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Equity-Accounted Investments And Other Long-Term Assets (Tables)
 3 Months Ended
Sep. 30, 2023
Ownership Percentage Of Equity-Accounted Investments
September 30,
June 30,
2023
2023
Finbond Group Limited (“Finbond”)
27.8
%
27.8
%
Sandulela Technology
 
(Pty) Ltd ("Sandulela")
49.0
%
49.0
%
SmartSwitch Namibia (Pty) Ltd (“SmartSwitch Namibia”)
50.0
%
50.0
%
Schedule Of Calculation Of Gain (Loss) On Disposal
Three months
ended September
30,
2022
Loss on disposal of Finbond shares:
Consideration received in cash
$
3
Less: carrying value of Finbond shares sold
(3)
Less: release of foreign currency translation reserve from accumulated other
 
comprehensive loss
(2)
Add: release of stock-based compensation charge related to
 
equity-accounted investment
-
Loss on sale of Finbond shares
$
(2)
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.
Summary Of Movement In Equity-Accounted Investments
Finbond
Other
(1)
Total
Investment in equity
Balance as of June 30, 2023
$
3,040
$
131
$
3,171
Stock-based compensation
 
14
-
14
Comprehensive income:
(956)
40
(916)
Other comprehensive income
489
-
489
Equity accounted (loss) earnings
(1,445)
40
(1,405)
Share of net (loss) earnings
(278)
40
(238)
Impairment
(1,167)
-
(1,167)
Foreign currency adjustment
(2)
(14)
(2)
(16)
Balance as of September 30, 2023
$
2,084
$
169
$
2,253
(1) Includes Sandulela,
 
and SmartSwitch Namibia;
(2) The foreign currency
 
adjustment represents the effects
 
of the fluctuations
 
of the ZAR and Namibian
 
dollar, against the
 
U.S.
dollar on the carrying value.
Summary Of Other Long-Term Asset
September 30,
June 30,
2023
2023
Total equity investments
 
$
76,297
$
76,297
Investment in
5
% of Cell C (June 30, 2023:
5
%) at fair value (Note 4)
-
-
Investment in
10
% of MobiKwik (June 30, 2023:
10
%)
(1)
76,297
76,297
Investment in
87.5
% of CPS (June 30, 2023:
87.5
%) at fair value
(1)(2)
-
-
Policy holder assets under investment contracts (Note 7)
251
257
Reinsurance assets under insurance contracts (Note 7)
1,274
1,040
Total other long-term
 
assets
$
77,822
$
77,594
(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 (Note 2)
-
-
-
-
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