0001628280-22-001838 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 76,309	$ 88,136
Accounts receivable, net	24,990	27,470
Finance receivables, net	8,247	7,967
Inventory, net	11,752	5,292
Prepaid expenses and other current assets	2,171	2,414
Total current assets	123,469	131,279
Non-current assets:
Finance receivables due after one year, net	10,906	11,632
Property and equipment, net	8,897	5,570
Operating lease assets	2,949	3,049
Intangibles, net	19,606	19,992
Goodwill	66,656	63,945
Other assets	2,609	2,205
Total non-current assets	111,623	106,393
Total assets	235,092	237,672
Current liabilities:
Accounts payable	31,323	36,775
Accrued expenses	28,721	26,460
Current obligations under long-term debt	848	675
Deferred revenue	1,745	1,763
Total current liabilities	62,637	65,673
Long-term liabilities:
Deferred income taxes	190	179
Long-term debt, less current portion	13,124	13,644
Operating lease liabilities, non-current	3,154	3,645
Total long-term liabilities	16,468	17,468
Total liabilities	79,105	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 December 31, 2021 and June 30, 2021, respectively	3,138	3,138
Shareholders’ equity:
Preferred stock, no par value, 1,800,000 shares authorized		0
Common stock, no par value, 640,000,000 shares authorized, 70,987,498 and 71,258,047 shares issued and outstanding at December 31, 2021 and June 30, 2021, respectively	465,990	462,775
Accumulated deficit	(313,141)	(311,382)
Total shareholders’ equity	152,849	151,393
Total liabilities, convertible preferred stock and shareholders’ equity	$ 235,092	$ 237,672

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 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)	70,987,498	71,258,047
Common stock, shares outstanding (in shares)	70,987,498	71,258,047

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 51,091	$ 38,285	$ 96,871	$ 75,162
Cost of sales	35,101	25,984	66,006	48,621
Gross profit	15,990	12,301	30,865	26,541
Operating expenses:
Sales and marketing	1,745	1,520	4,084	3,119
Technology and product development	5,780	3,783	11,169	6,997
General and administrative	7,672	8,528	14,936	20,525
Depreciation and amortization	1,113	1,052	2,135	2,120
Total operating expenses	16,310	14,883	32,324	32,761
Operating loss	(320)	(2,582)	(1,459)	(6,220)
Other income (expense):
Interest income	445	325	918	675
Interest expense	(475)	(596)	(953)	(3,881)
Other income (expense)	(16)	0	(75)	0
Total other income (expense), net	(46)	(271)	(110)	(3,206)
Loss before income taxes	(366)	(2,853)	(1,569)	(9,426)
Provision for income taxes	(102)	(49)	(191)	(89)
Net loss	(468)	(2,902)	(1,760)	(9,515)
Preferred dividends	0	0	(334)	(334)
Net loss applicable to common shares	$ (468)	$ (2,902)	$ (2,094)	$ (9,849)
Net loss per common share
Basic (in dollars per share)	$ (0.01)	$ (0.04)	$ (0.03)	$ (0.15)
Diluted (in dollars per share)	$ (0.01)	$ (0.04)	$ (0.03)	$ (0.15)
Weighted average number of common shares outstanding used to compute net loss per share applicable to common shares
Basic (in shares)	70,969,246	64,913,364	71,072,587	64,886,183
Diluted (in shares)	70,969,246	64,913,364	71,072,587	64,886,183
Subscription and transaction fees
Revenue	$ 41,188	$ 33,214	$ 81,812	$ 66,322
Cost of sales	24,919	20,617	50,944	39,953
Equipment sales
Revenue	9,903	5,071	15,059	8,840
Cost of sales	$ 10,182	$ 5,367	$ 15,062	$ 8,668

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, 2020			65,196,882
Balance at Jun. 30, 2020	98,215	$ 348	$ 401,240	(303,025)	$ 348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,515)
Balance (in shares) at Dec. 31, 2020			65,285,674
Balance at Dec. 31, 2020	92,241		$ 404,433	(312,192)
Balance (in shares) at Sep. 30, 2020			65,252,965
Balance at Sep. 30, 2020	93,452		$ 402,742	(309,290)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)			32,709
Stock-based compensation and exercises (net)	1,691		$ 1,691
Net loss	(2,902)			(2,902)
Balance (in shares) at Dec. 31, 2020			65,285,674
Balance at Dec. 31, 2020	92,241		$ 404,433	(312,192)
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)
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]
Net loss	(1,760)
Balance (in shares) at Dec. 31, 2021			70,987,498
Balance at Dec. 31, 2021	152,849		$ 465,990	(313,141)
Balance (in shares) at Sep. 30, 2021			70,959,182
Balance at Sep. 30, 2021	151,864		$ 464,537	(312,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)			28,316
Stock-based compensation and exercises (net)	1,453		$ 1,453
Net loss	(468)			(468)
Balance (in shares) at Dec. 31, 2021			70,987,498
Balance at Dec. 31, 2021	$ 152,849		$ 465,990	$ (313,141)

