Great Elm (GEG) 10-Q 10 Feb 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2021	Feb. 04, 2022
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Great Elm Group, Inc.
Entity Central Index Key	0001831096
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		27,454,599
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-39832
Entity Tax Identification Number	85-3622015
Entity Address, Address Line One	800 South Street
Entity Address, Address Line Two	Suite 230
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02453
City Area Code	617
Local Phone Number	375-3006
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of each class	Common Stock, par value $0.001 per share
Trading Symbol	GEG
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 24,956	$ 24,382
Accounts receivable	5,271	6,518
Related party receivables	1,345	1,665
Investments, at fair value (cost $44,647 and $45,326, respectively)	22,286	24,044
Inventories	913	1,066
Prepaid and other current assets	1,634	3,791
Assets of Consolidated Funds - Investments, at fair value	26,447	26,490
Assets of Consolidated Funds - Prepaid expenses and other assets	89	578
Total current assets	82,941	88,534
Property and equipment, net	738	981
Equipment held for rental, net	6,893	7,391
Identifiable intangible assets, net	8,110	8,928
Goodwill	52,463	50,536
Right of use assets	4,737	5,241
Other assets	255	258
Total assets	156,137	161,869
Current liabilities:
Accounts payable	5,405	5,521
Accrued expenses and other liabilities	5,841	6,955
Deferred revenue	2,155	4,438
Current portion of lease liabilities	1,986	1,920
Current portion of capitalized equipment financing	2,571	1,974
Liabilities of Consolidated Funds- accrued expenses and other	12,265	12,197
Total current liabilities	30,223	33,005
Lease liabilities, net of current portion	3,011	3,596
Convertible notes (face value $35,205 and $34,346, respectively, including $16,637 and $16,231, respectively, held by related parties)	34,249	33,333
Equipment financing debt, net of current portion	17	67
Redeemable preferred stock of subsidiaries (held by related parties, face value $37,018)	35,639	35,529
Other liabilities	348	915
Total liabilities	103,487	106,445
Commitments and Contingencies (Note 18)
Contingently redeemable non-controlling interest	2,948	2,639
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding
Common stock, $0.001 par value; 350,000,000 shares authorized and 26,968,632 shares issued and 26,815,181 outstanding at December 31, 2021; and 26,613,913 shares issued and 25,948,100 outstanding at June 30, 2021	27	26
Additional paid-in-capital	3,309,325	3,307,613
Accumulated deficit	(3,268,841)	(3,264,403)
Total Great Elm Group, Inc. stockholders' equity	40,511	43,236
Non-controlling interests	9,191	9,549
Total stockholders' equity	49,702	52,785
Total liabilities, non-controlling interest and stockholders' equity	$ 156,137	$ 161,869

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Statement Of Financial Position [Abstract]
Investments, cost basis	$ 44,647	$ 45,326
Investments, cost basis	26,758	26,814
Convertible notes, face value	35,205	34,346
Convertible notes payable to related party non-current	16,637	$ 16,231
Redeemable preferred stock held by related parties	$ 37,018
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	26,968,632	26,613,913
Common stock, shares outstanding	26,815,181	25,948,100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 5,451	$ 4,999	$ 10,930	$ 10,396
Revenue	16,749	15,303	33,287	30,686
Operating costs and expenses:
Durable medical equipment other operating expenses	8,540	8,070	14,793	15,750
Depreciation and amortization	552	591	1,114	1,181
Selling, general and administrative	1,465	1,315	3,038	2,728
Expenses of Consolidated Funds	45	8	97	8
Total operating costs and expenses	18,614	17,224	34,151	33,755
Operating loss	(1,865)	(1,921)	(864)	(3,069)
Dividends and interest income	644	1,325	1,297	1,854
Net realized and unrealized (loss) gain on investments	(1,821)	2,560	(1,835)	658
Net realized and unrealized gain on investments of Consolidated Funds	194	66	5	66
Interest expense	(1,362)	(1,102)	(2,724)	(2,246)
Loss on extinguishment of debt		(1,866)		(1,866)
Other income, net	(14)	33	2	30
Loss from continuing operations, before income taxes	(4,224)	(905)	(4,119)	(4,573)
Income tax benefit (expense)	65	50	66	(49)
Loss from continuing operations	(4,159)	(855)	(4,053)	(4,622)
Discontinued operations:
Income from discontinued operations, net of tax		72		138
Net loss	(4,159)	(783)	(4,053)	(4,484)
Less: net income (loss) attributable to non-controlling interest, continuing operations	79	(614)	385	(734)
Less: net income attributable to non-controlling interest, discontinued operations		17		30
Net loss attributable to Great Elm Group, Inc.	$ (4,238)	$ (186)	$ (4,438)	$ (3,780)
Basic and diluted income (loss) per share from:
Continuing operations	$ (0.16)	$ (0.01)	$ (0.17)	$ (0.15)
Discontinued operations		0		0
Net loss	$ (0.16)	$ (0.01)	$ (0.17)	$ (0.15)
Weighted average shares outstanding
Basic	26,462	25,678	26,222	25,626
Diluted	26,462	25,678	26,222	25,626
Durable Medical Equipment Sales and Services Revenue
Revenues:
Revenue from contract with customer	$ 10,277	$ 9,544	$ 20,353	$ 18,757
Operating costs and expenses:
Total operating costs and expenses	4,309	4,703	8,369	8,910
Durable Medical Equipment Rental Income
Revenues:
Rental income	5,451	4,999	10,930	10,396
Operating costs and expenses:
Total operating costs and expenses	1,734	1,621	3,584	3,536
Investment Management Revenues
Revenues:
Revenue from contract with customer	1,021	760	2,004	1,533
Operating costs and expenses:
Total operating costs and expenses	$ 1,969	$ 916	$ 3,156	$ 1,642

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Depreciation expense	$ 1,749	$ 1,625	$ 3,580	$ 3,538
Net of CARES Act Stimulus			2,321
Net of CARES Act Stimulus			84
Durable Medical Equipment Rental Income
Depreciation expense	$ 1,597	$ 1,457	$ 3,285	$ 3,205

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity and Contingently Redeemable Non-controlling Interest (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total Great Elm Group Inc. Stockholders' Equity	Non-controlling Interest
Beginning balance at Jun. 30, 2020	$ 52,731	$ 26	$ 3,305,963	$ (3,257,144)	$ 48,845	$ 3,886
Beginning balance (in shares) at Jun. 30, 2020		25,530,000
Beginning balance, Contingently redeemable non-controlling interest at Jun. 30, 2020	3,890
Net loss	(3,655)			(3,594)	(3,594)	(61)
Net loss, Contingently redeemable non-controlling interest	(46)
Issuance of common stock related to vesting of restricted stock		$ 0
Issuance of common stock related to vesting of restricted stock (in shares)		116,000
Stock-based compensation	429		429		429
Ending balance at Sep. 30, 2020	49,505	$ 26	3,306,392	(3,260,738)	45,680	3,825
Ending balance (in shares) at Sep. 30, 2020		25,646,000
Ending balance, Contingently redeemable non-controlling interest at Sep. 30, 2020	3,844
Net loss	(492)			(187)	(187)	(305)
Net loss, Contingently redeemable non-controlling interest	(291)
Issuance of common stock related to vesting of restricted stock		$ 0
Issuance of common stock related to vesting of restricted stock (in shares)		45,000
Distributions to non-controlling interest holders of DME Inc.	(985)					(985)
Distributions to non-controlling interest holders of DME Inc., Contingently redeemable non-controlling interest	(985)
Issuance of Forest common stock	2,700					2,700
Stock-based compensation	285		285		285
Ending balance at Dec. 31, 2020	51,013	$ 26	3,306,677	(3,260,925)	45,778	5,235
Ending balance (in shares) at Dec. 31, 2020		25,691,000
Ending balance, Contingently redeemable non-controlling interest at Dec. 31, 2020	2,568
Beginning balance at Jun. 30, 2021	$ 52,785	$ 26	3,307,613	(3,264,403)	43,236	9,549
Beginning balance (in shares) at Jun. 30, 2021	25,948,100	25,948,000
Beginning balance, Contingently redeemable non-controlling interest at Jun. 30, 2021	$ 2,639
Net loss	(99)			(200)	(200)	101
Net loss, Contingently redeemable non-controlling interest	205
Issuance of common stock related to vesting of restricted stock		$ 0
Issuance of common stock related to vesting of restricted stock (in shares)		145,000
Issuance of interests in Consolidated Funds, net	527					527
Stock-based compensation	581		581		581
Ending balance at Sep. 30, 2021	53,794	$ 26	3,308,194	(3,264,603)	43,617	10,177
Ending balance (in shares) at Sep. 30, 2021		26,093,000
Ending balance, Contingently redeemable non-controlling interest at Sep. 30, 2021	2,844
Net loss	(4,262)			(4,238)	(4,238)	(24)
Net loss, Contingently redeemable non-controlling interest	104
Redemption of interests in Consolidated Funds, net	(962)					(962)
Issuance of common stock related to vesting of restricted stock	1	$ 1			1
Issuance of common stock related to vesting of restricted stock (in shares)		722,000
Stock-based compensation	1,131		1,131		1,131
Ending balance at Dec. 31, 2021	$ 49,702	$ 27	$ 3,309,325	$ (3,268,841)	$ 40,511	$ 9,191
Ending balance (in shares) at Dec. 31, 2021	26,815,181	26,815,000
Ending balance, Contingently redeemable non-controlling interest at Dec. 31, 2021	$ 2,948

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (4,053)	$ (4,484)
Net income from discontinued operations		(138)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	4,399	4,386
Stock-based compensation	1,712	714
Sales of investments by Consolidated Funds	4,733
Purchases of investments by Consolidated Funds	(5,106)	(3,320)
Stock dividends received	(99)	(1,418)
Unrealized gain on investments from Consolidated Funds	(12)	(66)
Realized loss on investments from Consolidated Funds	7
Unrealized (gain) loss on investments	1,182	(658)
Realized loss on investments	653
Non-cash interest and amortization of debt issuance costs	1,038	1,424
Deferred tax expense (benefit) related to continuing operations	(71)	28
Other non-cash expense, net	780	803
Gain on sale of equipment held for rental	(135)	(146)
Change in fair value of contingent consideration	(449)
Changes in operating assets and liabilities:
Related party receivable	224	(320)
Accounts receivable	1,247	394
Inventories	153	503
Prepaid assets, deposits, and other assets	2,648	(260)
Operating leases	(796)	(818)
Deferred revenues	(2,282)	(280)
Accounts payable, accrued liabilities and other liabilities	(2,663)	1,245
Net cash provided by (used in) operating activities- continuing operations	3,110	(2,411)
Net cash provided by operating activities-discontinued operations		735
Net cash provided by (used in) operating activities	3,110	(1,676)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(1,250)
Purchases of investments	(165)	(75)
Sales of investments	187
Participation in related party rights offering		(8,751)
Purchases of equipment held for rental	(2,635)	(3,060)
Proceeds from sale of equipment held for rental	808	495
Purchases of property and equipment	(69)	(57)
Net cash used in investing activities- continuing operations	(3,124)	(11,448)
Net cash used in investing activities	(3,124)	(11,448)
Cash flows from financing activities:
Principal payments on revolving line of credit		(3,900)
Principal payments on related party notes payable		(25,105)
Principal payments on equipment financing debt	(2,505)	(1,983)
Proceeds from equipment financing debt	3,052	1,630
Capitalized issuance costs		(1,250)
Due to broker of Consolidated Funds	17
Capital contributions from non-controlling interests in Consolidated Funds	24
Net cash provided by financing activities- continuing operations	588	6,734
Net cash used in financing activities- discontinued operations		(1,135)
Net cash provided by financing activities	588	5,599
Net decrease in cash and cash equivalents	574	(7,525)
Cash and cash equivalents at beginning of period	24,382	40,500
Cash and cash equivalents at end of period	24,956	32,975
Cash paid for interest	1,671	2,231
Non-cash investing and financing activities
Lease liabilities and right of use assets arising from operating leases	504	426
Contingent consideration	$ 497
Distribution of HC LLC preferred stock to non-controlling interest holders of DME Inc.		1,602
DME, Inc.
Cash flows from financing activities:
Dividends paid to non-controlling interest holders of DME Inc.		(368)
Forest Investments, Inc. (Forest)
Cash flows from financing activities:
Issuance of Forest preferred stock		35,010
Proceeds from sale of Forest common stock, gross		$ 2,700

Organization

Organization	6 Months Ended
	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization Great Elm Group, Inc. (referred to as the Company GEG Investment Management On September 27, 2016, the Company’s wholly-owned SEC-registered investment advisor subsidiary Great Elm Capital Management, Inc. ( GECM IMA GECC On November 3, 2016, Full Circle Capital Corporation merged with and into GECC and GECM hired the employees of MAST Capital Management, LLC ( MAST Capital GP Corp. On June 29, 2021, GP Corp assigned the rights to the Profit Sharing Agreement (as defined in Note 6 – Related Party Transactions) with GECM, their intercompany obligation under the GP Corp. Note (as defined in Note 12 – Borrowings) and other assets and liabilities to their wholly-owned subsidiary Great Elm Capital GP, LLC ( GEC GP Durable Medical Equipment On September 7, 2018, the Company, through its majority-owned subsidiary, Great Elm DME Holdings, Inc. ( DME Holdings DME Inc. On May 31, 2021, our wholly-owned subsidiary DME Holdings exchanged their 80.1% interests in DME Inc. for an identical 80.1% direct interest in DME Inc.’s subsidiary Great Elm Healthcare, LLC ( HC LLC General Corporate On December 29, 2020, the Company completed a reorganization of the Company's corporate structure, where Great Elm Capital Group, Inc. ( GEC Forest Discontinued Operations We launched our real estate business in March 2018 with an investment of $2.7 million in a majority-interest in two Class A office buildings totaling 257,000 square feet situated on 17 acres of land in Fort Myers, Florida (collectively, the Property). The Property was fully-leased, on a triple-net basis, to a single tenant through March 31, 2030. On June 23, 2021, the Company sold its real estate business for $4.6 million in cash. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. Wholly-owned subsidiaries include GECM, Great Elm Opportunities GP, Inc. ( GEO GP FM Acquisition DME Manager FM Holdings

