0001628280-20-013493 | 10-K | XBRL Viewer

As of June 30, 2020

Award type

Unrecognized Expense
(in thousands)

Weighted Average Recognition Period
(in years)

Stock options

Stock grants

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Jun. 30, 2020	Aug. 31, 2020	Dec. 31, 2019
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-33365
Entity Registrant Name	USA Technologies, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2679963
Entity Address, Address Line One	100 Deerfield Lane,
Entity Address, Address Line Two	Suite 300,
Entity Address, City or Town	Malvern,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	989‑0340
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 392,704,066
Entity Common Stock, Shares Outstanding		65,226,175
Entity Central Index Key	0000896429
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--06-30

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 31,713	$ 27,464
Accounts receivable, less allowance of $7,676 and $4,866, respectively	17,273	21,906
Finance receivables, net	7,468	6,727
Inventory, net	9,128	11,273
Prepaid expenses and other current assets	1,782	1,558
Total current assets	67,364	68,928
Non-current assets:
Finance receivables due after one year, net	11,213	12,642
Other assets	1,993	2,099
Property and equipment, net	7,872	9,590
Operating lease right-of-use assets	5,603
Intangibles, net	23,033	26,171
Goodwill	63,945	63,945
Total non-current assets	113,659	114,447
Total assets	181,023	183,375
Current liabilities:
Accounts payable	27,058	27,584
Accrued expenses	30,265	23,705
Finance lease obligations and current obligations under long-term debt	3,328	12,497
Deferred revenue	1,698	1,681
Total current liabilities	62,349	65,467
Long-term liabilities:
Deferred income taxes	137	71
Finance lease obligations and long-term debt, less current portion	12,435	276
Operating lease liabilities, non-current	4,749
Total long-term liabilities	17,321	347
Total liabilities	79,670	65,814
Commitments and contingencies (Note 19)
Series A convertible preferred stock, 900,000 shares authorized, 445,063 issued and outstanding, with liquidation preferences of $20,779 and $20,111 at June 30, 2020 and 2019, respectively	3,138	3,138
Shareholders’ equity:
Preferred stock, no par value, 1,800,000 shares authorized, no shares issued	0	0
Common stock, no par value, 640,000,000 shares authorized, 65,196,882 and 60,008,481 shares issued and outstanding at June 30, 2020 and 2019, respectively	401,240	376,853
Accumulated deficit	(303,025)	(262,430)
Total shareholders’ equity	98,215	114,423
Total liabilities, convertible preferred stock and shareholders’ equity	$ 181,023	$ 183,375

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 7,676	$ 4,866
Convertible preferred stock, shares authorized (in shares)	900,000	900,000
Convertible preferred stock, shares issued (in shares)	445,063	445,063
Convertible preferred stock, shares outstanding (in shares)	445,063	445,063
Convertible preferred stock, liquidation preference value	$ 20,779	$ 20,111
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,800,000	1,800,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	640,000,000	640,000,000
Common stock, shares issued (in shares)	65,196,882	60,008,481
Common stock, shares outstanding (in shares)	65,196,882	60,008,481

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 163,153	$ 144,466	$ 132,508
Costs of sales	116,880	104,281	96,832
Gross profit	46,273	40,185	35,676
Operating expenses:
Selling, general and administrative	60,266	46,527	34,647
Investigation, proxy solicitation and restatement expenses	21,292	16,073	0
Integration and acquisition costs	0	1,338	7,048
Depreciation and amortization	4,307	4,430	3,204
Total operating expenses	85,865	68,368	44,899
Operating loss	(39,592)	(28,183)	(9,223)
Other income (expense):
Interest income	1,595	1,555	943
Interest expense	(2,597)	(2,992)	(3,105)
Total other expense, net	(1,002)	(1,437)	(2,162)
Loss before income taxes	(40,594)	(29,620)	(11,385)
Benefit (provision) for income taxes	(1)	(262)	101
Net loss	(40,595)	(29,882)	(11,284)
Preferred dividends	(668)	(668)	(668)
Net loss applicable to common shares	$ (41,263)	$ (30,550)	$ (11,952)
Net loss per common share
Basic (in USD per share)	$ (0.66)	$ (0.51)	$ (0.23)
Diluted (in USD per share)	$ (0.66)	$ (0.51)	$ (0.23)
Weighted average number of common shares outstanding
Basic (in shares)	62,980,193	60,061,243	51,840,518
Diluted (in shares)	62,980,193	60,061,243	51,840,518
Service
Disaggregation of Revenue [Line Items]
Revenue	$ 133,167	$ 122,908	$ 96,872
Costs of sales	82,980	79,980	61,175
Product
Disaggregation of Revenue [Line Items]
Revenue	29,986	21,558	35,636
Costs of sales	$ 33,900	$ 24,301	$ 35,657

Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands

Total

Common Stock

Accumulated Deficit

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Deficit

Beginning balance (in shares) at Jun. 30, 2017

40,331,645

Beginning balance at Jun. 30, 2017

$ 24,468

$ 245,999

$ (221,531)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock, net of offering costs incurred (in shares)

^[1]

15,913,781

Issuance of common stock, net of offering costs incurred

^[1]

104,796

$ 104,796

Issuance of common stock as merger consideration (as restated) (in shares)

^[2]

3,423,367

Issuance of common stock as merger consideration (as restated)

^[2]

23,279

$ 23,279

Stock based compensation (in shares)

374,823

Stock based compensation

1,935

$ 1,935

Excess tax benefit from stock plans

Retirement of common stock (in shares)

^[3]

(44,805)

Retirement of common stock

^[3]

(573)

$ (573)

Net loss

(11,284)

Ending balance (in shares) at Jun. 30, 2018

59,998,811

Ending balance at Jun. 30, 2018

142,688

$ 375,436

(232,748)

$ 200

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock based compensation (in shares)

20,627

Stock based compensation

1,618

$ 1,618

Repurchase of stock option awards

(120)

$ (120)

Retirement of common stock (in shares)

(10,957)

Retirement of common stock

(81)

$ (81)

Net loss

(29,882)

Ending balance (in shares) at Jun. 30, 2019

60,008,481

Ending balance at Jun. 30, 2019

114,423

$ 376,853

(262,430)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock, net of offering costs incurred (in shares)

^[1]

3,800,000

Issuance of common stock, net of offering costs incurred

^[1]

16,777

$ 16,777

Stock based compensation (in shares)

752,808

Stock based compensation

3,110

$ 3,110

Issuance of common stock to Hudson Executive Capital LP (in shares)

^[1]

635,593

Issuance of common stock to Hudson Executive Capital LP

^[1]

4,500

$ 4,500

Net loss

(40,595)

Ending balance (in shares) at Jun. 30, 2020

65,196,882

Ending balance at Jun. 30, 2020

$ 98,215

$ 401,240

$ (303,025)

[1]	Refer to Note 14 regarding the public offering issued during July 2017 and May 2018, the private placement during October 2019, and the issuance of shares as reimbursement to Hudson Executive Capital LP for costs in connection with its proxy solicitation.
[2]	Refer to Note 5 regarding the business acquisition executed during November 2017.
[3]	Includes 3,577 shares previously held in escrow in relation to the Cantaloupe acquisition.

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Offering costs incurred	$ 1,102	$ 7,964
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201409Member
Shares previously held in escrow (in shares)		3,577

- Definition

Indicates amendment to accounting standards.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES:
Net loss	$ (40,595)	$ (29,882)	$ (11,284)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Non-cash stock-based compensation	3,029	1,750	1,794
(Gain) loss on disposal of property and equipment	335	672	(131)
Non-cash interest and amortization of debt discount	1,283	301	140
Reimbursement of shareholder proxy solicitation costs	4,500	0	0
Bad debt expense	2,958	2,534	471
Provision for inventory reserve	681	3,172	1,467
Depreciation and amortization included in operating expenses	4,307	4,430	3,204
Depreciation included in cost of sales for rentals	2,710	3,074	4,625
Non-cash lease expense	1,698	0	0
Excess tax benefits	0	0	67
Deferred income taxes, net	70	(7)	(183)
Changes in operating assets and liabilities:
Accounts receivable	1,818	(8,706)	(6,234)
Finance receivables	547	(669)	2,228
Sale of finance receivables	0	0	2,280
Inventory	1,463	(5,607)	(3,661)
Prepaid expenses and other current assets	(563)	(395)	377
Accounts payable and accrued expenses	2,988	1,293	16,920
Operating lease liabilities	(1,384)	0	0
Deferred revenue	16	(132)	351
Net cash (used in) provided by operating activities	(14,139)	(28,172)	12,431
INVESTING ACTIVITIES:
Purchase of property and equipment	(2,538)	(4,875)	(3,978)
Proceeds from sale of property and equipment	44	116	298
Cash paid for acquisitions, net of cash acquired	0	0	(65,181)
Net cash used in investing activities	(2,494)	(4,759)	(68,861)
FINANCING ACTIVITIES:
Proceeds from collateralized borrowing from the transfer of finance receivables	0	0	1,075
Cash used in retirement of common stock	0	(81)	(552)
Proceeds from exercise of common stock options	192	42	141
Proceeds from long-term debt issuance by Antara	14,248	0	0
Proceeds from equity issuance by Antara	17,879	0	0
Proceeds from PPP Loan	3,065	0	0
Cash used for repurchase of common stock awards	0	(120)	0
Payment of debt issuance costs	(1,980)	(156)	(445)
Proceeds from PPP Loan	0	0	25,100
Proceeds from revolving credit facility	0	0	12,500
Repayment of revolving credit facility	(10,000)	0	(2,500)
Issuance of common stock in public offering, net	0	0	104,796
Repayment of line of credit	0	0	(7,111)
Repayment of finance lease obligations and long-term debt	(2,522)	(23,254)	(5,355)
Net cash (used in) provided by financing activities	20,882	(23,569)	127,649
Net increase (decrease) in cash and cash equivalents	4,249	(56,500)	71,219
Cash and cash equivalents at beginning of year	27,464	83,964	12,745
Cash and cash equivalents at end of year	31,713	27,464	83,964
Supplemental disclosures of cash flow information:
Interest paid in cash	1,314	2,793	2,878
Supplemental disclosures of noncash financing and investing activities:
Equity issued in connection with Cantaloupe acquisition, net of post-working capital adjustment for retired shares	0	0	23,279
Settlement of collateralized borrowing from the sale of finance receivables	0	0	987
Equipment and software acquired under finance lease	$ 12	$ 5	$ 217

BUSINESS	12 Months Ended
BUSINESS	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Overview USA Technologies, Inc. (the “Company”, “We”, “USAT”, or “Our”) was incorporated in the Commonwealth of Pennsylvania in January 1992. We are a provider of technology-enabled solutions and value-added services that facilitate electronic payment transactions and consumer engagement services primarily within the unattended Point of Sale (“POS”) market. We are a leading provider in the small ticket, beverage and food vending industry in the United States and are expanding our solutions and services to other unattended market segments, such as amusement, commercial laundry, kiosk and others. Since our founding, we have designed and marketed systems and solutions that facilitate electronic payment options, as well as telemetry and Internet of Things services, which include the ability to remotely monitor, control, and report on the results of distributed assets containing our electronic payment solutions. Historically, these distributed assets have relied on cash for payment in the form of coins or bills, whereas, our systems allow them to accept cashless payments such as through the use of credit or debit cards or other emerging contactless forms, such as mobile payment. The connection to the ePort Connect platform also enables consumer loyalty programs, national rewards programs and digital content, including advertisements and product information to be delivered at the point of sale. On November 9, 2017, the Company acquired all of the outstanding equity interests of Cantaloupe Systems, Inc. (“Cantaloupe”), pursuant to the Agreement and Plan of Merger (“Merger Agreement”). Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee service. The acquisition expanded the Company’s existing platform to become an end-to-end enterprise platform integrating Cantaloupe’s Seed Cloud which provides cloud and mobile solutions for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management, as well as cashless vending. The combined companies offer a complete value proposition for customers by providing both top-line revenue generating services as well as bottom line business efficiency services to help operators of unattended retail machines run their businesses better. The combined product offering provides the data-rich Seed system with USAT’s consumer benefits, providing operators with valuable consumer data that results in customized experiences. In addition to new technology and services, due to Cantaloupe’s existing customer base, the acquisition expands the Company’s footprint into new markets. COVID-19 A novel strain of coronavirus (COVID-19) was first identified in China in December 2019 and subsequently declared a global pandemic in March 2020 by the World Health Organization. COVID-19 containment measures began in parts of the United States in March 2020 resulting in forced closure of non-essential businesses and social distancing protocols. As a result, COVID-19 has impacted our business, significantly reducing foot traffic to distributed assets containing our electronic payment solutions and reducing discretionary spending by consumers. The Company did not observe meaningful reductions in processing volume until mid-March, when average daily processing volume decreased approximately 40%. By mid-April, processing volumes began to recover and have shown a steady improvement by approximately 30% over the mid-March levels. At this time we are unable to reasonably estimate the length of time that containment measures will be needed in the United States. Furthermore, even after containment measures are lifted there can be no assurance as to the time required to regain operations and sales at levels prior to the pandemic. In response to the outbreak and business disruption, first and foremost, we have prioritized the health and safety of our employees by implementing work-from-home measures while continuing to diligently serve our customers. Additionally, we have created an internal task force to lead measures to protect the business in light of the volatility and uncertainty caused by the COVID-19 pandemic, including ensuring the safety of our employees and our community by implementing work from home policies, conserving liquidity, evaluating cost saving actions, partnering with customers to position USAT for renewed growth post crisis, and pausing on international expansion. The liquidity conservation and cost savings initiatives include but are not limited to: a 20% salary reduction for the senior leadership team until December 2020; deferral of all cash-based director fees until calendar year 2021; a temporary furlough of about 10% of our employee base; negotiations with and concessions from vendors in regard to cost reductions and/or payment deferrals; an increased collection effort to reduce outstanding accounts receivables; and various supply chain/inventory improvements. Our supply chain network has not been significantly disrupted and we are continuously monitoring for the impact of COVID-19. We have agreed to concessions on price and/or payment terms with certain customers who have been negatively impacted by COVID-19 and may negotiate additional concessions on price and/or payment terms. These concessions did not have a material impact on our financial results for the year ended June 30, 2020. We continue to monitor the rapidly evolving situation and guidance from federal, state and local public health authorities. As such, given the dynamic nature of this situation, the Company cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, based on current trends and if the pandemic is not substantially contained in the near future, COVID-19 may have a material adverse impact on our revenue growth as well as our overall profitability in fiscal year 2021, and may lead to higher sales-related, inventory-related, and operating reserves. Further, a sustained downturn may also result in a decrease in the fair value of our goodwill or other intangible assets, causing them to exceed their carrying value. This may require us to recognize an impairment to those assets. Ability to Continue as a Going Concern During the three years ending June 30, 2020, the Company has incurred significant net losses for each fiscal year. Also, as noted in Note 12, at June 30, 2020, the Company was not in compliance with certain covenants under its then-existing 2020 Antara Term Facility (as defined in Note 12). At June 30, 2020, the Company had $31.7 million in cash and a working capital surplus of $5.0 million. In addition, as more fully discussed in Note 21, on August 14, 2020, the Company repaid all amounts outstanding under the 2020 Antara Term Facility and entered into a credit agreement (the “2021 JPMorgan Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”). As a result, the Company has the following primary sources of capital available: (1) cash and cash equivalents on hand of $31.7 million as of June 30, 2020; (2) the cash which may be provided by operating activities; and (3) amounts borrowed from the 2021 JPMorgan Credit Agreement after repayment of the 2020 Antara Term Facility. In addition, management has recently implemented efficiencies in working capital that are designed to increase our cash balances. The Company believes that its current financial resources, as of the date of the issuance of these consolidated financial statements, are sufficient to fund its current twelve month operating budget, alleviating any substantial doubt raised by our historical operating results and satisfying our estimated liquidity needs for twelve months from the issuance of these consolidated financial statements.

