |  | 1,639 |  |  | 9,356
|  | Income tax expense |  | 892 |  |  | 2,954
|  | Net income from discontinued operations | $ | 747 |  | $ | 6,402
|  | Unaudited condensed consolidated statement of cash flows |  |  |  |  |
|  | Discontinued: |  |  |  |  |
|  | Total net cash provided by operating activities | $ | 4,371 |  | $ | 14,565
|  | Total net cash used in investing activities | $ | (12,893) |  | $ | (9,805)
The Company retained a continuing involvement in DNI following the disposal of the Company’s controlling interest during the year ended June 30, 2019. The Company recorded earnings under the equity method related to its retained investment in DNI during the nine months ended March 31, 2020. The table below presents revenues and expenses between the Company and DNI, after the DNI disposal transaction, during the nine months ended March 31, 2020:
|  | DNI
|  |  | Three months ended |  | Nine months ended
|  |  | March 31, 2020 |  | March 31, 2020
|  | Revenue generated from transactions with DNI | $ | - |  | $ | -
|  | Expenses incurred related to transactions with DNI | $ | 295 |  | $ | 2,902
The Company received dividends of $0.7 million and $1.8 million from DNI during the three and nine months ended March 31, 2020, respectively.

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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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