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in the Company’s Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The condensed consolidated balance sheet as of June 30, 2021, presented herein, has been derived from the Company’s audited consolidated financial statements as of and for the year-ended June 30, 2021. All assets and liabilities related to discontinued operations are excluded from the notes unless otherwise noted. In addition, the historical results of the real estate business operating segment have been reflected in the accompanying consolidated statements of operations for the three and six months ended December 31, 2020 as discontinued operations. See Note 4 – Discontinued Operations. Use of Estimate The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ( GAAP Principles of Consolidation The Company consolidates the assets, liabilities, and operating results of its wholly-owned subsidiaries; majority-owned subsidiaries; and subsidiaries in which we hold a controlling financial interest as of the financial statement date. In most cases, a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate a variable interest entity ( VIE All intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests in the Company’s subsidiaries are reported as a component of liabilities for mandatorily redeemable interests, temporary equity for contingently redeemable interests or permanent equity, separate from the Company’s equity. See Note 15 – Non-Controlling Interests and Preferred Stock of Subsidiaries. Results of operations attributable to the non-controlling interests are included in the Company’s condensed consolidated statements of operations. Segments The Company has two business operating segments: durable medical equipment and investment management, with general corporate representing unallocated costs and activity to arrive at consolidated operations. The Company regularly reviews each segment for purposes of allocating resources and assessing performance. Cash and Cash Equivalents Cash and cash equivalents are comprised of cash and highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash equivalents consist primarily of exchange-traded money market funds. The Company is exposed to credit risk in the event of default by the financial institutions or the issuers of these investments to the extent the amounts on deposit or invested are in excess of amounts that are insured. Accounts Receivable Substantially all of the accounts receivable balance relates to the durable medical equipment business. Accounts receivable are customer obligations due under normal sales and rental terms and represent the amount estimated to be collected from the customers and, if applicable, the third-party private insurance provider or government program (collectively, Payors The assessment of variable consideration to be constrained is based on estimates, and ultimate losses may vary from current estimates. As adjustments to these estimates become necessary, they are reported in earnings in the periods in which they become known. There were no material adjustments to revenues made in the six months ended December 31, 2021 relating to prior periods. Changes in constraints on variable consideration are recorded as a component of net revenues. The Company generally does not allow returns from customers for reasons not covered under the manufacturer’s standard warranty. Therefore, there is no provision for sales return reserves. The Company does not have significant bad debt experience with Payors, and therefore the allowance for doubtful accounts is immaterial. As of December 31, 2021 and June 30, 2021, the Company had unbilled receivables of approximately $0.1 million and $0.3 million, respectively, that relate to transactions where the Company has the ultimate right to invoice a Payor under the terms of the arrangement but are not currently billed. These unbilled amounts are included in accounts receivable in the condensed consolidated balance sheets. Net Income (Loss) per Share The following table presents the calculation of basic and diluted income (loss) per share: For the three months ended December 31, For the six months ended December 31, (in thousands except per share amounts) 2021 2020 2021 2020 Income (loss) from continuing operations $ (4,159 ) $ (855 ) $ (4,053 ) $ (4,622 ) Income from discontinued operations, net of tax - 72 $ - $ 138 Net income (loss) $ (4,159 ) $ (783 ) $ (4,053 ) $ (4,484 ) Less: net income (loss) attributable to non-controlling interest, continuing operations 79 (614 ) 385 (734 ) Less: net income attributable to non-controlling interest, discontinued operations - 17 - 30 Net loss attributable to Great Elm Group, Inc. $ (4,238 ) $ (186 ) $ (4,438 ) $ (3,780 ) Weighted average shares basic and diluted: Weighted average shares of common stock outstanding 26,462 25,678 26,222 25,626 Weighted average shares used in computing income (loss) per share 26,462 25,678 26,222 25,626 Basic and diluted income (loss) per share from: Loss from continuing operations $ (0.16 ) $ (0.01 ) $ (0.17 ) $ (0.15 ) Income from discontinued operations - 0.00 - 0.00 Net loss $ (0.16 ) $ (0.01 ) (0.17 ) (0.15 ) When calculating earnings per share, we are required to adjust for the dilutive effect of common stock equivalents. As of December 31, 2021, the Company had 12,917,292 potential shares of common stock, including 10,139,031 potential shares of Company common stock issuable upon conversion of Convertible Notes and 2,778,261 potential shares issuable upon the exercise of stock options and vesting of restricted stock units and restricted stock awards, that are not included in the diluted net income (loss) per share calculation because to do so would be anti-dilutive. As of December 31, 2020, the Company had 12,307,863 potential shares of common stock, including 9,008,612 shares of common stock issuable upon the conversion of the Company Convertible Notes and 3,299,251 potential shares issuable upon the exercise of stock options and vesting of restricted stock units and restricted stock awards, that are not included in the diluted net income (loss) per share calculation because to do so would be anti-dilutive. As of December 31, 2021 and 2020, the Company had an aggregate of 153,451 and 732,909 issued shares, respectively, that are subject to forfeiture by the employee at a nominal price if service and/or performance milestones are not met. The Company does not account for such shares as being outstanding for accounting purposes since they are unvested and subject to forfeiture. Restrictions on Subsidiary Dividends The ability of HC LLC to pay dividends is subject to compliance with the restricted payment covenants under the DME Revolver (as defined below). Concentration of Risk The Company’s net investment revenue and receivables for the periods presented were primarily attributable to the management of one investment vehicle, GECC. See Note 6 – Related Party Transactions. The Company’s durable medical equipment revenue and related accounts receivable are concentrated with third-party Payors. The following table summarizes customer concentrations as a percentage of revenues: For the three months ended December 31, For the six months ended December 31, 2021 2020 (1) 2021 2020 Government Payor 37% 37% 37% 34% Third-party Payor 14% 12% 14% 12% (1) Revenue concentration percentages have been recast from those previously reported to reflect the presentation of the real estate business within discontinued operations The following table summarizes customer concentrations as a percentage of accounts receivable: As of December 31, 2021 June 30, 2021 Government Payor 28% 30% Third-party Payor 19% 14% Recently Adopted Accounting Standards Accounting for Convertible Instruments. In August 2020, the Financial Accounting Standards Board ( FASB ) issued Accounting Standard Update ( ASU ) 2020-06 , Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by eliminating certain separation models. Under ASU 2020-06, a convertible debt instrument will generally be reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. Consequently, the interest rate of convertible debt instruments will be closer to the coupon interest rate. In addition, ASU 2020-06 eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The guidance in ASU 2020-06 is effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on July 1, 2021 using the full retrospective method. Prior to adoption, under Accounting Standards Codification 470-20, Debt with Conversion and Other Options ("ASC 470-20"), we had separately accounted for the liability and equity components upon the original issuance of our Convertible Notes in February 2020 due to the existence of a temporary cash conversion feature. Under ASC 470-20, the equity component of the Convertible Notes was recorded as additional paid-in capital within stockholders’ equity on our consolidated balance sheet and generated an original issue discount on the carrying value of the Convertible Notes. As a result, prior to the adoption of ASU 2020-06, we recorded a greater amount of non-cash interest expense as the discounted carrying value is accreted up to their face value over the Convertible Notes term. Under the full retrospective method, the prior period condensed consolidated financial statements have been retrospectively adjusted to reflect the adoption of the accounting standard in those periods. The following tables shows the impact of the adoption on our previously reported financial information: Condensed consolidated balance sheet June 30, 2021 As reported ASU 2020-06 Adjustment June 30, 2021 As adjusted Liabilities Convertible notes $ 22,054 $ 11,279 $ 33,333 Other liabilities 1,070 (155 ) 915 Stockholders' equity Additional paid-in-capital 3,319,767 (12,154 ) 3,307,613 Accumulated deficit (3,265,433 ) 1,030 (3,264,403 ) Condensed consolidated statement of operations For the three months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (1,264 ) $ 162 $ (1,102 ) Net loss from continuing operations Net loss from continuing operations (1,017 ) 162 (855 ) Net loss per share (basic and diluted) (0.01 ) 0.00 (0.01 ) For the six months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (2,571 ) $ 325 $ (2,246 ) Net loss from continuing operations Net loss from continuing operations (4,947 ) 325 (4,622 ) Net loss per share (basic and diluted) (0.16 ) 0.01 (0.15 ) (1) As re-casted to reflect the operations of our real estate business as discontinued operations and therefore excluded. Recently Issued Accounting Standards Current Expected Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which changes the impairment model for financial instruments, including trade receivables from an incurred loss method to a new forward looking approach, based on expected losses. The estimate of expected credit losses will require entities to incorporate considerations of historical experience, current information and reasonable and supportable forecasts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the potential impact that the adoption of this ASU will have on its consolidated financial statements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): facilitation of the Effects of Reference Rate Reform on Financial Reporting, in response to the United Kingdom Financial Conduct Authority which announced the desire to phase out the use of the London Interbank Offered Rate ( LIBOR ) by the end of 2021. The provisions provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform on financial reporting due to the cessation of LIBOR if certain criteria are met. If LIBOR ceases to exist, we may need to renegotiate outstanding notes payable outstanding which extend beyond 2021 with the respective counterparties. Adoption of the provisions in ASU 2020-04 are optional and effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of this ASU on our financial statements.

Revenue

Revenue	6 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue The revenues from each major source of revenue are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Product and Services Revenue Investment Management Management Fees $ 895 $ 609 $ 1,771 $ 1,210 Administration Fees 126 151 233 323 1,021 760 2,004 1,533 Durable Medical Equipment Equipment Sales 8,968 8,411 17,698 16,419 Service Revenues 1,309 1,133 2,655 2,338 10,277 9,544 20,353 18,757 Total product and services revenue $ 11,298 $ 10,304 $ 22,357 $ 20,290 Rental Revenue Durable Medical Equipment Medical Equipment Rental Income 5,451 4,999 10,930 10,396 Total rental revenue 5,451 4,999 10,930 10,396 Total $ 16,749 $ 15,303 $ 33,287 $ 30,686 Revenue Accounting Under Topic 606 In determining the appropriate amount of revenue to be recognized under FASB Accounting Standards Codification Topic 606, Revenues Topic 606 Durable Medical Equipment Revenue Equipment Sales and Services Revenues The Company sells durable medical equipment, replacement parts and supplies to customers and recognizes revenue at the point control is transferred through delivery to the customer. Each piece of equipment, part or supply is distinct and separately priced thus they each represent a single performance obligation. The revenue is allocated amongst the performance obligations based upon the relative standalone selling price method, however, items are typically all delivered or supplied together. The customer and, if applicable, the Payors are generally charged at the time that the product is sold, although separate layers of insurance coverage may need to be invoiced before final billings may occur. The Company also provides sleep study services to customers and recognizes revenue when the results of the sleep study are complete as that is when the performance obligation is met. The transaction price on both equipment sales and sleep studies is the amount that the Company expects to receive in exchange for the goods and services provided. Due to the nature of the durable medical equipment business, billing adjustments customarily occur during the collections process when explanations of benefits are received by Payors, and as amounts are deferred to secondary Payors or to patient responsibility. As such, we constrain the transaction price for the difference between the gross charge and what we believe we will collect from Payors and from patients. The transaction price therefore is predominantly based on contractual payment rates determined by the Payors. The Company does not generally contract with uninsured customers. We determine our estimates of billing adjustments based upon contractual agreements, our policies and historical experience. While the rates are fixed for the product or service with the customer and the Payors, such amounts typically include co-payments, co-insurance and deductibles, which vary in amounts, from the patient customer. The Company includes in the transaction price only the amount that the Company expects to be entitled, which is substantially all of the Payor billings at contractual rates. The transaction price is initially constrained by the amount of customer co-payments we estimate will not be collected. Due to the nature of the industry and the reimbursement environment in which the Company operates, certain estimates are required to record net revenue and accounts receivable. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain Payors may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application or claim denial. The Company constrains revenue for these estimated adjustments. There were no material changes in estimates recorded in the three and six months ended December 31, 2021, relating to prior periods. The payment terms and conditions of customer contracts vary by customer type and the products and services offered. The Company may provide shipping services prior to the point of delivery and has concluded that the services represent a fulfilment activity and not a performance obligation. Returns and refunds are not accepted on either equipment sales or sleep study services. The Company does not offer warranties to customers in excess of the manufacturer’s warranty. Any taxes due upon sale of the products or services are not recognized as revenue. The Company does not incur contract acquisition costs. The Company does not have any partially or unfilled performance obligations related to contracts with customers. However, during the quarter ended June 30, 2020, the Company applied for and received $4.4 million in advanced payments from the Centers for Medicare and Medicaid Services (CMS) Included in sales and services revenue are unbilled amounts for which the revenue recognition criteria had been met as of period end but were not yet billed to the Payor. The estimate of net unbilled rental revenue recognized is based on historical trends and estimates of future collectability. As of December 31, 2021 and June 30, 2021, net unbilled sales and services revenue is approximately and $0.2 million, respectively, and is included in accounts receivable. Investment Management Revenue The Company recognizes revenue from its investment management business at amounts that reflect the consideration to which it expects to be entitled in exchange for providing services to its customer. Investment management revenue primarily consists of fees based on a percentage of assets under management; fees based on the performance of managed assets; and administrative fees. Fees are based on agreements with each investment product and may be terminated at any time by either party subject to the specific terms of each respective agreement. Management Fees The Company earns management fees based on the investment management agreements GECM has with GECC and other private funds managed by GECM (collectively, the Funds Incentive Fees The Company earns incentive fees based on the investment management agreements GECM has with GECC and separately managed accounts. Where an investment management agreement includes both management fees and incentive fees, the performance obligation is considered to be a single obligation for both fees. Incentive fees are variable consideration associated with the GECC investment management agreement. Incentive fees are recognized based on investment performance during the period, subject to the achievement of minimum return levels or high-water marks, in accordance with the terms of the respective investment management agreements. Incentive fees range from 5.0% to 20.0% of the performance-based metric specified within each agreement. Because of the uncertainty of when incentive fees will be collected due to market conditions and investment performance, incentive fees are fully constrained and not recorded until received and the probability of significant reversal of the fees is eliminated Administration Fees The Company earns administration fees based on the administration agreement GECM has with GECC whereby GECC reimburses GECM for costs incurred in performing administrative functions for GECC. This revenue is recognized over time as the services are performed. Administrative fees are billed quarterly in arrears, which is consistent with the timing of the delivery of services and reflect agreed upon rates for the services provided. The services are accounted for as a single performance obligation that is a series of distinct services with substantially the same pattern of transfer as the services are provided on a daily basis. Revenue Accounting Under Topic 842 Durable Medical Equipment Revenue Equipment Rental Revenue Under FASB Accounting Standards Codification Topic 842, Leases Topic 842 Certain customer co-payments are included in revenue when considered probable of payment. The lease term begins on the date products are delivered to patients and are recorded at amounts estimated to be received under reimbursement arrangements with third-party payors, including Medicare, private payors, and Medicaid. Due to the nature of the industry and the reimbursement environment in which the Company operates, certain estimates are required to record net revenue and accounts receivable at their net realizable values. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain Payors may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application or claim denial. There were no material changes in estimates recorded in the six months ended December 31, 2021, relating to prior periods. Although invoicing typically occurs at the beginning of the monthly rental period, we recognize revenue from rentals on a daily basis. Since rental agreements can commence at any time during a given month, we defer revenue related to the remaining monthly rental period as of period end. Deferred revenue related to rentals was $1.0 million and $1.0 million as of December 31, 2021 and June 30, 2021, respectively. Included in rental revenue are unbilled amounts for which the revenue recognition criteria had been met as of period end but were not yet billed to the Payor. Net unbilled rental revenue is recognized to the extent payment is probable. As of December 31, 2021 and June 30, 2021, net unbilled rental revenue is approximately $0.05 million and $0.1 million, respectively, and is included in accounts receivable.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	4. Discontinued Operations On June 23, 2021, the Company’s majority-owned indirect subsidiary FM Acquisition, entered into an agreement with Monomoy Properties Fort Myers, LLC ( Monomoy FM Monomoy Properties The sale of the real estate business, which has historically been disclosed as its own reportable segment, represents a strategic shift away from the direct ownership and operation of real estate properties. Accordingly, our historical financial information has been recast to present the activities of the real estate business within discontinued operations, and the assets and liabilities of the real estate business as assets and liabilities of discontinued operations. As a passive investor in Monomoy Properties and with a membership interest of approximately 5%, we have determined that we have no significant continuing involvement with the real estate business. The following table provides a reconciliation of the Company’s net income from discontinued operations presented in the consolidated statements of operations: For the three months ended December 31, For the six months ended December 31, (in thousands) 2020 2020 Discontinued operations: Real estate rental revenue $ 1,276 $ 2,548 Real estate expenses 127 252 Depreciation and amortization 431 861 Interest expense 647 1,297 Net income from discontinued operations $ 71 $ 138