- 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	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,760)	$ (9,515)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Stock based compensation	3,129	3,149
Amortization of debt issuance costs and discounts	68	2,657
Provision for expected losses	1,313	1,286
Provision for inventory reserve	342	768
Depreciation and amortization included in operating expenses	2,135	2,120
Depreciation included in costs of sales for rental equipment	518	1,054
Other	112	957
Changes in operating assets and liabilities:
Accounts receivable	1,378	(2,987)
Finance receivables	245	429
Inventory	(6,802)	(434)
Prepaid expenses and other assets	(160)	243
Accounts payable and accrued expenses	(4,555)	195
Operating lease liabilities	(192)	(526)
Deferred revenue	(18)	(50)
Net cash (used in) provided by operating activities	(4,247)	(654)
Cash flows from investing activities:
Cash paid for acquisition	(2,900)	0
Purchase of property and equipment	(4,359)	(970)
Proceeds from sale of property and equipment	0	11
Net cash used in investing activities	(7,259)	(959)
Cash flows from financing activities:
Proceeds from debt facilities, net of issuance costs	0	14,550
Repayment of debt facilities	(407)	(15,364)
Proceeds from exercise of common stock options	86	76
Payment of Antara prepayment penalty and commitment termination fee	0	(1,200)
Net cash used in financing activities	(321)	(1,938)
Net (decrease) increase in cash and cash equivalents	(11,827)	(3,551)
Cash and cash equivalents at beginning of year	88,136	31,713
Cash and cash equivalents at end of period	76,309	28,162
Supplemental disclosures of cash flow information:
Interest paid in cash	$ 376	$ 615

BUSINESS	6 Months Ended
BUSINESS	Dec. 31, 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 in which its business operations and financial performance continues to be affected by the COVID-19 pandemic. While businesses, schools and other organizations re-open, which has led to increased foot-traffic to distributed assets containing our electronic payment solutions, the emergence of new strains and variants and resurgence of the virus, such as the recent outbreak of the Omicron variant, have and may in the future lead to additional shutdowns and closures that impact our operations and financial results. Such impacts to our financial statements include, but not limited to, the impairment of goodwill and intangible assets, impairment of long-lived assets including operating lease 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

6 Months Ended

Dec. 31, 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 six months ended December 31, 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

six months ending December 31, 2021:


	Six months ended December 31,
	2021				2020
($ in thousands)	Accounts Receivable		Finance Receivable		Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30,	$	6,614	$	1,109	$	7,676	$	150
Impact of adoption of ASC 326*	—		—		(757)		409
Provision for expected losses	312		100		394		—
Balance at September 30,	$	6,926	$	1,209	$	7,313	$	559
Provision for expected losses	801		100		542		350
Write-offs	(566)		(247)		—		—
Balance at December 31,	$	7,161	$	1,062	$	7,855	$	909

* The Company adopted ASC 326 on July 1, 2020.

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

6 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

Lessee Accounting

The Company has operating leases for office space, warehouses, and office equipment. At December 31, 2021, the Company has the following balances recorded in the balance sheet related to its lease arrangements:


($ in thousands)	Balance Sheet Classification	As of December 31, 2021		As of June 30, 2021


Assets:	Operating lease assets	$	2,949	$	3,049

Liabilities:
Current	Accrued expenses	$	1,465	$	1,166
Long-term	Operating lease liabilities, non-current	3,154		3,645
Total lease liabilities		$	4,619	$	4,811

Components of lease cost are as follows:


($ in thousands)	Three months ended December 31, 2021	Three months ended December 31, 2020

Operating lease costs*	443	535


($ in thousands)	Six months ended December 31, 2021	Six months ended December 31, 2020

Operating lease costs*	885	1,064

* 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)	Six months ended December 31, 2021		Six months ended December 31, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	840	$	802

Non-cash activity:
Lease assets obtained in exchange for new operating lease liabilities	$	471	$	—

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


($ in thousands)	Operating Leases
Remainder of 2022	$	861
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,248
Less: Imputed interest	(629)
Present value of lease liabilities	$	4,619

Lessor Accounting

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


($ in thousands)	December 31, 2021		June 30, 2021
Cost	$	22,205	26,753
Accumulated depreciation	(20,409)		(24,487)
Net	$	1,796	$	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 December 31, 2021 are disclosed within Note 6 - Finance Receivables.

LEASES

Lessee Accounting


($ in thousands)	Balance Sheet Classification	As of December 31, 2021		As of June 30, 2021


Assets:	Operating lease assets	$	2,949	$	3,049

Liabilities:
Current	Accrued expenses	$	1,465	$	1,166
Long-term	Operating lease liabilities, non-current	3,154		3,645
Total lease liabilities		$	4,619	$	4,811

Components of lease cost are as follows:


($ in thousands)	Three months ended December 31, 2021	Three months ended December 31, 2020

Operating lease costs*	443	535


($ in thousands)	Six months ended December 31, 2021	Six months ended December 31, 2020

Operating lease costs*	885	1,064

* 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)	Six months ended December 31, 2021		Six months ended December 31, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	840	$	802

Non-cash activity:
Lease assets obtained in exchange for new operating lease liabilities	$	471	$	—

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


($ in thousands)	Operating Leases
Remainder of 2022	$	861
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,248
Less: Imputed interest	(629)
Present value of lease liabilities	$	4,619

Lessor Accounting

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


($ in thousands)	December 31, 2021		June 30, 2021
Cost	$	22,205	26,753
Accumulated depreciation	(20,409)		(24,487)
Net	$	1,796	$	2,266

REVENUE

6 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregated Revenue

Beginning in the first quarter of fiscal year 2022, the Company disaggregated 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 December 31,				Six months ended December 31,
($ in thousands)	2021		2020		2021		2020
Transaction fees	$	26,775	$	20,454	$	53,195	$	40,131
Subscription fees	14,413		12,760		28,617		26,191
Subscription and transaction fees	$	41,188	$	33,214	$	81,812	$	66,322
Equipment sales	9,903		5,071		15,059		8,840
Total revenues	$	51,091	$	38,285	$	96,871	$	75,162

