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Capital Structure
 9 Months Ended
Mar. 31, 2023
Capital Structure [Abstract]  
Capital Structure

10.Capital structure

 

Issue of shares to Connect sellers pursuant to April 2022 transaction

 

The total purchase consideration pursuant to the Connect acquisition in April 2022 includes 3,185,079 shares of the Company’s common stock. These shares of common stock will be issued in three equal tranches on each of the first, second and third anniversaries of the April 14, 2022 closing. The Company legally issued 1,061,693 shares of its common stock, representing the first tranche, to the Connect sellers in April 2023, and this had no impact on the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes during the nine months ended March 31, 2023 because the 3,185,079 shares are included in the number of shares, net of treasury, as of June 30, 2022, and March 31, 2023.

 

Impact of non-vested equity shares on number of shares, net of treasury

 

The following table presents a reconciliation between the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the nine months ended March 31, 2023 and 2022, respectively, and the number of shares, net of treasury, excluding non-vested equity shares that have not vested as of March 31, 2023 and 2022, respectively:

 

 

 

March 31,

 

March 31,

 

 

 

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Number of shares, net of treasury:

 

 

 

 

 

 

Statement of changes in equity

63,743,900

 

57,921,062

 

 

 

Non-vested equity shares that have not vested as of end of period

3,194,463

 

1,248,391

 

 

Number of shares, net of treasury, excluding non-vested equity shares that have not vested

60,549,437

 

56,672,671