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	5. Acquisitions Acquisition of MedOne Healthcare LLC On August 31, 2021, through its majority-owned subsidiary, HC LLC, the Company acquired the power mobility assets of MedOne Healthcare LLC ( MedOne The purchase consideration was $2.0 million, comprised of $1.25 million paid at closing, $0.25 million of amounts due to seller pending satisfaction of certain indemnification obligations, and $0.5 million representing the acquisition date fair value of contingent consideration. We have recorded a preliminary allocation of the purchase price for MedOne, which resulted in goodwill of $1.9 million. Goodwill was assigned to the durable medical equipment segment and is attributable primarily to expected synergies and the assembled workforce of the acquired business. All of the goodwill is expected to be deductible for income tax purposes. The presentation of pro forma financial disclosures are not required in connection with the MedOne acquisition. The contingent consideration arrangement requires the Company to pay up to $1.0 million of additional consideration to the seller if certain revenue thresholds are achieved for each of the 12 month periods ending September 1, 2022, and 2023. The fair value of the contingent consideration arrangement at the acquisition date was $0.5 million. The Company estimated the fair value of the contingent consideration using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model include volatility of 23.3% and a discount rate of 10.3%. The contingent consideration is included within other liabilities in the consolidated balance sheets. Acquisition of Advanced Medical DME, LLC and PM Sleep Lab, LLC On March 1, 2021, through its majority-owned subsidiary, DME Inc., the Company acquired Advanced Medical DME, LLC and PM Sleep Lab, LLC ( AMPM The purchase consideration was $1.1 million, comprised of $0.4 million paid at closing net of cash acquired, $0.3 placed in escrow for potential satisfaction of certain indemnification obligations, and $0.4 million representing the acquisition date fair value of contingent consideration. We have recorded a preliminary allocation of the purchase price for AMPM, which resulted in goodwill of $0.7 million and intangible assets, including trade names of $0.4 million. Goodwill was assigned to the durable medical equipment segment and is attributable primarily to expected synergies and the assembled workforce of the acquired business. None of the goodwill is expected to be deductible for income tax purposes. The presentation of pro forma financial disclosures are not required in connection with the AMPM acquisition. The contingent consideration arrangement requires the Company to pay up to $2.1 million of additional consideration to the seller if certain revenue thresholds are achieved for the 12 months ending September 1, 2022. The fair value of the contingent consideration arrangement at the acquisition date was $0.4 million. The Company estimated the fair value of the contingent consideration using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model include volatility of 40.0% and a discount rate of 10.3%. The contingent consideration is included within other liabilities in the consolidated balance sheets.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions Related party transactions are measured in part by the amount of consideration paid or received as established and agreed by the parties. Consideration paid for such services in each case is the negotiated value. Durable Medical Equipment In connection with the acquisition of the durable medical equipment businesses in September 2018, DME Inc. and its subsidiaries entered into a term loan (the Corbel Facility Corbel In connection with the acquisition of the durable medical equipment businesses, the Company issued non-controlling interests in DME Inc. to the former owners, including Corbel discussed above. These non-controlling interests in DME Inc. became non-controlling interests in HC LLC in May 2021. See Note 15 – Non-Controlling Interests and Preferred Stock of Subsidiary. Investment Management The Company’s wholly-owned subsidiary, GECM, has agreements to provide administrative services and manage the investment portfolio for GECC and other investment products. Under these agreements, GECM receives administrative fees, management fees based on the managed assets (other than cash and cash equivalents) and incentive fees based on the performance of those assets. See Note 3 – Revenue for additional discussions of the fee arrangements. The Company’s wholly-owned subsidiary, GEO GP, serves as the general partner of Great Elm Opportunities Fund I, LP ( GEOF GESOF The Company has determined that GEOF, each series of GEOF and GESOF are VIEs and that the criteria for consolidation are met for GEOF Series C, which was launched in November 2020 and subsequently merged into GESOF, which was launched in February 2021. The operations of each of these consolidated funds (the Consolidated Funds The Company has retained the specialized investment company accounting guidance under GAAP with respect to the Consolidated Funds. As such, investments of the Consolidated Funds are included in the condensed consolidated balance sheets at fair value and the net unrealized gain (loss) on those investments is included as a component of other income on the condensed consolidated income statement. Non-controlling interests in these Consolidated Funds are included in net loss attributable to non-controlling interest. Additionally, the Company receives dividends from its investment in GECC and earns unrealized profits and losses based on the mark-to-market performance of its investment in GECC. See Note 7 – Fair Value Measurements. The following tables summarize activity and outstanding balances between the managed investment products and the Company: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Net (loss) income on investments $ (2,249 ) $ 2,560 $ (2,364 ) $ 658 Net (loss) income on investments of Consolidated Funds 194 66 5 66 Dividend income 548 1,322 1,102 1,846 As of (in thousands) December 31, 2021 June 30, 2021 Dividends receivable $ - $ 554 Investment management revenues receivable 1,058 936 Receivable for reimbursable expenses paid 224 297 Outstanding receivables are included in related party receivables in the condensed consolidated balance sheets. Outstanding receivables from the Consolidated Funds are eliminated in consolidation. As of December 31, 2021, the Company had $0.1 million in receivable for reimbursable expenses paid on behalf of the Consolidated Funds. The Company is the owner of approximately 20.4% of the outstanding shares of GECC, valued at $16.9 million as of December 31, 2021, and the Company’s Chief Executive Officer is also the Chief Executive Officer of GECC and Chief Investment Officer of GECM, in addition to being a member of the Board of Directors of the Company and chairman of the board of directors of GECC. The Company’s President and Chief Operating Officer is also the Chief Operating Officer, Chief Compliance Officer and General Counsel of GECM and the Chief Compliance Officer of GECC. GECM has a profit sharing agreement with the Company’s majority-owned subsidiary GEC GP ( Profit Sharing Agreement As of December 31, 2021 MAST Capital is the beneficial owner of approximately 7.3% of the Company’s outstanding common stock and $2.3 million in Convertible Notes (as defined below). See Note 12 - Borrowings for additional discussion of the GP Corp. Note and Note 13 – Convertible Notes for additional discussion of the convertible notes. In October 2020, GECM entered into a shared personnel and reimbursement agreement with Imperial Capital Asset Management, LLC ( ICAM General Corporate On August 31, 2021, the Company entered into a financial advisory agreement with Imperial Capital, LLC. Jason W. Reese, the Executive Chairman of the Company’s Board of Directors, is an Executive Committee Member of Imperial Capital, LLC. The agreement included a retainer fee of $0.1 million which was paid during the prior quarter as well as certain success-based fees related to potential future transactions. Additionally, the Company receives dividends from its investment in Monomoy Properties and earns unrealized profits and losses based on the mark-to-market performance of its underlying assets in Monomoy Properties. Monomoy Properties is managed by ICAM. The following tables summarize activity between Monomoy Properties and the Company: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Net gain on investment $ 428 $ - $ 529 $ - Dividend income 95 - 194 - Dividend receivable 95 - 95 - In conjunction with the JPM Transactions, on December 29, 2020 Forest sold Forest Preferred Stock (as defined below) and the Company sold common stock in Forest to J.P. Morgan Broker-Dealer Holdings Inc. ( JPM On December 18, 2020, the Company purchased from JPM a 21% common stock interest in Ligado Networks, LLC ( Ligado Holding Company Reorganization On December 21, 2020, GEC Company Holding Company Reorganization On December 29, 2020, pursuant to the terms of the Agreement and Plan of Merger, dated as of December 21, 2020, among Forest, the Company and Forest Merger Sub, Inc., a newly created entity for the purpose of facilitating the Merger, (as it may be amended from time to time, the Merger Agreement Transactions Financing Transaction Following the consummation of the Holding Company Reorganization, JPM, Forest and the Company agreed to effect certain transactions pursuant to which JPM provided financing in an aggregate amount of $37.7 million. In connection with such financing, among other things: • Forest issued to JPM 35,010 newly issued shares of 9.0% preferred stock (the Forest Preferred Stock ) with a maturity date of December 29, 2027 for $1,000.00 per share; • HC LLC issued 10,090 newly issued shares of 9.0% Series A-1 preferred stock (the Series A-1 Preferred Stock ) with a maturity date of December 29, 2027 and face value of $1,000.00 per share to the owners of DME Inc., which in turn distributed such preferred stock pro rata to the holders of its common stock such that 80.1% of such preferred stock is held by Forest, 9.95% is held by Corbel, and 9.95% is held by Valley Healthcare Group, LLC ( VHG ). Upon a sale of the durable medical equipment business, such holders of Series A-1 Preferred Stock are only entitled to their liquidation preference; • HC LLC, a wholly-owned subsidiary of DME Inc., and sole owner of the durable medical equipment operating subsidiaries, issued to Forest 34,010 newly issued shares of 9.0% Series A-2 preferred stock (the Series A-2 Preferred Stock ) with a maturity date of December 29, 2027 for $1,000.00 per share. Upon a sale of the durable medical equipment business, such holders of Series A-2 Preferred Stock are entitled to the greater of their liquidation preference or 33% of proceeds arising from such sale; • HC LLC distributed to the owners of DME Inc. cash of $1.9 million and reimbursed GEG $1.3 million to cover deal costs; • Forest distributed to the Company, its sole stockholder, all of the assets and liabilities of Forest other than certain excluded assets and related liabilities, including Forest’s real estate business, and a preferred investment in the Company’s durable medical equipment business; and • JPM acquired 20% of Forest’s common stock for a purchase price of $2.7 million. The Company’s wholly-owned subsidiary, DME Manager, concurrently entered into an agreement with Forest to provide advisory services in exchange for annual consulting fees of $0.45 million. (each collectively noted above, the JPM Transactions Using proceeds from the JPM Transactions, DME Inc. paid off the Corbel Facility. See Note 12 – Borrowings.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP provides a framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: ▪ Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ▪ Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. ▪ Level 3: Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. All financial assets or liabilities that are measured at fair value on a recurring and non-recurring basis have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized in the tables below: Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Equity investments $ 16,893 $ - $ - $ 16,893 Equity investments of Consolidated Funds 26,447 - - 26,447 Total assets within the fair value hierarchy $ 43,340 $ - $ - $ 43,340 Investments valued at net asset value 5,393 Total assets $ 48,733 Liabilities: Participation feature of HC LLC Series A-2 Preferred Stock $ - $ - * * Contingent consideration liability - - 319 319 Total liabilities $ - $ - $ 319 $ 319 Fair Value as of June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Equity investments $ 19,444 $ - $ - $ 19,444 Equity investments of Consolidated Funds 26,490 - - 26,490 Total assets within the fair value hierarchy $ 45,934 $ - $ - $ 45,934 Investments valued at net asset value 4,600 Total assets $ 50,534 Liabilities: Participation feature of HC LLC Series A-2 Preferred Stock $ - $ - * * Contingent consideration liability - - 271 271 Total liabilities $ - $ - $ 271 $ 271 *Balance eliminates in consolidation. There were no transfers between levels of the fair value hierarchy during the six months ended December 31, 2021 and 2020. The following is a reconciliation of changes in contingent consideration, a Level 3 liability: For the six months ended December 31, (in thousands) 2021 2020 Beginning balance $ 271 $ - Additions 497 - Change in fair value (449 ) - Ending balance $ 319 $ - The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. Equity and equity-related securities Securities traded on a national securities exchange are stated at the close price on the valuation date. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level 1. Investments in private funds The Company values investments in private funds using net asset value ( NAV Financial Services – Investment Companies As of December 31, 2021 investments in private funds consist of our investment in Monomoy Properties, an industrial real estate-focused fund, and Sharp Alpha Fund I, LP ( Sharp Alpha one-year Contingent consideration In conjunction with the acquisition of AMPM on March 1, 2021, the Company entered into a contingent consideration agreement that requires the Company to pay up to $2.1 million if certain revenue thresholds of the acquired business are achieved for the 12 months ending September 1, 2022. The Company estimated the fair value of the contingent consideration using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model as of the acquisition date include volatility of 40.0% and a discount rate of 10.3%. The key assumptions in applying the Monte Carlo simulation model as of December 31, 2021 include volatility of 25.2% and a discount rate of 10.3%. In conjunction with the acquisition of MedOne on August 31, 2021, the Company entered into a separate contingent consideration agreement that requires the Company to pay up to $1.0 million if certain revenue thresholds of the acquired business are achieved for the 12 months ending September 1, 2022 and September 1, 2023. The Company estimated the fair value of the contingent consideration using a Monte Carlo simulation model. The key assumptions in applying the Monte Carlo simulation model as of the acquisition date include revenue forecasts, volatility of 23.3% and a discount rate of 10.3%. The key assumptions in applying the Monte Carlo simulation model as of December 31, 2021 include volatility of 22.8% and a discount rate of 10.3%. The contingent consideration is included within the other liabilities in the consolidated balance sheets. Participation feature of HC LLC Series A-2 Preferred Stock On December 29, 2020, in conjunction with the JPM Transactions, the Company issued HC LLC Series A-2 Preferred Stock to our consolidated subsidiary, Forest. See Note 15 – Non-Controlling Interests and Preferred Stock of Subsidiaries. An embedded derivative was identified in the instrument requiring bifurcation from the host instrument as a derivative to be carried at fair value. The value of the derivative related to a participation feature upon the sale of the durable medical equipment business. As of period end, the fair value of this derivative is determined using an option pricing model based on the estimated value of HC LLC derived from a discounted cash flow income approach and a guideline public company market approach. The key assumptions in applying the valuation approach as of December 31, 2021 include financial forecasts of the durable medical equipment business and a volatility rate of 46.0% (level 3 inputs in accordance with the GAAP fair value hierarchy). The key assumptions in applying the valuation approach as of June 30, 2021 include financial forecasts of the durable medical equipment business, a discount rate of 14.5% and a volatility rate of 50.4%. The fair value of the embedded derivative as of December 31, 2021 and June 30, 2021, was $3.7 million and $5.8 million respectively. Since the HC LLC Series A-2 Preferred Stock are issued to Forest, a consolidated subsidiary, the instruments and their effects on our operations have been eliminated in consolidation and therefore the valuation of the participation feature is reflected as zero within the table above. However, this valuation does impact our segment results and non-controlling interest accounts.

