0001628280-21-021898 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-33365
Entity Registrant Name	Cantaloupe, 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
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CTLP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,968,164
Entity Central Index Key	0000896429
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 82,511	$ 88,136
Accounts receivable, net	24,184	27,470
Finance receivables, net	8,031	7,967
Inventory, net	9,537	5,292
Prepaid expenses and other current assets	2,293	2,414
Total current assets	126,556	131,279
Non-current assets:
Finance receivables due after one year, net	10,832	11,632
Property and equipment, net	6,722	5,570
Operating lease right-of-use assets	3,240	3,049
Intangibles, net	20,923	19,992
Goodwill	66,194	63,945
Other assets	2,474	2,205
Total non-current assets	110,385	106,393
Total assets	236,941	237,672
Current liabilities:
Accounts payable	36,153	36,775
Accrued expenses	26,207	26,460
Current obligations under long-term debt	662	675
Deferred revenue	1,720	1,763
Total current liabilities	64,742	65,673
Long-term liabilities:
Deferred income taxes	185	179
Long-term debt, less current portion	13,477	13,644
Operating lease liabilities, non-current	3,535	3,645
Total long-term liabilities	17,197	17,468
Total liabilities	81,939	83,141
Commitments and contingencies (Note 13)
Series A convertible preferred stock, 900,000 shares authorized, 445,063 issued and outstanding, with liquidation preferences of $21,781 and $21,447 at September 30, 2021 and June 30, 2021, respectively	3,138	3,138
Shareholders’ equity:
Preferred stock, no par value, 1,800,000 shares authorized	0	0
Common stock, no par value, 640,000,000 shares authorized, 70,959,182 and 71,258,047 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively	464,537	462,775
Accumulated deficit	(312,673)	(311,382)
Total shareholders’ equity	151,864	151,393
Total liabilities, convertible preferred stock and shareholders’ equity	$ 236,941	$ 237,672

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
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	$ 21,781	$ 21,447
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,800,000	1,800,000
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)	70,959,182	71,258,047
Common stock, shares outstanding (in shares)	70,959,182	71,258,047

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 45,780	$ 36,877
Cost of sales	30,904	22,637
Gross profit	14,876	14,240
Operating expenses:
Sales and marketing	2,339	1,599
Technology and product development	5,389	3,214
General and administrative	7,264	11,997
Depreciation and amortization	1,022	1,068
Total operating expenses	16,014	17,878
Operating loss	(1,138)	(3,638)
Other income (expense):
Interest income	473	350
Interest expense	(478)	(3,285)
Other income (expense)	(59)	0
Total other income (expense), net	(64)	(2,935)
Loss before income taxes	(1,202)	(6,573)
Provision for income taxes	(89)	(40)
Net loss	(1,291)	(6,613)
Preferred dividends	(334)	(334)
Net loss applicable to common shares	$ (1,625)	$ (6,947)
Net loss per common share
Basic (in dollars per share)	$ (0.02)	$ (0.11)
Diluted (in dollars per share)	$ (0.02)	$ (0.11)
Weighted average number of common shares outstanding used to compute net loss per share applicable to common shares
Basic (in shares)	71,175,927	64,859,002
Diluted (in shares)	71,175,927	64,859,002
Subscription and transaction fees
Revenue	$ 40,625	$ 33,108
Cost of sales	26,024	19,336
Equipment sales
Revenue	5,155	3,769
Cost of sales	$ 4,880	$ 3,301

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Impact of adoption of ASC 326	Common Stock	Accumulated Deficit	Accumulated Deficit Impact of adoption of ASC 326
Balance (in shares) at Jun. 30, 2020			65,196,882
Balance at Jun. 30, 2020	$ 98,215	$ 348	$ 401,240	$ (303,025)	$ 348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)			56,083
Stock-based compensation and exercises (net)	1,502		$ 1,502
Net loss	(6,613)			(6,613)
Balance (in shares) at Sep. 30, 2020			65,252,965
Balance at Sep. 30, 2020	93,452		$ 402,742	(309,290)
Balance (in shares) at Jun. 30, 2021			71,258,047
Balance at Jun. 30, 2021	151,393		$ 462,775	(311,382)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)			20,958
Stock-based compensation and exercises (net)	$ 1,762		$ 1,762
Retirement of common stock (in shares)	(319,823)
Net loss	$ (1,291)			(1,291)
Balance (in shares) at Sep. 30, 2021			70,959,182
Balance at Sep. 30, 2021	$ 151,864		$ 464,537	$ (312,673)

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (1,291)	$ (6,613)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock based compensation	1,762	1,509
Amortization of debt issuance costs and discounts	39	3,125
Provision for expected losses	412	394
Provision for inventory reserve	(370)	802
Depreciation and amortization included in operating expenses	1,022	1,068
Depreciation included in costs of sales for rental equipment	264	539
Other	(186)	271
Changes in operating assets and liabilities:
Accounts receivable	2,991	(1,540)
Finance receivables	635	531
Inventory	(3,875)	1,324
Prepaid expenses and other assets	(148)	100
Accounts payable and accrued expenses	(2,239)	3,985
Operating lease liabilities	153	(259)
Deferred revenue	(43)	(58)
Net cash (used in) provided by operating activities	(874)	5,178
Cash flows from investing activities:
Cash paid for acquisition	(2,900)	0
Purchase of property and equipment	(1,641)	(483)
Proceeds from sale of property and equipment	0	8
Net cash used in investing activities	(4,541)	(475)
Cash flows from financing activities:
Proceeds from long-term debt issuance by JPMorgan Chase Bank, N.A., net of debt issuance costs	0	14,550
Repayment of long-term debt	(210)	(15,101)
Proceeds from exercise of common stock options	0	25
Payment of Antara prepayment penalty and commitment termination fee	0	(1,200)
Net cash used in financing activities	(210)	(1,726)
Net (decrease) increase in cash and cash equivalents	(5,625)	2,977
Cash and cash equivalents at beginning of year	88,136	31,713
Cash and cash equivalents at end of period	82,511	34,690
Supplemental disclosures of cash flow information:
Interest paid in cash	$ 187	$ 191

BUSINESS	3 Months Ended
BUSINESS	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Cantaloupe, Inc. (“Cantaloupe” or the “Company”), previously known as USA Technologies, Inc., is organized under the laws of the Commonwealth of Pennsylvania. On March 29, 2021, USA Technologies, Inc. filed Articles of Amendment to its Amended and Restated Articles of Incorporation with the Pennsylvania Department of State to effect a change of the Company’s name from “USA Technologies, Inc.” to “Cantaloupe, Inc.,” effective as of April 15, 2021. On April 19, 2021, the Company’s common stock, no par value per share (the “Common Stock”), began trading on the NASDAQ Global Select Market under the ticker symbol “CTLP” and the Company’s Series A Convertible Preferred Stock, no par value per share, began trading on the OTC Markets’ Pink Open Market under the trading symbol, “CTLPP”. Cantaloupe is a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market. We are transforming the unattended retail world by offering a solution for payments processing, as well as one that handles inventory management, pre-kitting, route logistics, warehouse and back-office management. Our enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies to operators of micro-markets, car wash and electric vehicle charging stations, commercial laundry, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively. COVID-19 Update The Company, its employees, and its customers operate in geographic locations (primarily the United States) in which its business operations and financial performance continues to be affected by the COVID-19 pandemic. However, as businesses, schools, and other organizations re-open and continue through an economic recovery, the Company has seen increased foot traffic to distributed assets containing our electronic payments solutions. The Company continues to monitor for potential impacts of COVID-19 as new variants emerge and could lead to a resurgence of the virus. Such impacts to our financial statements include, but are not limited to, the impairment of goodwill and intangible assets, impairment of long-lived assets including operating lease right-of-use assets, property and equipment and allowance for doubtful accounts for accounts and finance receivables. We have concluded that there are no material impairments as a result of our evaluation. Where applicable, we have incorporated judgments and estimates of the expected impact of COVID-19 in the preparation of the financial statements based on information currently available. These judgments and estimates may change, as new events develop and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Preparation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and therefore should be read in conjunction with the Company’s June 30, 2021 Annual Report on Form 10-K.