ACCOUNTING POLICIES	12 Months Ended
ACCOUNTING POLICIES	Jun. 30, 2020
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current year presentation, including the classification of Selling, general and administrative expenses and Investigation, proxy solicitation and restatement expenses on the Consolidated Statements of Operations as more fully described in Note 20. In connection with the preparation of the condensed consolidated financial statements for the three months ended December 31, 2019, the Company identified certain adjustments that are required to be made to its fiscal year 2019 interim and annual financial statements. As a result, the Company has revised in this filing certain prior year interim amounts in Note 20 and annual amounts in its consolidated balance sheets, statements of operations and statements of cash flows and related disclosures. Such adjustments resulted in a $0.7 million decrease in net loss for the three months ended June 30, 2019 and a $2.1 million decrease in net loss for the year ended June 30, 2019. The Company does not believe these adjustments are material to the previously issued financial statements. USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash equivalents represent all highly liquid investments with original maturities of three months or less from time of purchase. Cash equivalents are comprised of money market funds. The Company maintains its cash in bank deposit accounts where accounts may exceed federally insured limits at times. The Company deems this credit risk not to be significant as cash is held at well-capitalized financial institutions in the U.S. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable include amounts due to the Company for sales of equipment, other amounts due from customers, merchant service receivables, and unbilled amounts due from customers, net of the allowance for uncollectible accounts. The Company maintains an allowance for doubtful accounts for probable incurred losses resulting from the inability of its customers to make required payments, including from a shortfall in the customer transaction fund flow from which the Company would normally collect amounts due. The allowance is determined through an analysis of various factors including the financial condition of the customer, the aging of the accounts receivable, the strength of the relationship with the customer, the capacity of the customer transaction fund flow to satisfy the amount due from the customer, and an assessment of collection costs and other factors. The allowance for doubtful accounts receivable is management’s best estimate as of the respective reporting date. The Company writes off receivable balances against the allowance for doubtful accounts when management determines the balance is uncollectible and the Company ceases collection efforts. Management believes that the allowance recorded is adequate to provide for its estimated credit losses. FINANCE RECEIVABLES The Company offers extended payment terms to certain customers for equipment sales under its Quick Start Program. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification® (“ASC”) Topic 842, “Leases”, agreements under the Quick Start Program qualify for sales-type lease accounting. Accordingly, the future minimum lease payments are classified as finance receivables in the Company’s consolidated balance sheets. Finance receivables or Quick Start leases are generally for a sixty month term. Finance receivables are carried at their contractual amount net of allowance of credit losses when management determines that it is probable a loss has been incurred. Finance receivables are charged off against the allowance for credit losses when management determines that the finance receivables are uncollectible and the Company ceases collection efforts. The Company recognizes a portion of the note or lease payments as interest income in the accompanying consolidated financial statements based on the effective interest rate method. INVENTORY, NET Inventory consists of finished goods. The company's inventories are valued at the lower of cost or net realizable value, generally using a weighted-average cost method. The Company establishes allowances for slow-moving inventory based upon quality considerations and assumptions about future demand and market conditions. PROPERTY AND EQUIPMENT, NET Property and equipment are recorded at either cost or, in the instance of an acquisition, the estimated fair value on the date of the acquisition, and are depreciated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on the straight-line basis over the lesser of the estimated useful life of the asset or the respective lease term. Depreciation expense on our property and equipment, excluding property and equipment used for rentals, is included in “Depreciation and amortization” in the Consolidated Statements of Operations. Depreciation expense on our property and equipment used for rentals is included in “Cost of services” in the Consolidated Statements of Operations. Additions and improvements that extend the estimated lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred. GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill represents the excess of cost over fair value of the net assets purchased in acquisitions. Under ASC 350, goodwill is not amortized to earnings, but instead is subject to periodic testing for impairment. Testing for impairment is to be done at least annually and at other times if events or circumstances arise that indicate that impairment may have occurred. We test goodwill for impairment by comparing the fair value of our reporting unit to its carrying value using a market approach. An impairment charge is recognized for the amount by which, if any, the carrying value exceeds the reporting unit’s fair value. However, the loss recognized cannot exceed the reporting unit’s goodwill balance. The Company has selected April 1 as its annual test date. The Company has concluded there has been no impairment of goodwill during the years ended June 30, 2020, 2019, or 2018. The Company's intangible assets include trademarks, non-compete agreements, brand, developed technology, customer relationships and tradenames and were acquired in a purchase business combination. The Company carries these intangibles at cost, less accumulated amortization. Amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, which span between three and eighteen years, and are included in “Depreciation and amortization" in the Consolidated Statements of Operations. There were no indefinite-lived intangible assets at June 30, 2020 or 2019. LONG-LIVED ASSETS The Company reviews its definite lived long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amount of an asset or group of assets exceeds its net realizable value, the asset will be written down to its fair value. Definite lived long-lived assets are reported as held for sale when management commits to a plan to sell the asset or disposal group, the asset or disposal group is available for immediate sale and is being actively marketed for sale at a price that is reasonable in relation to its current fair value, an active program to sell has been initiated, the sale of the asset or disposal group is probable and is expected to qualify for recognition as a sale within one year, and it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale are not depreciated or amortized and the assets are reported at the lower of carrying value or fair value less costs to sell. The Company has concluded that the carrying amount of definite lived long-lived assets is recoverable as of June 30, 2020 and 2019. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1‑ Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2‑ Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3‑ Inputs are unobservable and reflect the Company’s assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. CONCENTRATION OF RISKS Concentration of revenue with customers subject the Company to operating risks. Approximately 16%, 17% and 16% of the Company’s revenue for the years ended June 30, 2020, 2019 and 2018, respectively, were concentrated with one customer. The Company’s customers are principally located in the United States. REVENUE RECOGNITION On July 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers using the modified retrospective transition method to all open contracts with customers that were not completed as of June 30, 2018. Results for reporting periods beginning after July 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic revenue recognition methodology under ASC 605. Revenue Recognition Under ASC 606 (Periods Subsequent to July 1, 2018) The new revenue recognition guidance provides a single model to determine when and how revenue is recognized. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The new standard also requires certain incremental costs incurred to obtain or fulfill a contract to be deferred and amortized on a systematic basis consistent with the transfer of goods or services to the customer. The Company provides an end-to-end payment solution which integrates hardware, software, and payment processing in the self-service retail market. The Company has contractual agreements with customers that set forth the general terms and conditions of the relationship, including pricing of goods and services, payment terms and contract duration. Revenue is recognized when the obligation under the terms of the Company’s contract with its customer is satisfied and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company’s business model is to act as the Merchant of Record for its sellers. We provide cashless vending payment services in exchange for monthly service fees, in addition to collecting usage-based consideration for completed transactions. The contracts we enter into with third-party suppliers provide us with the right to access and direct their services when processing a transaction. The Company combines the services provided by third-party suppliers to enable customers to accept cashless payment transactions, indicating that it controls all inputs in directing their use to create the combined service. Additionally, USAT sells cashless payment devices (e.g., e-Ports, Seed), which are either directly sold or leased through the Company's QuickStart or JumpStart programs. Cashless vending services represent a single performance obligation as the combination of the services provided gives the customer the ability to accept cashless payments. The Company’s customers are contracting for integrated cashless services in connection with purchasing or leasing unattended point-of-sale devices. The activities when combined together are so integral to the customer’s ability to derive benefit from the service, that the activities are effectively inputs to a single promise to the customer. Certain services are distinct, but are not accounted for separately as the rights are coterminous, they are transferred concurrently and the outcome is the same as accounting for the services as individual performance obligations. The single performance obligation is determined to be a stand-ready obligation to process payments whenever a consumer intends to make a purchase at a point-of-sale device. As the Company is unable to predict the timing and quantity of transactions to be processed, the assessment of the nature of the performance obligation is focused on each time increment rather than the underlying activity. Therefore, cashless vending services are viewed to comprise a series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. As a result, the promise to stand ready is accounted for as a single performance obligation. Revenue related to cashless vending services is recognized over the period in which services are provided, with usage-based revenue recognized as transactions occur. Consideration for this service includes fixed fees for standing ready to process transactions, and generally also includes usage-based fees, priced as a percentage of transaction value and/or a specified fee per transaction processed. The total transaction price of usage-based services is determined to be variable consideration as it is based on unknown quantities of services to be performed over the contract term. The underlying variability is satisfied each day the service is performed and provided to the customer. Clients are billed for cashless vending services on a monthly basis and for transaction processing as transactions occur. Payment is due based on the Company’s standard payment terms which is typically within 30 to 60 days of invoice issuance. Equipment sales represent a separate performance obligation, the majority of which is satisfied at a point in time through outright sales or sales-type leases (ASC 840 for years ended June 30, 2019 and prior and ASC 842 for years after) when the equipment is delivered to the customer. Revenues related to JumpStart equipment are recognized over time as the customer obtains the right to use the equipment through an operating lease. Clients are billed for equipment sales on a monthly basis, with payment due based on the Company’s standard payment terms which is typically within 30 to 60 days of invoice issuance. USAT will occasionally offer volume discounts, rebates or credits on certain contracts, which is considered variable consideration. USAT uses either the most-likely or estimated value method to estimate the amount of the consideration, based on what the Company expects to better predict the amount of consideration to which it will be entitled to on a contract-by-contract basis. The Company will qualitatively assess if the variable consideration should be constrained to prevent possible significant reversal of revenue, as applicable. The Company assesses the goods and/or services promised in each customer contract and separately identifies a performance obligation for each promise to transfer to the customer a distinct good or service. The Company then allocates the transaction price to each performance obligation in the contract using relative standalone selling prices. The Company determines standalone selling prices based on the price at which a good or service is sold separately. If the standalone selling price is not observable through historic data, the Company estimates the standalone selling price by considering all reasonably available information, including market data, trends, as well as other company- or customer-specific factors. The Company recognizes fees charged to our customers primarily on a gross basis as transaction revenue when we are the principal in respect of completing a payment transaction. As a principal to the transaction, when we are the Merchant of Record, we control the service of completing payments for our customers through the payment ecosystem. The fees paid to payment processors and other financial institutions are recognized as transaction expense. For certain transactions in which we act in the capacity as an agent, these transactions are recorded on a net basis. These are transactions in which we are not the Merchant of Record, and the customer is entering into a separate arrangement with a third party payment processor for the fulfillment of the payment service. Warranties and Returns The Company offers standard warranties that provide the customer with assurance that its equipment will function in accordance with contract specifications. The Company's standard warranties are not sold separately, but are included with each customer purchase. Warranties are not considered separate performance obligations and, therefore, are estimated and recorded at the time of sale. The Company estimates an allowance for equipment returns at the date of sale on a monthly basis. The estimate of expected returns is calculated in the same way as other variable consideration. The expected value method is generally used to predict the amount of consideration to which the Company will be entitled. Accounts Receivable and Contract Liabilities A contract with a customer creates legal rights and obligations. As the Company satisfies performance obligations under customer contracts, a right to unconditional consideration is recorded as an account receivable. Contract liabilities represent consideration received from customers in excess of revenues recognized (i.e., deferred revenue). Contract liabilities are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations. Contract Costs The Company incurs costs to obtain contracts with customers, primarily in the form of commissions to sales employees. The Company recognizes as an asset the incremental costs of obtaining a contract with a customer if it expects to recover these costs. The Company currently does not incur material costs to fulfill its obligations under a contract once it is obtained but before transferring goods or services to the customer. Contract costs are amortized on a systematic basis consistent with the transfer to the customer of the goods or services to which the asset relates. A straight-line or proportional amortization method is used depending upon which method best depicts the pattern of transfer of the goods or services to the customer. The Company’s contracts frequently contain performance obligations satisfied at a point in time and overtime. In these instances, the Company amortizes the contract costs proportionally with the timing and pattern of revenue recognition. Amortization of costs to obtain a contract are classified as selling, general and administrative expense. In addition, these contract costs are evaluated for impairment by comparing, on a pooled basis, the expected future net cash flows from underlying customer relationships to the carrying amount of the capitalized contract costs. In order to determine the appropriate amortization period for contract costs, the Company considers a number of factors, including expected early terminations, estimated terms of customer relationships, the useful lives of technology USAT uses to provide goods and services to its customers, whether future contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. The Company amortizes these assets over the expected period of benefit. Costs to obtain a contract with an expected period of benefit of one year or less are expensed when incurred. Revenue Recognition Under ASC 605 (Periods Prior to July 1, 2018) Revenue from the sale of QuickStart lease of equipment is recognized on the terms of free-on-board shipping point. Transaction processing revenue is recognized upon the usage of the Company’s cashless payment and control network. License fees for access to the Company’s devices and network services are recognized on a monthly basis. In all cases, revenue is only recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company estimates an allowance for product returns at the date of sale and license and transaction fee refunds on a monthly basis. Hardware is available to customers under the QuickStart program pursuant to which the customer would enter into a five-year non-cancelable lease with either the Company or a third-party leasing company for the devices. The Company utilizes its best estimate of selling price when calculating the revenue to be recorded under these leases. The QuickStart contracts qualify for sales type lease accounting. At lease inception, the Company recognizes revenue and creates a finance receivable in an amount that represents the present value of minimum lease payments. Accordingly, a portion of the lease payments are recognized as interest income. At the end of the lease period, the customer would have the option to purchase the device at its residual value. Any customer payments received in advance and prior to the Company satisfying any performance obligations are recorded as deferred revenue and amortized as revenue is recognized. Equipment Rental The Company offers its customers a rental program for its hardware devices, the JumpStart program (“JumpStart”). JumpStart terms are typically 36 months and are cancellable with 30 to 60 days' written notice. In accordance with ASC 840, “Leases”, the Company classifies the rental agreements as operating leases, with service fee revenue related to the leases included in license and transaction fees in the Consolidated Statements of Operations. Costs for the JumpStart revenue, which consist of depreciation expense on the JumpStart equipment, are included in cost of services in the Consolidated Statements of Operations. Equipment utilized by the JumpStart program is included in property and equipment, net on the Consolidated Balance Sheets. LEASES Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for office space, warehouses, automobiles and office equipment. USAT’s leases have lease terms of one year to eight years and some include options to extend and/or terminate the lease. The exercise of lease renewal options is at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease Right-of-Use (“ROU”) assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the collateralized rate of interest that we would pay to borrow over a similar term an amount equal to the lease payments, based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. USAT has lease agreements with lease and non-lease components. The Company elected the practical expedient related to treating lease and non-lease components as a single lease component for all leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Variable lease payments that are not based on an index or that result from changes to an index subsequent to the initial measurement of the corresponding lease liability are not included in the measurement of lease ROU assets or liabilities and instead are recognized in earnings in the period in which the obligation for those payments is incurred. Lessor Accounting Lessor accounting remained substantially unchanged with the adoption of Topic 842. The Company offers its customers financing for the lease of our POS electronic payment devices. We account for these transactions as sales-type leases. Our sales-type leases generally have a non-cancellable term of 60 months. Certain leases contain an end-of-term purchase option that is generally insignificant and is reasonably certain to be exercised by the lessee. Leases that do not meet the criteria for sales-type lease accounting are accounted for as operating leases, typically our JumpStart program leases. JumpStart terms are typically 36 months and are cancellable with 30 to 60 days' written notice. The Company also elected the practical expedient related to treating lease and non-lease components as a single component for those leases where the timing and pattern of transfer for the non-lease component and associated lease component are the same and the stand-alone lease component would be classified as an operating lease if accounted for separately. The combined component is then accounted for under Topic 606 or Topic 842 depending on the predominant characteristic of the combined component, which was Topic 606 for the Company's operating leases. All QuickStart leases are sales-type and do not qualify for the election. Lessor consideration is allocated between lease components and the non-lease components using the requirements under Topic 606. Revenue from sales-type leases is recognized upon shipment to the customer and the interest portion is deferred and recognized as earned. The revenues related to the sales-type leases are included in Equipment sales in the Consolidated Statements of Operations and a portion of the lease payments as interest income. Revenue from operating leases is recognized ratably over the applicable service period with service fee revenue related to the leases included in License and transaction fees in the Consolidated Statements of Operations. SHIPPING AND HANDLING Shipping and handling fees billed to our customers in connection with sales are recorded as revenue. The costs incurred for shipping and handling of our product are recorded as cost of equipment. RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are expensed as incurred and primarily consist of personnel, contractors and product development costs. Research and development expenses, which are included in selling, general and administrative expenses in the Consolidated Statements of Operations, were approximately $3.8 million, $4.6 million and $1.3 million, for the fiscal years ended June 30, 2020, 2019, and 2018, respectively. Our research and development initiatives focus on adding features and functionality to our system solutions through the development and utilization of our processing and reporting network and new technology. SOFTWARE DEVELOPMENT COSTS We capitalize qualifying internally-developed software development costs incurred during the application development stage, as long as it is probable the project will be completed, and the software will be used to perform the function intended. Capitalization of such costs ceases once the project is substantially complete and ready for its intended use. Capitalized software development costs are included in “Property and equipment, net” on our consolidated balance sheets and are amortized on a straight-line basis over their expected useful lives ACCOUNTING FOR EQUITY AWARDS The cost of employee services received in exchange for an award of equity instruments is based on the grant-date fair value of the award and allocated over the requisite service period of the award. These costs are recorded in selling, general and administrative expenses. LOSS CONTINGENCIES From time to time, we are involved in litigation, claims, contingencies and other legal matters. We record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) the range of the loss can be reasonably estimated. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred. INCOME TAXES Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, it is more likely than not such benefits will be realized. Tax positions must meet a “more-likely-than-not” recognition threshold to be recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in selling, general and administrative expenses. Interest and penalties related to uncertain tax positions incurred during the fiscal years ended June 30, 2020, 2019, and 2018 were immaterial. The Company files income tax returns in the United States federal jurisdiction and various state jurisdictions. The tax years ended June 30, 2017 through June 30, 2020 remain open to examination by taxing jurisdictions to which the Company is subject. While the statute of limitations has expired for years prior to the year ended June 30, 2017, changes in reported losses for those years could be made examination by tax authorities to the extent that operating loss carryforwards from those prior years impact upon taxable income in current years. As of June 30, 2020, the Company did not have any income tax examinations in process. EARNINGS (LOSS) PER COMMON SHARE Basic earnings (loss) per share are calculated by dividing net income (loss) applicable to common shares by the weighted average common shares outstanding for the period. Diluted earnings (loss) per share are calculated by dividing net income (loss) applicable to common shares by the weighted average common shares outstanding for the period plus the dilutive effects of common stock equivalents unless the effects of such common stock equivalents are anti-dilutive. For the years ended June 30, 2020, 2019 and 2018, no effect for common stock equivalents was considered in the calculation of diluted earnings (loss) per share because their effect was anti-dilutive. RECENT ACCOUNTING PRONOUNCEMENTS Accounting pronouncements adopted ASC Topic 842 - Leases On July 1, 2019, the Company adopted Topic 842 using the modified retrospective transition method applying the guidance to leases existing as of the effective date. Topic 842 requires, among other items, lessees to recognize an ROU asset and a related lease liability for most leases on the balance sheet. Lessees and lessors are required to disclose quantitative and qualitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company determined that there was no cumulative effect adjustment to beginning retained earnings on the consolidated balance sheet. We will continue to report periods prior to July 1, 2019 in our financial statements under prior guidance as outlined in Topic 840. The Company’s adoption of Topic 842 resulted in an increase in the Company’s assets and liabilities of approximately $3.9 million at July 1, 2019, and did not have a material impact to the Company’s consolidated statements of operations or its consolidated statements of cash flows. Further, there was no impact on the Company’s covenant compliance under its then-current debt agreements as a result of the adoption of Topic 842. The Company elected the package of practical expedients included in this guidance, which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. ASU 2018-07 - Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07, “Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting.” The standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. ASU 2018-09 - Codification Improvements On July 1, 2019, the Company adopted ASU No. 2018-09, “Codification Improvements”. These amendments provide clarifications and corrections to certain ASC subtopics including “Compensation - Stock Compensation - Income Taxes” (Topic 718-740), “Business Combinations - Income Taxes” (Topic 805-740) and “Fair Value Measurement - Overall” (Topic 820-10). The adoption of this ASU did not have a material effect on the Company’s consolidated financial statements. Accounting pronouncements to be adopted The Company is evaluating whether the effects of the following recent accounting pronouncements, or any other recently issued but not yet effective accounting standards, will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. ASC Topic 326 - Credit Losses The FASB issued Topic 326, “Financial Instruments-Credit Losses.” The new guidance requires companies to record an allowance for expected credit losses over the contractual term of financial assets, including, but not limited to, trade and lease receivables, and expands disclosure requirements for credit quality of financial assets. This pronouncement will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption of the new standard on July 1, 2020, we began recognizing an allowance for credit losses based on the estimated lifetime expected credit loss related to our financial assets. The Company expects that the adoption of this ASU will not have a material impact on its consolidated financial statements. ASU 2018-15 - Intangibles—Goodwill and Other (Topic 350): Internal-Use Software In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.” This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning July 1, 2020. The Company expects that the adoption of this ASU will not have a material impact on its consolidated financial statements. ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Company does not expect the changes to have a material impact on its financial statements.

LEASES

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

LEASES

Lessee accounting

At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:



($ in thousands)	Classification	As of June 30, 2020

Assets
Operating leases	Operating lease right-of-use assets	$	5,603
Finance leases	Property and equipment, net	48

Liabilities
Current:
Operating leases	Accrued expenses	1,075
Finance leases	Finance lease obligations and current obligations under long-term debt	42

Non-current:
Operating leases	Operating lease liabilities, non-current	4,749
Finance leases	Finance lease obligations and long-term debt, less current portion	$	18

Components of lease cost are as follows:



($ in thousands)	Year ended June 30, 2020

Finance lease costs:
Amortization of ROU assets	$	103
Interest on lease assets	10
Operating lease costs*	2,525
Total	$	2,638

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:



($ in thousands)	Year ended June 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784

Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:



	Year ended June 30, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.2

Weighted-average discount rate
Finance leases	10.0	%
Operating leases	6.8	%

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Prior Year Disclosures

As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance.

Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively.

At June 30, 2019, capital lease obligations were $0.1 million. The total for gross assets under capital leases was approximately $2.4 million and accumulated amortization totaled $2.4 million as of June 30, 2019. Capital lease amortization of $0.1 million and $0.4 million is included in depreciation expense for the years ended June 30, 2019 and 2018, respectively.

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Lessor accounting

Property and equipment used for the operating lease rental program consisted of the following:



($ in thousands)	June 30, 2020			June 30, 2019
Cost	$	32,445		36,190
Accumulated depreciation	(27,745		)	(30,473		)
Net	$	4,700		$	5,717

The Company’s net investment in sales-type leases (carrying value of lease receivables) and the future minimum amounts to be collected on these lease receivables as of June 30, 2020 are disclosed within Note 8 - Finance Receivables.

LEASES

Lessee accounting

At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:



($ in thousands)	Classification	As of June 30, 2020

Assets
Operating leases	Operating lease right-of-use assets	$	5,603
Finance leases	Property and equipment, net	48

Liabilities
Current:
Operating leases	Accrued expenses	1,075
Finance leases	Finance lease obligations and current obligations under long-term debt	42

Non-current:
Operating leases	Operating lease liabilities, non-current	4,749
Finance leases	Finance lease obligations and long-term debt, less current portion	$	18

Components of lease cost are as follows:



($ in thousands)	Year ended June 30, 2020

Finance lease costs:
Amortization of ROU assets	$	103
Interest on lease assets	10
Operating lease costs*	2,525
Total	$	2,638

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:



($ in thousands)	Year ended June 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784

Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:



	Year ended June 30, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.2

Weighted-average discount rate
Finance leases	10.0	%
Operating leases	6.8	%

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Prior Year Disclosures

As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance.

Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively.

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Lessor accounting

Property and equipment used for the operating lease rental program consisted of the following:



($ in thousands)	June 30, 2020			June 30, 2019
Cost	$	32,445		36,190
Accumulated depreciation	(27,745		)	(30,473		)
Net	$	4,700		$	5,717

LEASES

Lessee accounting

At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:



($ in thousands)	Classification	As of June 30, 2020

Assets
Operating leases	Operating lease right-of-use assets	$	5,603
Finance leases	Property and equipment, net	48

Liabilities
Current:
Operating leases	Accrued expenses	1,075
Finance leases	Finance lease obligations and current obligations under long-term debt	42

Non-current:
Operating leases	Operating lease liabilities, non-current	4,749
Finance leases	Finance lease obligations and long-term debt, less current portion	$	18

Components of lease cost are as follows:



($ in thousands)	Year ended June 30, 2020

Finance lease costs:
Amortization of ROU assets	$	103
Interest on lease assets	10
Operating lease costs*	2,525
Total	$	2,638

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:



($ in thousands)	Year ended June 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784

Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:



	Year ended June 30, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.2

Weighted-average discount rate
Finance leases	10.0	%
Operating leases	6.8	%

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Prior Year Disclosures

As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance.

Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively.

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Lessor accounting

Property and equipment used for the operating lease rental program consisted of the following:



($ in thousands)	June 30, 2020			June 30, 2019
Cost	$	32,445		36,190
Accumulated depreciation	(27,745		)	(30,473		)
Net	$	4,700		$	5,717

LEASES

Lessee accounting

At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:



($ in thousands)	Classification	As of June 30, 2020

Assets
Operating leases	Operating lease right-of-use assets	$	5,603
Finance leases	Property and equipment, net	48

Liabilities
Current:
Operating leases	Accrued expenses	1,075
Finance leases	Finance lease obligations and current obligations under long-term debt	42

Non-current:
Operating leases	Operating lease liabilities, non-current	4,749
Finance leases	Finance lease obligations and long-term debt, less current portion	$	18

Components of lease cost are as follows:



($ in thousands)	Year ended June 30, 2020

Finance lease costs:
Amortization of ROU assets	$	103
Interest on lease assets	10
Operating lease costs*	2,525
Total	$	2,638

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:



($ in thousands)	Year ended June 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784

Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:



	Year ended June 30, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.2

Weighted-average discount rate
Finance leases	10.0	%
Operating leases	6.8	%

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Prior Year Disclosures

As we have not restated prior year information related to the adoption of ASC 842, certain prior year disclosures are reported under ASC 840 guidance.

Rent expense for operating leases was approximately $1.6 million and $1.2 million for the years ended June 30, 2019 and 2018, respectively.

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Lessor accounting

Property and equipment used for the operating lease rental program consisted of the following:



($ in thousands)	June 30, 2020			June 30, 2019
Cost	$	32,445		36,190
Accumulated depreciation	(27,745		)	(30,473		)
Net	$	4,700		$	5,717

ACQUISITION

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

ACQUISITION

CANTALOUPE SYSTEMS, INC.

On November 9, 2017, the Company acquired all of the outstanding equity interests of Cantaloupe Systems, Inc. ("Cantaloupe") pursuant to the Merger Agreement, for $88.2 million in aggregate consideration. Cantaloupe is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services.

The acquisition expanded the Company’s existing platform to become an end-to-end enterprise platform integrating Cantaloupe’s Seed Cloud which provides cloud and mobile solutions for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management, as well as cashless vending. In addition to new technology and services, due to Cantaloupe’s existing customer base, the acquisition expands the Company’s footprint into new markets.

The fair value of the purchase price consideration consisted of the following:



($ in thousands)
Cash consideration, net of cash acquired	$	65,181
USAT shares issued as stock consideration	23,279
Post-closing adjustment for working capital	(253		)
Total consideration	$	88,207

The Company financed a portion of the purchase price with proceeds from a $25.0 million term loan and $10.0 million of borrowings under a line of credit, provided by JPMorgan, for an aggregate principal amount of $35.0 million. Refer to Note 12 for additional details.

The acquisition of Cantaloupe was accounted for as a business combination using the acquisition method. Under the acquisition method of accounting, the assets acquired and liabilities assumed in the transaction were recorded at the date of acquisition at their respective fair values using assumptions that are subject to change. The Company has finalized its valuation of certain assets and liabilities recorded in connection with this transaction as of June 30, 2018.

The following table summarizes the fair value of total consideration transferred to the holders of all the outstanding equity interests of Cantaloupe at the acquisition date of November 9, 2017:



($ in thousands)	November 9, 2017
Accounts receivable	$	2,897
Finance receivables	2,332
Inventory	282
Prepaid expense and other current assets	646
Finance receivables due after one year	3,603
Other assets	50
Property and equipment	1,610
Intangible assets	30,800
Total assets acquired	42,220
Accounts payable	(1,591		)
Accrued expenses	(2,401		)
Deferred revenue	(518		)
Capital lease obligations and current obligations under long-term debt	(666		)
Capital lease obligations and long-term debt, less current portion	(1,134		)
Deferred income tax liabilities	(157		)
Total identifiable net assets	35,753
Goodwill	52,454
Total fair value	$	88,207

Amounts allocated to intangible assets included $18.9 million related to customer relationships, $10.3 million related to developed technology, and $1.6 million related to trade names. The fair value of the acquired customer relationships was determined using the excess earnings method. The fair value of both the acquired developed technology and the acquired trade names was determined using the relief from royalty method. The estimated useful life of the acquired intangible assets ranged from 6 to 18 years, with a weighted average estimated useful life of 13 years. The related amortization is recorded on a straight-line basis.

Goodwill of $52.5 million arising from the acquisition includes the expected synergies between Cantaloupe and the Company, the value of the employee workforce, and intangible assets that do not qualify for separate recognition at the time of acquisition. The goodwill, which is not deductible for income tax purposes, was assigned to the Company’s only reporting unit.

The amount of Cantaloupe revenue included in the Company’s Consolidated Statement of Operations for the year ended June 30, 2018 was $19.2 million. The amount of Cantaloupe earnings included in the Company’s Consolidated Statement of Operations for the year ended June 30, 2018 was $0.2 million.

Supplemental disclosure of pro forma information

The following supplemental unaudited pro forma information presents the combined results of USAT and Cantaloupe as if the acquisition of Cantaloupe occurred on July 1, 2016. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made on July 1, 2016, nor are they indicative of any future results.

The pro forma results include adjustments for the purchase accounting impact of the Cantaloupe acquisition (including, but not limited to, amortization associated with the acquired intangible assets, and the interest expense and amortization of debt issuance costs associated with the term loan and line of credit with JPMorgan that were used to finance a portion of the purchase price, along with the related tax impacts) and the alignment of accounting policies. Other material non-recurring adjustments are reflected in the pro forma and described below:



	Year ended June 30,
($ in thousands, except per share data)	2018			2017

Revenue	$	140,575		$	121,373
Net loss attributable to USAT	(7,256		)	(13,828		)
Net loss attributable to USAT common shares	$	(7,924	)	$	(14,496	)
Net loss per share:
Basic	$	(0.15	)	$	(0.27	)
Diluted	$	(0.15	)	$	(0.27	)
Weighted average number of common shares outstanding:
Basic	53,717,133			52,849,217
Diluted	53,717,133			52,849,217

The supplemental unaudited pro forma earnings for the year ended June 30, 2018 were adjusted to exclude $7.1 million of integration and acquisition costs. Conversely, the supplemental unaudited pro forma earnings for the year ended June 30, 2017 were adjusted to include $7.1 million of integration and acquisition costs.

REVENUE

12 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue

Based on similar operational and economic characteristics, the Company’s revenue from contracts with customers is disaggregated by License and transaction fees and Equipment sales, as reported in the Company’s Consolidated Statements of Operations. The Company believes these revenue categories depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are influenced by economic factors, and also represent the level at which management makes operating decisions and assesses financial performance.

Transaction Price Allocated to Future Performance Obligations

In determining the transaction price allocated to unsatisfied performance obligations, we did not include non-recurring charges. Further, we applied the practical expedient to not consider arrangements with an original expected duration of one year or less, which are primarily month to month rental agreements. The majority of contracts are considered to have a contractual term of between 36 and 60 months based on implied and explicit termination penalties. These amounts will be converted into revenue in future periods as work is performed, primarily based on the services provided or at delivery and acceptance of products, depending on the applicable accounting method.