Fixed Assets

Fixed Assets	6 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
Fixed Assets	8. Fixed Assets The Company’s fixed assets consist of its medical equipment held for rental, furniture and fixtures, and leasehold improvements used in its operations. The following tables detail the Company’s fixed assets: (in thousands) December 31, 2021 June 30, 2021 Property and Equipment Leasehold improvements $ 839 $ 835 Vehicles 162 172 Computer equipment and software 551 500 Furniture and fixtures 410 422 Sleep study equipment 599 593 2,561 2,522 Accumulated depreciation (1,823 ) (1,541 ) Net carrying amount $ 738 $ 981 Medical Equipment Held for Rental Medical equipment held for rental $ 15,121 $ 14,933 Accumulated depreciation (8,228 ) (7,542 ) Net carrying amount $ 6,893 $ 7,391 The following table reconciles depreciation expense included in the following lines of the condensed consolidated statements of operations to total depreciation expense for each period presented. For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Depreciation and amortization $ 152 $ 168 $ 295 $ 333 Cost of durable medical equipment rentals 1,597 1,457 3,285 3,205 Total depreciation expense $ 1,749 $ 1,625 $ 3,580 $ 3,538

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	9. Goodwill and Other Intangible Assets The Company’s durable medical equipment and investment management segments include identifiable intangible assets acquired through acquisitions in prior years. Goodwill presented on the consolidated balance sheets consists only of the goodwill acquired as part of the acquisitions of the durable medical equipment businesses. The Company’s annual impairment assessment date for goodwill and other intangible assets is April 1. The changes in the carrying value of goodwill are as follows: For the six months ended December 31, (in thousands) 2021 2020 Beginning balance $ 50,536 $ 50,010 Acquisition of businesses 1,927 - Purchase accounting adjustment - - Ending balance $ 52,463 $ 50,010 The following tables provide details associated with the Company’s identifiable intangible assets subject to amortization (dollar amounts in thousands): As of December 31, 2021 As of June 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Durable Medical Equipment Tradename $ 9,060 $ (2,975 ) $ 6,085 $ 9,060 $ (2,511 ) $ 6,549 Hospital contracts 90 (36 ) 54 90 (15 ) 75 Non-compete agreements 990 (630 ) 360 1,370 (890 ) 480 10,140 (3,641 ) 6,499 10,520 (3,416 ) 7,104 Investment Management Investment management agreement 3,900 (2,480 ) 1,420 3,900 (2,293 ) 1,607 Assembled workforce 526 (335 ) 191 526 (309 ) 217 4,426 (2,815 ) 1,611 4,426 (2,602 ) 1,824 Total $ 14,566 $ (6,456 ) $ 8,110 $ 14,946 $ (6,018 ) $ 8,928 Aggregate Amortization Expense (in thousands) 2021 2020 For the three months ended December 31, $ 400 $ 423 For the six months ended December 31, 819 848 Estimated Future Amortization Expense (in thousands) For the six months ending June 30, 2022 $ 754 For the year ending June 30, 2023 1,469 For the year ending June 30, 2024 1,267 For the year ending June 30, 2025 1,158 For the year ending June 30, 2026 1,095 Thereafter 2,367 Total $ 8,110

Lessor Operating Leases

Lessor Operating Leases	6 Months Ended
	Dec. 31, 2021
Lessor Disclosure [Abstract]
Lessor Operating Leases	10. Lessor Operating Leases Medical Equipment Leases Through its majority-owned subsidiary HC LLC, and the subsidiaries of HC LLC, the Company owns medical equipment which is leased to customers. The Company’s customers consist primarily of patients through their clinical providers including medical centers, clinics and hospices and the Company has lease arrangements with these patients. In addition, the arrangements between the Company and its customers are impacted by arrangements between the Company and Payors. The Payors may cover a portion or all of the rental payments under the agreements between the Company and its customers. The patient is responsible for any residual co-payments. The lease terms may be for a pre-determined time period, generally 10 months to 36 months; however, the customer may cancel the lease at any time and for any reason without penalty and therefore, the Company treats all leases as month-to-month leases. Upon termination of the lease, the equipment, if not aged beyond its useful life, may be refurbished and subsequently sold or leased to another customer. As the leases are month-to-month, there are no future lease receivables under the terms of the current leases.

Lessee Operating Leases

Lessee Operating Leases	6 Months Ended
	Dec. 31, 2021
Lessee Disclosure [Abstract]
Lessee Operating Leases	11. Lessee Operating Leases All of the Company’s leases are operating leases. Certain of the leases have both lease and non-lease components. The Company has elected to account for each separate lease component and the non-lease components associated with that lease component as a single lease component for all classes of underlying assets. The following table provides additional details of the leases presented in the balance sheets: (in thousands) December 31, 2021 June 30, 2021 Facilities Right of use assets $ 4,409 $ 5,121 Current portion of lease liabilities 1,902 1,864 Lease liabilities, net of current portion 2,767 3,532 Total liabilities $ 4,669 $ 5,396 Weighted-average remaining life 3.2 years 3.3 years Weighted-average discount rate 11.0 % 11.0 % Vehicles Right of use assets $ 313 $ 87 Current portion of lease liabilities 70 29 Lease liabilities, net of current portion 243 58 Total liabilities $ 313 $ 87 Weighted-average remaining life 4.5 years 3.9 years Weighted-average discount rate 6.5 % 9.8 % Equipment Right of use assets $ 15 $ 33 Current portion of lease liabilities 14 27 Lease liabilities, net of current portion 1 6 Total liabilities $ 15 $ 33 Weighted-average remaining life 1.1 years 1.0 years Weighted-average discount rate 12.5 % 12.5 % As of December 31, 2021, the Company had remaining right of use assets of $4.7 million and lease liabilities of $5.0 million (consisting of $2.0 million in current portion of lease liabilities and $3.0 million in lease liabilities, net of current portion on the condensed consolidated balance sheet) related to the leases discussed herein. Operating lease costs are included in the operating expense associated with the business segment leasing the asset on the statements of operations and are included in cash flows from operating activities on the statements of cash flows. Certain operating leases include variable lease costs which are not material and are included in operating lease costs. Additional details are presented in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Facilities Operating lease cost $ 571 $ 549 $ 1,125 $ 1,079 Cash paid for operating leases 525 541 1,077 1,089 Vehicles Operating lease cost $ 16 $ 7 $ 29 $ 14 Cash paid for operating leases 17 7 30 14 Equipment Operating lease cost $ 9 $ 11 $ 18 $ 22 Cash paid for operating leases 9 11 18 22 The following table summarizes the Company’s undiscounted cash payment obligations for its operating leases: (in thousands) For the six months ending June 30, 2022 $ 1,243 For the year ending June 30, 2023 1,801 For the year ending June 30, 2024 1,343 For the year ending June 30, 2025 814 For the year ending June 30, 2026 546 Thereafter 128 Total lease payments $ 5,875 Imputed interest (878 ) Total lease liabilities $ 4,997 Durable Medical Equipment The facility leases include offices, retail and warehouse space and sleep labs. The leases have original or amended terms ranging from 12 to 96 months, some of which include an additional option to extend the lease for up to 120 months. Certain of these leases have variable rental payments tied to a consumer price index or include additional rental payments for maintenance costs, taxes and insurance, which are accounted for as variable rent. The vehicles leases have original lease terms of 60 months from the commencement date of each lease with no option to extend. Each lease may be terminated by the lessee with 30-days’ notice after the first 13 months of the lease subject to certain early termination costs, including residual value guarantees. The lease costs include variable payments for taxes and other fees. Equipment leases consist of office equipment with original lease terms ranging from 36 to 48 months from the commencement date of each lease and may include an option to extend or purchase at the end of the lease term. Certain of these leases include additional rental costs for taxes, insurance and additional fees in addition to the base rental costs. Investment Management and General Corporate The Company has a lease for office space located in Waltham, MA. This office space is allocated between the investment management and general corporate segments. On the commencement date of the lease, the non-cancellable term was for eighty-eight months from the occupancy date of June 1, 2017 and contains an option to extend for an additional sixty-month The lease payments commenced on October 1, 2017, four months after the Company began to occupy the space. On an annual basis, the lease payments increase at an average rate of approximately 2.4% from $28 to $32 thousand per month.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Borrowings	12. Borrowings The Company’s subsidiaries’ outstanding borrowings are summarized in the following table: (in thousands) Subsidiaries December 31, 2021 June 30, 2021 Equipment Financing DME Inc. and subsidiaries 2,588 2,041 Less current portion of capitalized equipment financing (2,571 ) (1,974 ) Equipment financing debt, net of current portion $ 17 $ 67 The Company incurred interest expense of $0.01 million and $0.7 million for the three months ended December 31, 2021 and 2020, respectively. The Company incurred interest expense of $0.02 million and $1.4 million for the six months ended December 31, 2021 and 2020, respectively. The Company’s aggregate future required principal debt repayments are summarized in the following table: (in thousands) Principal Due For the six months ending June 30, 2022 $ 1,977 For the year ending June 30, 2023 611 Total $ 2,588 Additional details of each borrowing by operating segment are discussed below. Durable Medical Equipment The Corbel Facility was assumed in the acquisition of the durable medical equipment businesses in 2018 and was repaid on December 29, 2020. The Corbel Facility was held by Corbel, a related party, which also holds a non-controlling interest in DME Inc. and HC LLC Series A-1 Preferred Stock. See Note 6 – Related Party Transactions and Note 15 – Non-Controlling Interests and Preferred Stock of Subsidiaries. Principal payments and interest expense incurred on the Corbel Facility are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Principal payments $ - $ 24,752 $ - $ 25,106 Interest expense - 635 - 1,296 The Company also assumed a revolving line of credit with Pacific Mercantile Bank ( DME Revolver The borrowings under the DME Revolver are collateralized by the assets of the durable medical equipment business and the Company is required to meet certain financial covenants. The DME Revolver includes covenants that restrict HC LLC’s and its subsidiaries’ business operations to the current business, limit additional indebtedness, liens, asset dispositions and investments, require compliance and maintenance of licenses and government approvals and other customary conditions. Events of default include the failure to pay amounts when due, bankruptcy, or violation of covenants, including a change in control of HC LLC. HC LLC and its subsidiaries on a consolidated basis must also comply with a fixed-charge coverage and leverage ratio financial covenants, which are based in part on the HC LLC EBITDA levels. The obligations under the DME Revolver are non-recourse to the Company. HC LLC’s operating subsidiaries also utilize equipment financing debt to fund certain inventory and equipment purchases from suppliers. These equipment financing debt agreements are entered into with third party banks and are generally payable in equal installments over terms of one to three years, depending on the nature of the underlying purchases being financed. The debt is secured by the inventory and equipment, as applicable, of the operating subsidiaries entering into the agreements, and the long-term agreements have implicit interest rates between 7 – 8%. During the six months ended December 31, 2021 and 2020, the Company financed $0.0 million and $1.6 million, respectively, in inventory and equipment through such financing agreements. Investment Management As part of the entry into the investment management business, the Company acquired certain assets from MAST Capital and in consideration for those assets, GP Corp. issued a senior secured note payable (the GP Corp. Note Payments and interest expense incurred on the GP Corp. Note are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 (1) 2020 2021 (1) 2020 Principal payments $ - $ - $ - $ - Interest expense - 25 - 51 (1) Principal and interest amounts incurred after GEG’s purchase of the GP Corp. note are not reported in this table, as they eliminate in consolidation.