All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included. Operating results for the three months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2022. Actual results could differ from estimates. The balance sheet at June 30, 2021 has been derived from the audited consolidated financial statements at that date, but does not include all disclosures required by accounting principles generally accepted in the United States of America. Certain prior period amounts have been reclassified to conform with current year presentation.

The Company operates as one operating segment because its chief operating decision maker, who is the Chief Executive Officer, reviews its financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance.

Condensed Consolidated Statement of Operations: operating expenses presentation

Beginning in the first quarter of fiscal year 2022, the Company revised its presentation of operating expenses within its Condensed Consolidated Statement of Operations by disaggregating the previously disclosed Selling, general, and administrative costs into Sales and marketing, Technology and product development, and General and administrative costs. The updated presentation is intended to provide additional transparency to the readers of the financial statements and better align the Company’s financial performance with how management views and monitors business operations and makes strategic decisions. Prior period amounts for fiscal year 2021 have been reclassified to conform with current year presentation.

Below is a brief description of the various categories within Operating expenses:

•Sales and marketing: Sales and marketing expenses consists primarily of our sales and marketing team personnel costs which include non-capitalized wages, bonuses, stock-based compensation, sales commissions, severance costs, benefits, and employer taxes. In addition, this category includes fees paid for advertising, trade shows and external consultants who assist in outreach initiatives designed to build brand awareness and showcase the value of our products and services to our opportunity markets.

•Technology and product development: Technology and product development expenses consists primarily of our technology and product team personnel costs and fees paid to external consultants relating to innovating and maintaining our portfolio of products and services and strengthening our network environment and platform. These costs include but are not limited to engineering, platform and software development, fees for software licenses, contract labor and other technology and product related items.

•General, and administrative: General and administrative expenses consists primarily of our customer support, business operations, finance, legal, human resources and other administrative personnel costs and fees paid to external consultants for these respective departments. In addition, this category includes rent and occupancy costs and other miscellaneous costs incurred in the course of operating the business.

•Depreciation and amortization: No changes made to the accounting policies or previously reported amounts included within the Company’s June 30, 2021 Annual Report on Form 10-K for this category. Depreciation expense on our property and equipment, excluding property and equipment used for rentals, and amortization expense on our intangible assets are included within the Depreciation and amortization caption in the Consolidated Statements of Operations.

The presentation changes described above did not impact total operating expenses, operating loss, net loss or net loss per common share.

Below are excerpts from the Condensed Consolidated Statement of Operations for each quarter of fiscal year 2021 before and after the revisions:


Revised presentation:	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Sales and marketing	$	1,599	$	1,520	$	1,754	$	2,062	$	6,935
Technology and product development	3,214		3,783		4,425		4,513		15,935
General and administrative	11,997		8,528		7,552		7,677		35,754
Depreciation and amortization	1,068		1,052		991		996		4,107
Total operating expenses	$	17,878	$	14,883	$	14,722	$	15,248	$	62,731


As previously reported:	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Selling, general, and administrative	$	16,810	$	13,831	$	13,731	$	14,252	$	58,624
Depreciation and amortization	1,068		1,052		991		996		4,107
Total operating expenses	$	17,878	$	14,883	$	14,722	$	15,248	$	62,731

Condensed Consolidated Statement of Operations: updated caption

Beginning in the first quarter of fiscal year 2022, the Company revised the previously reported revenue caption of License and transaction fees to Subscription and transaction fees within its Condensed Consolidated Statement of Operations to provide a more accurate description of the revenue stream and align with commonly used terminology by industry participants. No changes were made to the revenue recognition accounting policies or previously reported amounts included within the Company’s June 30, 2021 Annual Report on Form 10-K.

Recently Adopted Accounting Pronouncements

Measurement of Credit Losses on Financial Statements

The Company adopted "Financial Instruments - Credit Losses" (Topic 326) on July 1, 2020 using the modified retrospective approach through an adjustment to retained earnings, and began calculating our allowance for accounts and finance receivables under an expected loss model rather than an incurred loss model.

The following table represents a roll forward of the allowance for doubtful accounts for accounts and finance receivables for the

three months ending September 30, 2021:


	Three months ended September 30, 2021
($ in thousands)	Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30, 2021	$	6,614	$	1,109
Provision for expected losses	312		100
Balance at September 30, 2021	$	6,926	$	1,209

ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

On July 1, 2021, the Company adopted 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. The adoption of this accounting standard did not materially impact the Company’s condensed 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 condensed consolidated financial position, results of operations or cash flows.

Reference Rate Reform

In March 2020 and January 2021, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform: Scope”, respectively. Together, the ASUs provide temporary optional expedients and exceptions for applying U.S. GAAP guidance on contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The Company’s exposure to LIBOR includes our revolving credit facility and secured term facility with JPMorgan Chase Bank, N.A., which uses LIBOR as a reference rate. However, these facilities provide for an alternative rate of interest if LIBOR is discontinued. These optional expedients and exceptions are effective beginning March 12, 2020 through December 31, 2022 and adoption is permitted at any time in the effective period. The Company is currently evaluating and assessing the impact these accounting standards will have on its condensed consolidated financial statements and related disclosures and if it will elect these optional standards.

Lessor Classification

In July 2021, the FASB issued ASU 2021-05, “Lessors – Certain Leases with Variable Lease Payments” which requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have

selling losses if they were classified as sales-type or direct financing leases. ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning July 1, 2022. The Company is currently evaluating and assessing the impact this accounting standard will have on its condensed consolidated financial statements.

Accounting for Debt and Equity Instruments

In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” which simplifies accounting for convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related earnings per share (EPS) guidance. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. We plan to adopt this pronouncement for our fiscal year beginning July 1, 2022. The Company is currently evaluating and assessing the impact this accounting standard will have on its condensed consolidated financial statements.

LEASES

3 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

Lessee Accounting

The Company has operating leases for office space, warehouses, and office equipment. At September 30, 2021, the Company has the following balances recorded in the balance sheet related to its lease arrangements:


($ in thousands)	Balance Sheet Classification	As of September 30, 2021		As of June 30, 2021


Assets:	Operating lease right-of-use assets	$	3,240	$	3,049

Liabilities:
Current	Accrued expenses	$	1,430	$	1,166
Long-term	Operating lease liabilities, non-current	3,535		3,645
Total lease liabilities		$	4,965	$	4,811

Components of lease cost are as follows:


($ in thousands)	Three months ended September 30, 2021	Three months ended September 30, 2020

Operating lease costs*	442	529

* 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)	Three months ended September 30, 2021		Three months ended September 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	480	$	346

Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations:
Operating lease liabilities	$	471	$	—

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


($ in thousands)	Operating Leases
2022	$	1,287
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,674
Less: Imputed interest	(709)
Present value of lease liabilities	$	4,965

Lessor Accounting

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


($ in thousands)	September 30, 2021		June 30, 2021
Cost	$	26,664	26,753
Accumulated depreciation	(24,626)		(24,487)
Net	$	2,038	$	2,266

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 September 30, 2021 are disclosed within Note 6 - Finance Receivables.

LEASES

Lessee Accounting


($ in thousands)	Balance Sheet Classification	As of September 30, 2021		As of June 30, 2021


Assets:	Operating lease right-of-use assets	$	3,240	$	3,049

Liabilities:
Current	Accrued expenses	$	1,430	$	1,166
Long-term	Operating lease liabilities, non-current	3,535		3,645
Total lease liabilities		$	4,965	$	4,811

Components of lease cost are as follows:


($ in thousands)	Three months ended September 30, 2021	Three months ended September 30, 2020

Operating lease costs*	442	529

* 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)	Three months ended September 30, 2021		Three months ended September 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	480	$	346

Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations:
Operating lease liabilities	$	471	$	—

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


($ in thousands)	Operating Leases
2022	$	1,287
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,674
Less: Imputed interest	(709)
Present value of lease liabilities	$	4,965

Lessor Accounting

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


($ in thousands)	September 30, 2021		June 30, 2021
Cost	$	26,664	26,753
Accumulated depreciation	(24,626)		(24,487)
Net	$	2,038	$	2,266

REVENUE

3 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue

Beginning in the first quarter of fiscal year 2022, the Company disaggregates Subscription and transaction fees presented on the Condensed Consolidated Statement of Operations to Transaction fees and Subscription fees categories (described below) as this additional disclosure provides greater visibility into the Company's revenue streams and better aligns the Company’s financial performance including how management views and monitors business operations and makes strategic decisions.