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 December 31, 2021

2022	$	7,016
2023	12,609
2024	8,489
2025	4,792
2026	2,892
Thereafter	503
Total	$	36,301

Contract Liabilities

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


	Three months ended December 31,		Three months ended December 31,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,720	$	1,639
Deferred revenue, end of the period	1,745		1,648
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	120	$	95


	Six months ended December 31,		Six months ended December 31,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,763	$	1,698
Deferred revenue, end of the period	1,745		1,648
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	215	$	184

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 December 31, 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 and six months ended December 31, 2021, amortization of capitalized contract costs was $0.2 million and $0.3 million. During the three and six months ended December 31, 2020, amortization of capitalized contract costs was $0.1 million and $0.3 million.

- Definition

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

+ References

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

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

6 Months Ended

Dec. 31, 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 December 31, 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 December 31, 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 six months ended December 31, 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	$	2,966
Contingent consideration arrangement	$	1,000
Fair value of total consideration transferred	$	3,966

Recognized amounts of identifiable assets
Total net assets acquired	$	21
Identifiable intangible assets	$	1,235
Total identifiable net assets	$	1,256

Goodwill	$	2,710

Amounts allocated to identifiable intangible assets included $0.9 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 $2.7 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

6 Months Ended

Dec. 31, 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 December 31, 2021 and June 30, 2021, finance receivables consist of the following:


($ in thousands)	December 31, 2021		June 30, 2021
Current finance receivables, net	$	8,247	$	7,967
Finance receivables due after one year, net	10,906		11,632
Total finance receivables, net of allowance of $1,062 and $1,109, respectively	$	19,153	$	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 December 31, 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	$	6,587	$	3,417	$	4,570	$	2,555	$	1,319	$	17	$	18,465
30 days and under	5		13		47		45		5		—		115
31-60 days	20		32		74		51		20		—		197
61-90 days	12		25		64		44		18		1		164
Greater than 90 days	26		121		484		492		87		64		1,274
Total finance receivables	$	6,650	$	3,608	$	5,239	$	3,187	$	1,449	$	82	$	20,215

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 December 31, 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	$	6,334	$	3,194	$	4,462	$	2,273	$	1,209	$	11	$	17,483
Low ratio customers	316		414		777		914		240		71		2,732
Total finance receivables	$	6,650	$	3,608	$	5,239	$	3,187	$	1,449	$	82	$	20,215

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 six months ending December 31, 2021 and 2020:


	Six months ended December 31,		Six months ended December 31,
($ 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
Provision for expected losses	100		350
Write-offs	(247)		—
Balance at December 31	$	1,062	$	909

* 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	$	8,020
2023	6,241
2024	4,625
2025	3,110
2026	1,726
Thereafter	313
Total amounts to be collected	24,035
Less: interest	(3,820)
Less: allowance for receivables	(1,062)
Total finance receivables	$	19,153

LOSS PER SHARE CALCULATION

6 Months Ended

Dec. 31, 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 December 31,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(468)	$	(2,902)
Preferred dividends	—		—
Net loss applicable to common shareholders	(468)		(2,902)

Denominator for basic loss per share - Weighted average shares outstanding	70,969,246		64,913,364
Effect of dilutive potential common shares	—		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	70,969,246		64,913,364

Basic and diluted loss per share	$	(0.01)	$	(0.04)


	Six months ended December 31,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(1,760)	$	(9,515)
Preferred dividends	(334)		(334)
Net loss applicable to common shareholders	(2,094)		(9,849)

Denominator for basic loss per share - Weighted average shares outstanding	71,072,587		64,886,183
Effect of dilutive potential common shares
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,072,587		64,886,183

Basic and diluted loss per share	$	(0.03)	$	(0.15)

Anti-dilutive shares excluded from the calculation of diluted loss per share were approximately 4 million for the three and six months ended December 31, 2021 and approximately 3 million for the three and six months ended December 31, 2020.

GOODWILL AND INTANGIBLES

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

Intangible asset balances and goodwill consisted of the following:


	As of December 31, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	$	1,705	$	(982)	$	723	1 - 7 years
Developed technology	11,819		(7,815)		4,004		5 - 6 years
Customer relationships	19,339		(4,460)		14,879		5 - 18 years
Total intangible assets	$	32,863	$	(13,257)	$	19,606

Goodwill	66,656		—		66,656		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 and six months ended December 31, 2021, there was $0.9 million and $1.6 million in amortization expense related to intangible assets, respectively, that was recognized. The Company recognized $2.7 million in goodwill and $1.2 million in newly acquired intangible assets in association with the Yoke acquisition as referenced in Note 5 - Acquisition.

During the three and six months ended December 31, 2020, there was $0.8 million and $1.6 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 and six months ended December 31, 2021 and December 31, 2020, the Company did not recognize any impairment charges related to goodwill.

DEBT AND OTHER FINANCING ARRANGEMENTS

6 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT AND OTHER FINANCING ARRANGEMENTS

The Company's debt and other financing arrangements as of December 31, 2021 and June 30, 2021 consisted of the following:


	As of December 31,		As of June 30,
($ in thousands)	2021		2021

2021 JPMorgan Credit Facility	14,063		14,437
Other obligations	81		113
Less: unamortized issuance costs and debt discount	(172)		(231)
Total	13,972		14,319
Less: debt and other financing arrangements, current	(848)		(675)
Debt and other financing arrangements, noncurrent	$	13,124	$	13,644

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


	Three months ended				Six months ended
	December 31,				December 31,
($ in thousands)	2021		2020		2021		2020
2020 Antara Term Facility	$	—	$	—	$	—	$	2,779
2021 JPMorgan Credit Facility	227		303		457		475
Other interest expense	248		293		496		627
Total interest expense	$	475	$	596	$	953	$	3,881

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 the 2021 JPMorgan Credit Agreement (as defined below) with JPMorgan Chase Bank, N.A.