Convertible Notes

Convertible Notes	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Convertible Notes	13. Convertible Notes As of December 31, 2021 the total principal balance of Convertible Notes outstanding was $35.2 million including cumulative interest paid-in-kind. The convertible notes ( Convertible Notes ▪ $6.6 million issued to entities associated with Matthew A. Drapkin, including funds managed by Northern Right Capital Management, L.P. ( Northern Right ), a significant shareholder. Mr. Drapkin, a member of the Company’s Board of Directors, is the Chief Executive Officer of Northern Right. ▪ $7.0 million issued to entities associated with Jason W. Reese, including funds managed by ICAM, a significant shareholder. Mr. Reese is the executive chairman of the Company’s Board of Directors. ▪ $0.7 million issued to entities associated with Eric J. Scheyer, a member of the Company’s Board of Directors. ▪ $2.3 million issued to MAST Capital, owner of 7.3% of our outstanding company stock. The Convertible Notes accrue interest at 5.0% per annum, payable semiannually in arrears on June 30 and December 31, commencing June 30, 2020, in cash or in kind at the option of the Company. Each $1,000 principal amount of the Convertible Notes are convertible into 288.0018 shares of the Company’s common stock, subject to the terms therein, prior to maturity at the option of the holder. The Company may, subject to compliance with the terms of the Convertible Notes, effect the conversion of some or all of the Convertible Notes into shares of common stock, subject to certain liquidity and pricing requirements, as specified in the Convertible Notes. The embedded conversion feature in the Convertible Notes qualifies for the scope exception to derivative accounting in ASC Topic 815, Derivatives and Hedging, The Company incurred interest expense of $0.4 million and $0.9 million, respectively, for the three and six months ended December 31, 2021. During the three and six months ended December 31, 2020 the company incurred interest expense of $0.4 million and $0.8 million, respectively, related to the convertible notes, inclusive of non-cash interest related to amortization of discount.

CARES Act

CARES Act	6 Months Ended
	Dec. 31, 2021
Extraordinary And Unusual Items [Abstract]
CARES Act	14. CARES Act On December 27, 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 expanded certain benefits made available under the enhanced Coronavirus Aid, Relief, and Economic Security Act, including modifying and extending the Employee Retention Credit ( ERC We have accounted for such proceeds as in-substance government grants by analogizing to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance

Non-Controlling Interests and P

Non-Controlling Interests and Preferred Stock of Subsidiaries	6 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Non-Controlling Interests and Preferred Stock of Subsidiaries	15. Non-Controlling Interests and Preferred Stock of Subsidiaries Non-Controlling Interests of Subsidiaries Holders of non-controlling interests in a subsidiary of the Company hold certain rights, which result in the classification of the securities as either liability, temporary equity or permanent equity. The following table summarizes the non-controlling interests of subsidiary balances on the condensed consolidated balance sheets: (in thousands) December 31, 2021 June 30, 2021 HC LLC Temporary equity $ 2,948 $ 2,639 Permanent equity 2,948 2,639 Total DME Inc. 5,896 5,278 GEC GP Permanent equity (84 ) (79 ) Consolidated Funds Permanent equity 3,744 4,228 Forest Permanent equity 2,583 2,761 Total Non-controlling interests $ 12,139 $ 12,188 The following table summarizes the net income (loss) attributable to the non-controlling interests on the condensed consolidated statements of operations: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 DME Inc. Temporary equity $ - $ (292 ) $ - $ (337 ) Permanent equity - (292 ) - (337 ) Total DME Inc. - (584 ) - (674 ) HC LLC Temporary equity 104 - 309 - Permanent equity 104 - 309 - Total DME Inc. 208 - 618 - GP Corp. Permanent equity - (30 ) - (60 ) GEC GP Permanent equity (2 ) - (4 ) - Consolidated Funds Permanent equity 34 - (51 ) - Forest Permanent equity (161 ) - (178 ) - FM Holdings Permanent equity - 17 - 30 Total $ 79 $ (597 ) $ 385 $ (704 ) HC LLC and DME Inc.-Non-Controlling interest classified as temporary equity In connection with the acquisition of the durable medical equipment businesses in September 2018, the Company issued a 9.95% common stock equity ownership in DME Inc. The holder of the interest has a board observer rights for the DME Inc. board of directors, but no voting rights. DME Inc. has the right of first offer if the holder desires to sell the security and in the event of a sale of DME Inc., the holder must sell their securities (drag along rights) and has the right to participate in sales of DME Inc. securities (tag along rights). In addition, upon the seventh anniversary of issuance date, if (i) the holder owns 50% of the common shares issued to it at the closing of the transaction, (ii) an initial public offering of DME Inc. has not commenced and (iii) the holder has not had an earlier opportunity to sell its shares at their fair market value, the holder has the right to request a marketing process for a sale of DME Inc. and has the right to put its common shares to DME Inc. at the price for such shares implied by such marketing process. The Company also has the right to call the holder’s common shares at such price. The holder of the non-controlling interest is entitled to participate in earnings of DME Inc. and is not required to fund losses. As the redemption is contingent upon future events outside of the Company’s control which are not probable, the Company has classified the non-controlling interest as temporary equity and its fair value on the date of issuance, adjusted for any earnings in DME Inc. As a result of the reorganization discussed in Note 6- Related Party Transactions the non-controlling interests in DME Inc. became non-controlling interests in HC LLC on May 31, 2021. The holder of this non-controlling interest, Corbel, is also the holder of the Series A-1 Preferred Stock and previously was the holder of the Corbel Facility HC LLC and DME Inc.-Non-controlling interest classified as permanent equity In connection with the acquisition of the durable medical equipment businesses in September 2018, the Company issued one of the former owners, a 9.95% common stock equity ownership in DME Inc. The rights are consistent with the non-controlling interest classified as temporary equity, other than the holder does not have a contingent put right. Accordingly, Company has classified the non-controlling interest as permanent equity at its fair value on the date of issuance, adjusted for any earnings in DME Inc. As a result of the reorganization discussed in Note 6- Related Party Transactions the non-controlling interests in DME Inc. became non-controlling interests in HC LLC on May 31, 2021. GP Corp. – Non-controlling interest classified as permanent equity In connection with the acquisition of the investment management business in November 2016, the Company issued certain affiliates and employees of the Company a 19.9% interest in GP Corp. During the year ended June 30, 2021, the Company repurchased 18.1% of such interests, leaving a 1.8% non-controlling interest in GP Corp. as of June 30, 2021. The Company’s 98.2% interest in GP Corp. was then exchanged for a direct interest in GP Corp.’s wholly-owned subsidiary, GEC GP. Following the consummation of the reorganization on June 29, 2021, the Company no longer has an interest in GP Corp. GEC GP – Non-controlling interest classified as permanent equity As described above, on June 29, 2021, the Company exchanged its 98.2% interest in GP Corp. for an identical 98.2% direct interest in GP Corp.’s wholly-owned subsidiary, GEC GP. GEC GP owns the rights to the Profit Sharing Agreement with GECM as well as an intercompany obligation under the GP Corp. Note. The holder of the non-controlling interest is an employee of GECM and is entitled to participated in the cumulative earnings generated by the IMA. Forest – Non-controlling interest classified as permanent equity In connection with the JPM Transactions on December 29, 2020, the Company sold JPM a 20.0% common stock interest in Forest in exchange for $2.7 million. JPM has a representative on the Forest board of directors and the right to designate a number of directors commensurate with their common stock ownership interest. Forest has the right of first offer if the holder desires to sell the security and in the event of a sale of Forest, the holder must sell their securities (drag along rights) and has the right to participate in sales of Forest securities (tag along rights). The holder of the non-controlling interest is entitled to participate in earnings of Forest and is not required to fund losses. The holder of this non-controlling interest, JPM, is also the holder of Forest Preferred Stock discussed below. See Note 6 – Related Party Transactions. Consolidated Funds – Non-controlling interest classified as permanent equity As of December 31, 2021, the Company held 73.5% of the capital in the Consolidated Funds. The remaining capital in the Consolidated Funds is recorded as a non-controlling interest. These non-controlling interests include affiliated individuals and entities. FM Holdings – Non-controlling interest classified as permanent equity In connection with the acquisition of the real estate business in March 2018, the Company issued the former owner a 19.9% interest in FM Holdings. The real estate business was sold in June 2021. See Note 4 – Discontinued Operations. Redeemable Preferred Stock of Subsidiaries The following table summarizes the preferred stock of subsidiary balances on the condensed consolidated balance sheets (in shares): Balance, as of June 30, 2021 Issuance of Preferred Stock Redemption of Preferred Stock Balance, as of December 31, 2021 HC LLC Series A-1 Preferred Stock 10,090 - - 10,090 Series A-2 Preferred Stock 34,010 - - 34,010 Total HC LLC 44,100 - - 44,100 Forest Forest Preferred Stock 35,010 - - 35,010 Total 79,110 - - 79,110 There was no preferred stock activity during the six months ended December 31, 2021 or 2020. HC LLC - Series A-1 Preferred Stock classified as a liability In connection with the JPM Transactions, the Company issued 10,090 shares of Series A-1 Preferred Stock with a face value of $1,000 per share at issuance. The shares were issued pro-rata to the stockholders of DME Inc. in the form of a distribution and no consideration was provided in exchange for such instruments. The shares provide for a 9% annual dividend, which is payable quarterly. The shares are mandatorily redeemable by the Company at their face value of $1,000 per share on the earlier of certain redemption events or December 29, 2027. The redemption events include a bankruptcy, change in control or sale of the durable medical equipment business. The shares are redeemable at any time at the option of Company at a redemption price equal to face value. The shares rank senior and have preference to the common shares of HC LLC. The shares are non-voting, do not participate in the earnings of HC LLC and contain standard protective rights. As the shares of Series A-1 Preferred Stock are mandatorily redeemable at a specified date, the security has been classified as a liability in the consolidated balance sheet. The dividends on the shares are included in interest expense in the consolidated statement of operations. The fair value of each share of Series A-1 Preferred Stock on the issuance date was determined to be $801 per share. The difference between the fair value and the redemption value of $1,000 per share as well as debt issuance costs of $0.2 million is accounted for as a debt discount and accretion of the discount will be charged to interest expense over the 7-year period to redemption using the effective interest method. The holders of the Series A-1 Preferred Stock include our majority-owned consolidated subsidiary Forest (8,082 shares), as well as Corbel and VHG (each 1,004 shares), who are also the holders of non-controlling interests in DME Inc. discussed above. See Note 6 – Related Party Transactions. Such shares of Series A-1 Preferred Stock issued to consolidated subsidiaries and their effects on our operations have been eliminated in consolidation. HC LLC Series A-2 Preferred Stock classified as a liability In connection with the JPM Transactions, the Company issued 34,010 shares of Series A-2 Preferred Stock with a face value of $1,000 per share at issuance. The shares were issued to Forest in exchange for cash equal to the face value of such shares. The shares provide for a 9% annual dividend, which is payable quarterly. The shares are mandatorily redeemable by the Company at their face value of $1,000 per share on December 29, 2027, or at a 0-3% premium decreasing over time based upon the occurrence of certain redemption events prior to December 29, 2027. The redemption events include a bankruptcy, change in control or sale of the durable medical equipment business. The shares are redeemable at any time at the option of Company at a redemption price at face value plus the 0-3% premium then in place. The shares rank senior and have preference to the common shares of HC LCC. The shares are non-voting and contain standard protective rights. In addition, upon a sale of the durable medical equipment business, the holders of HC LLC Series A-2 Preferred Stock are entitled to the greater of their liquidation preference or 33% of proceeds arising from such sale. As the shares of Series A-2 Preferred Stock are mandatorily redeemable at a specified date, the security has been classified as a liability in the consolidated balance sheet. The dividends on the shares are included in interest expense in the consolidated statement of operations. We have identified the feature allowing holders of the HC LLC Series A-2 Preferred Stock to participate in up to 33% of proceeds arising from a sale of the durable medical equipment business as an embedded derivative. We have bifurcated this embedded derivative from the mandatorily redeemable preferred stock host and have recorded the derivative liability at fair value. The fair value of the derivative liability on the issuance date was $6.5 million, and will be marked to fair value at each reporting date going forward. The fair value of each share of Series A-2 Preferred Stock on the issuance date was determined to be $810 per share. The difference between the fair value and the redemption value of $1,000 per share as well as debt issuance costs of $1.1 million is accounted for as a debt discount and accretion of the discount will be charged to interest expense over the 7-year period to redemption using the effective interest method. The holder of the Series A-2 Preferred Stock is our majority -owned consolidated subsidiary Forest. Such shares and related embedded derivatives issued to consolidated subsidiaries and their effects on our operations have been eliminated in consolidation. Forest Preferred Stock classified as a liability In connection with the JPM Transactions, Forest issued 35,010 shares of preferred stock in Forest with a face value of $1,000 per share at issuance. The preferred shares were sold to JPM in exchange for cash equal to the face value of such shares. The preferred shares provide for a 9% annual dividend, which is payable quarterly. The preferred shares are mandatorily redeemable by the Company at their face value of $1,000 per share on December 29, 2027, or at a 0-3% premium decreasing over time based upon the occurrence of certain redemption events prior to December 29, 2027. The redemption events include the occurrence of an ownership change that triggers an IRC §382 limitation which reduces Forest net operating loss carryforwards to less than $300 million. The preferred shares are redeemable at any time at the option of Company at a redemption price at face value plus the 0-3% premium then in place. The preferred shares rank senior and have preference to the common shares of Forest. The shares are non-voting, do not participate in the earnings of Forest and contain standard protective rights. As the preferred shares are mandatorily redeemable at a specified date, the security has been classified as a liability in the consolidated balance sheet. The dividends on the preferred stock are included in interest expense in the consolidated statement of operations. The fair value of each share of Forest Preferred Stock on the issuance date was determined to equal its face value based on the transaction price. Debt issuance costs of $1.2 million is accounted for as a debt discount and accretion of the discount will be charged to interest expense over the 7-year period to redemption using the effective interest method. The holder of the Forest Preferred Stock is JPM, who is also the holder of the non-controlling interests in Forest discussed above. See Note 6 – Related Party Transactions.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders' Equity	16. Stockholders’ Equity Restricted Stock Awards and Restricted Stock Units In November 2021, the Compensation Committee of the Board of Directors (the Compensation Committee five-year five-year In addition, during the three and six months ended December 31, 2021, the Company granted 100,000 and 204,602, respectively, service-based restricted stock awards, which vest 25% up-front and annually on a pro-rata basis over the next 3 years Restricted stock units are subject to service requirements. The Company accounts for forfeitures of the restricted stock units in the period incurred. During the three and six months ended December 31, 2021 the Company granted 7,845 and 140,294 shares of restricted stock units to employees and directors, respectively. The activity of the Company’s restricted stock awards and restricted stock units for the six months ended December 31, 2021 was as follows: Restricted Stock Awards and Restricted Stock Units Restricted Stock (in thousands) Weighted Average Grant Date Fair Value Outstanding at June 30, 2021 904 $ 3.71 Granted 353 2.27 Vested (837 ) 3.49 Forfeited (153 ) 3.92 Outstanding at December 31, 2021 267 $ 2.55 Stock Options The following table summarizes the Company’s option award activity as of and through December 31, 2021: Options Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at June 30, 2021 2,493 $ 3.69 4.51 $ - Options granted 18 2.87 - - Exercised - - - - Forfeited, cancelled or expired - - - - Outstanding at December 31, 2021 2,511 $ 3.68 4.02 $ - Exercisable at December 31, 2021 2,144 $ 3.68 3.82 $ - Vested and expected to vest as of December 31, 2021 2,511 $ 3.66 4.02 $ - During the three months ended December 31, 2021 and 2020, the Company recognized total stock-based compensation associated with all restricted stock and stock options of $1.1 million and $0.3 million, respectively. During the six months ended December 31, 2021 and 2020, the Company recognized total stock-based compensation associated with all restricted stock and stock options of $1.7 million and $0.7 million, respectively. As of December 31, 2021, the Company had unrecognized compensation costs related to all unvested share awards and options totaling $1.2 million. During the three and six months ended December 31, 2021, the Company issued compensation to certain employees in the form of GECC common shares to be settled with GECC shares currently held by the Company. The total value of GECC shares awarded for the three and six months ended December 31, 2021 was $ 0.1 million and $0.9 million, respectively, of which $0.2 million vested immediately, and the balance will vest annually pro-rata over a three year period. Related compensation expense was $0.1 million and $0.3 million for the three and six months ended December 31, 2021, respectively.