•Transaction fees: The Company charges its customers a transaction fee generally calculated as a percentage rate on volumes processed through our payment devices.

•Subscription fees: Subscription fees are primarily comprised of the monthly service fee charged to our customers for our cashless payment services, service fees originated through our rental program and Seed software services that include inventory management, route logistics optimization, warehouse and accounting management, and responsive merchandising.

Based on similar operational characteristics, the Company's revenue is disaggregated as follows:


	Three months ended September 30,
($ in thousands)	2021		2020
Transaction fees	$	26,421	$	19,677
Subscription fees	14,204		13,431
Subscription and transaction fees	$	40,625	$	33,108
Equipment sales	5,155		3,769
Total revenues	$	45,780	$	36,877

Disaggregation of revenues for the previously reported quarters for fiscal year-ended June 30, 2021 utilizing the above described methodology is presented as follows:


	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Transaction fees	$	19,677	$	20,454	$	21,002	$	24,365	$	85,498
Subscription fees	13,431		12,760		13,684		13,869		53,744
Subscription and transaction fees	$	33,108	$	33,214	$	34,686	$	38,234	$	139,242
Equipment sales	3,769		5,071		8,074		10,783		27,697
Total revenues	$	36,877	$	38,285	$	42,760	$	49,017	$	166,939

Transaction Price Allocated to Future Performance Obligations

In determining the transaction price allocated to future performance obligations, we do not include non-recurring charges. Further, we apply 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 our contracts 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 for the services or products being delivered.

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 September 30, 2021

2022	$	10,133
2023	11,892
2024	7,775
2025	4,092
2026	2,199
Thereafter	143
Total	$	36,234

Contract Liabilities

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


	Three months ended September 30,		Three months ended September 30,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,763	$	1,698
Deferred revenue, end of the period	1,720		1,639
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	95	$	93

The change in the contract liability balances period-over-period is primarily the result of timing difference between the Company’s satisfaction of a performance obligation and payment from the customer.

Contract Costs

At September 30, 2021, the Company had net capitalized costs to obtain contracts of $0.4 million included in Prepaid expenses and other current assets and $2.0 million included in Other noncurrent assets on the Condensed Consolidated Balance Sheet. At June 30, 2021, the Company had net capitalized costs to obtain contracts of $0.4 million included in Prepaid expenses and other current assets and $2.0 million included in Other noncurrent assets on the Condensed Consolidated Balance Sheet. None of these capitalized contract costs were impaired.

During the three months ended September 30, 2021, amortization of capitalized contract costs was $0.2 million. During the three months ended September 30, 2020, amortization of capitalized contract costs was $0.1 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=123351226&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=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

ACQUISITION

3 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

In August 2021, we completed the acquisition of certain assets and liabilities of Delicious Nutritious LLC, doing business as Yoke Payments (“Yoke”), a micro market payments company. The acquisition of Yoke was accounted for as a business combination using the acquisition method of accounting which includes the results of operations of the acquired business from the date of acquisition. The purchase price of the acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values using primarily Level 3 inputs under ASC Topic 820, Fair Value Measurement, with the residual of the purchase price recorded as goodwill.

Through the acquisition, Yoke’s point of sale platform will now extend its offering to provide self-checkout while seamlessly integrating with Cantaloupe’s inventory management and payment processing platforms. We plan to differentiate ourselves by providing a single platform to manage consumer and operational aspects of micro markets, while also integrating multiple service providers for flexibility and ultimate ease to our customers.

The consideration transferred for the acquisition includes payments of $3 million in cash at the close of the transaction and $1 million in deferred cash payment due on or before July 30, 2022 based on the achievement of certain sales growth targets. As of the date of the acquisition and as of September 30, 2021, we expect to pay the entire deferred cash payment and we have accrued a contingent consideration liability of $1 million which is included within Accrued expenses in our Condensed Consolidated Balance Sheet.

Additionally in connection with the acquisition, the Company will issue common stock to the former owners of Yoke based on the achievement of certain sales growth targets for software licenses through July 31, 2024 and continued employment as of the respective measurement dates. The accounting treatment for these awards in the context of the business combination is to recognize the awards as a post-combination expense and were not included in the purchase price. We will begin recognizing compensation expense for these awards over the requisite service period when it becomes probable that the performance condition would be satisfied pursuant to ASC 718. At each reporting date, we assess the probability of achieving the sales targets and fulfilling the performance condition. As of September 30, 2021, we determined that it is not probable that the performance condition would be satisfied and, accordingly, have not recognized compensation expense related to these awards for the fiscal quarter ended September 30, 2021.

The following table summarizes the total consideration paid for Yoke, total net assets acquired, identifiable assets and goodwill recognized at the acquisition date:


($ in thousands)	Amount
Consideration
Cash	$	3,000
Contingent consideration arrangement	$	1,000
Fair value of total consideration transferred	$	4,000

Recognized amounts of identifiable assets
Total net assets acquired	$	66
Identifiable intangible assets	$	1,685
Total identifiable net assets	$	1,751

Goodwill	$	2,249

Amounts allocated to identifiable intangible assets included $1.3 million related to developed technology, $0.3 million related to customer relationships, and $0.1 million related to other intangible assets. The fair value of the acquired developed technology was determined using a multi-period excess earnings method. The fair value of the acquired customer relationships was determined using the with-and-without method which estimates the value using the cash flow impact in a scenario where the customer relationships are not in place. The recognized intangible assets will be amortized on a straight-line basis over the estimated useful lives of the respective assets.

Goodwill of $2.2 million arising from the acquisition includes the expected synergies between Yoke and the Company and intangible assets that do not qualify for separate recognition at the time of acquisition. The goodwill, which is deductible for income tax purposes, was assigned to the Company’s only reporting unit.

The above allocation of the purchase price is provisional and is still subject to change within the measurement period. The final allocation of the purchase price is expected to be completed as soon as practicable, but no later than one year from the date of the acquisition. Pro forma financial information of the acquisition is not presented due to the immaterial impact of the financial results of Yoke in the Company's Consolidated Financial Statements.

FINANCE RECEIVABLES

3 Months Ended

Sep. 30, 2021

Receivables [Abstract]

FINANCE RECEIVABLES

The Company's finance receivables consist of financed devices under the QuickStart program and 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 September 30, 2021 and June 30, 2021, finance receivables consist of the following:


($ in thousands)	September 30, 2021		June 30, 2021
Current finance receivables, net	$	8,031	$	7,967
Finance receivables due after one year, net	10,832		11,632
Total finance receivables, net of allowance of $1,209 and $1,109, respectively	$	18,863	$	19,599

We collect lease payments from customers primarily as part of the flow of funds from our transaction processing service. Balances are considered past due if customers do not have sufficient transaction revenue to cover the monthly lease payment by the end of the monthly billing period. The Company routinely monitors customer payment performance and uses prior payment performance as a measure to assess the capability of the customer to repay contractual obligations of the lease agreements as scheduled. On an as-needed basis, qualitative information may be taken into consideration if new information arises related to the customer’s ability to repay the lease.

Credit risk for these receivables is continuously monitored by management and reflected within the allowance for finance receivables by aggregating leases with similar risk characteristics into pools that are collectively assessed. Because the Company’s lease contracts generally have similar terms, customer characteristics around transaction processing volume and sales were used to disaggregate the leases. Our key credit quality indicator is the amount of transaction revenue we process for each customer relative to their lease payment due, as we consider this customer characteristic to be the strongest predictor of the risk of customer default. Customers with low processing volume or with transaction sales that are insufficient to cover the lease payment are considered to be at a higher risk of customer default.

Customers are pooled based on their ratio of gross sales to required monthly lease obligations. We categorize outstanding receivables into two categories: high ratio customers (customers who have adequate transaction processing volumes sufficient to cover monthly fees) and low ratio customers (customers that do not consistently have adequate transaction processing volumes sufficient to cover monthly fees). Using these two categories, we performed an analysis of historical write-offs to calculate reserve percentages by aging buckets for each category of customer.