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 entering into 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 December 31, 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 December 31, 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

6 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consisted of the following as of December 31, 2021 and June 30, 2021:


	As of December 31,		As of June 30,
($ in thousands)	2021		2021

Sales tax reserve	$	17,635	$	17,099
Accrued compensation and related sales commissions	3,225		4,233
Operating lease liabilities, current	1,465		1,166
Accrued professional fees	2,839		1,739
Accrued taxes and filing fees payable	1,743		1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000		—
Other accrued expenses	814		773
Total accrued expenses	$	28,721	$	26,460

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

INCOME TAXES	6 Months Ended
INCOME TAXES	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended December 31, 2021, the Company recorded an income tax provision of $102 thousand. For the six months ended December 31, 2021, the Company recorded an income tax provision of $191 thousand. As of December 31, 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 December 31, 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 six months ended December 31, 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 December 30, 2020, the Company recorded an income tax provision of $49 thousand. For the six months ended December 31, 2020, the Company recorded an income tax provision of $89 thousand. As of December 31, 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 December 31, 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 six months ended December 31, 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

6 Months Ended

Dec. 31, 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.

The fair value of options granted during the six months ended December 31, 2021 and 2020 were determined using the following assumptions and includes only options with an established grant date under ASC 718:


	Six months ended December 31,
		2021			2020
Expected volatility (percent)		73.2% - 73.6%			76.3% - 77.3%
Weighted average expected life (years)		4.5			4.5
Dividend yield (percent)		0.0		%	0.0		%
Risk-free interest rate (percent)		1.0% - 1.2%			0.2% - 0.4%
Number of options granted		495,000			650,000
Weighted average exercise price		$	9.98		$	8.00
Weighted average grant date fair value		$	5.72		$	4.69

Stock based compensation related to stock options with an established grant date for the three and six months ended December 31, 2021 was $0.6 million and $1.4 million, respectively, and for the three and six months ended December 31, 2020 was $1.4 million and $2.5 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 and six months ended December 31, 2021 for these awards was $0.3 million and $0.9 million, respectively. There was no expense recognized for performance based awards during the three and six months ended December 31, 2020.

COMMON STOCK AWARDS

Two employees of Hudson Executive Capital LP (“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 and six months ended December 31, 2021 for these consulting agreements was $0.1 million.

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 and six months ended December 31, 2021 was $0.5 million and $0.8 million, respectively, and for the three and six months ended December 31, 2020 was $0.3 million and $0.7 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 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 December 31, 2021, the Company had firm commitments to purchase inventory of approximately $23 million over the next three years.

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS A member of our Board of Directors serves as a strategic advisor to a consulting firm that we utilize for payments analytics and advisory services. These services are utilized by the Company to reduce the cost of our interchange and other processing fees charged by payment processors and credit card networks. As consideration for the services, we pay the consulting firm a success fee based on the savings realized by the Company. The total expense recognized within Cost of subscription and transaction fees for the three and six months ended December 31, 2021 for these arrangements was $0.5 million and $0.8 million respectively. See Note 12 - Equity for information on transactions relating to Hudson Executive.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Dec. 31, 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

six months ending December 31, 2021:


	Six months ended December 31,
	2021				2020
($ in thousands)	Accounts Receivable		Finance Receivable		Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30,	$	6,614	$	1,109	$	7,676	$	150
Impact of adoption of ASC 326*	—		—		(757)		409
Provision for expected losses	312		100		394		—
Balance at September 30,	$	6,926	$	1,209	$	7,313	$	559
Provision for expected losses	801		100		542		350
Write-offs	(566)		(247)		—		—
Balance at December 31,	$	7,161	$	1,062	$	7,855	$	909

* The Company adopted ASC 326 on July 1, 2020.

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)

6 Months Ended

Dec. 31, 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

six months ending December 31, 2021:


	Six months ended December 31,
	2021				2020
($ in thousands)	Accounts Receivable		Finance Receivable		Accounts Receivable		Finance Receivable
Beginning balance of allowance as of June 30,	$	6,614	$	1,109	$	7,676	$	150
Impact of adoption of ASC 326*	—		—		(757)		409
Provision for expected losses	312		100		394		—
Balance at September 30,	$	6,926	$	1,209	$	7,313	$	559
Provision for expected losses	801		100		542		350
Write-offs	(566)		(247)		—		—
Balance at December 31,	$	7,161	$	1,062	$	7,855	$	909

* The Company adopted ASC 326 on July 1, 2020.