Income Tax

Income Tax	6 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax	17. Income Tax As of June 30, 2021, the Company had net operating loss ( NOL In light of the Company’s history of cumulative operating losses, the Company recorded a valuation allowance for all of its federal and state deferred tax assets, as it is presently unable to conclude that it is more likely than not that the federal and state deferred tax assets in excess of deferred tax liabilities will be realized.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies From time to time, the Company is involved in lawsuits, claims, investigations and proceedings that arise in the ordinary course of business. The Company maintains insurance to mitigate losses related to certain risks. The Company is not a named party in any other pending or threatened litigation that we expect to have a material adverse impact on our business, results of operations, financial condition or cash flows.

Segment Information

Segment Information	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	19. Segment Information The Company allocates resources based on two business operating segments: durable medical equipment and investment management, with general corporate representing unallocated costs and activity to arrive at consolidated operations. Activity not allocated to the segments include, but are not limited to, certain investment and financing activities, professional fees, costs associated with being a public company, acquisition costs and costs associated with executive and corporate management departments, including compensation, benefits, rent and insurance. The following tables illustrate results of operations by segment: For the three months ended December 31, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Intercompany Eliminations ( 1) Consolidated Total Revenue: Total revenue $ 15,728 $ 1,021 $ 172 $ (172 ) $ 16,749 Operating costs and expenses: Cost of durable medical equipment sold and services (4,309 ) - - - (4,309 ) Cost of durable medical equipment rentals (1,734 ) - - - (1,734 ) Depreciation and amortization (443 ) (108 ) (1 ) - (552 ) Non-cash compensation ( 3) - (946 ) (280 ) - (1,226 ) Transaction costs ( 4) (127 ) - (35 ) - (162 ) Other selling, general and administrative (8,473 ) (1,068 ) (1,262 ) 172 (10,631 ) Total operating expenses (15,086 ) (2,122 ) (1,578 ) 172 (18,614 ) Other income (expense): Interest expense (1,289 ) (24 ) (1,269 ) 1,220 (1,362 ) Other income (expense) 1,584 (1,506 ) 145 (1,220 ) (997 ) Total other expense, net 295 (1,530 ) (1,124 ) - (2,359 ) Total pre-tax income (loss) $ 937 $ (2,631 ) $ (2,530 ) $ - $ (4,224 ) For the three months ended December 31, 2020 (in thousands) Durable Medical Equipment Investment Management General Corporate Intercompany Eliminations ( 1) Consolidated Total Revenue: Total revenue $ 14,543 $ 760 $ 45 $ (45 ) $ 15,303 Operating costs and expenses: Cost of durable medical equipment sold and services (4,703 ) - - - (4,703 ) Cost of durable medical equipment rentals (1,621 ) - - - (1,621 ) Depreciation and amortization (463 ) (127 ) (1 ) - (591 ) Non-cash compensation ( 3) - (197 ) (88 ) - (285 ) Transaction costs ( 4) (87 ) - (229 ) - (316 ) Other general and administrative (8,028 ) (727 ) (998 ) 45 (9,708 ) Total operating expenses (14,902 ) (1,051 ) (1,316 ) 45 (17,224 ) Other income (expense): Interest expense (687 ) (25 ) (390 ) - (1,102 ) Other income (expense) (1,832 ) 3,947 3 - 2,118 Total other expense, net (2,519 ) 3,922 (387 ) - 1,016 Total pre-tax income (loss) $ (2,878 ) $ 3,631 $ (1,658 ) $ - $ (905 ) For the six months ended December 31, 2021 (in thousands) Durable Medical Equipment Investment Management ( 1) General Corporate ( 1) Intercompany Eliminations ( 2) Consolidated Total Revenue: Total revenue $ 31,283 $ 2,004 $ 415 $ (415 ) $ 33,287 Operating costs and expenses: Cost of durable medical equipment sold and services (8,369 ) - - - (8,369 ) Cost of durable medical equipment rentals (3,584 ) - - - (3,584 ) Depreciation and amortization (896 ) (217 ) (1 ) - (1,114 ) Non-cash compensation ( 3) - (1,342 ) (652 ) - (1,994 ) Transaction costs ( 4) (224 ) - (219 ) - (443 ) Other selling, general and administrative (14,759 ) (1,911 ) (2,392 ) 415 (18,647 ) Total operating expenses (27,832 ) (3,470 ) (3,264 ) 415 (34,151 ) Other income (expense): Interest expense (2,576 ) (48 ) (2,538 ) 2,438 (2,724 ) Other income (expense) 2,144 (1,257 ) 1,020 (2,438 ) (531 ) Total other income (expense), net (432 ) (1,305 ) (1,518 ) - (3,255 ) Total pre-tax income (loss) $ 3,019 $ (2,771 ) $ (4,367 ) $ - $ (4,119 ) For the six months ended December 31, 2020 (in thousands) Durable Medical Equipment Investment Management ( 1) General Corporate ( 1) Intercompany Eliminations ( 2) Consolidated Total Revenue: Total revenue $ 29,153 $ 1,533 $ 136 $ (136 ) $ 30,686 Operating costs and expenses: Cost of durable medical equipment sold and services (8,910 ) - - - (8,910 ) Cost of durable medical equipment rentals (3,536 ) - - - (3,536 ) Depreciation and amortization (925 ) (255 ) (1 ) - (1,181 ) Non-cash compensation ( 3) - (391 ) (323 ) - (714 ) Transaction costs ( 4) (87 ) - (261 ) - (348 ) Other selling, general and administrative (15,799 ) (1,259 ) (2,144 ) 136 (19,066 ) Total operating expenses (29,257 ) (1,905 ) (2,729 ) 136 (33,755 ) Other income (expense): Interest expense (1,396 ) (51 ) (799 ) (2,246 ) Other income (expense) (1,836 ) 2,570 8 - 742 Total other income (expense), net (3,232 ) 2,519 (791 ) - (1,504 ) Total pre-tax income (loss) $ (3,336 ) $ 2,147 $ (3,384 ) $ - $ (4,573 ) (1) Previously reported non-operating activity including dividend income and unrealized gains/losses related to managed investments has been reclassified from General Corporate to Investment Management to conform with current segment organization. (2) The Company’s wholly-owned subsidiary, DME Manager, provides advisory services to HC LLC (formerly to DME, Inc.) and receives consulting fees from for those services. DME Manager is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding expense to HC LLC and revenue to DME Manager are eliminated in consolidation. Beginning December 29, 2020, DME Manager also provides advisory services to Forest and receives a consulting fee from Forest for those services. Both DME Manager and Forest are part of general corporate operations, and the corresponding revenue and expense are eliminated in consolidation. Additionally, Forest owns Series A-1 Preferred Stock and Series A-2 Preferred Stock of HC LLC. Forest is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding interest expense to HC LLC and interest income to Forest are eliminated in consolidation. (3) Non-cash compensation includes stock-based compensation and compensation in the form of stock in portfolio companies held by the Company. Non-cash compensation attributable to the investment management segment is included in investment management expenses in the condensed consolidated statements of operations. Non-cash compensation attributable to the general corporate segment is included in selling, general and administrative expense in the condensed consolidated statements of operations. (4) Transaction costs, which consist of legal and other professional services incurred in connection with consummated and unconsummated transactions, are included in selling, general and administrative expense in the condensed consolidated statements of operations. The following tables illustrate assets by segment: As of December 31, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Total Fixed assets, net $ 7,609 $ 21 $ 1 $ 7,631 Identifiable intangible assets, net 6,499 1,611 - 8,110 Goodwill 52,463 - - 52,463 Other assets 19,386 46,583 21,964 87,933 Total $ 85,957 $ 48,215 $ 21,965 $ 156,137 As of June 30, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Total Fixed assets, net $ 8,349 $ 21 $ 2 $ 8,372 Identifiable intangible assets, net 7,104 1,824 - 8,928 Goodwill 50,536 - - 50,536 Other assets 21,150 66,907 5,976 94,033 Total $ 87,139 $ 68,752 $ 5,978 $ 161,869