At September 30, 2021, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	6,673	$	2,831	$	4,689	$	2,602	$	1,583	$	22	$	18,400
30 days and under	14		44		80		86		3		1		228
31-60 days	4		8		35		3		3		—		53
61-90 days	14		27		63		49		5		—		158
Greater than 90 days	102		147		460		439		46		39		1,233
Total finance receivables	$	6,807	$	3,057	$	5,327	$	3,179	$	1,640	$	62	$	20,072

At June 30, 2021, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	6,736	$	3,970	$	3,942	$	3,081	$	1,358	$	31	$	19,118
30 days and under	19		67		90		93		11		1		281
31-60 days	4		9		22		2		1		—		38
61-90 days	10		42		66		54		10		—		182
Greater than 90 days	46		69		490		419		54		11		1,089
Total finance receivables	$	6,815	$	4,157	$	4,610	$	3,649	$	1,434	$	43	$	20,708

At September 30, 2021, credit quality indicators by year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
High ratio customers	$	6,338	$	2,747	$	4,624	$	2,423	$	1,477	$	16	$	17,625
Low ratio customers	469		310		703		756		163		46		2,447
Total finance receivables	$	6,807	$	3,057	$	5,327	$	3,179	$	1,640	$	62	$	20,072

At June 30, 2021, credit quality indicators by year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
High ratio customers	$	6,415	$	3,824	$	3,793	$	2,920	$	1,290	$	24	$	18,266
Low ratio customers	400		333		817		729		144		19		2,442
Total finance receivables	$	6,815	$	4,157	$	4,610	$	3,649	$	1,434	$	43	$	20,708

The following table represents a rollforward of the allowance for finance receivables for the three months ending September 30, 2021 and 2020:


	Three months ended September 30,		Three months ended September 30,
($ in thousands)	2021		2020

Balance at June 30	$	1,109	$	150
Impact of adoption of ASC 326*	—		409
Provision for expected losses	100		—
Balance at September 30	$	1,209	$	559

* The Company adopted Financial Instruments - Credit Losses (Topic 326) on July 1, 2020.

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


($ in thousands)
2022	$	9,408
2023	5,794
2024	3,925
2025	2,467
2026	1,129
Thereafter	66
Total amounts to be collected	22,789
Less: interest	(2,717)
Less: allowance for receivables	(1,209)
Total finance receivables	$	18,863

LOSS PER SHARE CALCULATION

3 Months Ended

Sep. 30, 2021

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:


	Three months ended September 30,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(1,291)	$	(6,613)
Preferred dividends	(334)		(334)
Net loss applicable to common shareholders	(1,625)		(6,947)

Denominator for basic loss per share - Weighted average shares outstanding	71,175,927		64,859,002
Effect of dilutive potential common shares	—		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,175,927		64,859,002

Basic and diluted loss per share	$	(0.02)	$	(0.11)

Anti-dilutive shares excluded from the calculation of diluted loss per share were 4,212,024 for the three months ended September 30, 2021 and 2,534,225 for the three months ended September 30, 2020.

GOODWILL AND INTANGIBLES

3 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

Intangible asset balances and goodwill consisted of the following:


	As of September 30, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	$	1,705	$	(899)	$	806	3 - 7 years
Developed technology	12,269		(7,320)		4,949		5 - 6 years
Customer relationships	19,339		(4,171)		15,168		10 - 18 years
Total intangible assets	$	33,313	$	(12,390)	$	20,923

Goodwill	66,194		—		66,194		Indefinite


	As of June 30, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	1,640		(840)		800		3 - 7 years
Developed technology	10,939		(6,890)		4,049		5 - 6 years
Customer relationships	19,049		(3,906)		15,143		10 - 18 years
Total intangible assets	$	31,628	$	(11,636)	$	19,992

Goodwill	63,945		—		63,945		Indefinite

During the three months ended September 30, 2021, The Company recognized $2.2 million in goodwill and $1.7 million in newly acquired intangible assets in association with the Yoke acquisition as referenced in Note 5 - Acquisition.

For the three months ended September 30, 2021 and September 30, 2020, there was $0.8 million for each respective period in amortization expense related to intangible assets that was recognized.

The Company performs an annual goodwill impairment test on April 1 and more frequently if events and circumstances indicate that the asset might be impaired. The Company has determined that there is a single reporting unit for purposes of testing goodwill for impairment. During the three months ended September 30, 2021, the Company did not recognize any impairment charges related to goodwill.

DEBT AND OTHER FINANCING ARRANGEMENTS

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

DEBT AND OTHER FINANCING ARRANGEMENTS

The Company's debt and other financing arrangements as of September 30, 2021 and June 30, 2021 consisted of the following:


	As of September 30,		As of June 30,
($ in thousands)	2021		2021

2021 JPMorgan Credit Facility	14,250		14,437
Other obligations	90		113
Less: unamortized issuance costs and debt discount	(201)		(231)
Total	14,139		14,319
Less: debt and other financing arrangements, current	(662)		(675)
Debt and other financing arrangements, noncurrent	$	13,477	$	13,644

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


	Three months ended
	September 30,
($ in thousands)	2021		2020
2020 Antara Term Facility	$	—	$	2,779
2021 JPMorgan Credit Facility	230		172
Other interest expense	248		334
Total interest expense	$	478	$	3,285

JPMorgan Chase Bank Credit Agreement

On August 14, 2020, the Company repaid all amounts outstanding under the $30.0 million senior secured term loan facility (“2020 Antara Term Facility”) with Antara Capital Master Fund LP (“Antara”) and entered into a credit agreement (the “2021 JPMorgan Credit Agreement”) with JPMorgan Chase Bank, N.A (“JPMorgan”).

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, as amended, 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. The Company recognized $2.8 million of interest expense related to the 2020 Antara Term Facility during the fiscal quarter ended September 30, 2020, including the recognition of $2.6 million of unamortized issuance costs and debt discount as interest expense, 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 determined, at the Company’s option, on a base rate of LIBOR or Prime Rate plus an applicable spread tied to the Company’s total leverage ratio and having ranges between 2.75% and 3.75% for Prime rate loans and between 3.75% and 4.75% for LIBOR rate loans. In the event of default, the interest rate may be increased by 2.00%. The 2021 JPMorgan Credit Facility carries a commitment fee of 0.50% per annum on the unused portion. From August 14, 2020 through March 2, 2021, the applicable interest rate was Prime Rate plus 3.75%. On March 2, 2021, the Company entered into an amendment (the “First Amendment”) to the 2021 JPMorgan Credit Facility lowering the interest rate charged to the Company. In conjunction with the First Amendment, the Company elected to convert its loans to a Eurodollar borrowing which is subject to a LIBOR based interest rate. As of September 30, 2021, the applicable interest rate for the 2021 JPMorgan Secured Term Facility is a base rate of 0.75% and a spread of 4.25% for a total applicable interest rate of 5%.

Principal payments are due in quarterly installments of $187,500 beginning December 31, 2020 through September 30, 2022 for a total annual repayment of $750,000 and total repayment over the period of $1.5 million. Beginning December 31, 2022 through June 30, 2023, principal payments are due in quarterly installments of $375,000 for a total repayment over the period of $1.1 million. The remaining unpaid principal amounts are due at the maturity date of the 2021 JPMorgan Credit Facility.

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 2.75 to 1.00 beginning January 1, 2021, and not less than 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.

The Company was in compliance with its financial covenants as of September 30, 2021.

Term Facility with Antara

On October 9, 2019, the Company entered into a commitment letter with 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 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 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. 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. On August 14, 2020, the Company repaid all amounts outstanding under the 2020 Antara Term Facility and entered into the 2021 JPMorgan Credit Agreement described above. The Company de-recognized $2.6 million of unamortized debt issuance costs and debt discount associated with the 2020 Antara Team Facility during the three months ended September 30, 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

ACCRUED EXPENSES

3 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of the following as of September 30, 2021 and June 30, 2021:


	As of September 30,		As of June 30,
($ in thousands)	2021		2021

Sales tax reserve	$	17,353	$	17,099
Accrued compensation and related sales commissions	2,444		4,233
Operating lease liabilities, current	1,430		1,166
Accrued professional fees	1,793		1,739
Accrued taxes and filing fees payable	1,295		1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000		—
Other accrued expenses	892		773
Total accrued expenses	$	26,207	$	26,460

* See Note 5 - Acquisition for description of the contingent consideration arrangement.