LEASES (Tables)

6 Months Ended

Dec. 31, 2021

Leases [Abstract]

Assets and Liabilities

At December 31, 2021, the Company has the following balances recorded in the balance sheet related to its lease arrangements:


($ in thousands)	Balance Sheet Classification	As of December 31, 2021		As of June 30, 2021


Assets:	Operating lease assets	$	2,949	$	3,049

Liabilities:
Current	Accrued expenses	$	1,465	$	1,166
Long-term	Operating lease liabilities, non-current	3,154		3,645
Total lease liabilities		$	4,619	$	4,811

Lease Costs

Components of lease cost are as follows:


($ in thousands)	Three months ended December 31, 2021	Three months ended December 31, 2020

Operating lease costs*	443	535


($ in thousands)	Six months ended December 31, 2021	Six months ended December 31, 2020

Operating lease costs*	885	1,064

* 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)	Six months ended December 31, 2021		Six months ended December 31, 2020

Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	840	$	802

Non-cash activity:
Lease assets obtained in exchange for new 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
Remainder of 2022	$	861
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	$	5,248
Less: Imputed interest	(629)
Present value of lease liabilities	$	4,619

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)	December 31, 2021		June 30, 2021
Cost	$	22,205	26,753
Accumulated depreciation	(20,409)		(24,487)
Net	$	1,796	$	2,266

REVENUE (Tables)

6 Months Ended

Dec. 31, 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 December 31,				Six months ended December 31,
($ in thousands)	2021		2020		2021		2020
Transaction fees	$	26,775	$	20,454	$	53,195	$	40,131
Subscription fees	14,413		12,760		28,617		26,191
Subscription and transaction fees	$	41,188	$	33,214	$	81,812	$	66,322
Equipment sales	9,903		5,071		15,059		8,840
Total revenues	$	51,091	$	38,285	$	96,871	$	75,162

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 December 31, 2021

2022	$	7,016
2023	12,609
2024	8,489
2025	4,792
2026	2,892
Thereafter	503
Total	$	36,301

Contract Liability

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


	Three months ended December 31,		Three months ended December 31,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,720	$	1,639
Deferred revenue, end of the period	1,745		1,648
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	120	$	95


	Six months ended December 31,		Six months ended December 31,
($ in thousands)	2021		2020

Deferred revenue, beginning of the period	$	1,763	$	1,698
Deferred revenue, end of the period	1,745		1,648
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$	215	$	184

ACQUISITION (Tables)

6 Months Ended

Dec. 31, 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	$	2,966
Contingent consideration arrangement	$	1,000
Fair value of total consideration transferred	$	3,966

Recognized amounts of identifiable assets
Total net assets acquired	$	21
Identifiable intangible assets	$	1,235
Total identifiable net assets	$	1,256

Goodwill	$	2,710

FINANCE RECEIVABLES (Tables)

6 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Finance Receivables

As of December 31, 2021 and June 30, 2021, finance receivables consist of the following:


($ in thousands)	December 31, 2021		June 30, 2021
Current finance receivables, net	$	8,247	$	7,967
Finance receivables due after one year, net	10,906		11,632
Total finance receivables, net of allowance of $1,062 and $1,109, respectively	$	19,153	$	19,599

Schedule of Credit Quality Indicators

At December 31, 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	$	6,587	$	3,417	$	4,570	$	2,555	$	1,319	$	17	$	18,465
30 days and under	5		13		47		45		5		—		115
31-60 days	20		32		74		51		20		—		197
61-90 days	12		25		64		44		18		1		164
Greater than 90 days	26		121		484		492		87		64		1,274
Total finance receivables	$	6,650	$	3,608	$	5,239	$	3,187	$	1,449	$	82	$	20,215

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 December 31, 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	$	6,334	$	3,194	$	4,462	$	2,273	$	1,209	$	11	$	17,483
Low ratio customers	316		414		777		914		240		71		2,732
Total finance receivables	$	6,650	$	3,608	$	5,239	$	3,187	$	1,449	$	82	$	20,215

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 six months ending December 31, 2021 and 2020:


	Six months ended December 31,		Six months ended December 31,
($ 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
Provision for expected losses	100		350
Write-offs	(247)		—
Balance at December 31	$	1,062	$	909

* 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	$	8,020
2023	6,241
2024	4,625
2025	3,110
2026	1,726
Thereafter	313
Total amounts to be collected	24,035
Less: interest	(3,820)
Less: allowance for receivables	(1,062)
Total finance receivables	$	19,153

LOSS PER SHARE CALCULATION (Tables)

6 Months Ended

Dec. 31, 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 December 31,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(468)	$	(2,902)
Preferred dividends	—		—
Net loss applicable to common shareholders	(468)		(2,902)

Denominator for basic loss per share - Weighted average shares outstanding	70,969,246		64,913,364
Effect of dilutive potential common shares	—		—
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	70,969,246		64,913,364

Basic and diluted loss per share	$	(0.01)	$	(0.04)


	Six months ended December 31,
($ in thousands, except per share data)	2021		2020

Numerator for basic and diluted loss per share
Net loss	$	(1,760)	$	(9,515)
Preferred dividends	(334)		(334)
Net loss applicable to common shareholders	(2,094)		(9,849)

Denominator for basic loss per share - Weighted average shares outstanding	71,072,587		64,886,183
Effect of dilutive potential common shares
Denominator for diluted loss per share - Adjusted weighted average shares outstanding	71,072,587		64,886,183

Basic and diluted loss per share	$	(0.03)	$	(0.15)

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Asset Balances

Intangible asset balances and goodwill consisted of the following:


	As of December 31, 2021
($ in thousands)	Gross		Accumulated Amortization		Net		Amortization Period
Intangible assets:
Brand and tradenames	$	1,705	$	(982)	$	723	1 - 7 years
Developed technology	11,819		(7,815)		4,004		5 - 6 years
Customer relationships	19,339		(4,460)		14,879		5 - 18 years
Total intangible assets	$	32,863	$	(13,257)	$	19,606

Goodwill	66,656		—		66,656		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)