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in the Company’s Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. The condensed consolidated balance sheet as of June 30, 2021, presented herein, has been derived from the Company’s audited consolidated financial statements as of and for the year-ended June 30, 2021. All assets and liabilities related to discontinued operations are excluded from the notes unless otherwise noted. In addition, the historical results of the real estate business operating segment have been reflected in the accompanying consolidated statements of operations for the three and six months ended December 31, 2020 as discontinued operations. See Note 4 – Discontinued Operations.
Use of Estimates	Use of Estimate The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ( GAAP
Principles of Consolidation	Principles of Consolidation The Company consolidates the assets, liabilities, and operating results of its wholly-owned subsidiaries; majority-owned subsidiaries; and subsidiaries in which we hold a controlling financial interest as of the financial statement date. In most cases, a controlling financial interest reflects ownership of a majority of the voting interests. We consolidate a variable interest entity ( VIE All intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests in the Company’s subsidiaries are reported as a component of liabilities for mandatorily redeemable interests, temporary equity for contingently redeemable interests or permanent equity, separate from the Company’s equity. See Note 15 – Non-Controlling Interests and Preferred Stock of Subsidiaries. Results of operations attributable to the non-controlling interests are included in the Company’s condensed consolidated statements of operations.
Segments	Segments The Company has two business operating segments: durable medical equipment and investment management, with general corporate representing unallocated costs and activity to arrive at consolidated operations. The Company regularly reviews each segment for purposes of allocating resources and assessing performance.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are comprised of cash and highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash equivalents consist primarily of exchange-traded money market funds. The Company is exposed to credit risk in the event of default by the financial institutions or the issuers of these investments to the extent the amounts on deposit or invested are in excess of amounts that are insured.
Accounts Receivable	Accounts Receivable Substantially all of the accounts receivable balance relates to the durable medical equipment business. Accounts receivable are customer obligations due under normal sales and rental terms and represent the amount estimated to be collected from the customers and, if applicable, the third-party private insurance provider or government program (collectively, Payors The assessment of variable consideration to be constrained is based on estimates, and ultimate losses may vary from current estimates. As adjustments to these estimates become necessary, they are reported in earnings in the periods in which they become known. There were no material adjustments to revenues made in the six months ended December 31, 2021 relating to prior periods. Changes in constraints on variable consideration are recorded as a component of net revenues. The Company generally does not allow returns from customers for reasons not covered under the manufacturer’s standard warranty. Therefore, there is no provision for sales return reserves. The Company does not have significant bad debt experience with Payors, and therefore the allowance for doubtful accounts is immaterial. As of December 31, 2021 and June 30, 2021, the Company had unbilled receivables of approximately $0.1 million and $0.3 million, respectively, that relate to transactions where the Company has the ultimate right to invoice a Payor under the terms of the arrangement but are not currently billed. These unbilled amounts are included in accounts receivable in the condensed consolidated balance sheets.
Net Income (Loss) Per Share	Net Income (Loss) per Share The following table presents the calculation of basic and diluted income (loss) per share: For the three months ended December 31, For the six months ended December 31, (in thousands except per share amounts) 2021 2020 2021 2020 Income (loss) from continuing operations $ (4,159 ) $ (855 ) $ (4,053 ) $ (4,622 ) Income from discontinued operations, net of tax - 72 $ - $ 138 Net income (loss) $ (4,159 ) $ (783 ) $ (4,053 ) $ (4,484 ) Less: net income (loss) attributable to non-controlling interest, continuing operations 79 (614 ) 385 (734 ) Less: net income attributable to non-controlling interest, discontinued operations - 17 - 30 Net loss attributable to Great Elm Group, Inc. $ (4,238 ) $ (186 ) $ (4,438 ) $ (3,780 ) Weighted average shares basic and diluted: Weighted average shares of common stock outstanding 26,462 25,678 26,222 25,626 Weighted average shares used in computing income (loss) per share 26,462 25,678 26,222 25,626 Basic and diluted income (loss) per share from: Loss from continuing operations $ (0.16 ) $ (0.01 ) $ (0.17 ) $ (0.15 ) Income from discontinued operations - 0.00 - 0.00 Net loss $ (0.16 ) $ (0.01 ) (0.17 ) (0.15 ) When calculating earnings per share, we are required to adjust for the dilutive effect of common stock equivalents. As of December 31, 2021, the Company had 12,917,292 potential shares of common stock, including 10,139,031 potential shares of Company common stock issuable upon conversion of Convertible Notes and 2,778,261 potential shares issuable upon the exercise of stock options and vesting of restricted stock units and restricted stock awards, that are not included in the diluted net income (loss) per share calculation because to do so would be anti-dilutive. As of December 31, 2020, the Company had 12,307,863 potential shares of common stock, including 9,008,612 shares of common stock issuable upon the conversion of the Company Convertible Notes and 3,299,251 potential shares issuable upon the exercise of stock options and vesting of restricted stock units and restricted stock awards, that are not included in the diluted net income (loss) per share calculation because to do so would be anti-dilutive. As of December 31, 2021 and 2020, the Company had an aggregate of 153,451 and 732,909 issued shares, respectively, that are subject to forfeiture by the employee at a nominal price if service and/or performance milestones are not met. The Company does not account for such shares as being outstanding for accounting purposes since they are unvested and subject to forfeiture.
Restrictions on Subsidiary Dividends	Restrictions on Subsidiary Dividends The ability of HC LLC to pay dividends is subject to compliance with the restricted payment covenants under the DME Revolver (as defined below).
Concentration of Risk	Concentration of Risk The Company’s net investment revenue and receivables for the periods presented were primarily attributable to the management of one investment vehicle, GECC. See Note 6 – Related Party Transactions. The Company’s durable medical equipment revenue and related accounts receivable are concentrated with third-party Payors. The following table summarizes customer concentrations as a percentage of revenues: For the three months ended December 31, For the six months ended December 31, 2021 2020 (1) 2021 2020 Government Payor 37% 37% 37% 34% Third-party Payor 14% 12% 14% 12% (1) Revenue concentration percentages have been recast from those previously reported to reflect the presentation of the real estate business within discontinued operations The following table summarizes customer concentrations as a percentage of accounts receivable: As of December 31, 2021 June 30, 2021 Government Payor 28% 30% Third-party Payor 19% 14%
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards Accounting for Convertible Instruments. In August 2020, the Financial Accounting Standards Board ( FASB ) issued Accounting Standard Update ( ASU ) 2020-06 , Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , which simplifies the accounting for convertible instruments by eliminating certain separation models. Under ASU 2020-06, a convertible debt instrument will generally be reported as a single liability at its amortized cost with no separate accounting for embedded conversion features. Consequently, the interest rate of convertible debt instruments will be closer to the coupon interest rate. In addition, ASU 2020-06 eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The guidance in ASU 2020-06 is effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted ASU 2020-06 on July 1, 2021 using the full retrospective method. Prior to adoption, under Accounting Standards Codification 470-20, Debt with Conversion and Other Options ("ASC 470-20"), we had separately accounted for the liability and equity components upon the original issuance of our Convertible Notes in February 2020 due to the existence of a temporary cash conversion feature. Under ASC 470-20, the equity component of the Convertible Notes was recorded as additional paid-in capital within stockholders’ equity on our consolidated balance sheet and generated an original issue discount on the carrying value of the Convertible Notes. As a result, prior to the adoption of ASU 2020-06, we recorded a greater amount of non-cash interest expense as the discounted carrying value is accreted up to their face value over the Convertible Notes term. Under the full retrospective method, the prior period condensed consolidated financial statements have been retrospectively adjusted to reflect the adoption of the accounting standard in those periods. The following tables shows the impact of the adoption on our previously reported financial information: Condensed consolidated balance sheet June 30, 2021 As reported ASU 2020-06 Adjustment June 30, 2021 As adjusted Liabilities Convertible notes $ 22,054 $ 11,279 $ 33,333 Other liabilities 1,070 (155 ) 915 Stockholders' equity Additional paid-in-capital 3,319,767 (12,154 ) 3,307,613 Accumulated deficit (3,265,433 ) 1,030 (3,264,403 ) Condensed consolidated statement of operations For the three months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (1,264 ) $ 162 $ (1,102 ) Net loss from continuing operations Net loss from continuing operations (1,017 ) 162 (855 ) Net loss per share (basic and diluted) (0.01 ) 0.00 (0.01 ) For the six months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (2,571 ) $ 325 $ (2,246 ) Net loss from continuing operations Net loss from continuing operations (4,947 ) 325 (4,622 ) Net loss per share (basic and diluted) (0.16 ) 0.01 (0.15 ) (1) As re-casted to reflect the operations of our real estate business as discontinued operations and therefore excluded. Recently Issued Accounting Standards Current Expected Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) , which changes the impairment model for financial instruments, including trade receivables from an incurred loss method to a new forward looking approach, based on expected losses. The estimate of expected credit losses will require entities to incorporate considerations of historical experience, current information and reasonable and supportable forecasts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the potential impact that the adoption of this ASU will have on its consolidated financial statements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): facilitation of the Effects of Reference Rate Reform on Financial Reporting, in response to the United Kingdom Financial Conduct Authority which announced the desire to phase out the use of the London Interbank Offered Rate ( LIBOR ) by the end of 2021. The provisions provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform on financial reporting due to the cessation of LIBOR if certain criteria are met. If LIBOR ceases to exist, we may need to renegotiate outstanding notes payable outstanding which extend beyond 2021 with the respective counterparties. Adoption of the provisions in ASU 2020-04 are optional and effective from March 12, 2020 through December 31, 2022. We are currently evaluating the impact of this ASU on our financial statements.
Revenue	Revenue The revenues from each major source of revenue are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Product and Services Revenue Investment Management Management Fees $ 895 $ 609 $ 1,771 $ 1,210 Administration Fees 126 151 233 323 1,021 760 2,004 1,533 Durable Medical Equipment Equipment Sales 8,968 8,411 17,698 16,419 Service Revenues 1,309 1,133 2,655 2,338 10,277 9,544 20,353 18,757 Total product and services revenue $ 11,298 $ 10,304 $ 22,357 $ 20,290 Rental Revenue Durable Medical Equipment Medical Equipment Rental Income 5,451 4,999 10,930 10,396 Total rental revenue 5,451 4,999 10,930 10,396 Total $ 16,749 $ 15,303 $ 33,287 $ 30,686 Revenue Accounting Under Topic 606 In determining the appropriate amount of revenue to be recognized under FASB Accounting Standards Codification Topic 606, Revenues Topic 606 Durable Medical Equipment Revenue Equipment Sales and Services Revenues The Company sells durable medical equipment, replacement parts and supplies to customers and recognizes revenue at the point control is transferred through delivery to the customer. Each piece of equipment, part or supply is distinct and separately priced thus they each represent a single performance obligation. The revenue is allocated amongst the performance obligations based upon the relative standalone selling price method, however, items are typically all delivered or supplied together. The customer and, if applicable, the Payors are generally charged at the time that the product is sold, although separate layers of insurance coverage may need to be invoiced before final billings may occur. The Company also provides sleep study services to customers and recognizes revenue when the results of the sleep study are complete as that is when the performance obligation is met. The transaction price on both equipment sales and sleep studies is the amount that the Company expects to receive in exchange for the goods and services provided. Due to the nature of the durable medical equipment business, billing adjustments customarily occur during the collections process when explanations of benefits are received by Payors, and as amounts are deferred to secondary Payors or to patient responsibility. As such, we constrain the transaction price for the difference between the gross charge and what we believe we will collect from Payors and from patients. The transaction price therefore is predominantly based on contractual payment rates determined by the Payors. The Company does not generally contract with uninsured customers. We determine our estimates of billing adjustments based upon contractual agreements, our policies and historical experience. While the rates are fixed for the product or service with the customer and the Payors, such amounts typically include co-payments, co-insurance and deductibles, which vary in amounts, from the patient customer. The Company includes in the transaction price only the amount that the Company expects to be entitled, which is substantially all of the Payor billings at contractual rates. The transaction price is initially constrained by the amount of customer co-payments we estimate will not be collected. Due to the nature of the industry and the reimbursement environment in which the Company operates, certain estimates are required to record net revenue and accounts receivable. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain Payors may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application or claim denial. The Company constrains revenue for these estimated adjustments. There were no material changes in estimates recorded in the three and six months ended December 31, 2021, relating to prior periods. The payment terms and conditions of customer contracts vary by customer type and the products and services offered. The Company may provide shipping services prior to the point of delivery and has concluded that the services represent a fulfilment activity and not a performance obligation. Returns and refunds are not accepted on either equipment sales or sleep study services. The Company does not offer warranties to customers in excess of the manufacturer’s warranty. Any taxes due upon sale of the products or services are not recognized as revenue. The Company does not incur contract acquisition costs. The Company does not have any partially or unfilled performance obligations related to contracts with customers. However, during the quarter ended June 30, 2020, the Company applied for and received $4.4 million in advanced payments from the Centers for Medicare and Medicaid Services (CMS) Included in sales and services revenue are unbilled amounts for which the revenue recognition criteria had been met as of period end but were not yet billed to the Payor. The estimate of net unbilled rental revenue recognized is based on historical trends and estimates of future collectability. As of December 31, 2021 and June 30, 2021, net unbilled sales and services revenue is approximately and $0.2 million, respectively, and is included in accounts receivable. Investment Management Revenue The Company recognizes revenue from its investment management business at amounts that reflect the consideration to which it expects to be entitled in exchange for providing services to its customer. Investment management revenue primarily consists of fees based on a percentage of assets under management; fees based on the performance of managed assets; and administrative fees. Fees are based on agreements with each investment product and may be terminated at any time by either party subject to the specific terms of each respective agreement. Management Fees The Company earns management fees based on the investment management agreements GECM has with GECC and other private funds managed by GECM (collectively, the Funds Incentive Fees The Company earns incentive fees based on the investment management agreements GECM has with GECC and separately managed accounts. Where an investment management agreement includes both management fees and incentive fees, the performance obligation is considered to be a single obligation for both fees. Incentive fees are variable consideration associated with the GECC investment management agreement. Incentive fees are recognized based on investment performance during the period, subject to the achievement of minimum return levels or high-water marks, in accordance with the terms of the respective investment management agreements. Incentive fees range from 5.0% to 20.0% of the performance-based metric specified within each agreement. Because of the uncertainty of when incentive fees will be collected due to market conditions and investment performance, incentive fees are fully constrained and not recorded until received and the probability of significant reversal of the fees is eliminated Administration Fees The Company earns administration fees based on the administration agreement GECM has with GECC whereby GECC reimburses GECM for costs incurred in performing administrative functions for GECC. This revenue is recognized over time as the services are performed. Administrative fees are billed quarterly in arrears, which is consistent with the timing of the delivery of services and reflect agreed upon rates for the services provided. The services are accounted for as a single performance obligation that is a series of distinct services with substantially the same pattern of transfer as the services are provided on a daily basis. Revenue Accounting Under Topic 842 Durable Medical Equipment Revenue Equipment Rental Revenue Under FASB Accounting Standards Codification Topic 842, Leases Topic 842 Certain customer co-payments are included in revenue when considered probable of payment. The lease term begins on the date products are delivered to patients and are recorded at amounts estimated to be received under reimbursement arrangements with third-party payors, including Medicare, private payors, and Medicaid. Due to the nature of the industry and the reimbursement environment in which the Company operates, certain estimates are required to record net revenue and accounts receivable at their net realizable values. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain Payors may result in adjustments to amounts originally recorded. Such adjustments are typically identified and recorded at the point of cash application or claim denial. There were no material changes in estimates recorded in the six months ended December 31, 2021, relating to prior periods. Although invoicing typically occurs at the beginning of the monthly rental period, we recognize revenue from rentals on a daily basis. Since rental agreements can commence at any time during a given month, we defer revenue related to the remaining monthly rental period as of period end. Deferred revenue related to rentals was $1.0 million and $1.0 million as of December 31, 2021 and June 30, 2021, respectively. Included in rental revenue are unbilled amounts for which the revenue recognition criteria had been met as of period end but were not yet billed to the Payor. Net unbilled rental revenue is recognized to the extent payment is probable. As of December 31, 2021 and June 30, 2021, net unbilled rental revenue is approximately $0.05 million and $0.1 million, respectively, and is included in accounts receivable.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Earnings Per Share, Basic and Diluted	The following table presents the calculation of basic and diluted income (loss) per share: For the three months ended December 31, For the six months ended December 31, (in thousands except per share amounts) 2021 2020 2021 2020 Income (loss) from continuing operations $ (4,159 ) $ (855 ) $ (4,053 ) $ (4,622 ) Income from discontinued operations, net of tax - 72 $ - $ 138 Net income (loss) $ (4,159 ) $ (783 ) $ (4,053 ) $ (4,484 ) Less: net income (loss) attributable to non-controlling interest, continuing operations 79 (614 ) 385 (734 ) Less: net income attributable to non-controlling interest, discontinued operations - 17 - 30 Net loss attributable to Great Elm Group, Inc. $ (4,238 ) $ (186 ) $ (4,438 ) $ (3,780 ) Weighted average shares basic and diluted: Weighted average shares of common stock outstanding 26,462 25,678 26,222 25,626 Weighted average shares used in computing income (loss) per share 26,462 25,678 26,222 25,626 Basic and diluted income (loss) per share from: Loss from continuing operations $ (0.16 ) $ (0.01 ) $ (0.17 ) $ (0.15 ) Income from discontinued operations - 0.00 - 0.00 Net loss $ (0.16 ) $ (0.01 ) (0.17 ) (0.15 )
Summarizes Customer Concentrations as Percentage of Revenues and Accounts Receivable	The Company’s durable medical equipment revenue and related accounts receivable are concentrated with third-party Payors. The following table summarizes customer concentrations as a percentage of revenues: For the three months ended December 31, For the six months ended December 31, 2021 2020 (1) 2021 2020 Government Payor 37% 37% 37% 34% Third-party Payor 14% 12% 14% 12% (1) Revenue concentration percentages have been recast from those previously reported to reflect the presentation of the real estate business within discontinued operations The following table summarizes customer concentrations as a percentage of accounts receivable: As of December 31, 2021 June 30, 2021 Government Payor 28% 30% Third-party Payor 19% 14%
Summary of Impact of New Accounting Standards on Financial Statements	The following tables shows the impact of the adoption on our previously reported financial information: Condensed consolidated balance sheet June 30, 2021 As reported ASU 2020-06 Adjustment June 30, 2021 As adjusted Liabilities Convertible notes $ 22,054 $ 11,279 $ 33,333 Other liabilities 1,070 (155 ) 915 Stockholders' equity Additional paid-in-capital 3,319,767 (12,154 ) 3,307,613 Accumulated deficit (3,265,433 ) 1,030 (3,264,403 ) Condensed consolidated statement of operations For the three months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (1,264 ) $ 162 $ (1,102 ) Net loss from continuing operations Net loss from continuing operations (1,017 ) 162 (855 ) Net loss per share (basic and diluted) (0.01 ) 0.00 (0.01 ) For the six months ended December 31, 2020 As reported ( 1) ASU 2020-06 Adjustment 2020 As adjusted Non-operating expenses Interest expense $ (2,571 ) $ 325 $ (2,246 ) Net loss from continuing operations Net loss from continuing operations (4,947 ) 325 (4,622 ) Net loss per share (basic and diluted) (0.16 ) 0.01 (0.15 ) (1) As re-casted to reflect the operations of our real estate business as discontinued operations and therefore excluded.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue From Contract With Customer [Abstract]
Summary of Major Source of Revenue	The revenues from each major source of revenue are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Product and Services Revenue Investment Management Management Fees $ 895 $ 609 $ 1,771 $ 1,210 Administration Fees 126 151 233 323 1,021 760 2,004 1,533 Durable Medical Equipment Equipment Sales 8,968 8,411 17,698 16,419 Service Revenues 1,309 1,133 2,655 2,338 10,277 9,544 20,353 18,757 Total product and services revenue $ 11,298 $ 10,304 $ 22,357 $ 20,290 Rental Revenue Durable Medical Equipment Medical Equipment Rental Income 5,451 4,999 10,930 10,396 Total rental revenue 5,451 4,999 10,930 10,396 Total $ 16,749 $ 15,303 $ 33,287 $ 30,686