The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:



($ in thousands)	As of June 30, 2020

2021	$	12,437
2022	10,836
2023	8,695
2024	4,478
2025 and thereafter	1,184
Total	$	37,630

Contract Liabilities

The Company's contract liability (i.e., deferred revenue) balances are as follows:



	Year ended June 30,
($ in thousands)	2020		2019

Deferred revenue, beginning of the period	$	1,681	$	511
Plus: adjustment for adoption of ASC 606	—		1,303
Deferred revenue, beginning of the period, as adjusted	1,681		1,814
Deferred revenue, end of the period	1,698		1,681
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	777		306

The change in the contract liabilities year-over-year is primarily the result of timing difference between the Company's satisfaction of a performance obligation and payment from the customer.

Contract Costs

At June 30, 2020, the Company had net capitalized costs to obtain contracts of $0.4 million included in Prepaid expenses and other current assets and $1.8 million included in Other noncurrent assets on the Consolidated Balance Sheet. None of these capitalized contract costs were impaired. During the year ended June 30, 2020, amortization of capitalized contract costs was $0.5 million.

At June 30, 2019, the Company had net capitalized costs to obtain contracts of $0.3 million included in Prepaid expenses and other current assets and $1.5 million included in Other noncurrent assets on the Consolidated Balance Sheet. None of these capitalized contract costs were impaired. During the year ended June 30, 2019, amortization of capitalized contract costs was $0.3 million.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

RESTRUCTURING/INTEGRATION COSTS

12 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING/INTEGRATION COSTS

Subsequent to the Cantaloupe acquisition, the Company initiated workforce reductions to integrate the Cantaloupe business for which costs totaled $2.1 million for the year ended June 30, 2018. The Company included these charges under “Integration and acquisition costs” within the Consolidated Statements of Operations, with the remaining outstanding balance included within “Accrued expenses” on the Consolidated Balance Sheet. All amounts were paid as of June 30, 2020.

No additional material severance activity related to the integration of the Cantaloupe business was recorded in fiscal year 2020. The following table summarizes the Company's severance activity for the years ended June 30, 2020, 2019, and 2018 related to the workforce reductions to integrate the Cantaloupe business:



($ in thousands)	Workforce reduction
Balance at July 1, 2017	$	—
Plus: additions	2,122
Less: cash payments	(1,102		)
Balance at June 30, 2018	1,020
Plus: additions	266
Less: cash payments	(1,111		)
Balance at June 30, 2019	$	175
Plus: additions	35
Less: cash payments	(210		)
Balance at June 30, 2020	$	—

LOSS PER SHARE CALCULATION

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

LOSS PER SHARE CALCULATION

Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share, applicable only to years ended with reported income, is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The calculation of basic and diluted loss per share is presented below:



	Year ended June 30,
($ in thousands, except per share data)	2020			2019			2018

Numerator for basic and diluted loss per share
Net loss	$	(40,595	)	$	(29,882	)	$	(11,284	)
Preferred dividends	(668		)	(668		)	(668		)
Net loss available to common shareholders	$	(41,263	)	$	(30,550	)	$	(11,952	)

Denominator for basic loss per share - Weighted average shares outstanding	62,980,193			60,061,243			51,840,518
Effect of dilutive potential common shares	—			—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	62,980,193			60,061,243			51,840,518

Basic loss per share	$	(0.66	)	$	(0.51	)	$	(0.23	)
Diluted loss per share	$	(0.66	)	$	(0.51	)	$	(0.23	)

Antidilutive shares excluded from the calculation of diluted loss per share were 2,779,222, 1,297,073, and 1,134,845 for the years ended June 30, 2020, 2019 and 2018, respectively.

FINANCE RECEIVABLES

12 Months Ended

Jun. 30, 2020

Receivables [Abstract]

FINANCE RECEIVABLES

The Company’s finance receivables consist of financed devices under the QuickStart program and Cantaloupe devices contractually associated with the Seed platform. Predominately all of the Company’s finance receivables agreements are classified as non-cancellable sixty month sales-type leases. As of June 30, 2020 and 2019, finance receivables consist of the following:



	As of June 30,
($ in thousands)	2020		2019

Current finance receivables, net	$	7,468	$	6,727
Finance receivables due after one year, net	11,213		12,642
Total finance receivables, net of allowance of $150 and $606, respectively	$	18,681	$	19,369

The Company routinely evaluates outstanding finance receivables for impairment based on past due balances or accounts otherwise determined to be at a higher risk of loss. A finance receivable is classified as nonperforming if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled.

At June 30, 2020 and 2019, credit quality indicators consisted of the following:



	As of June 30,
($ in thousands)	2020		2019

Performing	$	18,681	$	19,369
Nonperforming	150		606
Gross finance receivables	$	18,831	$	19,975

As part of the financing under the Quickstart program and Cantaloupe devices contractually associated with the Seed platform, the Company has contractually granted deferred payment terms, where the entire sequence of up to 60 monthly payments are deferred by an agreed upon period. The “Deferred Payment Arrangements / Timing” column represents amounts subject to the agreed upon deferral period or amounts subject to adjustments related to situations where a third party is financing the receivable. The “Other Finance Receivables” column represents an aging schedule for finance receivables not subject to such deferral arrangements and other non-performing receivables.



	As of June 30, 2020						As of June 30, 2019
($ in thousands)	Deferred Payment Arrangements / Timing		Other Finance Receivables		Total		Deferred Payment Arrangements / Timing		Other Finance Receivables		Total

Current	$	17,534	$	27	$	17,561	$	18,780	$	353	$	19,133
30 days and under	168		100		268		178		12		190
31 - 60 days	28		12		40		38		11		49
61 - 90 days	103		35		138		135		11		146
Greater than 90 days	566		258		824		238		219		457
Total finance receivables	$	18,399	$	432	$	18,831	$	19,369	$	606	$	19,975

Cash to be collected on our performing finance receivables due for each of the fiscal years after June 30, 2020 are as follows:



($ in thousands)

2021	$	9,129
2022	5,627
2023	4,237
2024	2,459
2025	886
Total amounts to be collected	$	22,338
Less: interest	(3,507		)
Less: allowance for nonperforming receivables	(150		)
Total finance receivables	$	18,681

Sale of Finance Receivables

The Company accounts for transfers of finance receivables as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. During fiscal year 2018, the Company transferred certain groups of finance receivables with no recourse to third-party financing entities for approximately $2.3 million. The transfers were accounted for as sales with derecognition of the associated finance receivables. Gains and losses stemming from such transfers are immaterial.

Transfers of finance receivables that do not qualify for sale accounting are reported as collateralized borrowings. Accordingly, the related assets remain on the Company’s balance sheet and continue to be reported and accounted for as if the transfer had not occurred. Cash proceeds from these transfers are reported as financing obligations (debt), with attributable interest expense recognized over the life of the related transactions. During December 2017, the Company transferred certain groups of finance receivables to third-party financing entities for approximately $1.1 million. Such transfers are subject to recourse provisions for the first 3 months after the date of transfer, after which the recourse provisions expire. Accordingly, the related finance receivables remained on the balance sheet at December 31, 2017 and the cash proceeds of approximately $1.1 million were reported as financing obligations at December 31, 2017. During March 2018, the recourse provisions expired resulting in the finance receivables and financing obligations being derecognized.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:



		As of June 30, 2020
($ in thousands)	Useful Lives	Cost		Accumulated Depreciation			Net
Computer equipment and software	3-7 years	$	6,555	$	(6,183	)	$	372
Internal-use software	3-5 years	3,744		(1,344		)	2,400
Property and equipment used for rental program	5 years	32,445		(27,745		)	4,700
Furniture and equipment	3-7 years	1,554		(1,252		)	302
Leasehold improvements	(1)	286		(188		)	98
		$	44,584	$	(36,712	)	$	7,872



		As of June 30, 2019
($ in thousands)	Useful Lives	Cost		Accumulated Depreciation			Net
Computer equipment and software	3-7 years	$	6,745	$	(5,840	)	$	905
Internal-use software	3-5 years	3,126		(716		)	2,410
Property and equipment used for rental program	5 years	36,190		(30,473		)	5,717
Furniture and equipment	3-7 years	1,543		(1,116		)	427
Leasehold improvements	(1)	286		(155		)	131
		$	47,890	$	(38,300	)	$	9,590

___________________________________


(1)	Lesser of lease term or estimated useful life

Total depreciation expense for the years ended June 30, 2020, 2019, and 2018 was $3.9 million, $4.4 million and $5.7 million, respectively. Depreciation expense allocated within our cost of sales for rental equipment was $2.7 million, $3.1 million, and $4.6 million for the years ended June 30, 2020, 2019, and 2018, respectively.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible asset balances consisted of the following:



	As of June 30, 2020							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net		Amortization Period

Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(699		)	996		3 - 7 years
Developed technology	10,939		(5,110		)	5,829		5 - 6 years
Customer relationships	19,049		(2,841		)	16,208		10 - 18 years
Total intangible assets	$	31,685	$	(8,652	)	$	23,033
Goodwill	63,945		—			63,945		Indefinite
Total intangible assets and goodwill	$	95,630	$	(8,652	)	$	86,978



	As of June 30, 2019							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net		Amortization Period

Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(470		)	1,225		3 - 7 years
Developed technology	10,939		(3,266		)	7,673		5 - 6 years
Customer relationships	19,049		(1,776		)	17,273		10 - 18 years
Total intangible assets	$	31,685	$	(5,514	)	$	26,171
Goodwill	63,945		—			63,945		Indefinite
Total intangible assets and goodwill	$	95,630	$	(5,514	)	$	90,116

For the years ended June 30, 2020, 2019 and 2018, amortization expense related to intangible assets was $3.1 million, $3.2 million and $2.1 million, respectively. The weighted-average remaining useful life of the finite-lived intangible assets was 11.8 years as of June 30, 2020, of which the weighted-average remaining useful life for the brand and tradenames was 4.3 years, for the developed technology was 3.3 years, and for the customer relationships was 15.3 years.

Estimated annual amortization expense for intangible assets is as follows (in thousands):



2021	$	3,074
2022	3,010
2023	3,010
2024	1,909
2025	1,147
Thereafter	10,883
	$	23,033

ACCRUED EXPENSES

12 Months Ended

Jun. 30, 2020

Accrued Liabilities [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of the following as of June 30, 2020 and 2019:



	As of June 30,
($ in thousands)	2020		2019

Accrued sales tax	$	20,036	$	16,559
Accrued compensation and related sales commissions	2,757		2,139
Operating lease liabilities - current	1,075		—
Accrued professional fees	924		2,872
Income taxes payable	123		254
Accrued other taxes and filing fees	220		209
Accrued other, including settlement of shareholder class action lawsuit	5,130		1,672
Total accrued expenses	30,265		23,705

DEBT AND OTHER FINANCING ARRANGEMENTS

12 Months Ended

Jun. 30, 2020

Line of Credit Facility [Abstract]

DEBT AND OTHER FINANCING ARRANGEMENTS

The Company's debt and other financing arrangements as of June 30, 2020 and 2019 consisted of the following:



	As of June 30,
($ in thousands)	2020			2019

2020 Antara Term Facility	$	15,000		$	—
2018 JPMorgan Revolving Credit Facility	$	—		$	10,000
2018 JPMorgan Term Loan	—			1,458
Other, including finance lease obligations	3,358			1,323
Less: unamortized issuance costs and debt discount	(2,595		)	(8		)
Total	15,763			12,773
Less: debt and other financing arrangements, current	(3,328		)	(12,497		)
Debt and other financing arrangements, noncurrent	$	12,435		$	276

Details of interest expense presented on the Consolidated Statements of Operations are as follows:



	Year ended June 30,
($ in thousands)	2020		2019		2018
2020 Antara Term Facility	$	1,218	$	—	$	—
Heritage Line of Credit	$	—	$	—	$	203
2018 JPMorgan Revolving Credit Facility	303		658		449
2018 JPMorgan Term Loan	160		1,232		892
Other interest expense	916		1,102		1,561
Total interest expense	$	2,597	$	2,992	$	3,105

Term Facility with Antara

On October 9, 2019, the Company entered into a commitment letter with Antara Capital Master Fund LP (“Antara”), pursuant to which Antara committed to extend to the Company a $30.0 million senior secured term loan facility (“2020 Antara Term Facility”). On October 31, 2019, the Company entered into a Financing Agreement with Antara to draw $15.0 million on the 2020 Antara Term Facility and agreed to draw an additional $15.0 million at any time between July 31, 2020 and April 30, 2021, subject to the terms of the Financing Agreement. If the Company fails to make the subsequent draw on the Term Facility by April 30, 2021, the Company shall pay Antara a commitment termination fee equal to 3% of the subsequent draw commitment. The outstanding amount of the draws under the 2020 Antara Term Facility bore interest at 9.75% per annum, payable monthly in arrears. The proceeds of the initial draw were used to repay the outstanding balance of the 2018 Revolving Credit Facility (as defined below) due to JPMorgan. in the amount of $10.1 million, including accrued interest, and to pay transaction expenses. As of June 30, 2020, the Company was in compliance with its capital expenditures financial covenant. As of June 30, 2020, the Company was not in

compliance with the minimum fixed charge coverage ratio and the minimum consolidated EBITDA of its 2020 Antara Term Facility.

As discussed in Note 14, on October 9, 2019, the Company also sold shares of the Company’s common stock to Antara at a price below market value. Since the 2020 Antara Term Facility and equity issuance were negotiated in contemplation of each other and executed within a short period of time, the Company evaluated the debt and equity financing as a combined arrangement, and estimated the fair values of the debt and equity components to allocate the proceeds, net of the registration rights agreement liability (Note 14) on a relative fair value basis between the debt and equity components. The non-lender fees incurred to establish the debt and equity financing arrangement were allocated to the debt and equity components on a relative fair value basis and capitalized on the Company’s balance sheet. $0.9 million was allocated to debt issuance costs and $0.1 million was allocated to debt commitment fees. The 2020 Antara Term Facility agreement also contained a mandatory prepayment feature that was determined to be an embedded derivative, requiring bifurcation and fair value recognition for the derivative liability. The allocation of the proceeds to the debt component and the bifurcation of the embedded derivative liability resulted in a $2.1 million debt discount.

The Company would incur a prepayment premium of 5% of the principal balance if prepaid on or prior to December 31, 2020. As of June 30, 2020, the Company intended to prepay the principal amount outstanding on the 2020 Antara Term Facility. The Company recorded a liability for the commitment termination fee and prepayment premium for $1.2 million as of June 30, 2020. The Company classified the commitment termination fee and prepayment premium as current liabilities as of June 30, 2020. See Note 13 for additional information about the prepayment feature that was determined to be an embedded derivative. In addition, all of the Company's unamortized issuance costs and debt discount related to the 2020 Antara Term Facility will be recognized as interest expense during the fiscal quarter ended September 30, 2020, which as of June 30, 2020 was $2.6 million. On August 14, 2020, the Company repaid all amounts outstanding under the 2020 Antara Term Facility and entered into the 2021 JPMorgan Credit Agreement”) with JPMorgan. See Note 21 for additional information about the 2021 JPMorgan Credit Agreement.

Revolving Credit Facility and Term Loan with JPMorgan Chase

On November 9, 2017, in connection with the acquisition of Cantaloupe, the Company entered into a five year credit agreement among the Company, as the borrower, its subsidiaries, as guarantors, and JPMorgan, as the lender and administrative agent for the lender (the “Lender”), pursuant to which the Lender (i) made a $25 million term loan (“2018 JPMorgan Term Loan”) to the Company and (ii) provided the Company with a line of credit (“2018 JPMorgan Revolving Credit Facility”) under which the Company may borrow revolving credit loans in an aggregate principal amount not to exceed $12.5 million at any time.

The proceeds of the 2018 JPMorgan Term Loan and borrowings under the 2018 JPMorgan Revolving Credit Facility, in an aggregate principal amount equal to $35.0 million, were used by the Company to finance a portion of the purchase price for the acquisition of Cantaloupe ($27.8 million) and repay existing indebtedness to Heritage Bank of Commerce ($7.2 million). All advances under the 2018 JPMorgan Revolving Credit Facility and all other obligations were required to be paid in full at maturity on November 9, 2022.

Loans under the five year credit agreement bore interest, at the Company's option, by reference to a base rate or a rate based on LIBOR, in either case, plus an applicable margin determined quarterly based on the Company's total leverage ratio as of the last day of each fiscal quarter. The applicable interest rate on the loans for the year to date ended October 31, 2019 was LIBOR plus 4%. The 2018 JPMorgan Term Loan and 2018 JPMorgan Revolving Credit Facility contained customary representations and warranties and affirmative and negative covenants and required the Company to maintain a minimum quarterly total leverage ratio and fixed charge coverage ratio. The 2018 JPMorgan Term Loan and 2018 JPMorgan Revolving Credit Facility also required the Company to furnish various financial information on a quarterly and annual basis. As of June 30, 2019, the Company was not in compliance with the fixed charge coverage ratio and the total leverage ratio, which represented an event of default under the credit agreement and the Company classified all amounts outstanding under the 2018 JPMorgan Term Loan and 2018 JPMorgan Revolving Credit Facility as current liabilities as of June 30, 2019.

Due to the Company's delay in filing its periodic reports, between September 28, 2018, and September 30, 2019, the parties entered into various agreements to provide for the extension of the delivery of the Company’s financial information required under the terms of the credit agreement. In connection with these agreements, the Company incurred extension fees due to the lender, totaling $0.2 million, between September 28, 2018 and September 30, 2019. Additionally, during the quarter ended March 31, 2019, the Company prepaid $20.0 million of the balance outstanding under the 2018 JPMorgan Term Loan, and on September 30, 2019, the Company prepaid the remaining principal balance of the 2018 JPMorgan Term Loan of $1.5 million and agreed to permanently reduce the amount available under the 2018 JPMorgan Revolving Credit Facility to $10 million which represented the outstanding balance on the date thereof. On October 31, 2019, the Company repaid the outstanding balance on the 2018 JPMorgan Revolving Credit Facility.

Heritage Line of Credit

In March 2016, the Company entered into a Loan and Security Agreement with Heritage Bank of Commerce (“Heritage Bank”), providing for a secured revolving line of credit in an amount of up to $12.0 million (the “Heritage Line of Credit”) at an interest rate calculated based on the Federal Reserve’s Prime plus 2.25%. On November 9, 2017, the Company paid all amounts due on the Loan and Security Agreement with Heritage Bank of Commerce. The Company recorded a charge of $0.1 million to write-off any remaining debt issuance costs related to the Heritage Line of Credit to interest expense in the quarter ending December 31, 2017. Pursuant to such payment, all commitments of Heritage Bank of Commerce were terminated, and the Heritage Loan and Security Agreement was terminated.

Other Long-Term Borrowings

In connection with the acquisition of Cantaloupe, the Company assumed debt of $1.8 million with an outstanding balance of $0.2 million and $0.8 million as of June 30, 2020 and 2019, respectively, comprised of; (1) $0.2 million of promissory notes as of June 30, 2019 bearing an interest rate of 5% that matured on April 5, 2020, (2) $0.2 million and $0.4 million of promissory notes as of June 30, 2020 and 2019 bearing an interest rate of 10% and maturing on April 1, 2021 with principal and interest payments due quarterly and (3) $0.1 million of promissory notes as of June 30, 2019 bearing an interest rate of 12% that matured on December 15, 2019.

In the fourth quarter of fiscal year 2020, we received loan proceeds of approximately $3.1 million (the “PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (the “SBA”). We intend to use the PPP Loan in accordance with the provisions of the CARES Act. The loan bears a fixed interest rate of 1% over a two year term from the approval date of April 28, 2020. The application for these funds required the Company to, in good faith, to certify that the current economic uncertainty caused by COVID-19 made the loan request necessary to support the ongoing operations of the Company. This certification further required the Company to take into account our current business activity and our ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. The receipt of these funds, and the forgiveness of the loan attendant to these funds, is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on our future adherence to the forgiveness criteria.

The expected maturities associated with the Company’s outstanding debt and other financing arrangements (excluding finance lease obligations) as of June 30, 2020, were as follows:



2021	$	4,486
2022	10
2023	3
2024	—
2025	15,000
Thereafter	—
	$	19,499

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets and liabilities are initially recorded at fair value. The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued expenses, are carried at cost which approximates fair value due to the short-term maturity of these instruments and are Level 1 assets or liabilities of the fair value hierarchy.

The Company's embedded derivative liability was measured at fair value using a probability-weighted discounted cash flow model and was classified as a Level 3 liability of the fair value hierarchy due to the use of significant unobservable inputs. The liability was included as a component of Accrued expenses on the consolidated balance sheets and subject to remeasurement to fair value at the end of each reporting period. For the year ended June 30, 2020, the Company recognized the change as a component of Interest expense in its consolidated statements of operations. The assumptions used in the discounted cash flow model of the embedded derivative liability include: (1) management's estimates of the probability and timing of future cash flows and related events which was estimated to be 100% as of June 30, 2020; (2) the Company's risk-adjusted discount rate that includes a company-specific risk premium; and (3) the Company's cost of debt.

There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. The following table provides a reconciliation for the opening and closing balances of the embedded derivative liability from October 31, 2019 to June 30, 2020:



($ in millions)
Balance at October 31, 2019	$	1.5
Net change in fair value	—
Balance at December 31, 2019	1.5
Net change in fair value	(1.1		)
Balance at March 31, 2020	0.4
Net change in fair value	0.4
Balance at June 30, 2020	$	0.8

The Company’s obligations under its long-term debt agreements are carried at amortized cost, which approximates their fair value as of June 30, 2019. The fair value of the Company’s obligations under its long-term debt agreements with JPMorgan Chase as of June 30, 2019 were considered Level 2 liabilities of the fair value hierarchy because these instruments have interest rates that reset frequently. As of June 30, 2020, the Company was in active negotiations to refinance its 2020 Antara Term Facility, which were successfully completed on August 14, 2020. At June 30, 2020, the fair value of the Company’s obligations under its 2020 Antara Term Facility was approximately $15.8 million, which approximates the face value of the debt plus the prepayment premium discussed in Note 12, and considered a Level 3 liability of the fair value hierarchy because this instrument used significant unobservable inputs consistent with those used in determining the embedded derivative liability values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

EQUITY	12 Months Ended
EQUITY	Jun. 30, 2020
Equity [Abstract]
EQUITY	EQUITY Stock Offerings On July 25, 2017, the Company closed its underwritten public offering of 9,583,332 shares of its common stock at a public offering price of $4.50 per share. The foregoing included the full exercise of the underwriters' option to purchase 1,249,999 additional shares from the Company. The gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and other offering expenses, was approximately $43.1 million. On November 6, 2017, the Company entered into a Merger Agreement with Cantaloupe for cash and 3,423,367 shares of the Company’s stock valued at $23.3 million. Refer to Note 5 for details on the Merger Agreement. On May 25, 2018, the Company and the selling shareholders closed an underwritten public offering of 6,330,449 shares and 553,187 shares, respectively, of the Company's common stock at a public offering price of $11.00 per share. The foregoing included the full exercise of the underwriters' option to purchase 897,866 additional shares from the Company. The gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and other offering expenses, was approximately $69.6 million. On October 9, 2019, the Company sold to Antara 3,800,000 shares of the Company’s common stock at a below market value price of $5.25 per share for gross cash proceeds of $20.0 million. Since the 2020 Antara Term Facility and equity issuance were negotiated in contemplation of each other and executed within a short period of time, the Company evaluated the debt and equity financing as a combined arrangement, and estimated the fair values of the debt and equity components to allocate the total proceeds on a relative fair value basis between the debt and equity components, resulting in a $17.9 million allocation to equity, less $1.1 million in issuance fees allocated to the equity component on a relative fair value basis. On June 29, 2020, the Board of Directors of the Company (the “Board”) unanimously approved the reimbursement of $4.5 million of the third party costs and expenses incurred by Hudson Executive Capital LP (“Hudson Executive”) in connection with its proxy solicitation (the “Reimbursement”). The Board determined to pay the Reimbursement in the form of shares of common stock, no par value, of the Company (“Common Stock”), with the value of the Common Stock calculated based on the average of the high and low trading price on the date of Board approval. On June 30, 2020, the Company issued 635,593 shares of Common Stock to funds managed by Hudson Executive in satisfaction of the Reimbursement. REGISTRATION RIGHTS AGREEMENT In connection with the Stock Purchase Agreement on October 9, 2019 with Antara, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with Antara, pursuant to which the Company agreed, at its expense, to file a registration statement under the Securities Act of 1933 with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares by Antara (the “Registration Statement”). Pursuant to an Amendment to Registration Rights Agreement dated as of January 31, 2020 (the “Amendment”), Antara and the Company agreed to terminate the obligation of the Company to register the shares in exchange for a payment of approximately $1.2 million by the Company to Antara. The Amendment provided that the payment would be in full satisfaction of any and all liquidated damages which may be due by the Company to Antara under the Registration Rights Agreement for the failure to timely file the Form S-1 registration statement and/or to obtain and maintain the effectiveness thereof. Under the Registration Rights Agreement, and prior to the Amendment, the Company was required to file the registration statement by no later than November 8, 2019 (extended by agreement of the parties until November 26, 2019). The Company informed Antara that it would not be able to file the Registration Statement without unreasonable effort and expense because the applicable rules of the SEC require the Company to include certain pre-acquisition financial statements of Cantaloupe in the Registration Statement. These pre-acquisition financial statements had been filed by the Company as exhibit 99.1 to the Form 8-K/A filed on January 24, 2018. As part of the audit process and subsequent to June 30, 2019, the Company performed an extensive analysis relating to certain of the accounts of Cantaloupe for periods subsequent to the acquisition and made certain adjustments to previously issued financial statements, all of which were described in the Company’s annual report on Form 10-K for the year ended June 30, 2019 and the Amendment No. 1 thereto. The Company determined that to perform such an analysis in connection with the pre-acquisition financial statements required to be included in the registration statement would be unduly time consuming and expensive. The Company also sought to obtain a waiver from the staff of the SEC from the regulations which require the inclusion of these pre-acquisition financial statements in the registration statement. By letter dated December 30, 2019, the SEC staff indicated that it was unable to provide such a waiver.

