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Stock-Based Compensation | 3 Months Ended
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Sep. 30, 2024
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Options The following table presents stock options vested and expected to vest as of September 30, 2024: No stock options became exercisable during each of the three months ended September 30, 2024 and 2023. The Company issues new shares to satisfy stock option exercises. 12. Stock-based compensation (continued) Stock option and restricted stock activity (continued) Restricted stock The following table summarizes restricted stock activity for the three months ended September 30, 2024 and 2023: Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($'000) Weighted average grant date fair value ($) Outstanding - June 30, 2024 4,918,248 8.70 4.51 889 1.77 Forfeited (13,333) 11.23 - - 8.83 Outstanding - September 30, 2024 4,904,915 8.67 4.33 1,117 1.76 Outstanding - June 30, 2023 673,274 4.37 5.14 239 1.67 Exercised (6,793) 3.07 - 5 - Forfeited (175,776) 3.58 - - 1.22 Outstanding - September 30, 2023 490,705 4.68 6.30 199 1.82 Grants In August 2024, the Company granted 32,800 shares of restricted stock to employees which have time -based vesting conditions. No restricted stock was awarded during the three months ended September 30, 2023. Vesting In July 2024 and 2023, respectively, 78,801 and 78,800 shares of restricted stock granted to our former Group CEO vested. Forfeitures During the three months ended September 30, 2024 and 2023, respectively, employees forfeited 3,100 and 8,127 shares of restricted stock following their termination of employment with the Company. Stock-based compensation charge and unrecognized compensation cost The Company recorded a stock-based compensation charge, net during the three months ended September 30, 2024 and 2023, of $ 2.4 million and $ 1.8 million, respectively, which comprised: The stock-based compensation charges have been allocated to selling, general and administration based on the allocation of the cash compensation paid to the relevant employees. 12. Stock-based compensation (continued) Stock-based compensation charge and unrecognized compensation cost (continued) As of September 30, 2024, the total unrecognized compensation cost related to stock options was $ 3.9 million, which the Company expects to recognize over two years . As of September 30, 2024, the total unrecognized compensation cost related to restricted stock awards was $ 3.6 million, which the Company expects to recognize over two years . During the three months ended September 30, 2024 and 2023, the Company recorded a deferred tax benefit of $ 0.3 million and $ 0.05 million, respectively, related to the stock-based compensation charge recognized related to employees of Lesaka. During the three months ended September 30, 2024 and 2023 the Company recorded a valuation allowance of $ 0.3 million and $ 0.05 million, respectively, related to the deferred tax benefit recognized because it does not believe that the stock-based compensation deduction would be utilized as it does not anticipate generating sufficient taxable income in the United States. The Company deducts the difference between the market value on the date of exercise by the option recipient and the exercise price from income subject to taxation in the United States. Total charge Allocated to cost of goods sold, IT processing, servicing and support Allocated to selling, general and administration Three months ended September 30, 2024 Stock-based compensation charge $ 2,377 $ - $ 2,377 Total - three months ended September 30, 2024 $ 2,377 $ - $ 2,377 Three months ended September 30, 2023 Stock-based compensation charge $ 1,768 $ - $ 1,768 Reversal of stock compensation charge related to stock options and restricted stock forfeited (9) - (9) Total - three months ended September 30, 2023 $ 1,759 $ - $ 1,759 Number of shares of restricted stock Weighted average grant date fair value ($’000) Non-vested – June 30, 2024 2,084,946 8,736 Total granted 32,800 154 Granted – August 2024 32,800 154 Total vested (78,801) 394 Vested – July 2024 (78,801) 394 Forfeitures (3,100) 15 Non-vested – September 30, 2024 2,035,845 8,449 Non-vested – June 30, 2023 2,614,419 11,869 Total vested (78,800) 302 Vested – July 2023 (78,800) 302 Forfeitures (8,127) 32 Non-vested – September 30, 2023 2,527,492 11,475 Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Exercisable - September 30, 2024 378,009 4.49 5.32 364 These options have an exercise price range of $ 3.01 to $ 14.00 . The following table presents stock options that are exercisable as of September 30, 2024: Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($’000) Vested and expecting to vest - September 30, 2024 4,904,915 8.67 4.33 1,117 12. Stock-based compensation The Company’s Amended and Restated 2022 Stock Incentive Plan (“20 22 Plan”) and the vesting terms of certain stock-based awards granted are described in Note 17 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2024. Stock option and restricted stock activity Options The following table summarizes stock option activity for the three months ended September 30, 2024 and 2023: No stock options were awarded during each of the three months ended September 30, 2024 and 2023. No stock options were exercised during the three months ended September 30, 2024. During the three months ended September 30, 2023, the Company received approximately $ 0.02 million from the exercise of 6,793 stock options. Employees forfeited an aggregate of 13,333 stock options during the three months ended September 30, 2024. Employees and a non-employee director forfeited an aggregate of 175,776 stock options during the three months ended September 30, 2023.

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