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESFor the three months ended September 30, 2021, the Company recorded an income tax provision of $89 thousand. As of September 30, 2021, the Company reviewed the existing deferred tax assets and continues to record a full valuation against its deferred tax assets. The income tax provisions primarily relate to the Company's uncertain tax positions, as well as state income and franchise taxes. As of September 30, 2021, the Company had a total unrecognized income tax benefit of $0.5 million. The provision is based upon actual loss before income taxes for the three months ended September 30, 2021, as the use of an estimated annual effective income tax rate does not provide a reliable estimate of the income tax provision. For the three months ended September 30, 2020, the Company recorded an income tax provision of $40 thousand. As of September 30, 2020, the Company reviewed the existing deferred tax assets in light of COVID-19 and recorded a full valuation against its deferred tax assets. The income tax provisions primarily relate to the Company's uncertain tax positions, as well as state income and franchise taxes. As of September 30, 2020, the Company had a total unrecognized income tax benefit of $0.2 million. The provision is based upon actual loss before income taxes for the three months ended September 30, 2020, as the use of an estimated annual effective income tax rate does not provide a reliable estimate of the income tax provision.

- 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.

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+ Details

EQUITY

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

EQUITY

STOCK OPTIONS

The Company estimates the grant date fair value of the stock options with service conditions (i.e., a condition that requires an employee to render services to the Company for a stated period of time to vest) 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.

No stock options were granted during the three months ended September 30, 2021. The fair value of options granted during the three months ended September 30, 2020 were determined using the following assumptions and includes only options with an established grant date under ASC 718:


	Three months ended September 30,
		2020
Expected volatility (percent)		76.6% - 77.3%
Weighted average expected life (years)		4.5
Dividend yield (percent)		0.0		%
Risk-free interest rate (percent)		0.2% - 0.3%
Number of options granted		467,500
Weighted average exercise price		$	7.49
Weighted average grant date fair value		$	4.41

Stock based compensation related to stock options with an established grant date for the three months ended September 30, 2021 and 2020 was $0.8 million and $1.1 million, respectively.

Performance based awards

The Company has awarded stock options to certain executives which vest each year over a three to four year period. These stock options are also subject to the achievement of performance goals to be established by the Company's Board for each fiscal year.

On January 27, 2021, the Compensation Committee of the Board of Directors established the performance metrics as a price target for the trading price of the Company’s common stock in each applicable fiscal year. The price target is achieved if the average closing price of the common stock during any consecutive 30-trading-day period during the applicable fiscal year meets or exceeds: (i) $10.50 in the case of fiscal year 2021; (ii) $13.50 in the case of fiscal year 2022; (iii) $16.50 in the case of fiscal year 2023; and (iv) $19.50 in the case of fiscal year 2024. If at least 80% of the performance goals for an applicable fiscal year are achieved, the Compensation Committee may determine that the portion of the option eligible to vest based on such fiscal year’s performance will vest on a prorated basis. In so determining, the Compensation Committee will consider the Company’s performance relative to its market competitors and any other considerations deemed relevant by the Compensation Committee. The Compensation Committee’s guideline is generally that for every percentage point the achieved price falls below the price target, the percentage of the performance options eligible to vest in respect of the applicable fiscal year should be reduced by 2%, but the Compensation Committee may vary this formula in its sole discretion.

For these performance based awards that provide discretion to the Compensation Committee, a mutual understanding of the key terms and conditions between the Company and the employees have not yet been met and a "Grant Date" as defined in ASC Topic 718 Compensation — Stock Compensation, has not been established. When the service period begins prior to the grant date, the Company begins recognizing compensation cost before there is a grant date. The Company estimates the award's fair value at each reporting period for these equity classified awards, until the grant date, utilizing a Monte Carlo simulation valuation model. The total expense recognized for the three months ended September 30, 2021 for these awards was $0.6 million.

COMMON STOCK AWARDS

Two employees of Hudson Executive, a greater than 10% shareholder and a related party of the Company, entered into consulting agreements with the Company in August and September of 2020, respectively, under which the consultants provided financial and strategic analysis and advisory services to the Company's CEO through July 31, 2021. As consideration for the services, in March 2021 the consultants were granted a total of 80,000 restricted stock units. In September 2021, the Company extended these consulting agreements through July 31, 2022 and, in connection therewith, the consultants were granted an additional 20,000 restricted stock units. The total expense recognized for the three months ended September 30, 2021 for these consulting agreements was immaterial.

The Company makes annual grants of restricted stock units to executive officers pursuant to long-term stock incentive plans (“LTIPs”) which vest annually, typically over three years. In August 2021, we granted a total of approximately 93,000 restricted stock units with a grant date fair value of approximately $0.97 million to company executives.

The total expense recognized for common stock awards for the three months ended September 30, 2021 and 2020 was $0.4 million and $0.4 million, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES LITIGATION We are a party to litigation and other proceedings that arise in the ordinary course of our business. These types of matters could result in fines, penalties, compensatory or treble damages or non-monetary sanctions or relief. In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable and the amount of the loss can be reasonably estimated. We cannot predict the outcome of legal or other proceedings with certainty. 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. Leases The Company has entered into various operating lease obligations. See Note 3 - Leases for additional information. Purchase Commitments As of September 30, 2021, the Company had firm commitments to purchase inventory of approximately $27 million over the next three years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Preparation

Condensed Consolidated Statement of Operations; operating expenses presentation and updated caption

Condensed Consolidated Statement of Operations: operating expenses presentation

Below is a brief description of the various categories within Operating expenses:

The presentation changes described above did not impact total operating expenses, operating loss, net loss or net loss per common share.

Condensed Consolidated Statement of Operations: updated caption

Recently Adopted Accounting Pronouncements

Measurement of Credit Losses on Financial Statements

The following table represents a roll forward of the allowance for doubtful accounts for accounts and finance receivables for the

three months ending September 30, 2021:


	Three months ended September 30, 2021
($ in thousands)	Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30, 2021	$	6,614	$	1,109
Provision for expected losses	312		100
Balance at September 30, 2021	$	6,926	$	1,209

ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Accounting Pronouncements To Be Adopted

Reference Rate Reform

Lessor Classification

Accounting for Debt and Equity Instruments

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle

Below are excerpts from the Condensed Consolidated Statement of Operations for each quarter of fiscal year 2021 before and after the revisions:


Revised presentation:	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Sales and marketing	$	1,599	$	1,520	$	1,754	$	2,062	$	6,935
Technology and product development	3,214		3,783		4,425		4,513		15,935
General and administrative	11,997		8,528		7,552		7,677		35,754
Depreciation and amortization	1,068		1,052		991		996		4,107
Total operating expenses	$	17,878	$	14,883	$	14,722	$	15,248	$	62,731


As previously reported:	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Selling, general, and administrative	$	16,810	$	13,831	$	13,731	$	14,252	$	58,624
Depreciation and amortization	1,068		1,052		991		996		4,107
Total operating expenses	$	17,878	$	14,883	$	14,722	$	15,248	$	62,731

Schedule Of Rollforward Of Allowance For Doubtful Accounts

The following table represents a roll forward of the allowance for doubtful accounts for accounts and finance receivables for the

three months ending September 30, 2021:


	Three months ended September 30, 2021
($ in thousands)	Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30, 2021	$	6,614	$	1,109
Provision for expected losses	312		100
Balance at September 30, 2021	$	6,926	$	1,209

LEASES (Tables)

3 Months Ended

Sep. 30, 2021

Leases [Abstract]

Assets and Liabilities

At September 30, 2021, the Company has the following balances recorded in the balance sheet related to its lease arrangements:


($ in thousands)	Balance Sheet Classification	As of September 30, 2021		As of June 30, 2021