INCOME TAXES

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company has significant deferred tax assets, a substantial amount of which result from operating loss carryforwards. The Company routinely evaluates its ability to realize the benefits of these assets to determine whether it is more likely than not that such benefit will be realized. In periods prior to the year ended June 30, 2014, the Company’s evaluation of its ability to realize the benefit from its deferred tax assets resulted in a full valuation allowance against such assets. Based upon earnings performance that the Company had achieved along with the belief that such performance would continue into future years, the Company determined during the year ended June 30, 2014 that it was more likely than not that a substantial portion of its deferred tax assets would be realized with approximately $64 million of its operating loss carryforwards being utilized to offset corresponding future years’ taxable income resulting in a reduction in its valuation allowances recorded in prior years. However, due to the adjustments to earnings and management's reassessment of the underlying factors it uses in estimating future taxable income, and in accordance with the history of losses generated, the Company believes that for the year ended June 30, 2016 and onward, it is more likely than not that its deferred tax assets will not be realized. Accordingly, the Company re-established a full valuation allowance on its net deferred tax assets.

The benefit (provision) for income taxes for the years ended June 30, 2020, 2019 and 2018 is comprised of the following:



	Year ended June 30,
($ in thousands)	2020			2019			2018
Current:
Federal	$	126		$	—		$	(22	)
State	(57		)	(269		)	(60		)
Total current	69			(269		)	(82		)
Deferred:
Federal	(156		)	(11		)	183
State	86			18			—
Total deferred	(70		)	7			183
Total income tax (provision) benefit	$	(1	)	$	(262	)	$	101

On March 27, 2020, in response to COVID-19 and its detrimental impact to the global economy, President Trump signed the CARES Act into law, which provides a stimulus to the U.S. economy in the form of various individual and business assistance programs as well as temporary changes to existing tax law. The changes to the provision in business tax laws include a five-year net operating loss carryback for the 2018, 2019 and 2020 tax years, a deferral of the employer’s portion of the social security tax, and an increase in the interest expense limitation under Section 163(j) from 30% to 50% for the 2019 and 2020 tax years, among other things. The CARES Act did not have a material impact on the Company’s income taxes. The Company will continue to monitor for additional legislation related to COVID-19 and its impact on our results of operations.

On December 22, 2017, the “Tax Cuts and Jobs Act” (the “Act”) was signed into law. Substantially all of the provisions of the Act are effective for taxable years beginning after December 31, 2017. The Act includes significant changes to the Internal Revenue Code of 1986 (as amended, the “Code”), including amendments which significantly change the taxation of individuals and business entities. The Act contains numerous provisions impacting the Company, the most significant of which reduces the Federal corporate statutory tax rate from 34% to 21%, as well as the elimination of the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized, the creation of a new limitation on deductible interest expense, and the change in rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017.

The various provisions under the Act deemed most relevant to the Company have been considered in preparation of its financial statements as of June 30, 2020 and 2019. To the extent that clarifications or interpretations materialize in the future that would impact upon the effects of the Act incorporated into the June 30, 2020 and 2019 financial statements, those effects will be reflected in the future as or if they materialize.

The benefit for income taxes for the year ended June 30, 2018 was $0.1 million, which included a benefit of $0.1 million due to the ability to recognize additional deferred tax assets related to the Company's alternative minimum tax credit as a result of the Act.

A reconciliation of the benefit (provision) for income taxes for the years ended June 30, 2020, 2019 and 2018 to the indicated benefit (provision) based on income (loss) before benefit (provision) for income taxes at the federal statutory rate of 21.0% for the fiscal year ended June 30, 2020 and for the fiscal year ended June 30, 2019 and 27.5% for the fiscal year ended June 30, 2018 is as follows:



	Year ended June 30,
($ in thousands)	2020			2019			2018
Indicated benefit (provision) at federal statutory rate	$	8,514		$	6,671		$	3,131
Effects of permanent differences
Stock compensation	(226		)	(140		)	(46		)
Acquisition related costs	—			—			(759		)
Other permanent differences	(106		)	(76		)	(157		)
State income taxes, net of federal benefit	1,393			663			448
Changes related to prior years	489			—			(7		)
Changes in valuation allowances	(10,139		)	(7,319		)	(2,544		)
Other	74			(61		)	35
	$	(1	)	$	(262	)	$	101

At June 30, 2020, the Company had federal and state operating loss carryforwards of approximately $182 million and $221 million, respectively, to offset future taxable income. The timing and extent to which the Company can utilize operating loss carryforwards in any year may be limited because of provisions of the Internal Revenue Code regarding changes in ownership of corporations (i.e. IRS Code Section 382). Federal and state operating loss carryforwards start to expire in 2022 and certain state operating loss carryforwards are currently expiring.

The net deferred tax assets arose primarily from net operating loss carryforwards, as well as the use of different accounting methods for financial statement and income tax reporting purposes as follows:



	As of June 30,
($ in thousands)	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	45,670		$	38,486
Asset reserves	8,534			7,211
Deferred research and development	1,625			1,448
Stock-based compensation	668			418
Other	1,485			983
	57,982			48,546
Deferred tax liabilities:
Intangibles	(5,566		)	(6,203		)
Deferred tax assets, net	52,416			42,343
Valuation allowance	(52,553		)	(42,414		)
Deferred tax liabilities	$	(137	)	$	(71	)

As of June 30, 2020, the Company had total unrecognized income tax benefits of $0.2 million related to its nexus in certain state tax jurisdictions. If recognized in future years, $0.2 million of these currently unrecognized income tax benefits would impact the

income tax provision and effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:



	Year ended June 30,
($ in thousands)	2020			2019		2018
Balance at the beginning of the year	$	210		$	—	$	—
Gross increases and decreases related to current period tax positions	—			180		—
Gross increases and decreases related to prior period tax positions	(3		)	—		—
Accrued interest and penalties	—			30		—
Balance at the end of the year	$	207		$	210	$	—

The Company records accrued interest as well as penalties related to uncertain tax positions in selling, general and administrative expenses. As of June 30, 2020 the Company had recorded $30 thousand of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheet.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

STOCK BASED COMPENSATION PLANS

12 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION PLANS

The Company has four active stock based compensation plans at June 30, 2020 as shown in the table below:



Date Approved	Name of Plan	Type of Plan	Authorized Shares

June 2013	2013 Stock Incentive Plan	Stock	500,000
June 2014	2014 Stock Option Incentive Plan	Stock options	750,000
June 2015	2015 Equity Incentive Plan	Stock & stock options	1,250,000
April 2018	2018 Equity Incentive Plan	Stock & stock options	4,000,000
			6,500,000

As of June 30, 2020, the Company had reserved shares of Common Stock for future issuance for the following:



Common Stock		Reserved Shares
Issuance upon exercise of Common Stock Warrants		23,978
Conversions of Preferred Stock and cumulative Preferred Stock dividends		104,806
Issuance upon exercise of stock options granted to current CEO		1,000,000
Issuance of shares to former CEO George Jensen upon the occurrence of a USA Transaction ⁽¹⁾		140,000
Issuance under 2013 Stock Incentive Plan		—
Issuance under 2014 Stock Option Incentive Plan		105,687
Issuance under 2015 Equity Incentive Plan		255,981
Issuance under 2018 Equity Incentive Plan		2,357,192
Total shares reserved for future issuance		3,987,644

__________________________________________


⁽¹⁾	Represents 140,000 shares issuable to our former CEO George Jensen upon the occurrence of a USA Transaction as such term is defined in the Jensen Stock Agreement dated September 27, 2011 by and between the Company and George R. Jensen.

WARRANTS

The Company had 23,978 warrants outstanding as of June 30, 2020 and 2019, all of which were exercisable at $5.00 per share. The warrants have an expiration date of March 29, 2021.

STOCK OPTIONS

Stock options are granted at exercise prices equal to the fair market value of the Company's common stock at the date of grant. The options typically vest over a three to four-year period and each option, if not exercised or terminated, expires on the seventh anniversary of the grant date.

The Company estimates the grant date fair value of the stock options it grants using a Black-Scholes valuation model. The Company’s assumption for expected volatility is based on its historical volatility data related to market trading of its own common stock. The Company uses the simplified method to determine expected term, as the Company does not have adequate historical exercise and forfeiture behavior on which to base the expected life assumption. The dividend yield assumption is based on dividends expected to be paid over the expected life of the stock option. The risk-free interest rate assumption is determined by using the U.S. Treasury rates of the same period as the expected option term of each stock option.

The fair value of options granted during the years ended June 30, 2020, 2019, and 2018 was determined using the following assumptions:



	For the year ended June 30,
	2020	2019	2018

Expected volatility	74.6 - 90.1%	58.4 - 70.9%	50.2 - 50.9%
Expected life (years)	3.5 - 4.8	4.2 - 4.5	4.0 - 4.5
Expected dividends	0.0%	0.0%	0.0%
Risk-free interest rate	0.3-1.6%	2.23-2.91%	1.64-1.75%

The following tables provide information about outstanding options for the years ended June 30, 2020, 2019, and 2018:



	For the year ended June 30, 2020
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	1,127,098		$	4.84	4.3	$	2,917
Granted	2,075,760		$	6.47
Exercised	(440,435	)	$	2.48		$	(595	)
Forfeited	(324,998	)	$	6.55
Expired	—		$	—
Outstanding options, end of period	2,437,425		$	6.43	6.2	$	1,411
Exercisable options, end of period	560,871		$	6.01	4.8	$	559



	For the year ended June 30, 2019
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	904,766		$	3.31	4.3	$	9,664
Granted	470,000		$	8.22
Exercised	(11,669	)	$	5.40		$	—
Forfeited	(235,999	)	$	5.70
Expired	—		$	—
Outstanding options, end of period	1,127,098		$	4.84	4.3	$	2,917
Exercisable options, end of period	638,988		$	2.86	3.4	$	2,923



	For the year ended June 30, 2018
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	895,221		$	2.79	5.2	$	2,160
Granted	179,047		$	5.66
Exercised	(93,169	)	$	1.92		$	—
Forfeited	(76,333	)	$	4.30
Expired	—		$	—
Outstanding options, end of period	904,766		$	3.31	4.3	$	9,664
Exercisable options, end of period	632,737		$	2.55	3.9	$	7,242

The weighted average grant date fair value per share for the Company's stock options granted during the years ended June 30, 2020, 2019, and 2018 was $3.84, $4.15, and $2.42, respectively. The total fair value of stock options vested during the years ended June 30, 2020, 2019, and 2018 was $1.7 million, $0.2 million, and $0.4 million, respectively.

STOCK GRANTS

The Company grants shares of common stock to executive officers pursuant to long-term stock incentive plans (“LTIPs”) under which executive officers are awarded shares of common stock of the Company in the event that certain targets are achieved. These achievement targets are typically aligned with specified ranges of year-over-year percentage growth in metrics such as total number of connections and adjusted EBITDA. If none of the minimum threshold year-over-year percentage target goals are achieved, the executive officers would not be awarded any shares. Assuming the minimum threshold year-over-year percentage target goal would be achieved for a particular metric, the number of shares to be awarded for that metric would be determined on a pro rata basis, provided that the award would not exceed the maximum distinguished award for that metric. The shares awarded under the LTIPs typically vest as follows: one-third at the time of issuance; one-third on the one-year anniversary of the fiscal year end for which the shares were awarded; and one-third on the two-year anniversary of the fiscal year end for which the shares were awarded.

The Company also grants shares of restricted common stock and restricted stock units (RSUs) to members of the board of directors as compensation for their service on the board as well as to employees as additional compensation. These stock awards typically vest over a one to three year period.

A summary of the status of the Company’s nonvested common shares and RSUs as of June 30, 2020, 2019, and 2018, and changes during the years then ended is presented below:



	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at June 30, 2017	122,556		$	3.96
Granted	275,547		5.31
Vested	(232,267	)	4.92
Nonvested at June 30, 2018	165,836		$	4.85
Granted	40,062		13.90
Vested	(166,927	)	6.01
Nonvested at June 30, 2019	38,971		$	9.19
Granted	651,715		7.28
Vested	(109,050	)	7.52
Forfeited	(368,622	)	7.89
Nonvested at June 30, 2020	213,014		$	6.50

STOCK BASED COMPENSATION EXPENSE

The Company applies the fair value method to recognize compensation expense for stock-based awards. Using this method, the estimated grant-date fair value of the award is recognized over the requisite service period using the accelerated attribution method. The Company accounts for forfeitures as they occur.

A summary of the Company's stock-based compensation expense recognized during the years ended June 30, 2020, 2019, and 2018 is as follows (in thousands):



	For the year ended June 30,
Award type	2020		2019		2018
Stock options	$	2,181	$	822	$	485
Stock grants	848		928		1,309
Total stock-based compensation expense	$	3,029	$	1,750	$	1,794

The Company recognized tax benefits of $0.5 million, $0.3 million, and $0.3 million related to stock compensation expense for the years ended June 30, 2020, 2019, and 2018.

A summary of the Company's unrecognized stock-based compensation expense as of June 30, 2020 is as follows:

PREFERRED STOCK

12 Months Ended

Jun. 30, 2020

Preferred Stock [Abstract]

PREFERRED STOCK

The authorized Preferred Stock may be issued from time to time in one or more series, each series with such rights, preferences or restrictions as determined by the Board of Directors. As of June 30, 2020 each share of Series A Preferred Stock is convertible

into 0.1988 of a share of Common Stock and each share of Series A Preferred Stock is entitled to 0.1988 of a vote on all matters on which the holders of Common Stock are entitled to vote. Series A Preferred Stock provides for an annual cumulative dividend of $1.50 per share, payable when, and if declared by the Board of Directors, to the shareholders of record in equal parts on February 1 and August 1 of each year. Any and all accumulated and unpaid cash dividends on the Series A Preferred Stock must be declared and paid prior to the declaration and payment of any dividends on the Common Stock.

The Series A Preferred Stock may be called for redemption at the option of the Board of Directors for a price of $11.00 per share plus payment of all accrued and unpaid dividends. No such redemption has occurred as of June 30, 2020. In the event of any liquidation as defined in the Company’s Articles of Incorporation, the holders of shares of Series A Preferred Stock issued shall be entitled to receive $10.00 for each outstanding share plus all cumulative unpaid dividends. If funds are insufficient for this distribution, the assets available will be distributed ratably among the preferred shareholders. The Series A Preferred Stock liquidation preference as of June 30, 2020 and 2019 is as follows:



($ in thousands)	June 30, 2020		June 30, 2019
For shares outstanding at $10.00 per share	$	4,451	$	4,451
Cumulative unpaid dividends	16,328		15,660
	$	20,779	$	20,111

The Company has determined that its convertible preferred stock is contingently redeemable due to the existence of deemed liquidation provisions contained in its certificate of incorporation, and therefore classifies its convertible preferred stock outside of permanent equity.

Cumulative unpaid dividends are convertible into common shares at $1,000 per common share at the option of the shareholder. During the years ended June 30, 2020, 2019 and 2018, no shares of Preferred Stock nor cumulative preferred dividends were converted into shares of common stock.

RETIREMENT PLAN	12 Months Ended
RETIREMENT PLAN	Jun. 30, 2020
Retirement Benefits [Abstract]
RETIREMENT PLAN	RETIREMENT PLAN The Company’s 401(k) Plan (the “Retirement Plan”) allows employees who have completed six months of service to make voluntary contributions up to a maximum of 100% of their annual compensation, as defined in the Retirement Plan. The Company may, in its discretion, make a matching contribution, a profit sharing contribution, a qualified non-elective contribution, and/or a safe harbor 401(k) contribution to the Retirement Plan. The Company must make an annual election, at the beginning of the plan year, as to whether it will make a safe harbor contribution to the plan. In fiscal years 2020, 2019 and 2018, the Company elected and made safe harbor matching contributions of 100% of the participant’s first 3% and 50% of the next 2% of compensation deferred into the Retirement Plan. The Company’s safe harbor contributions for the years ended June 30, 2020, 2019 and 2018 approximated $0.5 million, $0.4 million and $0.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES LITIGATION Eastern District of Pennsylvania Consolidated Shareholder Class Actions As previously reported, on September 11, 2018, Stéphane Gouet filed a putative class action complaint against the Company, Stephen P. Herbert, the Chief Executive Officer, and Priyanka Singh, the former Chief Financial Officer, in the United States District Court for the District of New Jersey. The class is defined as purchasers of the Company’s securities from November 9, 2017 through September 11, 2018. The complaint alleges that the Company disclosed on September 11, 2018 that it was unable to timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the “2018 Form 10-K”), and that the Audit Committee of the Company’s Board of Directors was in the process of conducting an internal investigation of current and prior period matters relating to certain of the Company’s contractual arrangements, including the accounting treatment, financial reporting and internal controls related to such arrangements. The complaint alleges that the defendants disseminated false statements and failed to disclose material facts and engaged in practices that operated as a fraud or deceit upon Gouet and others similarly situated in connection with their purchases of the Company’s securities during the proposed class period. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) and Rule 10b-5 promulgated thereunder. Two additional class action complaints, containing substantially the same factual allegations and legal claims, were filed against the Company, Herbert and Singh in the United States District Court for the District of New Jersey. On September 13, 2018, David Gray filed a putative class action complaint, and on October 3, 2018, Anthony E. Phillips filed a putative class action complaint. Subsequently, multiple shareholders moved to be appointed lead plaintiff, and on December 19, 2018, the Court consolidated the three actions, appointed a lead plaintiff (the “Lead Plaintiff”), and appointed lead counsel for the consolidated actions (the “Consolidated Action”). On February 28, 2019, the Court approved a Stipulation agreed to by the parties in the Consolidated Action for the filing of an amended complaint within fourteen days after the Company filed its 2018 Form 10-K. On January 22, 2019, the Company and Herbert filed a motion to transfer the Consolidated Action to the United States District Court for the Eastern District of Pennsylvania. On February 5, 2019, the Lead Plaintiff filed its opposition to the Motion to Transfer. On August 12, 2019, the University of Puerto Rico Retirement System (“UPR”) filed a putative class action complaint in the United States District Court for the District of New Jersey against the Company, Herbert, Singh, the Company’s Directors at the relevant time (Steven D. Barnhart, Joel Books, Robert L. Metzger, Albin F. Moschner, William J. Reilly and William J. Schoch) (“the Independent Directors”), and the investment banking firms who acted as underwriters for the May 2018 follow-on public offering of the Company (the “Public Offering”): William Blair & Company; LLC; Craig-Hallum Capital Group, LLC; Northland Securities, Inc.; and Barrington Research Associates, Inc. (“the Underwriters”). The class is defined as purchasers of the Company’s shares pursuant to the registration statement and prospectus issued in connection with the Public Offering. Plaintiff seeks to recover damages caused by Defendants’ alleged violations of the Securities Act of 1933 (as amended, the “1933 Act”), and specifically Sections 11, 12 and 15 thereof. The complaint generally seeks compensatory damages, rescissory damages and attorneys’ fees and costs. The UPR complaint was consolidated into the Consolidated Action and the UPR docket was closed. On September 30, 2019, the Court granted the motion to transfer and transferred the Consolidated Action to the United States District Court for the Eastern District of Pennsylvania, Docket No. 19-cv-04565. On November 20, 2019, Plaintiff filed an amended complaint that asserted claims under both the 1933 Act and the 1934 Act. Defendants filed motions to dismiss on February 3, 2020. Before briefing on the motions was completed, the parties participated in a private mediation on February 27, 2020, which resulted in a settlement. On May 29, 2020, the plaintiffs filed documents with the Court seeking preliminary approval of the settlement, with the defendants supporting approval of the settlement. On June 9, 2020, the Court granted preliminary approval of the settlement and issued a scheduling order for further action on the settlement. The settlement provides for a payment of $15.3 million which includes all administrative costs and plaintiff’s attorneys’ fees and expenses. The Company’s insurance carriers paid $12.7 million towards the settlement and the Company paid $2.6 million towards the settlement, which was made in July 2020 and was recorded as a liability in the consolidated financial statements as of June 30, 2020. Payments will not be distributed pursuant to the settlement (except for administrative costs of up to $150,000) until and unless the Court grants final approval of the settlement. The Court scheduled the hearing for final settlement approval for October 30, 2020. The Company expects, but cannot assure, that the settlement approval will occur later in the 2020 calendar year. Should the settlement not be approved or be terminated for any reason, the parties will resume litigation of the claims. Chester County, Pennsylvania Class Action As previously reported, a putative shareholder class action complaint was filed against the Company, its chief executive officer and chief financial officer at the relevant time, its directors at the relevant time, and the Underwriters, in the Court of Common Pleas, Chester County, Pennsylvania, Docket No. 2019-04821-MJ. The complaint alleged violations of the Securities Act of 1933, as amended. As also previously reported, on September 20, 2019 the Court granted the defendants’ Petition for Stay and stayed the Chester County action until the Consolidated Action reaches a final disposition. On October 18, 2019, plaintiff filed an appeal to the Pennsylvania Superior Court from the Order granting defendants’ Petition for Stay, Docket No. 3100 EDA 2019. On December 6, 2019, the Pennsylvania Superior Court issued an Order stating that the Stay Order does not appear to be final or otherwise appealable and directed plaintiff to show cause as to the basis of the Pennsylvania Superior Court’s jurisdiction. The plaintiff filed a Response to the Order to Show Cause on December 16, 2019, and the defendants filed an Application to Quash Appeal on December 26, 2019. On February 20, 2020, the Pennsylvania Superior Court quashed the appeal. Department of Justice Subpoena As previously reported, in the third quarter of fiscal year 2020, the Company responded to a subpoena received from the U.S. Department of Justice that sought records regarding Company activities that occurred during prior financial reporting periods, including restatements. The Company is cooperating fully with the agency’s queries. HEC Master Fund LP Lawsuit On November 15, 2019, HEC filed a lawsuit against the Company and its directors at the relevant time in the Court of Common Pleas of Chester County, Pennsylvania, Docket No. 2019-11640-MJ. The lawsuit alleged that the directors’ adoption of an amendment to the Company’s bylaws that prohibited shareholders from calling a special meeting of shareholders until the Company’s next annual meeting of shareholders, along with other efforts by the directors to prevent HEC from soliciting consents to call a special meeting of shareholders, constituted impermissible entrenchment and interference with the shareholder franchise in violation of Pennsylvania law. On November 22, 2019, the Court, with the consent of HEC and the Company, ordered the Company to call and hold its annual meeting of shareholders on or before April 30, 2020. The Court also ordered that the directors stand for election at the annual meeting in accordance with the bylaws and prohibited the board of directors from making further amendments of any kind to the bylaws prior to the annual meeting. Following the entry of that order, HEC voluntarily discontinued the lawsuit. On March 27, 2020, HEC moved to strike the discontinuance and hold the Company in contempt of the Court’s November 22, 2019 order. On April 26, 2020, the parties entered into a Letter Agreement pursuant to which HEC’s action was dismissed with prejudice. HEC Master Fund LP Shareholder Demand By letter dated February 12, 2020, HEC demanded that the Board of Directors investigate, remedy and commence proceedings against certain of the Company’s current and former officers and directors and other responsible parties for breach of fiduciary duties. The matters alleged to constitute breaches of duty related to the matters raised by HEC during the contest for the election of directors at the 2020 annual meeting. On April 26, 2020, the parties entered into a Letter Agreement pursuant to which HEC withdrew its shareholder demand for board action. Other Shareholder Demand Letters By letter dated October 12, 2018, Peter D’Arcy, a purported shareholder of the Company, demanded that the Board of Directors investigate, remedy and commence proceedings against certain of the Company’s current and former officers and directors for breach of fiduciary duties. The letter alleged the officers and directors made false and misleading statements that failed to disclose that the Company’s accounting treatment, financial reporting and internal controls related to certain of the Company’s contractual agreements would result in an internal investigation and would delay the Company’s filing of its 2018 Form 10-K, and that the Company failed to maintain adequate internal controls. By letter dated October 18, 2018, Chiu Jen-Ting, a purported shareholder of the Company, demanded that the Board of Directors investigate, remedy and commence proceedings against certain of the Company’s current and former officers and directors for breach of fiduciary duties in connection with issues similar to those asserted by Mr. D’Arcy. By letter dated August 2, 2019, Stan Emanuel, a purported shareholder of the Company, demanded that the Board of Directors investigate, remedy and commence proceedings against certain of the Company’s current and former officers and directors for breach of fiduciary duties in connection with issues similar to those asserted by Mr. D’Arcy. In accordance with Pennsylvania law, the Board of Directors formed a special litigation committee (the “SLC”), currently consisting of Lisa P. Baird, Douglas L. Braunstein and Michael K. Passilla, in order to, among other things, investigate and evaluate the demand letters. The SLC and its counsel are currently investigating the matters raised in these letters.