6 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt Instruments

The Company's debt and other financing arrangements as of December 31, 2021 and June 30, 2021 consisted of the following:


	As of December 31,		As of June 30,
($ in thousands)	2021		2021

2021 JPMorgan Credit Facility	14,063		14,437
Other obligations	81		113
Less: unamortized issuance costs and debt discount	(172)		(231)
Total	13,972		14,319
Less: debt and other financing arrangements, current	(848)		(675)
Debt and other financing arrangements, noncurrent	$	13,124	$	13,644

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


	Three months ended				Six months ended
	December 31,				December 31,
($ in thousands)	2021		2020		2021		2020
2020 Antara Term Facility	$	—	$	—	$	—	$	2,779
2021 JPMorgan Credit Facility	227		303		457		475
Other interest expense	248		293		496		627
Total interest expense	$	475	$	596	$	953	$	3,881

- 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))
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+ Details

ACCRUED EXPENSES (Tables)

6 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2021 and June 30, 2021:


	As of December 31,		As of June 30,
($ in thousands)	2021		2021

Sales tax reserve	$	17,635	$	17,099
Accrued compensation and related sales commissions	3,225		4,233
Operating lease liabilities, current	1,465		1,166
Accrued professional fees	2,839		1,739
Accrued taxes and filing fees payable	1,743		1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000		—
Other accrued expenses	814		773
Total accrued expenses	$	28,721	$	26,460

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

EQUITY (Tables)

6 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule Of Stock Option Granted Weighted Average Assumptions


	Six months ended December 31,
		2021			2020
Expected volatility (percent)		73.2% - 73.6%			76.3% - 77.3%
Weighted average expected life (years)		4.5			4.5
Dividend yield (percent)		0.0		%	0.0		%
Risk-free interest rate (percent)		1.0% - 1.2%			0.2% - 0.4%
Number of options granted		495,000			650,000
Weighted average exercise price		$	9.98		$	8.00
Weighted average grant date fair value		$	5.72		$	4.69

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	6 Months Ended
	Dec. 31, 2021 segment
Accounting Policies [Abstract]
Number of operating segments	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales and marketing	$ 1,745	$ 2,062	$ 1,754	$ 1,520	$ 1,599	$ 4,084	$ 3,119	$ 6,935
Technology and product development	5,780	4,513	4,425	3,783	3,214	11,169	6,997	15,935
General and administrative	7,672	7,677	7,552	8,528	11,997	14,936	20,525	35,754
Depreciation and amortization		996	991	1,052	1,068			4,107
Total operating expenses	$ 16,310	15,248	14,722	14,883	17,878	$ 32,324	$ 32,761	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
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounts Receivable
Beginning balance	$ 6,926	$ 6,614	$ 7,313	$ 7,676
Provision for expected losses	801	312	542	394
Write-offs	(566)		0
Ending balance	7,161	6,926	7,855	7,313
Finance Receivable
Beginning balance	1,209	1,109	559	150
Provision for expected losses	100	100	350	0
Write-offs	(247)		0
Ending balance	$ 1,062	1,209	$ 909	559
Impact of adoption of ASC 326
Accounts Receivable
Beginning balance		0		(757)
Finance Receivable
Beginning balance		$ 0		$ 409

- 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	Dec. 31, 2021	Jun. 30, 2021
Assets:
Operating lease assets	$ 2,949	$ 3,049
Liabilities:
Operating lease liabilities, accrued expenses	$ 1,465	$ 1,166
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating lease liabilities, non-current	$ 3,154	$ 3,645
Total lease liabilities	$ 4,619	$ 4,811

LEASES - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease costs	$ 443	$ 535	$ 885	$ 1,064

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 840	$ 802
Right-of-use assets obtained in exchange for operating lease liabilities	$ 471	$ 0

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Operating Leases
Remainder of 2022	$ 861
2023	1,758
2024	1,029
2025	707
2026	628
Thereafter	265
Total lease payments	5,248
Less: Imputed interest	(629)
Present value of lease liabilities	$ 4,619	$ 4,811

LEASES - Property and Equipment Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Leases [Abstract]
Cost	$ 22,205	$ 26,753
Accumulated depreciation	(20,409)	(24,487)
Net	$ 1,796	$ 2,266

REVENUE - Schedule of Revenue by (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 51,091	$ 49,017	$ 42,760	$ 38,285	$ 36,877	$ 96,871	$ 75,162	$ 166,939
Subscription and transaction fees
Disaggregation of Revenue [Line Items]
Revenue	41,188	38,234	34,686	33,214	33,108	81,812	66,322	139,242
Transaction fees
Disaggregation of Revenue [Line Items]
Revenue	26,775	24,365	21,002	20,454	19,677	53,195	40,131	85,498
Subscription fees
Disaggregation of Revenue [Line Items]
Revenue	14,413	13,869	13,684	12,760	13,431	28,617	26,191	53,744
Equipment sales
Disaggregation of Revenue [Line Items]
Revenue	$ 9,903	$ 10,783	$ 8,074	$ 5,071	$ 3,769	$ 15,059	$ 8,840	$ 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs, amortization	$ 0.2	$ 0.1	$ 0.3	$ 0.3
Prepaid Expenses and Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	0.4		0.4		$ 0.4
Other Noncurrent Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capitalized costs	$ 2.0		$ 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	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 36,301
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 7,016
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 12,609
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	$ 8,489
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	$ 4,792
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	$ 2,892
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]: 2026-07-01
Revenue from Contract with Customer [Abstract]
Performance obligation	$ 503
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, period