Assets:	Operating lease right-of-use assets	$	3,240	$	3,049

Liabilities:
Current	Accrued expenses	$	1,430	$	1,166
Long-term	Operating lease liabilities, non-current	3,535		3,645
Total lease liabilities		$	4,965	$	4,811

Lease Costs

Components of lease cost are as follows:


($ in thousands)	Three months ended September 30, 2021	Three months ended September 30, 2020

Operating lease costs*	442	529

* 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)	Three months ended September 30, 2021		Three months ended September 30, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	480	$	346

Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations:
Operating lease liabilities	$	471	$	—

Maturities of Lease Liabilities, Operating Leases

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


($ in thousands)	Operating Leases
2022	$	1,287
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,674
Less: Imputed interest	(709)
Present value of lease liabilities	$	4,965

Property, Plant, and Equipment, Lessor Asset under Operating Lease

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


($ in thousands)	September 30, 2021		June 30, 2021
Cost	$	26,664	26,753
Accumulated depreciation	(24,626)		(24,487)
Net	$	2,038	$	2,266

REVENUE (Tables)

3 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Based on similar operational characteristics, the Company's revenue is disaggregated as follows:


	Three months ended September 30,
($ in thousands)	2021		2020
Transaction fees	$	26,421	$	19,677
Subscription fees	14,204		13,431
Subscription and transaction fees	$	40,625	$	33,108
Equipment sales	5,155		3,769
Total revenues	$	45,780	$	36,877

Disaggregation of revenues for the previously reported quarters for fiscal year-ended June 30, 2021 utilizing the above described methodology is presented as follows:


	Three months ended								Year ended June 30, 2021
($ in thousands)	September 30, 2020		December 31, 2020		March 31, 2021		June 30, 2021
Transaction fees	$	19,677	$	20,454	$	21,002	$	24,365	$	85,498
Subscription fees	13,431		12,760		13,684		13,869		53,744
Subscription and transaction fees	$	33,108	$	33,214	$	34,686	$	38,234	$	139,242
Equipment sales	3,769		5,071		8,074		10,783		27,697
Total revenues	$	36,877	$	38,285	$	42,760	$	49,017	$	166,939

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 September 30, 2021

2022	$	10,133
2023	11,892
2024	7,775
2025	4,092
2026	2,199
Thereafter	143
Total	$	36,234

Contract Liability

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


	Three months ended September 30,		Three months ended September 30,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,763	$	1,698
Deferred revenue, end of the period	1,720		1,639
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	95	$	93

ACQUISITION (Tables)

3 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the total consideration paid for Yoke, total net assets acquired, identifiable assets and goodwill recognized at the acquisition date:


($ in thousands)	Amount
Consideration
Cash	$	3,000
Contingent consideration arrangement	$	1,000
Fair value of total consideration transferred	$	4,000

Recognized amounts of identifiable assets
Total net assets acquired	$	66
Identifiable intangible assets	$	1,685
Total identifiable net assets	$	1,751

Goodwill	$	2,249

FINANCE RECEIVABLES (Tables)

3 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Finance Receivables

As of September 30, 2021 and June 30, 2021, finance receivables consist of the following:


($ in thousands)	September 30, 2021		June 30, 2021
Current finance receivables, net	$	8,031	$	7,967
Finance receivables due after one year, net	10,832		11,632
Total finance receivables, net of allowance of $1,209 and $1,109, respectively	$	18,863	$	19,599

Schedule of Credit Quality Indicators

At September 30, 2021, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	6,673	$	2,831	$	4,689	$	2,602	$	1,583	$	22	$	18,400
30 days and under	14		44		80		86		3		1		228
31-60 days	4		8		35		3		3		—		53
61-90 days	14		27		63		49		5		—		158
Greater than 90 days	102		147		460		439		46		39		1,233
Total finance receivables	$	6,807	$	3,057	$	5,327	$	3,179	$	1,640	$	62	$	20,072

At June 30, 2021, the gross lease receivable by current payment performance on a contractual basis and year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	6,736	$	3,970	$	3,942	$	3,081	$	1,358	$	31	$	19,118
30 days and under	19		67		90		93		11		1		281
31-60 days	4		9		22		2		1		—		38
61-90 days	10		42		66		54		10		—		182
Greater than 90 days	46		69		490		419		54		11		1,089
Total finance receivables	$	6,815	$	4,157	$	4,610	$	3,649	$	1,434	$	43	$	20,708

At September 30, 2021, credit quality indicators by year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
High ratio customers	$	6,338	$	2,747	$	4,624	$	2,423	$	1,477	$	16	$	17,625
Low ratio customers	469		310		703		756		163		46		2,447
Total finance receivables	$	6,807	$	3,057	$	5,327	$	3,179	$	1,640	$	62	$	20,072

At June 30, 2021, credit quality indicators by year of origination consisted of the following:


	Leases by Origination
($ in thousands)	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
High ratio customers	$	6,415	$	3,824	$	3,793	$	2,920	$	1,290	$	24	$	18,266
Low ratio customers	400		333		817		729		144		19		2,442
Total finance receivables	$	6,815	$	4,157	$	4,610	$	3,649	$	1,434	$	43	$	20,708

Financing Receivable, Allowance for Credit Loss

The following table represents a rollforward of the allowance for finance receivables for the three months ending September 30, 2021 and 2020:


	Three months ended September 30,		Three months ended September 30,
($ in thousands)	2021		2020

Balance at June 30	$	1,109	$	150
Impact of adoption of ASC 326*	—		409
Provision for expected losses	100		—
Balance at September 30	$	1,209	$	559

* The Company adopted Financial Instruments - Credit Losses (Topic 326) on July 1, 2020.

Schedule of Cash To Be Collected On Performing Financing Receivable

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


($ in thousands)
2022	$	9,408
2023	5,794
2024	3,925
2025	2,467
2026	1,129
Thereafter	66
Total amounts to be collected	22,789
Less: interest	(2,717)
Less: allowance for receivables	(1,209)
Total finance receivables	$	18,863

LOSS PER SHARE CALCULATION (Tables)

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule Of Basic and Diluted Loss Per Share

The calculation of basic and diluted loss per share is

presented below:


	Three months ended September 30,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(1,291)	$	(6,613)
Preferred dividends	(334)		(334)
Net loss applicable to common shareholders	(1,625)		(6,947)

Denominator for basic loss per share - Weighted average shares outstanding	71,175,927		64,859,002
Effect of dilutive potential common shares	—		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,175,927		64,859,002

Basic and diluted loss per share	$	(0.02)	$	(0.11)

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Asset Balances

Intangible asset balances and goodwill consisted of the following:


	As of September 30, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	$	1,705	$	(899)	$	806	3 - 7 years
Developed technology	12,269		(7,320)		4,949		5 - 6 years
Customer relationships	19,339		(4,171)		15,168		10 - 18 years
Total intangible assets	$	33,313	$	(12,390)	$	20,923

Goodwill	66,194		—		66,194		Indefinite


	As of June 30, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	1,640		(840)		800		3 - 7 years
Developed technology	10,939		(6,890)		4,049		5 - 6 years
Customer relationships	19,049		(3,906)		15,143		10 - 18 years
Total intangible assets	$	31,628	$	(11,636)	$	19,992

Goodwill	63,945		—		63,945		Indefinite

DEBT AND OTHER FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt Instruments

The Company's debt and other financing arrangements as of September 30, 2021 and June 30, 2021 consisted of the following:


	As of September 30,		As of June 30,
($ in thousands)	2021		2021

2021 JPMorgan Credit Facility	14,250		14,437
Other obligations	90		113
Less: unamortized issuance costs and debt discount	(201)		(231)
Total	14,139		14,319
Less: debt and other financing arrangements, current	(662)		(675)
Debt and other financing arrangements, noncurrent	$	13,477	$	13,644

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


	Three months ended
	September 30,
($ in thousands)	2021		2020
2020 Antara Term Facility	$	—	$	2,779
2021 JPMorgan Credit Facility	230		172
Other interest expense	248		334
Total interest expense	$	478	$	3,285

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 470
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-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

ACCRUED EXPENSES (Tables)

3 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of September 30, 2021 and June 30, 2021:


	As of September 30,		As of June 30,
($ in thousands)	2021		2021

Sales tax reserve	$	17,353	$	17,099
Accrued compensation and related sales commissions	2,444		4,233
Operating lease liabilities, current	1,430		1,166
Accrued professional fees	1,793		1,739
Accrued taxes and filing fees payable	1,295		1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000		—
Other accrued expenses	892		773
Total accrued expenses	$	26,207	$	26,460

* See Note 5 - Acquisition for description of the contingent consideration arrangement.