UNAUDITED QUARTERLY DATA

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

UNAUDITED QUARTERLY DATA



	Three months ended
($ in thousands, except per share data)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
	(unaudited)			(unaudited)			(unaudited)			(unaudited)

Revenue	$	43,359		$	44,051		$	43,098		$	32,645
Gross profit	$	11,416		$	12,762		$	10,998		$	11,097
Operating loss	$	(11,278	)	$	(7,756	)	$	(10,178	)	$	(10,380	)
Net loss	$	(11,508	)	$	(8,378	)	$	(9,295	)	$	(11,414	)
Cumulative preferred dividends	$	(334	)	$	—		$	(334	)	$	—
Net loss applicable to common shares	$	(11,842	)	$	(8,378	)	$	(9,629	)	$	(11,414	)
Net loss per common share - basic	$	(0.20	)	$	(0.13	)	$	(0.15	)	$	(0.18	)
Net loss per common share - diluted	$	(0.20	)	$	(0.13	)	$	(0.15	)	$	(0.18	)
Weighted average number of common shares outstanding - basic	60,096,852			63,664,256			64,096,778			64,154,252
Weighted average number of common shares outstanding - diluted	60,096,852			63,664,256			64,096,778			64,154,252



	Three months ended
($ in thousands, except per share data)	September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019 (1)
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue	$	33,768		$	34,486		$	37,704		$	38,508
Gross profit	$	11,058		$	9,435		$	9,953		$	9,739
Operating loss	$	(4,973	)	$	(10,008	)	$	(3,718	)	$	(9,484	)
Net loss	$	(5,288	)	$	(10,438	)	$	(4,306	)	$	(9,850	)
Cumulative preferred dividends	$	(334	)	$	—		$	(334	)	$	—
Net loss applicable to common shares	$	(5,622	)	$	(10,438	)	$	(4,640	)	$	(9,850	)
Net loss per common share - basic	$	(0.09	)	$	(0.17	)	$	(0.08	)	$	(0.16	)
Net loss per common share - diluted	$	(0.09	)	$	(0.17	)	$	(0.08	)	$	(0.16	)
Weighted average number of common shares outstanding - basic	60,053,912			60,059,936			60,065,053			60,065,978
Weighted average number of common shares outstanding - diluted	60,053,912			60,059,936			60,065,053			60,065,978

_____________________________________


(1)	As discussed in Note 2—Accounting Policies, the Company identified certain adjustments that were required to be made to its previously disclosed fiscal year 2019 interim and annual financial statements.

During the fourth quarter of fiscal year 2020, the Company reclassified certain operating expenses previously reported in the first three quarters of fiscal year 2020 as Selling, general and administrative expenses to Investigation, proxy solicitation and restatement expenses. The reclassifications resulted from management’s conclusion that those operating expenses related to non-recurring professional services fees to assist the Company with accounting and compliance activities following the filing of the 2019 Form 10-K, as well as the proxy solicitation costs incurred in fiscal year 2020. These reclassifications did not affect total operating expenses or net income.

Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, before the reclassifications:



	Three months ended
($ in thousands)	September 30, 2019		December 31, 2019		March 31, 2020


Selling, general and administrative	$	18,107	$	18,700	$	20,069
Investigation and restatement expenses	3,565		738		—
Depreciation and amortization	1,022		1,080		1,107
Total operating expenses	$	22,694	$	20,518	$	21,176

Operating expenses for each of the first three quarters of fiscal year 2020 are as follows, after the reclassifications:



	Three months ended
($ in thousands)	September 30, 2019		December 31, 2019		March 31, 2020


Selling, general and administrative	$	17,196	$	12,520	$	18,065
Investigation, proxy solicitation and restatement expenses	4,476		6,918		2,004
Depreciation and amortization	1,022		1,080		1,107
Total operating expenses	$	22,694	$	20,518	$	21,176

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS JPMorgan Chase Bank Credit Agreement On August 14, 2020, the Company repaid all amounts outstanding under the 2020 Antara Term Facility and entered into the 2021 JPMorgan Credit Agreement. The 2021 JPMorgan Credit Agreement provides for a $5 million secured revolving credit facility (the “2021 JPMorgan Revolving Facility”) and a $15 million secured term facility (the “2021 JPMorgan Secured Term Facility” and together with the 2021 JPMorgan Revolving Facility, the “2021 JPMorgan Credit Facility”), which includes an uncommitted expansion feature that allows the Company to increase the total revolving commitments and/or add new tranches of term loans in an aggregate amount not to exceed $5 million. In connection with the consummation of the 2021 JPMorgan Credit Agreement, the Company repaid all amounts outstanding under the 2020 Antara Term Facility. All of the Company's unamortized issuance costs and debt discount related to the 2020 Antara Term Facility will be recognized as interest expense during the fiscal quarter ended September 30, 2020, which as of June 30, 2020 was $2.6 million, reflecting the difference between the carrying value of the 2020 Antara Term Facility and the amount due upon repayment. The 2021 JPMorgan Credit Facility has a three year maturity, with interest based, at the Company’s option, on a base rate of LIBOR plus an applicable margin tied to the Company’s total leverage ratio and having ranges between 2.75% and 3.75% for base rate loans and between 3.75% and 4.75% for LIBOR loans. In the event of default, the interest rate may be increased by 2.00%. The 2021 JPMorgan Credit Facility will also carry a commitment fee of 0.50% per annum on the unused portion. Through December 31, 2021, the applicable interest rate will be LIBOR plus 4.75%. Principal payments are due in quarterly installments of $187,500 beginning December 31, 2020 for a total annual repayment of $750,000. The Company’s obligations under the 2021 JPMorgan Credit Facility are secured by first priority security interests in substantially all of the assets of the Company. The 2021 JPMorgan Credit Agreement includes customary representations, warranties and covenants, and acceleration, indemnity and events of default provisions, including a financial covenant requiring the Company to maintain an adjusted quick ratio of not less than 2.00 to 1.00, not less than 2.50 to 1.00 beginning October 1, 2020, not less than 2.75 to 1.00 beginning January 1, 2021 and 3.00 to 1.00 beginning April 1, 2021, and a financial covenant requiring the Company to maintain, as of the end of each of its fiscal quarters commencing with the fiscal quarter ended December 31, 2021, a total leverage ratio of not greater than 3.00 to 1.00.

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Jun. 30, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

USA TECHNOLOGIES, INC.

VALUATION AND QUALIFYING ACCOUNTS

YEARS ENDED JUNE 30, 2020, 2019, AND 2018

($ in thousands)



ACCOUNTS RECEIVABLE RESERVE	Balance at beginning of period		Additions charged to bad debt expense		Deductions and other			Balance at end of period
June 30, 2020	$	4,866	$	2,815	$	(5	)	$	7,676
June 30, 2019	$	2,754	$	1,940	$	172		$	4,866
June 30, 2018	$	3,199	$	471	$	(916	)	$	2,754



FINANCE RECEIVABLES RESERVE	Balance at beginning of period		Additions charged to bad debt expense		Deductions and other			Balance at end of period
June 30, 2020	$	606	$	143	$	(599	)	$	150
June 30, 2019	$	12	$	594	$	—		$	606
June 30, 2018	$	19	$	—	$	(7	)	$	12



INVENTORY RESERVE	Balance at beginning of period		Additions		Deductions			Balance at end of period
June 30, 2020	$	5,891	$	681	$	(3,809	)	$	2,763
June 30, 2019	$	3,217	$	3,172	$	(498	)	$	5,891
June 30, 2018	$	2,204	$	1,467	$	(454	)	$	3,217



DEFERRED TAX ASSET VALUATION ALLOWANCE	Balance at beginning of period		Additions		Deductions - JOBS Act			Deductions - Cantaloupe Acquisition			Balance at end of period
June 30, 2020	$	42,414	$	10,139	$	—		$	—		$	52,553
June 30, 2019	$	36,194	$	6,220	$	—		$	—		$	42,414
June 30, 2018	$	55,156	$	3,737	$	(19,574	)	$	(3,125	)	$	36,194

ACCOUNTING POLICIES (Policies)	12 Months Ended
ACCOUNTING POLICIES (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
CONSOLIDATION	CONSOLIDATION The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
RECLASSIFICATION	Certain prior period amounts have been reclassified to conform with current year presentation, including the classification of Selling, general and administrative expenses and Investigation, proxy solicitation and restatement expenses on the Consolidated Statements of Operations as more fully described in Note 20.
USE OF ESTIMATES	USE OF ESTIMATES The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS Cash equivalents represent all highly liquid investments with original maturities of three months or less from time of purchase. Cash equivalents are comprised of money market funds. The Company maintains its cash in bank deposit accounts where accounts may exceed federally insured limits at times. The Company deems this credit risk not to be significant as cash is held at well-capitalized financial institutions in the U.S.
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS	ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable include amounts due to the Company for sales of equipment, other amounts due from customers, merchant service receivables, and unbilled amounts due from customers, net of the allowance for uncollectible accounts. The Company maintains an allowance for doubtful accounts for probable incurred losses resulting from the inability of its customers to make required payments, including from a shortfall in the customer transaction fund flow from which the Company would normally collect amounts due. The allowance is determined through an analysis of various factors including the financial condition of the customer, the aging of the accounts receivable, the strength of the relationship with the customer, the capacity of the customer transaction fund flow to satisfy the amount due from the customer, and an assessment of collection costs and other factors. The allowance for doubtful accounts receivable is management’s best estimate as of the respective reporting date. The Company writes off receivable balances against the allowance for doubtful accounts when management determines the balance is uncollectible and the Company ceases collection efforts. Management believes that the allowance recorded is adequate to provide for its estimated credit losses.
FINANCE RECEIVABLES	FINANCE RECEIVABLES The Company offers extended payment terms to certain customers for equipment sales under its Quick Start Program. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification® (“ASC”) Topic 842, “Leases”, agreements under the Quick Start Program qualify for sales-type lease accounting. Accordingly, the future minimum lease payments are classified as finance receivables in the Company’s consolidated balance sheets. Finance receivables or Quick Start leases are generally for a sixty month term. Finance receivables are carried at their contractual amount net of allowance of credit losses when management determines that it is probable a loss has been incurred. Finance receivables are charged off against the allowance for credit losses when management determines that the finance receivables are uncollectible and the Company ceases collection efforts. The Company recognizes a portion of the note or lease payments as interest income in the accompanying consolidated financial statements based on the effective interest rate method.
INVENTORY, NET	INVENTORY, NET Inventory consists of finished goods. The company's inventories are valued at the lower of cost or net realizable value, generally using a weighted-average cost method. The Company establishes allowances for slow-moving inventory based upon quality considerations and assumptions about future demand and market conditions.
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET Property and equipment are recorded at either cost or, in the instance of an acquisition, the estimated fair value on the date of the acquisition, and are depreciated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on the straight-line basis over the lesser of the estimated useful life of the asset or the respective lease term. Depreciation expense on our property and equipment, excluding property and equipment used for rentals, is included in “Depreciation and amortization” in the Consolidated Statements of Operations. Depreciation expense on our property and equipment used for rentals is included in “Cost of services” in the Consolidated Statements of Operations. Additions and improvements that extend the estimated lives of the assets are capitalized, while expenditures for repairs and maintenance are expensed as incurred.
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The Company’s goodwill represents the excess of cost over fair value of the net assets purchased in acquisitions. Under ASC 350, goodwill is not amortized to earnings, but instead is subject to periodic testing for impairment. Testing for impairment is to be done at least annually and at other times if events or circumstances arise that indicate that impairment may have occurred. We test goodwill for impairment by comparing the fair value of our reporting unit to its carrying value using a market approach. An impairment charge is recognized for the amount by which, if any, the carrying value exceeds the reporting unit’s fair value. However, the loss recognized cannot exceed the reporting unit’s goodwill balance. The Company has selected April 1 as its annual test date. The Company has concluded there has been no impairment of goodwill during the years ended June 30, 2020, 2019, or 2018. The Company's intangible assets include trademarks, non-compete agreements, brand, developed technology, customer relationships and tradenames and were acquired in a purchase business combination. The Company carries these intangibles at cost, less accumulated amortization. Amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets, which span between three and eighteen years, and are included in “Depreciation and amortization" in the Consolidated Statements of Operations.
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company reviews its definite lived long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amount of an asset or group of assets exceeds its net realizable value, the asset will be written down to its fair value. Definite lived long-lived assets are reported as held for sale when management commits to a plan to sell the asset or disposal group, the asset or disposal group is available for immediate sale and is being actively marketed for sale at a price that is reasonable in relation to its current fair value, an active program to sell has been initiated, the sale of the asset or disposal group is probable and is expected to qualify for recognition as a sale within one year, and it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. Assets held for sale are not depreciated or amortized and the assets are reported at the lower of carrying value or fair value less costs to sell. The Company has concluded that the carrying amount of definite lived long-lived assets is recoverable as of June 30, 2020 and 2019.
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1‑ Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2‑ Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3‑ Inputs are unobservable and reflect the Company’s assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.
CONCENTRATION OF RISKS	CONCENTRATION OF RISKS Concentration of revenue with customers subject the Company to operating risks. Approximately 16%, 17% and 16% of the Company’s revenue for the years ended June 30, 2020, 2019 and 2018, respectively, were concentrated with one customer. The Company’s customers are principally located in the United States.
REVENUE RECOGNITION UNDER ASC 606	The Company estimates an allowance for equipment returns at the date of sale on a monthly basis. The estimate of expected returns is calculated in the same way as other variable consideration. The expected value method is generally used to predict the amount of consideration to which the Company will be entitled. Accounts Receivable and Contract Liabilities A contract with a customer creates legal rights and obligations. As the Company satisfies performance obligations under customer contracts, a right to unconditional consideration is recorded as an account receivable. Contract liabilities represent consideration received from customers in excess of revenues recognized (i.e., deferred revenue). Contract liabilities are classified as current or noncurrent based on the nature of the underlying contractual rights and obligations. Contract Costs The Company incurs costs to obtain contracts with customers, primarily in the form of commissions to sales employees. The Company recognizes as an asset the incremental costs of obtaining a contract with a customer if it expects to recover these costs. The Company currently does not incur material costs to fulfill its obligations under a contract once it is obtained but before transferring goods or services to the customer. Contract costs are amortized on a systematic basis consistent with the transfer to the customer of the goods or services to which the asset relates. A straight-line or proportional amortization method is used depending upon which method best depicts the pattern of transfer of the goods or services to the customer. The Company’s contracts frequently contain performance obligations satisfied at a point in time and overtime. In these instances, the Company amortizes the contract costs proportionally with the timing and pattern of revenue recognition. Amortization of costs to obtain a contract are classified as selling, general and administrative expense. In addition, these contract costs are evaluated for impairment by comparing, on a pooled basis, the expected future net cash flows from underlying customer relationships to the carrying amount of the capitalized contract costs. In order to determine the appropriate amortization period for contract costs, the Company considers a number of factors, including expected early terminations, estimated terms of customer relationships, the useful lives of technology USAT uses to provide goods and services to its customers, whether future contract renewals are expected and if there is any incremental commission to be paid on a contract renewal. The Company amortizes these assets over the expected period of benefit. Costs to obtain a contract with an expected period of benefit of one year or less are expensed when incurred. REVENUE RECOGNITION On July 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers using the modified retrospective transition method to all open contracts with customers that were not completed as of June 30, 2018. Results for reporting periods beginning after July 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic revenue recognition methodology under ASC 605. Revenue Recognition Under ASC 606 (Periods Subsequent to July 1, 2018) The new revenue recognition guidance provides a single model to determine when and how revenue is recognized. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue using a five-step model resulting in revenue being recognized as performance obligations within a contract have been satisfied. The steps within that model include: (i) identifying the existence of a contract with a customer; (ii) identifying the performance obligations within the contract; (iii) determining the contract’s transaction price; (iv) allocating the transaction price to the contract’s performance obligations; and, (v) recognizing revenue as the contract’s performance obligations are satisfied. Judgment is required to apply the principles-based, five-step model for revenue recognition. Management is required to make certain estimates and assumptions about the Company’s contracts with its customers, including, among others, the nature and extent of its performance obligations, its transaction price amounts and any allocations thereof, the events which constitute satisfaction of its performance obligations, and when control of any promised goods or services is transferred to its customers. The new standard also requires certain incremental costs incurred to obtain or fulfill a contract to be deferred and amortized on a systematic basis consistent with the transfer of goods or services to the customer. The Company provides an end-to-end payment solution which integrates hardware, software, and payment processing in the self-service retail market. The Company has contractual agreements with customers that set forth the general terms and conditions of the relationship, including pricing of goods and services, payment terms and contract duration. Revenue is recognized when the obligation under the terms of the Company’s contract with its customer is satisfied and is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The Company’s business model is to act as the Merchant of Record for its sellers. We provide cashless vending payment services in exchange for monthly service fees, in addition to collecting usage-based consideration for completed transactions. The contracts we enter into with third-party suppliers provide us with the right to access and direct their services when processing a transaction. The Company combines the services provided by third-party suppliers to enable customers to accept cashless payment transactions, indicating that it controls all inputs in directing their use to create the combined service. Additionally, USAT sells cashless payment devices (e.g., e-Ports, Seed), which are either directly sold or leased through the Company's QuickStart or JumpStart programs. Cashless vending services represent a single performance obligation as the combination of the services provided gives the customer the ability to accept cashless payments. The Company’s customers are contracting for integrated cashless services in connection with purchasing or leasing unattended point-of-sale devices. The activities when combined together are so integral to the customer’s ability to derive benefit from the service, that the activities are effectively inputs to a single promise to the customer. Certain services are distinct, but are not accounted for separately as the rights are coterminous, they are transferred concurrently and the outcome is the same as accounting for the services as individual performance obligations. The single performance obligation is determined to be a stand-ready obligation to process payments whenever a consumer intends to make a purchase at a point-of-sale device. As the Company is unable to predict the timing and quantity of transactions to be processed, the assessment of the nature of the performance obligation is focused on each time increment rather than the underlying activity. Therefore, cashless vending services are viewed to comprise a series of distinct days of service that are substantially the same and have the same pattern of transfer to the customer. As a result, the promise to stand ready is accounted for as a single performance obligation. Revenue related to cashless vending services is recognized over the period in which services are provided, with usage-based revenue recognized as transactions occur. Consideration for this service includes fixed fees for standing ready to process transactions, and generally also includes usage-based fees, priced as a percentage of transaction value and/or a specified fee per transaction processed. The total transaction price of usage-based services is determined to be variable consideration as it is based on unknown quantities of services to be performed over the contract term. The underlying variability is satisfied each day the service is performed and provided to the customer. Clients are billed for cashless vending services on a monthly basis and for transaction processing as transactions occur. Payment is due based on the Company’s standard payment terms which is typically within 30 to 60 days of invoice issuance. Equipment sales represent a separate performance obligation, the majority of which is satisfied at a point in time through outright sales or sales-type leases (ASC 840 for years ended June 30, 2019 and prior and ASC 842 for years after) when the equipment is delivered to the customer. Revenues related to JumpStart equipment are recognized over time as the customer obtains the right to use the equipment through an operating lease. Clients are billed for equipment sales on a monthly basis, with payment due based on the Company’s standard payment terms which is typically within 30 to 60 days of invoice issuance. USAT will occasionally offer volume discounts, rebates or credits on certain contracts, which is considered variable consideration. USAT uses either the most-likely or estimated value method to estimate the amount of the consideration, based on what the Company expects to better predict the amount of consideration to which it will be entitled to on a contract-by-contract basis. The Company will qualitatively assess if the variable consideration should be constrained to prevent possible significant reversal of revenue, as applicable. The Company assesses the goods and/or services promised in each customer contract and separately identifies a performance obligation for each promise to transfer to the customer a distinct good or service. The Company then allocates the transaction price to each performance obligation in the contract using relative standalone selling prices. The Company determines standalone selling prices based on the price at which a good or service is sold separately. If the standalone selling price is not observable through historic data, the Company estimates the standalone selling price by considering all reasonably available information, including market data, trends, as well as other company- or customer-specific factors. The Company recognizes fees charged to our customers primarily on a gross basis as transaction revenue when we are the principal in respect of completing a payment transaction. As a principal to the transaction, when we are the Merchant of Record, we control the service of completing payments for our customers through the payment ecosystem. The fees paid to payment processors and other financial institutions are recognized as transaction expense. For certain transactions in which we act in the capacity as an agent, these transactions are recorded on a net basis. These are transactions in which we are not the Merchant of Record, and the customer is entering into a separate arrangement with a third party payment processor for the fulfillment of the payment service.
WARRANTIES AND RETURNS	Warranties and Returns The Company offers standard warranties that provide the customer with assurance that its equipment will function in accordance with contract specifications. The Company's standard warranties are not sold separately, but are included with each customer purchase. Warranties are not considered separate performance obligations and, therefore, are estimated and recorded at the time of sale
REVENUE RECOGNITION UNDER ASC 605	Revenue Recognition Under ASC 605 (Periods Prior to July 1, 2018) Revenue from the sale of QuickStart lease of equipment is recognized on the terms of free-on-board shipping point. Transaction processing revenue is recognized upon the usage of the Company’s cashless payment and control network. License fees for access to the Company’s devices and network services are recognized on a monthly basis. In all cases, revenue is only recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed and determinable, and collection of the resulting receivable is reasonably assured. The Company estimates an allowance for product returns at the date of sale and license and transaction fee refunds on a monthly basis. Hardware is available to customers under the QuickStart program pursuant to which the customer would enter into a five-year non-cancelable lease with either the Company or a third-party leasing company for the devices. The Company utilizes its best estimate of selling price when calculating the revenue to be recorded under these leases. The QuickStart contracts qualify for sales type lease accounting. At lease inception, the Company recognizes revenue and creates a finance receivable in an amount that represents the present value of minimum lease payments. Accordingly, a portion of the lease payments are recognized as interest income. At the end of the lease period, the customer would have the option to purchase the device at its residual value. Any customer payments received in advance and prior to the Company satisfying any performance obligations are recorded as deferred revenue and amortized as revenue is recognized.
EQUIPMENT RENTAL	Equipment Rental The Company offers its customers a rental program for its hardware devices, the JumpStart program (“JumpStart”). JumpStart terms are typically 36 months and are cancellable with 30 to 60 days' written notice. In accordance with ASC 840, “Leases”, the Company classifies the rental agreements as operating leases, with service fee revenue related to the leases included in license and transaction fees in the Consolidated Statements of Operations. Costs for the JumpStart revenue, which consist of depreciation expense on the JumpStart equipment, are included in cost of services in the Consolidated Statements of Operations. Equipment utilized by the JumpStart program is included in property and equipment, net on the Consolidated Balance Sheets.
LESSEE ACCOUNTING	Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for office space, warehouses, automobiles and office equipment. USAT’s leases have lease terms of one year to eight years and some include options to extend and/or terminate the lease. The exercise of lease renewal options is at the Company’s sole discretion. When deemed reasonably certain of exercise, the renewal options are included in the determination of the lease term. The Company’s lease agreements do not contain any material variable lease payments, material residual value guarantees or any material restrictive covenants. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease Right-of-Use (“ROU”) assets and liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is the collateralized rate of interest that we would pay to borrow over a similar term an amount equal to the lease payments, based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. USAT has lease agreements with lease and non-lease components. The Company elected the practical expedient related to treating lease and non-lease components as a single lease component for all leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Variable lease payments that are not based on an index or that result from changes to an index subsequent to the initial measurement of the corresponding lease liability are not included in the measurement of lease ROU assets or liabilities and instead are recognized in earnings in the period in which the obligation for those payments is incurred.
LESSOR ACCOUNTING	Lessor Accounting Lessor accounting remained substantially unchanged with the adoption of Topic 842. The Company offers its customers financing for the lease of our POS electronic payment devices. We account for these transactions as sales-type leases. Our sales-type leases generally have a non-cancellable term of 60 months. Certain leases contain an end-of-term purchase option that is generally insignificant and is reasonably certain to be exercised by the lessee. Leases that do not meet the criteria for sales-type lease accounting are accounted for as operating leases, typically our JumpStart program leases. JumpStart terms are typically 36 months and are cancellable with 30 to 60 days' written notice. The Company also elected the practical expedient related to treating lease and non-lease components as a single component for those leases where the timing and pattern of transfer for the non-lease component and associated lease component are the same and the stand-alone lease component would be classified as an operating lease if accounted for separately. The combined component is then accounted for under Topic 606 or Topic 842 depending on the predominant characteristic of the combined component, which was Topic 606 for the Company's operating leases. All QuickStart leases are sales-type and do not qualify for the election. Lessor consideration is allocated between lease components and the non-lease components using the requirements under Topic 606. Revenue from sales-type leases is recognized upon shipment to the customer and the interest portion is deferred and recognized as earned. The revenues related to the sales-type leases are included in Equipment sales in the Consolidated Statements of Operations and a portion of the lease payments as interest income. Revenue from operating leases is recognized ratably over the applicable service period with service fee revenue related to the leases included in License and transaction fees in the Consolidated Statements of Operations.
SHIPPING AND HANDLING	SHIPPING AND HANDLING Shipping and handling fees billed to our customers in connection with sales are recorded as revenue. The costs incurred for shipping and handling of our product are recorded as cost of equipment.
RESEARCH AND DEVELOPMENT EXPENSES	RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses are expensed as incurred and primarily consist of personnel, contractors and product development costs. Research and development expenses, which are included in selling, general and administrative expenses in the Consolidated Statements of Operations, were approximately $3.8 million, $4.6 million and $1.3 million, for the fiscal years ended June 30, 2020, 2019, and 2018, respectively. Our research and development initiatives focus on adding features and functionality to our system solutions through the development and utilization of our processing and reporting network and new technology.
SOFTWARE DEVELOPMENT COSTS	SOFTWARE DEVELOPMENT COSTS We capitalize qualifying internally-developed software development costs incurred during the application development stage, as long as it is probable the project will be completed, and the software will be used to perform the function intended. Capitalization of such costs ceases once the project is substantially complete and ready for its intended use. Capitalized software development costs are included in “Property and equipment, net” on our consolidated balance sheets and are amortized on a straight-line basis over their expected useful lives
ACCOUNTING FOR EQUITY AWARDS	ACCOUNTING FOR EQUITY AWARDS The cost of employee services received in exchange for an award of equity instruments is based on the grant-date fair value of the award and allocated over the requisite service period of the award. These costs are recorded in selling, general and administrative expenses.
LOSS CONTINGENCIES	LOSS CONTINGENCIES From time to time, we are involved in litigation, claims, contingencies and other legal matters. We record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and (ii) the range of the loss can be reasonably estimated. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred.
INCOME TAXES	INCOME TAXES Income taxes are computed using the asset and liability method of accounting. Under the asset and liability method, a deferred tax asset or liability is recognized for estimated future tax effects attributable to temporary differences and carryforwards. The measurement of deferred income tax assets is adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, it is more likely than not such benefits will be realized. Tax positions must meet a “more-likely-than-not” recognition threshold to be recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in selling, general and administrative expenses. Interest and penalties related to uncertain tax positions incurred during the fiscal years ended June 30, 2020, 2019, and 2018 were immaterial. The Company files income tax returns in the United States federal jurisdiction and various state jurisdictions. The tax years ended June 30, 2017 through June 30, 2020 remain open to examination by taxing jurisdictions to which the Company is subject. While the statute of limitations has expired for years prior to the year ended June 30, 2017, changes in reported losses for those years could be made examination by tax authorities to the extent that operating loss carryforwards from those prior years impact upon taxable income in current years. As of June 30, 2020, the Company did not have any income tax examinations in process.
EARNINGS (LOSS) PER COMMON SHARE	EARNINGS (LOSS) PER COMMON SHARE Basic earnings (loss) per share are calculated by dividing net income (loss) applicable to common shares by the weighted average common shares outstanding for the period. Diluted earnings (loss) per share are calculated by dividing net income (loss) applicable to common shares by the weighted average common shares outstanding for the period plus the dilutive effects of common stock equivalents unless the effects of such common stock equivalents are anti-dilutive. For the years ended June 30, 2020, 2019 and 2018, no effect for common stock equivalents was considered in the calculation of diluted earnings (loss) per share because their effect was anti-dilutive.
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting pronouncements adopted ASC Topic 842 - Leases On July 1, 2019, the Company adopted Topic 842 using the modified retrospective transition method applying the guidance to leases existing as of the effective date. Topic 842 requires, among other items, lessees to recognize an ROU asset and a related lease liability for most leases on the balance sheet. Lessees and lessors are required to disclose quantitative and qualitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. The Company determined that there was no cumulative effect adjustment to beginning retained earnings on the consolidated balance sheet. We will continue to report periods prior to July 1, 2019 in our financial statements under prior guidance as outlined in Topic 840. The Company’s adoption of Topic 842 resulted in an increase in the Company’s assets and liabilities of approximately $3.9 million at July 1, 2019, and did not have a material impact to the Company’s consolidated statements of operations or its consolidated statements of cash flows. Further, there was no impact on the Company’s covenant compliance under its then-current debt agreements as a result of the adoption of Topic 842. The Company elected the package of practical expedients included in this guidance, which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. ASU 2018-07 - Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting On July 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2018-07, “Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting.” The standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. ASU 2018-09 - Codification Improvements On July 1, 2019, the Company adopted ASU No. 2018-09, “Codification Improvements”. These amendments provide clarifications and corrections to certain ASC subtopics including “Compensation - Stock Compensation - Income Taxes” (Topic 718-740), “Business Combinations - Income Taxes” (Topic 805-740) and “Fair Value Measurement - Overall” (Topic 820-10). The adoption of this ASU did not have a material effect on the Company’s consolidated financial statements. Accounting pronouncements to be adopted The Company is evaluating whether the effects of the following recent accounting pronouncements, or any other recently issued but not yet effective accounting standards, will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. ASC Topic 326 - Credit Losses The FASB issued Topic 326, “Financial Instruments-Credit Losses.” The new guidance requires companies to record an allowance for expected credit losses over the contractual term of financial assets, including, but not limited to, trade and lease receivables, and expands disclosure requirements for credit quality of financial assets. This pronouncement will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption of the new standard on July 1, 2020, we began recognizing an allowance for credit losses based on the estimated lifetime expected credit loss related to our financial assets. The Company expects that the adoption of this ASU will not have a material impact on its consolidated financial statements. ASU 2018-15 - Intangibles—Goodwill and Other (Topic 350): Internal-Use Software In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.” This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year beginning July 1, 2020. The Company expects that the adoption of this ASU will not have a material impact on its consolidated financial statements. ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 is intended to simplify accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Company does not expect the changes to have a material impact on its financial statements.

