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Equity-Accounted Investments And Other Long-Term Assets (Tables)
12 Months Ended
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.