EQUITY (Tables)

3 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule Of Stock Option Granted Weighted Average Assumptions

The fair value of options granted during the three months ended September 30, 2020 were determined using the following assumptions and includes only options with an established grant date under ASC 718:


	Three months ended September 30,
		2020
Expected volatility (percent)		76.6% - 77.3%
Weighted average expected life (years)		4.5
Dividend yield (percent)		0.0		%
Risk-free interest rate (percent)		0.2% - 0.3%
Number of options granted		467,500
Weighted average exercise price		$	7.49
Weighted average grant date fair value		$	4.41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales and marketing	$ 2,339	$ 2,062	$ 1,754	$ 1,520	$ 1,599	$ 6,935
Technology and product development	5,389	4,513	4,425	3,783	3,214	15,935
General and administrative	7,264	7,677	7,552	8,528	11,997	35,754
Depreciation and amortization		996	991	1,052	1,068	4,107
Total operating expenses	$ 16,014	15,248	14,722	14,883	17,878	62,731
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general, and administrative		14,252	13,731	13,831	16,810	58,624
Depreciation and amortization		996	991	1,052	1,068	4,107
Total operating expenses		$ 15,248	$ 14,722	$ 14,883	$ 17,878	$ 62,731

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rollforward Of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable
Beginning balance	$ 6,614
Provision for expected losses	312
Ending balance	6,926
Finance Receivable
Beginning balance	1,109	$ 150
Provision for expected losses	100	0
Ending balance	$ 1,209	$ 559

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets:
Operating lease right-of-use assets	$ 3,240	$ 3,049
Liabilities:
Operating lease liabilities, accrued expenses	$ 1,430	$ 1,166
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating lease liabilities, non-current	$ 3,535	$ 3,645
Total lease liabilities	$ 4,965	$ 4,811

LEASES - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease costs	$ 442	$ 529

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 480	$ 346
Right-of-use assets obtained in exchange for operating lease liabilities	$ 471	$ 0

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Operating Leases
2022	$ 1,287
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	5,674
Less: Imputed interest	(709)
Present value of lease liabilities	$ 4,965	$ 4,811

LEASES - Property and Equipment Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Leases [Abstract]
Cost	$ 26,664	$ 26,753
Accumulated depreciation	(24,626)	(24,487)
Net	$ 2,038	$ 2,266

REVENUE - Schedule of Revenue by (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 45,780	$ 49,017	$ 42,760	$ 38,285	$ 36,877	$ 166,939
Subscription and transaction fees
Disaggregation of Revenue [Line Items]
Revenue	40,625	38,234	34,686	33,214	33,108	139,242
Transaction fees
Disaggregation of Revenue [Line Items]
Revenue	26,421	24,365	21,002	20,454	19,677	85,498
Subscription fees
Disaggregation of Revenue [Line Items]
Revenue	14,204	13,869	13,684	12,760	13,431	53,744
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue	$ 5,155	$ 10,783	$ 8,074	$ 5,071	$ 3,769	$ 27,697

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Subparagraph (a)
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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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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs, amortization	$ 0.2	$ 0.1
Prepaid Expenses and Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	0.4		$ 0.4
Other Noncurrent Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	$ 2.0		$ 2.0
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, contractual term	36 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, contractual term	60 months

REVENUE - Performance Obligations (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 36,234
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 10,133
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 11,892
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	$ 7,775
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	$ 4,092
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]: 2025-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 2,199
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]: 2026-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 143
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,720	$ 1,639	$ 1,763	$ 1,698
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 95	$ 93

ACQUISITION - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Business Acquisition [Line Items]
Cash paid for acquisition		$ 2,900	$ 0
Intangible assets acquired		1,700
Goodwill		$ 66,194	$ 63,945	$ 63,945
Yoke
Business Acquisition [Line Items]
Cash paid for acquisition	$ 3,000
Deferred cash payment	1,000
Contingent consideration	1,000
Goodwill	2,249
Customer relationships \| Yoke
Business Acquisition [Line Items]
Intangible assets acquired	300
Developed Technology \| Yoke
Business Acquisition [Line Items]
Intangible assets acquired	1,300
Trade names \| Yoke
Business Acquisition [Line Items]
Intangible assets acquired	$ 100

ACQUISITION - Schedule of total consideration paid for acquisition (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Recognized amounts of identifiable assets
Goodwill		$ 66,194	$ 63,945	$ 63,945
Yoke
Consideration
Cash paid for acquisitions	$ 3,000
Total net assets acquired	1,000
Fair value of total consideration transferred	4,000
Recognized amounts of identifiable assets
Total net assets acquired	66
Identifiable intangible assets	1,685
Total identifiable net assets	1,751
Goodwill	$ 2,249

FINANCE RECEIVABLES - Narrative (Details)	3 Months Ended
FINANCE RECEIVABLES - Narrative (Details)	Sep. 30, 2021
Receivables [Abstract]
Finance receivables, lease term	60 months

FINANCE RECEIVABLES - Information Regarding Finance Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Receivables [Abstract]
Current finance receivables, net	$ 8,031	$ 7,967
Finance receivables due after one year, net	10,832	11,632
Total finance receivables	18,863	19,599
Finance receivable, allowance	$ 1,209	$ 1,109	$ 559	$ 150

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

FINANCE RECEIVABLES - Schedule by Year of Origination (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	$ 6,807	$ 6,815	$ 6,815
Between 1 and 2 Years Ago	3,057	4,157	4,157
Between 2 and 3 Years Ago	5,327	4,610	4,610
Between 3 and 4 Years Ago	3,179	3,649	3,649
Between 4 and 5 Years Ago	1,640	1,434	1,434
More than 5 Years Ago	62	43	43
Total	20,072	20,708	20,708
High ratio customers
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	6,338		6,415
Between 1 and 2 Years Ago	2,747		3,824
Between 2 and 3 Years Ago	4,624		3,793
Between 3 and 4 Years Ago	2,423		2,920
Between 4 and 5 Years Ago	1,477		1,290
More than 5 Years Ago	16		24
Total	17,625		18,266
Low ratio customers
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	469		400
Between 1 and 2 Years Ago	310		333
Between 2 and 3 Years Ago	703		817
Between 3 and 4 Years Ago	756		729
Between 4 and 5 Years Ago	163		144
More than 5 Years Ago	46		19
Total	2,447		$ 2,442
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	6,673	6,736
Between 1 and 2 Years Ago	2,831	3,970
Between 2 and 3 Years Ago	4,689	3,942
Between 3 and 4 Years Ago	2,602	3,081
Between 4 and 5 Years Ago	1,583	1,358
More than 5 Years Ago	22	31
Total	18,400	19,118
30 days and under
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	14	19
Between 1 and 2 Years Ago	44	67
Between 2 and 3 Years Ago	80	90
Between 3 and 4 Years Ago	86	93
Between 4 and 5 Years Ago	3	11
More than 5 Years Ago	1	1
Total	228	281
31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	4	4
Between 1 and 2 Years Ago	8	9
Between 2 and 3 Years Ago	35	22
Between 3 and 4 Years Ago	3	2
Between 4 and 5 Years Ago	3	1
More than 5 Years Ago	0	0
Total	53	38
61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	14	10
Between 1 and 2 Years Ago	27	42
Between 2 and 3 Years Ago	63	66
Between 3 and 4 Years Ago	49	54
Between 4 and 5 Years Ago	5	10
More than 5 Years Ago	0	0
Total	158	182
Greater than 90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	102	46
Between 1 and 2 Years Ago	147	69
Between 2 and 3 Years Ago	460	490
Between 3 and 4 Years Ago	439	419
Between 4 and 5 Years Ago	46	54
More than 5 Years Ago	39	11
Total	$ 1,233	$ 1,089