LEASES (Tables)

12 Months Ended

Jun. 30, 2020

Leases [Abstract]

Assets and Liabilities

At June 30, 2020, the Company has the following balances recorded in the balance sheet related to its lease arrangements:



($ in thousands)	Classification	As of June 30, 2020

Assets
Operating leases	Operating lease right-of-use assets	$	5,603
Finance leases	Property and equipment, net	48

Liabilities
Current:
Operating leases	Accrued expenses	1,075
Finance leases	Finance lease obligations and current obligations under long-term debt	42

Non-current:
Operating leases	Operating lease liabilities, non-current	4,749
Finance leases	Finance lease obligations and long-term debt, less current portion	$	18

Lease Costs

Components of lease cost are as follows:



($ in thousands)	Year ended June 30, 2020

Finance lease costs:
Amortization of ROU assets	$	103
Interest on lease assets	10
Operating lease costs*	2,525
Total	$	2,638

* Includes short-term lease and variable lease costs, which are not material.

Supplemental cash flow information and non-cash activity related to our leases are as follows:



($ in thousands)	Year ended June 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Financing cash flows from finance leases	$	91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784

Non-cash activity
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	12
Operating lease liabilities	$	3,384

Weighted-average remaining lease term and discount rate for our leases are as follows:



	Year ended June 30, 2020
Weighted-average remaining lease term (years)
Finance leases	1.4
Operating leases	5.2

Weighted-average discount rate
Finance leases	10.0	%
Operating leases	6.8	%

Maturities of Lease Liabilities, Financing Leases

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities by fiscal year for our leases are as follows:



($ in thousands)	Operating Leases			Finance Leases
2021	$	1,440		$	46
2022	1,461			16
2023	1,493			2
2024	1,030			1
2025	627			—
Thereafter	893			—
Total lease payments	$	6,944		$	65
Less: Imputed interest	(1,120		)	(5		)
Present value of lease liabilities	$	5,824		$	60

Schedule of Future Minimum Rental Payments for Operating Leases

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Schedule of Future Minimum Lease Payments for Capital Leases

The Company's future minimum lease commitments as of June 30, 2019, under ASC Topic 840 are as follows:



($ in thousands)	Operating Leases		Capital Leases
2020	$	1,326	$	106
2021	1,151		34
2022	1,180		12
2023	1,208		1
2024	859		1
Thereafter	1,550		—
Total minimum lease payments	$	7,274	$	154
Less: interest			(14		)
Present value of minimum lease payments, net			140
Less: current obligations under capital leases			(106		)
Obligations under capital leases, noncurrent			$	34

Property and Equipment Used for Operating Lease Rental Program

Property and equipment used for the operating lease rental program consisted of the following:



($ in thousands)	June 30, 2020			June 30, 2019
Cost	$	32,445		36,190
Accumulated depreciation	(27,745		)	(30,473		)
Net	$	4,700		$	5,717

ACQUISITION (Tables)

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Fair value of purchase price consideration

The fair value of the purchase price consideration consisted of the following:



($ in thousands)
Cash consideration, net of cash acquired	$	65,181
USAT shares issued as stock consideration	23,279
Post-closing adjustment for working capital	(253		)
Total consideration	$	88,207

The following table summarizes the fair value of total consideration transferred to the holders of all the outstanding equity interests of Cantaloupe at the acquisition date of November 9, 2017:



($ in thousands)	November 9, 2017
Accounts receivable	$	2,897
Finance receivables	2,332
Inventory	282
Prepaid expense and other current assets	646
Finance receivables due after one year	3,603
Other assets	50
Property and equipment	1,610
Intangible assets	30,800
Total assets acquired	42,220
Accounts payable	(1,591		)
Accrued expenses	(2,401		)
Deferred revenue	(518		)
Capital lease obligations and current obligations under long-term debt	(666		)
Capital lease obligations and long-term debt, less current portion	(1,134		)
Deferred income tax liabilities	(157		)
Total identifiable net assets	35,753
Goodwill	52,454
Total fair value	$	88,207

Business Acquisition, Pro Forma Information

Other material non-recurring adjustments are reflected in the pro forma and described below:



	Year ended June 30,
($ in thousands, except per share data)	2018			2017

Revenue	$	140,575		$	121,373
Net loss attributable to USAT	(7,256		)	(13,828		)
Net loss attributable to USAT common shares	$	(7,924	)	$	(14,496	)
Net loss per share:
Basic	$	(0.15	)	$	(0.27	)
Diluted	$	(0.15	)	$	(0.27	)
Weighted average number of common shares outstanding:
Basic	53,717,133			52,849,217
Diluted	53,717,133			52,849,217

REVENUE (Tables)

12 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Performance Obligations

The following table reflects the estimated fees to be recognized in the future related to performance obligations that are unsatisfied at the end of the period:



($ in thousands)	As of June 30, 2020

2021	$	12,437
2022	10,836
2023	8,695
2024	4,478
2025 and thereafter	1,184
Total	$	37,630

Contract Liability

The Company's contract liability (i.e., deferred revenue) balances are as follows:



	Year ended June 30,
($ in thousands)	2020		2019

Deferred revenue, beginning of the period	$	1,681	$	511
Plus: adjustment for adoption of ASC 606	—		1,303
Deferred revenue, beginning of the period, as adjusted	1,681		1,814
Deferred revenue, end of the period	1,698		1,681
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	777		306

RESTRUCTURING/INTEGRATION COSTS (Tables)

12 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Workforce Reduction Activity

The following table summarizes the Company's severance activity for the years ended June 30, 2020, 2019, and 2018 related to the workforce reductions to integrate the Cantaloupe business:



($ in thousands)	Workforce reduction
Balance at July 1, 2017	$	—
Plus: additions	2,122
Less: cash payments	(1,102		)
Balance at June 30, 2018	1,020
Plus: additions	266
Less: cash payments	(1,111		)
Balance at June 30, 2019	$	175
Plus: additions	35
Less: cash payments	(210		)
Balance at June 30, 2020	$	—

LOSS PER SHARE CALCULATION (Tables)

12 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of basic and diluted loss per share

The calculation of basic and diluted loss per share is presented below:



	Year ended June 30,
($ in thousands, except per share data)	2020			2019			2018

Numerator for basic and diluted loss per share
Net loss	$	(40,595	)	$	(29,882	)	$	(11,284	)
Preferred dividends	(668		)	(668		)	(668		)
Net loss available to common shareholders	$	(41,263	)	$	(30,550	)	$	(11,952	)

Denominator for basic loss per share - Weighted average shares outstanding	62,980,193			60,061,243			51,840,518
Effect of dilutive potential common shares	—			—			—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	62,980,193			60,061,243			51,840,518

Basic loss per share	$	(0.66	)	$	(0.51	)	$	(0.23	)
Diluted loss per share	$	(0.66	)	$	(0.51	)	$	(0.23	)

FINANCE RECEIVABLES (Tables)

12 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of finance receivables

As of June 30, 2020 and 2019, finance receivables consist of the following:



	As of June 30,
($ in thousands)	2020		2019

Current finance receivables, net	$	7,468	$	6,727
Finance receivables due after one year, net	11,213		12,642
Total finance receivables, net of allowance of $150 and $606, respectively	$	18,681	$	19,369

Schedule of credit quality indicators

At June 30, 2020 and 2019, credit quality indicators consisted of the following:



	As of June 30,
($ in thousands)	2020		2019

Performing	$	18,681	$	19,369
Nonperforming	150		606
Gross finance receivables	$	18,831	$	19,975

Schedule of age analysis of finance receivables

The “Deferred Payment Arrangements / Timing” column represents amounts subject to the agreed upon deferral period or amounts subject to adjustments related to situations where a third party is financing the receivable. The “Other Finance Receivables” column represents an aging schedule for finance receivables not subject to such deferral arrangements and other non-performing receivables.



	As of June 30, 2020						As of June 30, 2019
($ in thousands)	Deferred Payment Arrangements / Timing		Other Finance Receivables		Total		Deferred Payment Arrangements / Timing		Other Finance Receivables		Total

Current	$	17,534	$	27	$	17,561	$	18,780	$	353	$	19,133
30 days and under	168		100		268		178		12		190
31 - 60 days	28		12		40		38		11		49
61 - 90 days	103		35		138		135		11		146
Greater than 90 days	566		258		824		238		219		457
Total finance receivables	$	18,399	$	432	$	18,831	$	19,369	$	606	$	19,975

Schedule of financing receivable

Cash to be collected on our performing finance receivables due for each of the fiscal years after June 30, 2020 are as follows:



($ in thousands)

2021	$	9,129
2022	5,627
2023	4,237
2024	2,459
2025	886
Total amounts to be collected	$	22,338
Less: interest	(3,507		)
Less: allowance for nonperforming receivables	(150		)
Total finance receivables	$	18,681

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following:



		As of June 30, 2020
($ in thousands)	Useful Lives	Cost		Accumulated Depreciation			Net
Computer equipment and software	3-7 years	$	6,555	$	(6,183	)	$	372
Internal-use software	3-5 years	3,744		(1,344		)	2,400
Property and equipment used for rental program	5 years	32,445		(27,745		)	4,700
Furniture and equipment	3-7 years	1,554		(1,252		)	302
Leasehold improvements	(1)	286		(188		)	98
		$	44,584	$	(36,712	)	$	7,872



		As of June 30, 2019
($ in thousands)	Useful Lives	Cost		Accumulated Depreciation			Net
Computer equipment and software	3-7 years	$	6,745	$	(5,840	)	$	905
Internal-use software	3-5 years	3,126		(716		)	2,410
Property and equipment used for rental program	5 years	36,190		(30,473		)	5,717
Furniture and equipment	3-7 years	1,543		(1,116		)	427
Leasehold improvements	(1)	286		(155		)	131
		$	47,890	$	(38,300	)	$	9,590

___________________________________

(1)

Lesser of lease term or estimated useful life

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible asset balances

Goodwill and intangible asset balances consisted of the following:



	As of June 30, 2020							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net		Amortization Period

Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(699		)	996		3 - 7 years
Developed technology	10,939		(5,110		)	5,829		5 - 6 years
Customer relationships	19,049		(2,841		)	16,208		10 - 18 years
Total intangible assets	$	31,685	$	(8,652	)	$	23,033
Goodwill	63,945		—			63,945		Indefinite
Total intangible assets and goodwill	$	95,630	$	(8,652	)	$	86,978



	As of June 30, 2019							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net		Amortization Period

Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(470		)	1,225		3 - 7 years
Developed technology	10,939		(3,266		)	7,673		5 - 6 years
Customer relationships	19,049		(1,776		)	17,273		10 - 18 years
Total intangible assets	$	31,685	$	(5,514	)	$	26,171
Goodwill	63,945		—			63,945		Indefinite
Total intangible assets and goodwill	$	95,630	$	(5,514	)	$	90,116

Schedule of estimated annual amortization expense

Estimated annual amortization expense for intangible assets is as follows (in thousands):



2021	$	3,074
2022	3,010
2023	3,010
2024	1,909
2025	1,147
Thereafter	10,883
	$	23,033

ACCRUED EXPENSES (Tables)

12 Months Ended

Jun. 30, 2020

Accrued Liabilities [Abstract]

Schedule of accrued expenses

Accrued expenses consisted of the following as of June 30, 2020 and 2019:



	As of June 30,
($ in thousands)	2020		2019

Accrued sales tax	$	20,036	$	16,559
Accrued compensation and related sales commissions	2,757		2,139
Operating lease liabilities - current	1,075		—
Accrued professional fees	924		2,872
Income taxes payable	123		254
Accrued other taxes and filing fees	220		209
Accrued other, including settlement of shareholder class action lawsuit	5,130		1,672
Total accrued expenses	30,265		23,705

DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Jun. 30, 2020

Line of Credit Facility [Abstract]

Schedule of Debt and Other Financing Arrangements

The Company's debt and other financing arrangements as of June 30, 2020 and 2019 consisted of the following:



	As of June 30,
($ in thousands)	2020			2019

2020 Antara Term Facility	$	15,000		$	—
2018 JPMorgan Revolving Credit Facility	$	—		$	10,000
2018 JPMorgan Term Loan	—			1,458
Other, including finance lease obligations	3,358			1,323
Less: unamortized issuance costs and debt discount	(2,595		)	(8		)
Total	15,763			12,773
Less: debt and other financing arrangements, current	(3,328		)	(12,497		)
Debt and other financing arrangements, noncurrent	$	12,435		$	276

Details of interest expense presented on the Consolidated Statements of Operations are as follows:



	Year ended June 30,
($ in thousands)	2020		2019		2018
2020 Antara Term Facility	$	1,218	$	—	$	—
Heritage Line of Credit	$	—	$	—	$	203
2018 JPMorgan Revolving Credit Facility	303		658		449
2018 JPMorgan Term Loan	160		1,232		892
Other interest expense	916		1,102		1,561
Total interest expense	$	2,597	$	2,992	$	3,105

Schedule of Maturities of Debt and Other Financing Arrangements

The expected maturities associated with the Company’s outstanding debt and other financing arrangements (excluding finance lease obligations) as of June 30, 2020, were as follows:



2021	$	4,486
2022	10
2023	3
2024	—
2025	15,000
Thereafter	—
	$	19,499

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis



($ in millions)
Balance at October 31, 2019	$	1.5
Net change in fair value	—
Balance at December 31, 2019	1.5
Net change in fair value	(1.1		)
Balance at March 31, 2020	0.4
Net change in fair value	0.4
Balance at June 30, 2020	$	0.8

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of benefit (provision) for income taxes

The benefit (provision) for income taxes for the years ended June 30, 2020, 2019 and 2018 is comprised of the following:



	Year ended June 30,
($ in thousands)	2020			2019			2018
Current:
Federal	$	126		$	—		$	(22	)
State	(57		)	(269		)	(60		)
Total current	69			(269		)	(82		)
Deferred:
Federal	(156		)	(11		)	183
State	86			18			—
Total deferred	(70		)	7			183
Total income tax (provision) benefit	$	(1	)	$	(262	)	$	101

Schedule of income tax benefit in the provision for income taxes



	Year ended June 30,
($ in thousands)	2020			2019			2018
Indicated benefit (provision) at federal statutory rate	$	8,514		$	6,671		$	3,131
Effects of permanent differences
Stock compensation	(226		)	(140		)	(46		)
Acquisition related costs	—			—			(759		)
Other permanent differences	(106		)	(76		)	(157		)
State income taxes, net of federal benefit	1,393			663			448
Changes related to prior years	489			—			(7		)
Changes in valuation allowances	(10,139		)	(7,319		)	(2,544		)
Other	74			(61		)	35
	$	(1	)	$	(262	)	$	101

Schedule of deferred tax assets and liabilities



	As of June 30,
($ in thousands)	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	45,670		$	38,486
Asset reserves	8,534			7,211
Deferred research and development	1,625			1,448
Stock-based compensation	668			418
Other	1,485			983
	57,982			48,546
Deferred tax liabilities:
Intangibles	(5,566		)	(6,203		)
Deferred tax assets, net	52,416			42,343
Valuation allowance	(52,553		)	(42,414		)
Deferred tax liabilities	$	(137	)	$	(71	)

Summary of activity related to unrecognized income tax benefits

The following table summarizes the activity related to unrecognized income tax benefits:



	Year ended June 30,
($ in thousands)	2020			2019		2018
Balance at the beginning of the year	$	210		$	—	$	—
Gross increases and decreases related to current period tax positions	—			180		—
Gross increases and decreases related to prior period tax positions	(3		)	—		—
Accrued interest and penalties	—			30		—
Balance at the end of the year	$	207		$	210	$	—

STOCK BASED COMPENSATION PLANS (Tables)

12 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock based compensation plans

The Company has four active stock based compensation plans at June 30, 2020 as shown in the table below:



Date Approved	Name of Plan	Type of Plan	Authorized Shares

June 2013	2013 Stock Incentive Plan	Stock	500,000
June 2014	2014 Stock Option Incentive Plan	Stock options	750,000
June 2015	2015 Equity Incentive Plan	Stock & stock options	1,250,000
April 2018	2018 Equity Incentive Plan	Stock & stock options	4,000,000
			6,500,000

Schedule of common stock for future issuance

As of June 30, 2020, the Company had reserved shares of Common Stock for future issuance for the following:



Common Stock		Reserved Shares
Issuance upon exercise of Common Stock Warrants		23,978
Conversions of Preferred Stock and cumulative Preferred Stock dividends		104,806
Issuance upon exercise of stock options granted to current CEO		1,000,000
Issuance of shares to former CEO George Jensen upon the occurrence of a USA Transaction ⁽¹⁾		140,000
Issuance under 2013 Stock Incentive Plan		—
Issuance under 2014 Stock Option Incentive Plan		105,687
Issuance under 2015 Equity Incentive Plan		255,981
Issuance under 2018 Equity Incentive Plan		2,357,192
Total shares reserved for future issuance		3,987,644

__________________________________________

⁽¹⁾

Represents 140,000 shares issuable to our former CEO George Jensen upon the occurrence of a USA Transaction as such term is defined in the Jensen Stock Agreement dated September 27, 2011 by and between the Company and George R. Jensen.

