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Equity-Accounted Investments And Other Long-Term Assets (Tables) | 12 Months Ended
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Jun. 30, 2023
Ownership Percentage Of Equity-Accounted Investments | June 30, June 30, 2023 2022 Finbond Group Limited (“Finbond”) 28 % 29 % Sandulela Technology Proprietary Limited ("Sandulela") 49 % 49 % Carbon - % 25 % SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”) 50 % 50 %
Summary Of Movement In Equity-Accounted Investments | Finbond Other (1) Total Investment in equity Balance as of June 30, 2021 $ 9,822 $ 182 $ 10,004 Stock-based compensation 14 - 14 Comprehensive loss: (2,426) (139) (2,565) Other comprehensive income 1,239 - 1,239 Equity accounted (loss) earnings (3,665) (139) (3,804) Share of net (loss) income (3,665) 16 (3,649) Impairment - (155) (155) Sale of shares in equity-accounted investment (630) - (630) Equity-accounted investment acquired in business combination - 74 74 Foreign currency adjustment (2) (1,020) (16) (1,036) Balance as of June 30, 2022 5,760 101 5,861 Stock-based compensation 28 - 28 Comprehensive (loss) income: (1,271) 89 (1,182) Other comprehensive income 3,935 - 3,935 Equity accounted (loss) earnings (5,206) 89 (5,117) Share of (loss) net income (4,096) 89 (4,007) Impairment (1,110) - (1,110) Dividends received - (42) (42) Sale of shares in equity-accounted investment (506) - (506) Foreign currency adjustment (2) (971) (17) (988) Balance as of June 30, 2023 $ 3,040 $ 131 $ 3,171 Investment in loans: Balance as of June 30, 2021 $ - $ - $ - Foreign currency adjustment (2) - - - Balance as of June 30, 2022 - - - Loans repaid - (112) (112) Loans granted - 112 112 Foreign currency adjustment (2) - - - Balance as of June 30, 2023 $ - $ - $ - Equity Loans Total Carrying amount as of : June 30, 2022 $ 5,861 $ - $ 5,861 June 30, 2023 $ 3,171 $ - $ 3,171 (1) Includes Carbon, Sandulela and SmartSwitch Namibia; (2) The foreign currency adjustment represents the effects of the fluctuations of the 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) Other (3) Balance sheet, as of February 28 June 30 Various Current assets (4) 2023 $ n/a $ n/a $ 3,601 2022 n/a n/a 23,207 Long-term assets 2023 269,428 n/a 1 2022 300,253 n/a 4,933 Current liabilities (4) 2023 n/a n/a 3,007 2022 n/a n/a 26,324 Long-term liabilities 2023 209,855 n/a 7 2022 234,154 n/a 5,733 Non-controlling interest 2023 16,414 n/a - 2022 11,781 - - Statement of operations, for the period ended February 28 June 30 (2) Various Revenue 2023 88,305 n/a 4,908 2022 80,656 n/a 4,100 2021 95,847 35,641 6,420 Operating (loss) income 2023 (20,941) n/a 219 2022 (21,017) n/a 984 2021 (18,980) 3,860 (2,406) (Loss) Income from continuing operations 2023 (19,780) n/a 184 2022 (18,379) n/a 657 2021 (15,466) 3,303 (2,534) Net (loss) income 2023 (15,858) n/a 184 2022 (16,432) n/a 657 2021 $ (17,889) $ 3,303 $ (2,534) (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 fiscal 2020. (3) Includes Carbon, SmartSwitch Namibia, Sandulela, Revix, Walletdoc and V2, as appropriate. Balance sheet information for Carbon, Sandulela, and SmartSwitch Namibia is as of June 30, 2022 and 2021, 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; (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;
Summary Of Other Long-Term Asset | June 30, June 30, 2023 2022 Total equity investments $ 76,297 $ 76,297 Investment in 10 % (June 30, 2022: 10 %) of MobiKwik (1) 76,297 76,297 Investment in 5 % of Cell C (June 30, 2022: 15 %) at fair value (Note 6) - - Investment in 87.50 % of CPS (June 30, 2022: 87.50 %) at fair value (1)(2) - - Policy holder assets under investment contracts (Note 11) 257 371 Reinsurance assets under insurance contracts (Note 11) 1,040 1,424 Total other long-term assets $ 77,594 $ 78,092 (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.
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 $ 49,304 $ - $ 76,297 Investment in CPS - - - - Held to maturity: Investment in Cedar Cellular notes - - - - Total $ 26,993 $ 49,304 $ - $ 76,297
Finbond Group Limited [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | Year ended June 30, 2023 2022 Loss on disposal of Finbond shares: Consideration received in cash $ 265 $ 865 Less: carrying value of Finbond shares sold (363) (630) Less: release of foreign currency translation reserve from accumulated other comprehensive loss (252) (620) Add: release of stock-based compensation charge related to equity-accounted investment 9 9 Loss on sale of Finbond shares $ (341) $ (376)
Disposal Of Bank Frick on February 3, 2021 [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | February 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 4) 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 did not pay taxes related to the sale of Bank Frick because the base cost of its investment exceeded 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 and has since been deregistered.
Carbon [Member] |
Schedule Of Calculation Of Gain (Loss) On Disposal | Three months ended September 30, 2022 Gain on disposal of Carbon shares: Consideration received in cash in September 2022 $ 250 Less: carrying value of Carbon - Gain on disposal of Carbon shares: (1) $ 250 (1) The Company does not expect to pay taxes related to the sale of Carbon because the base cost of its investment exceeds the sales consideration received. The Company does not believe that it will be able to utilize the loss generated because Net1 BV does not generate taxable income.

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