REVENUE - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 1,745	$ 1,648	$ 1,745	$ 1,648	$ 1,720	$ 1,763	$ 1,639	$ 1,698
Revenue recognized in the period from amounts included in deferred revenue at the beginning of the period	$ 120	$ 95	$ 215	$ 184

ACQUISITION - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Business Acquisition [Line Items]
Cash paid for acquisition			$ 2,900	$ 0
Contingent consideration		$ 1,000	1,000		$ 0
Intangible assets acquired		1,200
Goodwill		$ 66,656	$ 66,656		$ 63,945
Yoke
Business Acquisition [Line Items]
Cash paid for acquisition	$ 3,000
Deferred cash payment	1,000
Contingent consideration	1,000
Goodwill	2,710
Developed Technology \| Yoke
Business Acquisition [Line Items]
Intangible assets acquired	900
Customer relationships \| Yoke
Business Acquisition [Line Items]
Intangible assets acquired	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	Dec. 31, 2021	Jun. 30, 2021
Recognized amounts of identifiable assets
Goodwill		$ 66,656	$ 63,945
Yoke
Consideration
Cash paid for acquisitions	$ 2,966
Contingent consideration arrangement	1,000
Fair value of total consideration transferred	3,966
Recognized amounts of identifiable assets
Total net assets acquired	21
Identifiable intangible assets	1,235
Total identifiable net assets	1,256
Goodwill	$ 2,710

FINANCE RECEIVABLES - Narrative (Details)	6 Months Ended
FINANCE RECEIVABLES - Narrative (Details)	Dec. 31, 2021
Receivables [Abstract]
Finance receivables, lease term	60 months

FINANCE RECEIVABLES - Information Regarding Finance Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Receivables [Abstract]
Current finance receivables, net	$ 8,247		$ 7,967
Finance receivables due after one year, net	10,906		11,632
Total finance receivables	19,153		19,599
Finance receivable, allowance	$ 1,062	$ 1,209	$ 1,109	$ 909	$ 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	Dec. 31, 2021	Jun. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	$ 6,650	$ 6,815
Between 1 and 2 Years Ago	3,608	4,157
Between 2 and 3 Years Ago	5,239	4,610
Between 3 and 4 Years Ago	3,187	3,649
Between 4 and 5 Years Ago	1,449	1,434
More than 5 Years Ago	82	43
Total	20,215	20,708
High ratio customers
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	6,334	6,415
Between 1 and 2 Years Ago	3,194	3,824
Between 2 and 3 Years Ago	4,462	3,793
Between 3 and 4 Years Ago	2,273	2,920
Between 4 and 5 Years Ago	1,209	1,290
More than 5 Years Ago	11	24
Total	17,483	18,266
Low ratio customers
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	316	400
Between 1 and 2 Years Ago	414	333
Between 2 and 3 Years Ago	777	817
Between 3 and 4 Years Ago	914	729
Between 4 and 5 Years Ago	240	144
More than 5 Years Ago	71	19
Total	2,732	2,442
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	6,587	6,736
Between 1 and 2 Years Ago	3,417	3,970
Between 2 and 3 Years Ago	4,570	3,942
Between 3 and 4 Years Ago	2,555	3,081
Between 4 and 5 Years Ago	1,319	1,358
More than 5 Years Ago	17	31
Total	18,465	19,118
30 days and under
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	5	19
Between 1 and 2 Years Ago	13	67
Between 2 and 3 Years Ago	47	90
Between 3 and 4 Years Ago	45	93
Between 4 and 5 Years Ago	5	11
More than 5 Years Ago	0	1
Total	115	281
31-60 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	20	4
Between 1 and 2 Years Ago	32	9
Between 2 and 3 Years Ago	74	22
Between 3 and 4 Years Ago	51	2
Between 4 and 5 Years Ago	20	1
More than 5 Years Ago	0	0
Total	197	38
61-90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	12	10
Between 1 and 2 Years Ago	25	42
Between 2 and 3 Years Ago	64	66
Between 3 and 4 Years Ago	44	54
Between 4 and 5 Years Ago	18	10
More than 5 Years Ago	1	0
Total	164	182
Greater than 90 days
Financing Receivable, Credit Quality Indicator [Line Items]
Up to 1 Year Ago	26	46
Between 1 and 2 Years Ago	121	69
Between 2 and 3 Years Ago	484	490
Between 3 and 4 Years Ago	492	419
Between 4 and 5 Years Ago	87	54
More than 5 Years Ago	64	11
Total	$ 1,274	$ 1,089

FINANCE RECEIVABLES - Schedule of Credit Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance	$ 1,209	$ 1,109	$ 559	$ 150
Provision for expected losses	100	100	350	0
Write-offs	(247)		0
Ending balance	$ 1,062	1,209	$ 909	559
Impact of adoption of ASC 326
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning balance		$ 0		$ 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	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Receivables [Abstract]
2022	$ 8,020
2023	6,241
2024	4,625
2025	3,110
2026	1,726
Thereafter	313
Total amounts to be collected	24,035
Less: interest	(3,820)
Less: allowance for receivables	(1,062)	$ (1,209)	$ (1,109)	$ (909)	$ (559)	$ (150)
Total finance receivables	$ 19,153		$ 19,599