Schedule of stock option granted weighted average assumptions

The fair value of options granted during the years ended June 30, 2020, 2019, and 2018 was determined using the following assumptions:



	For the year ended June 30,
	2020	2019	2018

Expected volatility	74.6 - 90.1%	58.4 - 70.9%	50.2 - 50.9%
Expected life (years)	3.5 - 4.8	4.2 - 4.5	4.0 - 4.5
Expected dividends	0.0%	0.0%	0.0%
Risk-free interest rate	0.3-1.6%	2.23-2.91%	1.64-1.75%

Schedule of information related to outstanding options

The following tables provide information about outstanding options for the years ended June 30, 2020, 2019, and 2018:



	For the year ended June 30, 2020
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	1,127,098		$	4.84	4.3	$	2,917
Granted	2,075,760		$	6.47
Exercised	(440,435	)	$	2.48		$	(595	)
Forfeited	(324,998	)	$	6.55
Expired	—		$	—
Outstanding options, end of period	2,437,425		$	6.43	6.2	$	1,411
Exercisable options, end of period	560,871		$	6.01	4.8	$	559



	For the year ended June 30, 2019
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	904,766		$	3.31	4.3	$	9,664
Granted	470,000		$	8.22
Exercised	(11,669	)	$	5.40		$	—
Forfeited	(235,999	)	$	5.70
Expired	—		$	—
Outstanding options, end of period	1,127,098		$	4.84	4.3	$	2,917
Exercisable options, end of period	638,988		$	2.86	3.4	$	2,923



	For the year ended June 30, 2018
	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding options, beginning of period	895,221		$	2.79	5.2	$	2,160
Granted	179,047		$	5.66
Exercised	(93,169	)	$	1.92		$	—
Forfeited	(76,333	)	$	4.30
Expired	—		$	—
Outstanding options, end of period	904,766		$	3.31	4.3	$	9,664
Exercisable options, end of period	632,737		$	2.55	3.9	$	7,242

Schedule of nonvested share activity

A summary of the status of the Company’s nonvested common shares and RSUs as of June 30, 2020, 2019, and 2018, and changes during the years then ended is presented below:



	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at June 30, 2017	122,556		$	3.96
Granted	275,547		5.31
Vested	(232,267	)	4.92
Nonvested at June 30, 2018	165,836		$	4.85
Granted	40,062		13.90
Vested	(166,927	)	6.01
Nonvested at June 30, 2019	38,971		$	9.19
Granted	651,715		7.28
Vested	(109,050	)	7.52
Forfeited	(368,622	)	7.89
Nonvested at June 30, 2020	213,014		$	6.50

Schedule of stock-based compensation expense

A summary of the Company's stock-based compensation expense recognized during the years ended June 30, 2020, 2019, and 2018 is as follows (in thousands):



	For the year ended June 30,
Award type	2020		2019		2018
Stock options	$	2,181	$	822	$	485
Stock grants	848		928		1,309
Total stock-based compensation expense	$	3,029	$	1,750	$	1,794

The Company recognized tax benefits of $0.5 million, $0.3 million, and $0.3 million related to stock compensation expense for the years ended June 30, 2020, 2019, and 2018.

A summary of the Company's unrecognized stock-based compensation expense as of June 30, 2020 is as follows:

PREFERRED STOCK (Tables)

12 Months Ended

Jun. 30, 2020

Preferred Stock [Abstract]

Schedule of preferred stock

The Series A Preferred Stock liquidation preference as of June 30, 2020 and 2019 is as follows:



($ in thousands)	June 30, 2020		June 30, 2019
For shares outstanding at $10.00 per share	$	4,451	$	4,451
Cumulative unpaid dividends	16,328		15,660
	$	20,779	$	20,111

UNAUDITED QUARTERLY DATA (Tables)

12 Months Ended

Jun. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of unaudited quarterly data



	Three months ended
($ in thousands, except per share data)	September 30, 2019			December 31, 2019			March 31, 2020			June 30, 2020
	(unaudited)			(unaudited)			(unaudited)			(unaudited)

Revenue	$	43,359		$	44,051		$	43,098		$	32,645
Gross profit	$	11,416		$	12,762		$	10,998		$	11,097
Operating loss	$	(11,278	)	$	(7,756	)	$	(10,178	)	$	(10,380	)
Net loss	$	(11,508	)	$	(8,378	)	$	(9,295	)	$	(11,414	)
Cumulative preferred dividends	$	(334	)	$	—		$	(334	)	$	—
Net loss applicable to common shares	$	(11,842	)	$	(8,378	)	$	(9,629	)	$	(11,414	)
Net loss per common share - basic	$	(0.20	)	$	(0.13	)	$	(0.15	)	$	(0.18	)
Net loss per common share - diluted	$	(0.20	)	$	(0.13	)	$	(0.15	)	$	(0.18	)
Weighted average number of common shares outstanding - basic	60,096,852			63,664,256			64,096,778			64,154,252
Weighted average number of common shares outstanding - diluted	60,096,852			63,664,256			64,096,778			64,154,252



	Three months ended
($ in thousands, except per share data)	September 30, 2018			December 31, 2018			March 31, 2019			June 30, 2019 (1)
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenue	$	33,768		$	34,486		$	37,704		$	38,508
Gross profit	$	11,058		$	9,435		$	9,953		$	9,739
Operating loss	$	(4,973	)	$	(10,008	)	$	(3,718	)	$	(9,484	)
Net loss	$	(5,288	)	$	(10,438	)	$	(4,306	)	$	(9,850	)
Cumulative preferred dividends	$	(334	)	$	—		$	(334	)	$	—
Net loss applicable to common shares	$	(5,622	)	$	(10,438	)	$	(4,640	)	$	(9,850	)
Net loss per common share - basic	$	(0.09	)	$	(0.17	)	$	(0.08	)	$	(0.16	)
Net loss per common share - diluted	$	(0.09	)	$	(0.17	)	$	(0.08	)	$	(0.16	)
Weighted average number of common shares outstanding - basic	60,053,912			60,059,936			60,065,053			60,065,978
Weighted average number of common shares outstanding - diluted	60,053,912			60,059,936			60,065,053			60,065,978

_____________________________________

(1)

As discussed in Note 2—Accounting Policies, the Company identified certain adjustments that were required to be made to its previously disclosed fiscal year 2019 interim and annual financial statements.

BUSINESS - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Apr. 15, 2020	Mar. 15, 2020	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Average daily processing volume increase (decrease)	30.00%	(40.00%)
Senior leadership team salary decrease, percentage			20.00%
Temporary furlough, percentage of employee base			10.00%
Cash			$ 31,713	$ 27,464
Working capital surplus			$ 5,000

ACCOUNTING POLICIES - Consolidation (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Reclassification [Line Items]
Net loss	$ (11,414)	$ (9,295)	$ (8,378)	$ (11,508)	$ (9,850)	$ (4,306)	$ (10,438)	$ (5,288)	$ (40,595)	$ (29,882)	$ (11,284)
Adjustments
Reclassification [Line Items]
Net loss					$ 700					$ 2,100

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

ACCOUNTING POLICIES - Finance Receivables (Details)	12 Months Ended
ACCOUNTING POLICIES - Finance Receivables (Details)	Jun. 30, 2020
Accounting Policies [Abstract]
Term of notes receivable or quick start leases	60 months

ACCOUNTING POLICIES - Goodwill and Intangible Assets (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Indefinite-lived intangible assets	$ 0	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period	18 years

ACCOUNTING POLICIES - Concentration of Risks And Revenue Recognition (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Customer One \| Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	16.00%	17.00%	16.00%

ACCOUNTING POLICIES - Revenue Recognition (Details)	12 Months Ended
ACCOUNTING POLICIES - Revenue Recognition (Details)	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Lessor, operating lease term	36 months
Term of non-cancelable lease with agreement	5 years
Minimum
Property, Plant and Equipment [Line Items]
Payment terms	30 days
Cancellation period	30 days
Maximum
Property, Plant and Equipment [Line Items]
Payment terms	60 days
Cancellation period	60 days

ACCOUNTING POLICIES - Leases (Details)	12 Months Ended
ACCOUNTING POLICIES - Leases (Details)	Jun. 30, 2020
Lessor, Lease, Description [Line Items]
Lessor, sales-type lease term	60 months
Lessor, operating lease term	36 months
Minimum
Lessor, Lease, Description [Line Items]
Lease term	1 year
Cancellation period	30 days
Maximum
Lessor, Lease, Description [Line Items]
Lease term	8 years
Cancellation period	60 days

ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Research and development expense	$ 3.8	$ 4.6	$ 1.3

ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jul. 01, 2019	Jun. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of non-cancelable lease with agreement	5 years
Liabilities	$ 79,670		$ 65,814
Assets	$ 181,023		$ 183,375
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities		$ 3,900
Assets		$ 3,900

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

LEASES - Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Assets
Operating leases	$ 5,603
Finance leases	48
Liabilities
Operating lease liabilities - current	1,075
Finance lease obligations and current obligations under long-term debt	42
Operating lease liabilities, non-current	4,749
Finance lease obligations and long-term debt, less current portion	$ 18
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:LongTermDebtAndCapitalLeaseObligations

LEASES - Components of Lease Costs (Details) $ in Thousands	12 Months Ended
LEASES - Components of Lease Costs (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Leases [Abstract]
Amortization of ROU assets	$ 103
Interest on lease assets	10
Operating lease costs	2,525
Total lease costs	$ 2,638

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)
Leases [Abstract]
Financing cash flows from finance leases	$ 91
Operating cash flows from finance leases	10
Operating cash flows from operating leases	1,784
Right-of-use assets obtained in exchange for finance lease liabilities	12
Right-of-use assets obtained in exchange for operating lease liabilities	$ 3,384

LEASES - Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Details)	Jun. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term, Finance leases	1 year 4 months 24 days
Weighted-average remaining lease term, Operating leases	5 years 2 months 12 days
Weighted-average discount rate, Finance Leases	10.00%
Weighted-average discount rate, Operating leases	6.80%

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Operating Leases
2021	$ 1,440
2022	1,461
2023	1,493
2024	1,030
2025	627
Thereafter	893
Total lease payments	6,944
Less: Imputed interest	(1,120)
Present value of lease liabilities	5,824
Finance Leases
2021	46
2022	16
2023	2
2024	1
2025	0
Thereafter	0
Total lease payments	65
Less: Imputed interest	(5)
Present value of lease liabilities	$ 60

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Leases [Abstract]
Base rent	$ 1.6	$ 1.2
Capital lease obligations	0.1
Assets under capital leases, gross	2.4
Assets under capital leases, accumulated depreciation	2.4
Capital lease amortization included in depreciation expense	$ 0.1	$ 0.4

LEASES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Operating Leases
2020	$ 1,326
2021	1,151
2022	1,180
2023	1,208
2024	859
Thereafter	1,550
Total minimum lease payments	7,274
Capital Leases
2020	106
2021	34
2022	12
2023	1
2024	1
Thereafter	0
Total minimum lease payments	154
Less: interest	(14)
Present value of minimum lease payments, net	140
Less: current obligations under capital leases	(106)
Obligations under capital leases, noncurrent	$ 34

LEASES - Property and Equipment Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	$ 44,584	$ 47,890
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization	36,712	38,300
Property and equipment used for rental program
Property, Plant and Equipment [Line Items]
Cost	32,445
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	32,445	36,190
Accumulated depreciation	27,745
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, Accumulated Depreciation and Amortization	27,745	30,473
Net	$ 4,700	$ 5,717

ACQUISITION - Narrative (Details) - USD ($)		12 Months Ended
ACQUISITION - Narrative (Details) - USD ($)	Nov. 09, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Principal amount	$ 35,000,000.0
Weighted average useful life		11 years 9 months 18 days
Goodwill		$ 63,945,000	$ 63,945,000
Cantaloupe
Business Acquisition [Line Items]
Total consideration	88,207,000
Intangible assets	$ 30,800,000
Weighted average useful life	13 years
Goodwill	$ 52,454,000
Pro forma, revenue of aquiree since acquisition date				$ 19,200,000
Net earnings				200,000
2018 JPMorgan Term Loan
Business Acquisition [Line Items]
Principal amount	25,000,000.0
Revolving Credit Facility
Business Acquisition [Line Items]
Principal amount	10,000,000.0
Adjustment To Unaudited Proforma Earnings \| Cantaloupe
Business Acquisition [Line Items]
Acquisition related costs				$ 7,100,000	$ 7,100,000
Customer relationships
Business Acquisition [Line Items]
Weighted average useful life		15 years 3 months 18 days
Customer relationships \| Cantaloupe
Business Acquisition [Line Items]
Intangible assets	18,900,000
Developed Technology Rights \| Cantaloupe
Business Acquisition [Line Items]
Intangible assets	10,300,000
Trade Names \| Cantaloupe
Business Acquisition [Line Items]
Intangible assets	$ 1,600,000
Minimum \| Cantaloupe
Business Acquisition [Line Items]
Useful life	6 years
Minimum \| Customer relationships
Business Acquisition [Line Items]
Useful life		10 years	10 years
Maximum \| Cantaloupe
Business Acquisition [Line Items]
Useful life	18 years
Maximum \| Customer relationships
Business Acquisition [Line Items]
Useful life		18 years	18 years

REVENUE - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Description of timing	The majority of contracts are considered to have a contractual term of between 36 and 60 months based on implied and explicit termination penalties.
Amortization of capitalized contract costs	$ 0.5	$ 0.3
Prepaid Expenses and Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs to obtain contracts	0.4	0.3
Noncurrent Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs to obtain contracts	$ 1.8	$ 1.5
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contractual term	36 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contractual term	60 months

ACQUISITION - Fair Value of the Purchase Price Consideration (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 09, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 0	$ 0	$ 65,181
USAT shares issued as stock consideration		$ 0	$ 0	$ 23,279
Cantaloupe
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 65,181
USAT shares issued as stock consideration	23,279
Post-closing adjustment for working capital	(253)
Total consideration	$ 88,207

REVENUE - Performance Obligations (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 37,630
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 12,437
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 10,836
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 8,695
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 4,478
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 1,184
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period

ACQUISITION - Fair Value of the Total Considerations Transferred (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Nov. 09, 2017
Business Acquisition [Line Items]
Goodwill	$ 63,945	$ 63,945
Cantaloupe
Business Acquisition [Line Items]
Accounts receivable			$ 2,897
Finance receivables			2,332
Inventory			282
Prepaid expense and other current assets			646
Finance receivables due after one year			3,603
Other assets			50
Property and equipment			1,610
Intangible assets			30,800
Total assets acquired			42,220
Accounts payable			(1,591)
Accrued expenses			(2,401)
Deferred revenue			(518)
Capital lease obligations and current obligations under long-term debt			(666)
Capital lease obligations and long-term debt, less current portion			(1,134)
Deferred income tax liabilities			(157)
Total identifiable net assets			35,753
Goodwill			52,454
Total fair value			$ 88,207

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue, beginning of the period	$ 1,681	$ 511
Deferred revenue, end of the period	1,698	1,681
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 777	306
Adjustment \| ASC 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenue, beginning of the period		$ 1,303

ACQUISITION - Pro Forma Nonrecurring Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Weighted average number of common shares outstanding:
Basic (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518
Diluted (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518
Cantaloupe
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue											$ 140,575	$ 121,373
Net loss attributable to USAT											(7,256)	(13,828)
Net loss attributable to USAT common shares											$ (7,924)	$ (14,496)
Net loss per share:
Basic (in dollars per share)											$ (0.15)	$ (0.27)
Diluted (in dollars per share)											$ (0.15)	$ (0.27)
Weighted average number of common shares outstanding:
Basic (in shares)											53,717,133	52,849,217
Diluted (in shares)											53,717,133	52,849,217

RESTRUCTURING/INTEGRATIONS COSTS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Workforce reduction costs	$ 35	$ 266	$ 2,122

RESTRUCTURING/INTEGRATION COSTS - Schedule of Workforce Reduction Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 175	$ 1,020	$ 0
Plus: additions	35	266	2,122
Less: cash payments	(210)	(1,111)	(1,102)
Restructuring reserve, ending balance	$ 0	$ 175	$ 1,020

LOSS PER SHARE CALCULATION - Calculation of Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Numerator for basic and diluted loss per share
Net loss	$ (11,414)	$ (9,295)	$ (8,378)	$ (11,508)	$ (9,850)	$ (4,306)	$ (10,438)	$ (5,288)	$ (40,595)	$ (29,882)	$ (11,284)
Preferred dividends	0	(334)	0	(334)	0	(334)	0	(334)	(668)	(668)	(668)
Net loss available to common shareholders	$ (11,414)	$ (9,629)	$ (8,378)	$ (11,842)	$ (9,850)	$ (4,640)	$ (10,438)	$ (5,622)	$ (41,263)	$ (30,550)	$ (11,952)
Denominator for basic loss per share - weighted average shares outstanding (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518
Effect of dilutive potential common shares (in shares)									0	0	0
Denominator for diluted loss per share (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518
Basic loss per share (in USD per share)	$ (0.18)	$ (0.15)	$ (0.13)	$ (0.20)	$ (0.16)	$ (0.08)	$ (0.17)	$ (0.09)	$ (0.66)	$ (0.51)	$ (0.23)
Diluted loss per share (in USD per share)	$ (0.18)	$ (0.15)	$ (0.13)	$ (0.20)	$ (0.16)	$ (0.08)	$ (0.17)	$ (0.09)	$ (0.66)	$ (0.51)	$ (0.23)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

LOSS PER SHARE CALCULATION - Additional Information (Details) - shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Antidilutive shares excluded from the calculation of diluted loss per shares (in shares)	2,779,222	1,297,073	1,134,845

FINANCE RECEIVABLES - Narrative (Details)	12 Months Ended
FINANCE RECEIVABLES - Narrative (Details)	Jun. 30, 2020 payment
Receivables [Abstract]
Finance receivables sales-type lease term	60 months
Financing receivable payment terms	60

FINANCE RECEIVABLES - Information Regarding Finance Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Current finance receivables, net	$ 7,468	$ 6,727
Finance receivables due after one year, net	11,213	12,642
Total finance receivables	18,681	19,369
Finance receivables, allowance	$ 150	$ 606

FINANCE RECEIVABLES - Credit Risk Profile Based on Payment Activity (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Total finance receivables	$ 18,831	$ 19,975
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Total finance receivables	18,681	19,369
Nonperforming
Financing Receivable, Credit Quality Indicator [Line Items]
Total finance receivables	$ 150	$ 606

FINANCE RECEIVABLES - Age Analysis of Past Due Finance Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Past Due [Line Items]
Current	$ 17,561	$ 19,133
Total finance receivables	18,831	19,975
30 days and under
Financing Receivable, Past Due [Line Items]
Past due	268	190
31 - 60 days
Financing Receivable, Past Due [Line Items]
Past due	40	49
61 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	138	146
Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	824	457
Deferred Payment Arrangements / Timing
Financing Receivable, Past Due [Line Items]
Current	17,534	18,780
Total finance receivables	18,399	19,369
Deferred Payment Arrangements / Timing \| 30 days and under
Financing Receivable, Past Due [Line Items]
Past due	168	178
Deferred Payment Arrangements / Timing \| 31 - 60 days
Financing Receivable, Past Due [Line Items]
Past due	28	38
Deferred Payment Arrangements / Timing \| 61 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	103	135
Deferred Payment Arrangements / Timing \| Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	566	238
Other Finance Receivables
Financing Receivable, Past Due [Line Items]
Current	27	353
Total finance receivables	432	606
Other Finance Receivables \| 30 days and under
Financing Receivable, Past Due [Line Items]
Past due	100	12
Other Finance Receivables \| 31 - 60 days
Financing Receivable, Past Due [Line Items]
Past due	12	11
Other Finance Receivables \| 61 - 90 days
Financing Receivable, Past Due [Line Items]
Past due	35	11
Other Finance Receivables \| Greater than 90 days
Financing Receivable, Past Due [Line Items]
Past due	$ 258	$ 219

FINANCE RECEIVABLES - Summary of Finance receivables Fiscal Years (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
2021	$ 9,129
2022	5,627
2023	4,237
2024	2,459
2025	886
Total amounts to be collected	22,338
Less: interest	(3,507)
Less: allowance for nonperforming receivables	(150)	$ (606)
Total finance receivables	$ 18,681	$ 19,369

FINANCE RECEIVABLES - Sale of Finance Receivables (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Receivables [Abstract]
Cash proceeds from sale of finance receivables				$ 2,300
Proceeds from collateralized borrowing from the transfer of finance receivables	$ 1,100	$ 0	$ 0	$ 1,075

PROPERTY AND EQUIPMENT, NET - Summary of Property And Equipment at Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, cost	$ 44,584	$ 47,890
Accumulated depreciation	(36,712)	(38,300)
Net	7,872	9,590
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	6,555	6,745
Accumulated depreciation	(6,183)	(5,840)
Net	372	905
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, cost	3,744	3,126
Accumulated depreciation	(1,344)	(716)
Net	$ 2,400	$ 2,410
Property and equipment used for rental program
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years
Property and equipment, cost	$ 32,445	$ 36,190
Accumulated depreciation	(27,745)	(30,473)
Net	4,700	5,717
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, cost	1,554	1,543
Accumulated depreciation	(1,252)	(1,116)
Net	302	427
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, cost	286	286
Accumulated depreciation	(188)	(155)
Net	$ 98	$ 131
Minimum \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	3 years	3 years
Minimum \| Internal-use software
Property, Plant and Equipment [Line Items]
Useful life	3 years	3 years
Minimum \| Furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years	3 years
Maximum \| Computer equipment and software
Property, Plant and Equipment [Line Items]
Useful life	7 years	7 years
Maximum \| Internal-use software
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years
Maximum \| Furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life	7 years	7 years

PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 3.9	$ 4.4	$ 5.7
Property and equipment used for rental program
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2.7	$ 3.1	$ 4.6