FINANCE RECEIVABLES - Schedule of Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 1,109	$ 150
Provision for expected losses	100	0
Ending balance	$ 1,209	559
Impact of adoption of ASC 326
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		$ 409

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

FINANCE RECEIVABLES - Summary of Finance receivables Fiscal Years (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Receivables [Abstract]
2022	$ 9,408
2023	5,794
2024	3,925
2025	2,467
2026	1,129
Thereafter	66
Total amounts to be collected	22,789
Less: interest	(2,717)
Less: allowance for receivables	(1,209)	$ (1,109)	$ (559)	$ (150)
Total finance receivables	$ 18,863	$ 19,599

LOSS PER SHARE CALCULATION - Calculation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Numerator for basic and diluted earnings per share
Net loss	$ (1,291)	$ (6,613)
Preferred dividends	334	334
Net loss applicable to common shares	$ (1,625)	$ (6,947)
Denominator for basic loss per share - Weighted average shares outstanding (in shares)	71,175,927	64,859,002
Effect of dilutive potential common shares (in shares)	0	0
Denominator for diluted loss per share - Adjusted weighted average shares outstanding (in shares)	71,175,927	64,859,002
Basic loss per share (in dollars per share)	$ (0.02)	$ (0.11)
Diluted loss per share (in dollars per share)	$ (0.02)	$ (0.11)

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

+ References

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- 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	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive shares excluded from the calculation of diluted earnings per shares (in shares)	4,212,024	2,534,225

GOODWILL AND INTANGIBLE ASSETS - Summary of Amortizable Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 33,313	$ 31,628
Accumulated amortization	(12,390)	(11,636)
Intangible assets, Net	20,923	19,992
Goodwill, Gross	66,194	63,945
Goodwill	66,194	63,945	$ 63,945
Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	1,705	1,640
Accumulated amortization	(899)	(840)
Intangible assets, Net	$ 806	$ 800
Brand and tradenames \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years	3 years
Brand and tradenames \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	7 years	7 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 12,269	$ 10,939
Accumulated amortization	(7,320)	(6,890)
Intangible assets, Net	$ 4,949	$ 4,049
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	6 years	6 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 19,339	$ 19,049
Accumulated amortization	(4,171)	(3,906)
Intangible assets, Net	$ 15,168	$ 15,143
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years	10 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	18 years	18 years

GOODWILL AND INTANGIBLES - Additional Information (Details)	3 Months Ended
	Sep. 30, 2021 USD ($) reportingUnit	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, acquired during period	$ 2,200,000
Intangible assets acquired	1,700,000
Amortization expense of acquired intangible assets	$ 800,000	$ 800,000
Number of reporting units \| reportingUnit	1
Goodwill impairment	$ 0

DEBT AND OTHER FINANCING ARRANGEMENTS - Debt and Other Financing Arrangement Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Less: unamortized issuance costs and debt discount	$ (201)	$ (231)
Total	14,139	14,319
Less: debt and other financing arrangements, current	(662)	(675)
Debt and other financing arrangements, noncurrent	13,477	13,644
Line of Credit \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	14,250	14,437
Other obligations
Debt Instrument [Line Items]
Long-term debt	$ 90	$ 113

DEBT AND OTHER FINANCING ARRANGEMENTS - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Debt Instrument [Line Items]
Total interest expense	$ 478	$ 3,285
Line of Credit \| 2020 Antara Term Facility \| Term Facility
Debt Instrument [Line Items]
Total interest expense	0	2,779
Line of Credit \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Total interest expense	230	172
Other obligations
Debt Instrument [Line Items]
Total interest expense	$ 248	$ 334

DEBT AND OTHER FINANCING ARRANGEMENTS - JP Morgan Chase Bank Credit Agreement (Details)		3 Months Ended
	Aug. 14, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Debt Instrument [Line Items]
Total interest expense		$ 478,000	$ 3,285,000
2020 Antara Term Facility \| Term Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000
Total interest expense		0	2,779,000
Recognition of unamortized issuance costs and debt discount			2,600,000
2021 JPMorgan Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000
Term	3 years
Interest rate, increase	2.00%
Commitment fee	0.50%
2021 JPMorgan Credit Facility \| Line of Credit \| December 31, 2020 through September 30, 2022
Debt Instrument [Line Items]
Periodic payment, principal	$ 187,500
Annual principal payment	750,000
Total repayment	1,500,000
2021 JPMorgan Credit Facility \| Line of Credit \| December 31, 2022 through June 30, 2023
Debt Instrument [Line Items]
Periodic payment, principal	375,000
Total repayment	$ 1,100,000
2021 JPMorgan Credit Facility \| Line of Credit \| Period One
Debt Instrument [Line Items]
Adjusted quick ratio, minimum	2.75
2021 JPMorgan Credit Facility \| Line of Credit \| Period Two
Debt Instrument [Line Items]
Adjusted quick ratio, minimum	3.00
2021 JPMorgan Credit Facility \| Line of Credit \| Period Three
Debt Instrument [Line Items]
Adjusted quick ratio, maximum	3.00
2021 JPMorgan Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Variable rate	3.75%
2021 JPMorgan Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Total interest expense		$ 230,000	$ 172,000
2021 JPMorgan Revolving Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000,000
2021 JPMorgan Secured Term Facility \| Term Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
2021 JPMorgan, First Amendment \| Line of Credit
Debt Instrument [Line Items]
Variable rate		4.25%
Interest rate		0.75%
Interest rate, during period		5.00%
Minimum \| 2021 JPMorgan Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Variable rate	2.75%
Minimum \| 2021 JPMorgan Credit Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable rate	3.75%
Maximum \| 2021 JPMorgan Credit Facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Variable rate	3.75%
Maximum \| 2021 JPMorgan Credit Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Variable rate	4.75%

DEBT AND OTHER FINANCING ARRANGEMENTS - Term Facility with Antara (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Oct. 09, 2019
Debt Instrument [Line Items]
Write off of unamortized debt issuance costs and debt discount	$ 2,600,000
Line of Credit \| 2020 Antara Term Facility \| Term Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Payables and Accruals [Abstract]
Sales tax reserve	$ 17,353	$ 17,099
Accrued compensation and related sales commissions	2,444	4,233
Operating lease liabilities, current	1,430	1,166
Accrued professional fees	1,793	1,739
Accrued taxes and filing fees payable	1,295	1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000	0
Other accrued expenses	892	773
Total accrued expenses	$ 26,207	$ 26,460

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 89	$ 40
Unrecognized income tax benefit	$ 500	$ 200

- Definition

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

+ References + Details

EQUITY - Schedule of Fair value of options (Details) - Stock options	3 Months Ended
	Sep. 30, 2020 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield (percent)	0.00%
Number of options granted (in shares) \| shares	467,500
Weighted average exercise price (in dollars per share)	$ 7.49
Weighted average grant date fair value (in dollars per share)	$ 4.41
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	76.60%
Risk-free interest rate (percent)	0.20%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	77.30%
Weighted average expected life (years)	4 years 6 months
Risk-free interest rate (percent)	0.30%

EQUITY - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 27, 2021	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation		$ 1,762	$ 1,509
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		800	$ 1,100
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive trading days	30 days
Performance goals, percentage achieved	80.00%
Decrease in performance options	2.00%
Stock based compensation		$ 600
Performance Shares \| Performance Period, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share, threshold (in dollars per share)	$ 10.50
Performance Shares \| Performance Period, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share, threshold (in dollars per share)	13.50
Performance Shares \| Performance Period, Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share, threshold (in dollars per share)	16.50
Performance Shares \| Performance Period, Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, price per share, threshold (in dollars per share)	$ 19.50
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years

EQUITY - Common Stock (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
EQUITY - Common Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Aug. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock based compensation				$ 1,762	$ 1,509
Restricted Stock Units (RSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Shares issued for services (in shares)	20,000		80,000
Vesting period				3 years
Shares granted (in shares)		93,000
Shares granted, fair value		$ 970
Stock based compensation				$ 400	$ 400

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation, term	3 years
Purchase obligation	$ 27

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details