LOSS PER SHARE CALCULATION - Calculation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator for basic and diluted earnings per share
Net loss	$ (468)	$ (1,291)	$ (2,902)	$ (6,613)	$ (1,760)	$ (9,515)
Preferred dividends	0		0		334	334
Net loss applicable to common shares	$ (468)		$ (2,902)		$ (2,094)	$ (9,849)
Denominator for basic loss per share - Weighted average shares outstanding (in shares)	70,969,246		64,913,364		71,072,587	64,886,183
Effect of dilutive potential common shares (in shares)	0		0
Denominator for diluted loss per share - Adjusted weighted average shares outstanding (in shares)	70,969,246		64,913,364		71,072,587	64,886,183
Basic loss per share (in dollars per share)	$ (0.01)		$ (0.04)		$ (0.03)	$ (0.15)
Diluted loss per share (in dollars per share)	$ (0.01)		$ (0.04)		$ (0.03)	$ (0.15)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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- Definition

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

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- Definition

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

+ References

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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 shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive shares excluded from the calculation of diluted earnings per shares (in shares)	4.0	3.0	4.0	3.0

GOODWILL AND INTANGIBLE ASSETS - Summary of Amortizable Intangible Asset (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	$ 32,863	$ 31,628
Accumulated amortization	(13,257)	(11,636)
Intangible assets, Net	19,606	19,992
Goodwill, Gross	66,656	63,945
Goodwill	66,656	63,945
Brand and tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible assets gross	1,705	1,640
Accumulated amortization	(982)	(840)
Intangible assets, Net	$ 723	$ 800
Brand and tradenames \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	1 year	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	$ 11,819	$ 10,939
Accumulated amortization	(7,815)	(6,890)
Intangible assets, Net	$ 4,004	$ 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	(4,460)	(3,906)
Intangible assets, Net	$ 14,879	$ 15,143
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	5 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		6 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) reportingUnit	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, acquired during period	$ 2,700,000
Intangible assets acquired	1,200,000
Amortization expense of acquired intangible assets	900,000	$ 800,000	$ 1,600,000	$ 1,600,000
Number of reporting units \| reportingUnit			1
Goodwill impairment	$ 0	$ 0	$ 0	$ 0

DEBT AND OTHER FINANCING ARRANGEMENTS - Debt and Other Financing Arrangement Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Less: unamortized issuance costs and debt discount	$ (172)	$ (231)
Total	13,972	14,319
Less: debt and other financing arrangements, current	(848)	(675)
Debt and other financing arrangements, noncurrent	13,124	13,644
Line of Credit \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	14,063	14,437
Other obligations
Debt Instrument [Line Items]
Long-term debt	$ 81	$ 113

DEBT AND OTHER FINANCING ARRANGEMENTS - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total interest expense	$ 475	$ 596		$ 953	$ 3,881
Line of Credit \| 2020 Antara Term Facility \| Term Facility
Debt Instrument [Line Items]
Total interest expense	0	0	$ 2,779	0
Line of Credit \| 2021 JPMorgan Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Total interest expense	227	303		457	475
Other obligations
Debt Instrument [Line Items]
Total interest expense	$ 248	$ 293		$ 496	$ 627

DEBT AND OTHER FINANCING ARRANGEMENTS - JP Morgan Chase Bank Credit Agreement (Details)		3 Months Ended			6 Months Ended
	Aug. 14, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Total interest expense		$ 475,000	$ 596,000		$ 953,000	$ 3,881,000
2020 Antara Term Facility \| Term Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000
Total interest expense		0	0	$ 2,779,000	0
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		$ 227,000	$ 303,000		$ 457,000	$ 475,000
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%			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	Dec. 31, 2021	Jun. 30, 2021
Payables and Accruals [Abstract]
Sales tax reserve	$ 17,635	$ 17,099
Accrued compensation and related sales commissions	3,225	4,233
Operating lease liabilities, current	1,465	1,166
Accrued professional fees	2,839	1,739
Accrued taxes and filing fees payable	1,743	1,450
Contingent consideration arrangement for the Yoke acquisition*	1,000	0
Other accrued expenses	814	773
Total accrued expenses	$ 28,721	$ 26,460

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 102	$ 49	$ 191	$ 89
Unrecognized income tax benefit	$ 500	$ 200	$ 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 - $ / shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum expected volatility (percent)	73.20%	76.30%
Maximum expected volatility (percent)	73.60%	77.30%
Weighted average expected life (years)	4 years 6 months	4 years 6 months
Dividend yield (percent)	0.00%	0.00%
Minimum risk-free interest rate (percent)	1.00%	0.20%
Maximum risk-free interest rate (percent)	1.20%	0.40%
Number of options granted (in shares)	495,000	650,000
Weighted average exercise price (in dollars per share)	$ 9.98	$ 8.00
Weighted average grant date fair value (in dollars per share)	$ 5.72	$ 4.69

EQUITY - Stock options (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 27, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation				$ 3,129	$ 3,149
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 600	$ 1,400	1,400	2,500
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		$ 300	$ 0	$ 900	$ 0
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		6 Months Ended
EQUITY - Common Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Aug. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock based compensation						$ 3,129	$ 3,149
Restricted Stock Units (RSUs)
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Stock based compensation				$ 500	$ 300	800	$ 700
Restricted Stock Units (RSUs) \| Two employees
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Shares issued for services (in shares)	20,000		80,000
Stock based compensation				$ 100		$ 100
Restricted Stock Units (RSUs) \| Executives
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period						3 years
Shares granted (in shares)		93,000
Shares granted, fair value		$ 970

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 23
Purchase obligation, term	3 years

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Related Party Transactions [Abstract]
Cost of subscription and transaction fees	$ 0.5	$ 0.8

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