GOODWILL AND INTANGIBLE ASSETS - Summary of Amortizable Intangible Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Gross	$ 31,685	$ 31,685
Amortizable intangible assets, Accumulated Amortization	(8,652)	(5,514)
Amortizable intangible assets, Net	23,033	26,171
Goodwill, Gross	63,945	63,945
Goodwill, Net	63,945	63,945
Total intangible assets and goodwill, Gross	95,630	95,630
Total intangible assets and goodwill, Net	86,978	90,116
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Gross	2	2
Amortizable intangible assets, Accumulated Amortization	(2)	(2)
Amortizable intangible assets, Net	$ 0	$ 0
Useful life	2 years	2 years
Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Gross	$ 1,695	$ 1,695
Amortizable intangible assets, Accumulated Amortization	(699)	(470)
Amortizable intangible assets, Net	996	1,225
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Gross	10,939	10,939
Amortizable intangible assets, Accumulated Amortization	(5,110)	(3,266)
Amortizable intangible assets, Net	5,829	7,673
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, Gross	19,049	19,049
Amortizable intangible assets, Accumulated Amortization	(2,841)	(1,776)
Amortizable intangible assets, Net	$ 16,208	$ 17,273
Minimum \| Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years	3 years
Minimum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years	10 years
Maximum \| Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years	7 years
Maximum \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful life	6 years	6 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful life	18 years	18 years

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortization expense of acquired intangible assets	$ 3.1	$ 3.2	$ 2.1
Weighted average useful life	11 years 9 months 18 days
Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	4 years 3 months 18 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	3 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	15 years 3 months 18 days

GOODWILL AND INTANGIBLE ASSETS - Summary of Estimated Annual Amortization Expense For Amortizable Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 3,074
2022	3,010
2023	3,010
2024	1,909
2025	1,147
Thereafter	10,883
Amortizable intangible assets, Net	$ 23,033	$ 26,171

ACCRUED EXPENSES - Information Regarding Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Accrued Liabilities [Abstract]
Accrued sales tax	$ 20,036	$ 16,559
Accrued compensation and related sales commissions	2,757	2,139
Operating lease liabilities - current	1,075
Accrued professional fees	924	2,872
Income taxes payable	123	254
Accrued other taxes and filing fees	220	209
Accrued other, including settlement of shareholder class action lawsuit	5,130	1,672
Total accrued expenses	$ 30,265	$ 23,705

DEBT AND OTHER FINANCING ARRANGEMENTS - Debt and Other Financing Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
2018 JPMorgan Revolving Credit Facility	$ 0	$ 10,000
Other, including finance lease obligations	3,358	1,323
Less: unamortized issuance costs and debt discount	(2,595)	(8)
Total	15,763	12,773
Less: debt and other financing arrangements, current	(3,328)	(12,497)
Debt and other financing arrangements, noncurrent	12,435	276
2020 Antara Term Facility
Debt Instrument [Line Items]
Long term debt	15,000	0
2018 JPMorgan Term Loan
Debt Instrument [Line Items]
Long term debt	$ 0	$ 1,458

DEBT AND OTHER FINANCING ARRANGEMENTS - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Interest expense	$ 2,597	$ 2,992	$ 3,105
2020 Antara Term Facility \| 2020 Antara Term Facility
Debt Instrument [Line Items]
Interest expense	1,218	0	0
Line of Credit \| Heritage Line of Credit
Debt Instrument [Line Items]
Interest expense	0	0	203
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	303	658	449
2018 JPMorgan Term Loan \| 2018 JP Morgan Term Loan
Debt Instrument [Line Items]
Interest expense	160	1,232	892
Other Debt
Debt Instrument [Line Items]
Interest expense	$ 916	$ 1,102	$ 1,561

DEBT AND OTHER FINANCING ARRANGEMENTS - Term Facility with Antara (Details) - USD ($)			3 Months Ended	12 Months Ended
	Oct. 31, 2019	Oct. 09, 2019	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2019
Debt Instrument [Line Items]
Repayment of line of credit				$ 0	$ 0	$ 7,111,000
Non-cash interest and amortization of debt discount				1,283,000	301,000	$ 140,000
Unamortized issuance costs and debt discount			$ 2,595,000	$ 2,595,000	$ 8,000
Term Facility \| 2020 Antara Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000.0
First draw	$ 15,000,000.0
Second draw	$ 15,000,000.0
Commitment termination fee	3.00%
Annual interest	9.75%
Debt issuance costs		900,000
Commitment fee		100,000	$ 1,200,000
Non-cash interest and amortization of debt discount		$ 2,100,000
Prepayment premium percent		5.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 10,000,000
Revolving Credit Facility \| JPMorgan Chase Bank N.A
Debt Instrument [Line Items]
Repayment of line of credit	$ 10,100,000

DEBT AND OTHER FINANCING ARRANGEMENTS - Revolving Credit Facility and Term Loan (Details) - USD ($)				3 Months Ended	12 Months Ended
	Oct. 31, 2019	Sep. 30, 2019	Nov. 09, 2017	Mar. 31, 2019	Jun. 30, 2020	Oct. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Proceeds from revolving credit facility					$ 0			$ 0	$ 12,500,000
Repayment of line of credit					$ 0			$ 0	$ 7,111,000
Credit Agreement \| JPMorgan Chase Bank N.A
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 25,000,000
Term loan credit agreement term			5 years
Cantaloupe
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 27,800,000
2018 JPMorgan Term Loan
Debt Instrument [Line Items]
Repayments of debt		$ 1,500,000
2018 JPMorgan Term Loan \| Credit Agreement \| JPMorgan Chase Bank N.A
Debt Instrument [Line Items]
Maximum borrowing capacity			12,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000					$ 10,000,000
Revolving Credit Facility \| JPMorgan Chase Bank N.A
Debt Instrument [Line Items]
Repayment of line of credit	$ 10,100,000
Revolving Credit Facility \| Credit Agreement \| JPMorgan Chase Bank N.A
Debt Instrument [Line Items]
Proceeds from revolving credit facility			35,000,000.0
Revolving Credit Facility \| Loan And Security Agreement \| Heritage Bank Of Commerce
Debt Instrument [Line Items]
Repayment of line of credit			$ 7,200,000
Revolving Credit Facility and Term Loan
Debt Instrument [Line Items]
Extension fee							$ 200,000
Repayments of debt				$ 20,000,000.0
Revolving Credit Facility and Term Loan \| Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Interest rate						4.00%

DEBT AND OTHER FINANCING ARRANGEMENTS - Heritage Line of Credit (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2017	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Interest expense			$ 2,597,000	$ 2,992,000	$ 3,105,000
Line of Credit \| Heritage Bank Of Commerce
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 12,000,000.0
Interest expense		$ 100,000
Prime Rate \| Line of Credit \| Heritage Bank Of Commerce
Debt Instrument [Line Items]
Interest rate	2.25%

DEBT AND OTHER FINANCING ARRANGEMENTS - Other Long-Term Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Apr. 28, 2020	Jun. 30, 2019	Nov. 09, 2017
Debt Instrument [Line Items]
Long-term debt	$ 19,499
Paycheck Protection Program Loan
Debt Instrument [Line Items]
Long-term debt		$ 3,100
Cantaloupe
Debt Instrument [Line Items]
Long-term debt	200		$ 800	$ 1,800
Cantaloupe \| Notes Five Percent Due April 2020
Debt Instrument [Line Items]
Long-term debt	200
Interest rate			5.00%
Cantaloupe \| Notes Ten Percent Due April 2021
Debt Instrument [Line Items]
Long-term debt	$ 200		$ 400
Interest rate			10.00%
Cantaloupe \| Notes Twelve Percent Due December 2019
Debt Instrument [Line Items]
Long-term debt			$ 100
Interest rate			12.00%

DEBT AND OTHER FINANCING ARRANGEMENTS - Maturities (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 4,486
2022	10
2023	3
2024	0
2025	15,000
Thereafter	0
Long-term debt	$ 19,499

FAIR VALUE OF FINANCIAL INSTRUMENTS - Embedded Derivative Liability (Details) - Fair Value, Inputs, Level 3 - Embedded Derivative Financial Instruments - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Dec. 31, 2019	Jun. 30, 2020	Mar. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 1.5	$ 0.4	$ 1.5
Net change in fair value	0.0	0.4	(1.1)
Ending balance	$ 1.5	$ 0.8	$ 0.4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Jun. 30, 2020 USD ($)
Antara \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt obligations, fair value	$ 15.8

EQUITY - Stock Offerings (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Jun. 30, 2020

Jun. 29, 2020

Oct. 09, 2019

May 25, 2018

Nov. 09, 2017

Jul. 25, 2017

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2018

Subsidiary, Sale of Stock [Line Items]

USAT shares issued as stock consideration

$ 0

$ 23,279

Allocation to equity

$ 17,900

Issuance fees

1,100

Reimbursement of third party costs and expenses incurred

$ 4,500

^[1]

Common stock, shares issued (in shares)

635,593

Underwritten Public Offering

Subsidiary, Sale of Stock [Line Items]

Issuance of common stock in relation to public offering (in shares)

6,330,449

9,583,332

Public offering price (in USD per share)

$ 11.00

$ 4.50

Gross proceeds from offering

$ 69,600

$ 43,100

Underwriter Option

Subsidiary, Sale of Stock [Line Items]

Issuance of common stock in relation to public offering (in shares)

897,866

1,249,999

Shares From Existing Shareholders

Subsidiary, Sale of Stock [Line Items]

Issuance of common stock in relation to public offering (in shares)

553,187

Private Placement

Subsidiary, Sale of Stock [Line Items]

Gross proceeds from offering

$ 20,000

Shares sold (in shares)

3,800,000

Sale of stock (in USD per share)

$ 5.25

Cantaloupe

Subsidiary, Sale of Stock [Line Items]

Issuance of common stock as merger consideration (in shares)

3,423,367

USAT shares issued as stock consideration

$ 23,279

[1]	Refer to Note 14 regarding the public offering issued during July 2017 and May 2018, the private placement during October 2019, and the issuance of shares as reimbursement to Hudson Executive Capital LP for costs in connection with its proxy solicitation.

EQUITY - Registration Rights Agreement (Details) $ in Millions	1 Months Ended
	Jan. 31, 2020 USD ($)
Equity [Abstract]
Termination of Registration Rights Arrangement, payment	$ 1.2

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2014	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Reduction valuation allowances recorded in prior periods				$ 64,000
Provision (benefit) for income taxes	$ 1	$ 262	$ (101)
Benefit for income taxes, alternative minimum tax credit			$ 100
Federal statutory rate	21.00%	21.00%	27.50%
Federal operating loss carryforwards	$ 182,000
State operating loss carryforwards	221,000
Unrecognized tax benefits	207	$ 210	$ 0		$ 0
Accrued interest and penalties	$ 30

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Summary of Benefit (Provision) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Current:
Federal	$ 126	$ 0	$ (22)
State	(57)	(269)	(60)
Total current	69	(269)	(82)
Deferred:
Federal	(156)	(11)	183
State	86	18	0
Total deferred	(70)	7	183
(Provision) benefit for income taxes	$ (1)	$ (262)	$ 101

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Summary of Reconciliation of the Benefit (Provision) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Indicated benefit (provision) at federal statutory rate	$ 8,514	$ 6,671	$ 3,131
Stock compensation	(226)	(140)	(46)
Acquisition related costs	0	0	(759)
Other permanent differences	(106)	(76)	(157)
State income taxes, net of federal benefit	1,393	663	448
Changes related to prior years	489	0	(7)
Changes in valuation allowances	(10,139)	(7,319)	(2,544)
Other	74	(61)	35
(Provision) benefit for income taxes	$ (1)	$ (262)	$ 101

INCOME TAXES - Summary of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Deferred tax assets:
Net operating loss carryforwards	$ 45,670	$ 38,486
Asset reserves	8,534	7,211
Deferred research and development	1,625	1,448
Stock-based compensation	668	418
Other	1,485	983
Deferred tax assets, gross	57,982	48,546
Deferred tax liabilities:
Intangibles	(5,566)	(6,203)
Deferred tax assets, net	52,416	42,343
Valuation allowance	(52,553)	(42,414)
Deferred tax liabilities	$ (137)	$ (71)

INCOME TAXES INCOME TAXES - Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Unrecognized Income Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 210	$ 0	$ 0
Gross increases and decreases related to current period tax positions	0	180	0
Gross increases and decreases related to prior period tax positions	(3)	0	0
Accrued interest and penalties	0	30	0
Balance at the end of the year	$ 207	$ 210	$ 0

STOCK BASED COMPENSATION PLANS - Summary of Stock Based Compensation Plans (Details)	12 Months Ended
	Jun. 30, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	6,500,000
Issuance upon exercise of Common Stock Warrants (in shares)	23,978
Conversions of Preferred Stock and cumulative Preferred Stock dividends (in shares)	104,806
Issuance under Stock/Equity Incentive Plan (in shares)	3,987,644
2013 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance under Stock/Equity Incentive Plan (in shares)	0
2014 Stock Option Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance under Stock/Equity Incentive Plan (in shares)	105,687
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance under Stock/Equity Incentive Plan (in shares)	255,981
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance under Stock/Equity Incentive Plan (in shares)	2,357,192
June 2013 \| 2013 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	500,000
June 2014 \| 2014 Stock Option Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	750,000
June 2015 \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	1,250,000
April 2018 \| 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	4,000,000
Current CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares)	1,000,000
Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares)	140,000

STOCK BASED COMPENSATION PLANS - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($) plan $ / shares shares	Jun. 30, 2019 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of active stock based compensation plans \| plan	4
Warrants outstanding (in shares) \| shares	23,978	23,978
Exercise price of warrants (in USD per share) \| $ / shares	$ 5.00	$ 5.00
Weighted average grant date fair value (in USD per share) \| $ / shares	$ 3.84	$ 4.15	$ 2.42
Fair value of stock options vested \| $	$ 1.7	$ 0.2	$ 0.4
Stock-based compensation expense, tax benefits recognized \| $	$ 0.5	$ 0.3	$ 0.3
Stock grants \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award percentage	33.33%
Stock grants \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award percentage	33.33%
Stock grants \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award percentage	33.33%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation termination period	7 years
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period	3 years
Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period	1 year
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period	4 years
Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation vesting period	3 years

STOCK BASED COMPENSATION PLANS - Summary of Valuation Assumption (Details) - Stock options	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividends	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	74.60%	58.40%	50.20%
Expected life	3 years 6 months	4 years 2 months 12 days	4 years
Risk-free interest rate	0.30%	2.23%	1.64%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	90.10%	70.90%	50.90%
Expected life	4 years 9 months 18 days	4 years 6 months	4 years 6 months
Risk-free interest rate	1.60%	2.91%	1.75%

STOCK BASED COMPENSATION PLANS - Summary of Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Number of Options
Outstanding options, beginning of period (in shares)	1,127,098	904,766	895,221
Granted (in shares)	2,075,760	470,000	179,047
Exercised (in shares)	(440,435)	(11,669)	(93,169)
Forfeited (in shares)	(324,998)	(235,999)	(76,333)
Expired (in shares)	0	0	0
Outstanding options, end of period (in shares)	2,437,425	1,127,098	904,766	895,221
Exercisable options, end of period (in shares)	560,871	638,988	632,737
Weighted Average Exercise Price
Outstanding options, beginning of period (in USD per share)	$ 4.84	$ 3.31	$ 2.79
Granted (in USD per share)	6.47	8.22	5.66
Exercised (in USD per share)	2.48	5.40	1.92
Forfeited (in USD per share)	6.55	5.70	4.30
Expired (in USD per share)	0	0	0
Outstanding options, end of period (in USD per share)	6.43	4.84	3.31	$ 2.79
Exercisable options, end of period (in USD per share)	$ 6.01	$ 2.86	$ 2.55
Weighted Average Remaining Contractual Term
Outstanding options	6 years 2 months 12 days	4 years 3 months 18 days	4 years 3 months 18 days	5 years 2 months 12 days
Exercisable options, end of period	4 years 9 months 18 days	3 years 4 months 24 days	3 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding options, beginning balance	$ 2,917	$ 9,664	$ 2,160
Exercised	(595)	0
Outstanding options, ending balance	1,411	2,917	9,664	$ 2,160
Exercisable options, end of period	$ 559	$ 2,923	$ 7,242

STOCK BASED COMPENSATION PLANS - Company Nonvested Common Shares (Details) - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Shares
Nonvested beginning balance (in shares)	38,971	165,836	122,556
Granted (in shares)	651,715	40,062	275,547
Vested (in shares)	(109,050)	(166,927)	(232,267)
Forfeited (in shares)	(368,622)
Nonvested ending balance (in shares)	213,014	38,971	165,836
Weighted-Average Grant-Date Fair Value
Nonvested beginning balance (in USD per share)	$ 9.19	$ 4.85	$ 3.96
Granted (in USD per share)	7.28	13.90	5.31
Vested (in USD per share)	7.52	6.01	4.92
Forfeited (in USD per share)	7.89
Nonvested ending balance (in USD per share)	$ 6.50	$ 9.19	$ 4.85

STOCK BASED COMPENSATION PLANS - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,029	$ 1,750	$ 1,794
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,181	822	485
Stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 848	$ 928	$ 1,309

STOCK BASED COMPENSATION PLANS - Unrecognized Stock-based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2020 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 5,807
Weighted average recognition period	2 years 1 month 6 days
Stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 1,125
Weighted average recognition period	1 year 3 months 18 days

PREFERRED STOCK - Additional Information (Details)	12 Months Ended
PREFERRED STOCK - Additional Information (Details)	Jun. 30, 2020 $ / shares	Jun. 30, 2019 $ / shares
Class of Stock [Line Items]
Series A preferred stock, redemption price per share (in USD per share)	$ 0
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, voting percentage	0.1988
Series A preferred stock annual cumulative dividend price per share (in USD per share)	$ 1.50
Series A preferred stock, redemption price per share (in USD per share)	11.00
Liquidation price to be received by series A preferred stock holder for each outstanding share plus all cumulative unpaid dividends (in USD per share)	10	$ 10
Series A Convertible Preferred Stock \| Common Stock
Class of Stock [Line Items]
Cumulative unpaid dividends converted into common shares (in USD per share)	$ 1,000

PREFERRED STOCK - Preferred Stock Liquidation Preference (Details) - Series A Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
For shares outstanding at $10.00 per share	$ 4,451	$ 4,451
Liquidation price (in USD per share)	$ 10	$ 10
Cumulative unpaid dividends	$ 16,328	$ 15,660
Preferred stock liquidation preference	$ 20,779	$ 20,111

RETIREMENT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
RETIREMENT PLAN (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Retirement Benefits [Abstract]
Service period	6 months
Maximum percent of voluntary contribution	100.00%
Percentage of safe harbor matching contributions for first 3% employee compensation	100.00%	100.00%	100.00%
Percentage of employee compensation eligible for 100% safe harbor matching contributions	3.00%	3.00%	3.00%
Percentage of safe harbor matching contributions for next 2% employee compensation	50.00%	50.00%	50.00%
Percentage of employee compensation eligible for 50% of next safe harbor matching contributions	2.00%	2.00%	2.00%
Company's safe harbor contribution	$ 0.5	$ 0.4	$ 0.3

COMMITMENTS AND CONTINGENCIES - Other Leases - Additional Information (Details) $ in Thousands	Jun. 09, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Amount awarded to other party	$ 15,300
Amount to be paid by insurance company	12,700
Amount to be paid	2,600
Administrative costs	$ 150

UNAUDITED QUARTERLY DATA - Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 32,645	$ 43,098	$ 44,051	$ 43,359	$ 38,508	$ 37,704	$ 34,486	$ 33,768	$ 163,153	$ 144,466	$ 132,508
Gross profit	11,097	10,998	12,762	11,416	9,739	9,953	9,435	11,058	46,273	40,185	35,676
Operating loss	(10,380)	(10,178)	(7,756)	(11,278)	(9,484)	(3,718)	(10,008)	(4,973)	(39,592)	(28,183)	(9,223)
Net loss	(11,414)	(9,295)	(8,378)	(11,508)	(9,850)	(4,306)	(10,438)	(5,288)	(40,595)	(29,882)	(11,284)
Cumulative preferred dividends	0	(334)	0	(334)	0	(334)	0	(334)	(668)	(668)	(668)
Net loss available to common shares	$ (11,414)	$ (9,629)	$ (8,378)	$ (11,842)	$ (9,850)	$ (4,640)	$ (10,438)	$ (5,622)	$ (41,263)	$ (30,550)	$ (11,952)
Net loss per common share - basic (in USD per share)	$ (0.18)	$ (0.15)	$ (0.13)	$ (0.20)	$ (0.16)	$ (0.08)	$ (0.17)	$ (0.09)	$ (0.66)	$ (0.51)	$ (0.23)
Net loss per common share - diluted (in USD per share)	$ (0.18)	$ (0.15)	$ (0.13)	$ (0.20)	$ (0.16)	$ (0.08)	$ (0.17)	$ (0.09)	$ (0.66)	$ (0.51)	$ (0.23)
Weighted average number of common shares outstanding - basic (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518
Weighted average number of common shares outstanding - diluted (in shares)	64,154,252	64,096,778	63,664,256	60,096,852	60,065,978	60,065,053	60,059,936	60,053,912	62,980,193	60,061,243	51,840,518

UNAUDITED QUARTERLY DATA - Operating Expense (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative	$ 18,065	$ 12,520	$ 17,196	$ 60,266	$ 46,527	$ 34,647
Investigation, proxy solicitation and restatement expenses	2,004	6,918	4,476	21,292	16,073	0
Depreciation and amortization	1,107	1,080	1,022	4,307	4,430	3,204
Total operating expenses	21,176	20,518	22,694	$ 85,865	$ 68,368	$ 44,899
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administrative	20,069	18,700	18,107
Investigation, proxy solicitation and restatement expenses	0	738	3,565
Depreciation and amortization	1,107	1,080	1,022
Total operating expenses	$ 21,176	$ 20,518	$ 22,694

SUBSEQUENT EVENTS (Details)	Aug. 14, 2020 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Subsequent Event [Line Items]
Unamortized issuance costs and debt discount		$ 2,595,000	$ 8,000
2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 5,000,000
Interest rate, increase	2.00%
Commitment fee percentage	0.50%
Periodic payment, principal	$ 187,500
Annual principal payment	$ 750,000
Leverage ratio	3.00
2021 JPMorgan Credit Facility \| Secured Term Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 15,000,000
Debt term	3 years
2021 JPMorgan Credit Facility \| Revolving Credit Facility and Term Loan \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 5,000,000
Base Rate \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Minimum
Subsequent Event [Line Items]
Interest rate	2.75%
Base Rate \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Maximum
Subsequent Event [Line Items]
Interest rate	3.75%
LIBOR \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Minimum
Subsequent Event [Line Items]
Interest rate	3.75%
LIBOR \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event \| Maximum
Subsequent Event [Line Items]
Interest rate	4.75%
August 14, 2020 to September 30, 2020 \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Quick ratio	2.00
October 1, 2020 to December 31, 2020 \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Quick ratio	2.50
January 1, 2021 to March 31, 2021 \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Quick ratio	2.75
April 1, 2021 and after \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Quick ratio	3.00

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
ACCOUNTS RECEIVABLE RESERVE
Valuation and Qualifying Accounts Rollforward
Balance at beginning of period	$ 4,866	$ 2,754	$ 3,199
Additions charged to bad debt expense	2,815	1,940	471
Deductions and other	(5)	172	(916)
Balance at end of period	7,676	4,866	2,754
FINANCE RECEIVABLES RESERVE
Valuation and Qualifying Accounts Rollforward
Balance at beginning of period	606	12	19
Additions charged to bad debt expense	143	594	0
Deductions and other	(599)	0	(7)
Balance at end of period	150	606	12
INVENTORY RESERVE
Valuation and Qualifying Accounts Rollforward
Balance at beginning of period	5,891	3,217	2,204
Additions	681	3,172	1,467
Deductions	(3,809)	(498)	(454)
Balance at end of period	2,763	5,891	3,217
DEFERRED TAX ASSET VALUATION ALLOWANCE
Valuation and Qualifying Accounts Rollforward
Balance at beginning of period	42,414	36,194	55,156
Additions	10,139	6,220	3,737
Balance at end of period		42,414	36,194
DEFERRED TAX ASSET VALUATION ALLOWANCE \| JOBS Act
Valuation and Qualifying Accounts Rollforward
Deductions	0	0	(19,574)
DEFERRED TAX ASSET VALUATION ALLOWANCE \| Cantaloupe
Valuation and Qualifying Accounts Rollforward
Deductions	$ 0	$ 0	$ (3,125)