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]
Reconciliation of Net Income from Discontinued Operations	The following table provides a reconciliation of the Company’s net income from discontinued operations presented in the consolidated statements of operations: For the three months ended December 31, For the six months ended December 31, (in thousands) 2020 2020 Discontinued operations: Real estate rental revenue $ 1,276 $ 2,548 Real estate expenses 127 252 Depreciation and amortization 431 861 Interest expense 647 1,297 Net income from discontinued operations $ 71 $ 138

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Dec. 31, 2021
Managed Investment Products
Schedule of Activity and Outstanding Balances Related Party and Company	The following tables summarize activity and outstanding balances between the managed investment products and the Company: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Net (loss) income on investments $ (2,249 ) $ 2,560 $ (2,364 ) $ 658 Net (loss) income on investments of Consolidated Funds 194 66 5 66 Dividend income 548 1,322 1,102 1,846 As of (in thousands) December 31, 2021 June 30, 2021 Dividends receivable $ - $ 554 Investment management revenues receivable 1,058 936 Receivable for reimbursable expenses paid 224 297
Monomoy Fund
Schedule of Activity and Outstanding Balances Related Party and Company	For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Net gain on investment $ 428 $ - $ 529 $ - Dividend income 95 - 194 - Dividend receivable 95 - 95 -

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis	The assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized in the tables below: Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Equity investments $ 16,893 $ - $ - $ 16,893 Equity investments of Consolidated Funds 26,447 - - 26,447 Total assets within the fair value hierarchy $ 43,340 $ - $ - $ 43,340 Investments valued at net asset value 5,393 Total assets $ 48,733 Liabilities: Participation feature of HC LLC Series A-2 Preferred Stock $ - $ - * * Contingent consideration liability - - 319 319 Total liabilities $ - $ - $ 319 $ 319 Fair Value as of June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets: Equity investments $ 19,444 $ - $ - $ 19,444 Equity investments of Consolidated Funds 26,490 - - 26,490 Total assets within the fair value hierarchy $ 45,934 $ - $ - $ 45,934 Investments valued at net asset value 4,600 Total assets $ 50,534 Liabilities: Participation feature of HC LLC Series A-2 Preferred Stock $ - $ - * * Contingent consideration liability - - 271 271 Total liabilities $ - $ - $ 271 $ 271
Reconciliation of Changes in Contingent Consideration, Level 3 Liability	The following is a reconciliation of changes in contingent consideration, a Level 3 liability: For the six months ended December 31, (in thousands) 2021 2020 Beginning balance $ 271 $ - Additions 497 - Change in fair value (449 ) - Ending balance $ 319 $ -

Fixed Assets (Tables)

Fixed Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Property Plant And Equipment [Abstract]
Summary of Fixed Assets	The following tables detail the Company’s fixed assets (in thousands) December 31, 2021 June 30, 2021 Property and Equipment Leasehold improvements $ 839 $ 835 Vehicles 162 172 Computer equipment and software 551 500 Furniture and fixtures 410 422 Sleep study equipment 599 593 2,561 2,522 Accumulated depreciation (1,823 ) (1,541 ) Net carrying amount $ 738 $ 981 Medical Equipment Held for Rental Medical equipment held for rental $ 15,121 $ 14,933 Accumulated depreciation (8,228 ) (7,542 ) Net carrying amount $ 6,893 $ 7,391
Summary of Reconciles Depreciation Expense	The following table reconciles depreciation expense included in the following lines of the condensed consolidated statements of operations to total depreciation expense for each period presented. For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Depreciation and amortization $ 152 $ 168 $ 295 $ 333 Cost of durable medical equipment rentals 1,597 1,457 3,285 3,205 Total depreciation expense $ 1,749 $ 1,625 $ 3,580 $ 3,538

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Value of Goodwill	The changes in the carrying value of goodwill are as follows: For the six months ended December 31, (in thousands) 2021 2020 Beginning balance $ 50,536 $ 50,010 Acquisition of businesses 1,927 - Purchase accounting adjustment - - Ending balance $ 52,463 $ 50,010
Summary of Identifiable Intangible Assets	The following tables provide details associated with the Company’s identifiable intangible assets subject to amortization (dollar amounts in thousands): As of December 31, 2021 As of June 30, 2021 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Durable Medical Equipment Tradename $ 9,060 $ (2,975 ) $ 6,085 $ 9,060 $ (2,511 ) $ 6,549 Hospital contracts 90 (36 ) 54 90 (15 ) 75 Non-compete agreements 990 (630 ) 360 1,370 (890 ) 480 10,140 (3,641 ) 6,499 10,520 (3,416 ) 7,104 Investment Management Investment management agreement 3,900 (2,480 ) 1,420 3,900 (2,293 ) 1,607 Assembled workforce 526 (335 ) 191 526 (309 ) 217 4,426 (2,815 ) 1,611 4,426 (2,602 ) 1,824 Total $ 14,566 $ (6,456 ) $ 8,110 $ 14,946 $ (6,018 ) $ 8,928
Summary of Amortization Expense of Identifiable Intangible Assets	Aggregate Amortization Expense (in thousands) 2021 2020 For the three months ended December 31, $ 400 $ 423 For the six months ended December 31, 819 848 Estimated Future Amortization Expense (in thousands) For the six months ending June 30, 2022 $ 754 For the year ending June 30, 2023 1,469 For the year ending June 30, 2024 1,267 For the year ending June 30, 2025 1,158 For the year ending June 30, 2026 1,095 Thereafter 2,367 Total $ 8,110

Lessee Operating Leases (Tables

Lessee Operating Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Lessee Disclosure [Abstract]
Schedule of Additional Details of Lease Presented in Balance Sheet	The following table provides additional details of the leases presented in the balance sheets: (in thousands) December 31, 2021 June 30, 2021 Facilities Right of use assets $ 4,409 $ 5,121 Current portion of lease liabilities 1,902 1,864 Lease liabilities, net of current portion 2,767 3,532 Total liabilities $ 4,669 $ 5,396 Weighted-average remaining life 3.2 years 3.3 years Weighted-average discount rate 11.0 % 11.0 % Vehicles Right of use assets $ 313 $ 87 Current portion of lease liabilities 70 29 Lease liabilities, net of current portion 243 58 Total liabilities $ 313 $ 87 Weighted-average remaining life 4.5 years 3.9 years Weighted-average discount rate 6.5 % 9.8 % Equipment Right of use assets $ 15 $ 33 Current portion of lease liabilities 14 27 Lease liabilities, net of current portion 1 6 Total liabilities $ 15 $ 33 Weighted-average remaining life 1.1 years 1.0 years Weighted-average discount rate 12.5 % 12.5 %
Schedule of Operating Lease Cost	Operating lease costs are included in the operating expense associated with the business segment leasing the asset on the statements of operations and are included in cash flows from operating activities on the statements of cash flows. Certain operating leases include variable lease costs which are not material and are included in operating lease costs. Additional details are presented in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Facilities Operating lease cost $ 571 $ 549 $ 1,125 $ 1,079 Cash paid for operating leases 525 541 1,077 1,089 Vehicles Operating lease cost $ 16 $ 7 $ 29 $ 14 Cash paid for operating leases 17 7 30 14 Equipment Operating lease cost $ 9 $ 11 $ 18 $ 22 Cash paid for operating leases 9 11 18 22
Schedule of Company's Undiscounted Cash Payment Obligations for Operating Lease	The following table summarizes the Company’s undiscounted cash payment obligations for its operating leases: (in thousands) For the six months ending June 30, 2022 $ 1,243 For the year ending June 30, 2023 1,801 For the year ending June 30, 2024 1,343 For the year ending June 30, 2025 814 For the year ending June 30, 2026 546 Thereafter 128 Total lease payments $ 5,875 Imputed interest (878 ) Total lease liabilities $ 4,997

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Instrument [Line Items]
Schedule of Subsidiaries' Outstanding Borrowings	The Company’s subsidiaries’ outstanding borrowings are summarized in the following table: (in thousands) Subsidiaries December 31, 2021 June 30, 2021 Equipment Financing DME Inc. and subsidiaries 2,588 2,041 Less current portion of capitalized equipment financing (2,571 ) (1,974 ) Equipment financing debt, net of current portion $ 17 $ 67
Schedule of Aggregate Future Required Principal Debt Repayments	The Company’s aggregate future required principal debt repayments are summarized in the following table: (in thousands) Principal Due For the six months ending June 30, 2022 $ 1,977 For the year ending June 30, 2023 611 Total $ 2,588
Corbel Facility
Debt Instrument [Line Items]
Schedule of Payments and Interest Expense Incurred	Principal payments and interest expense incurred on the Corbel Facility are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 Principal payments $ - $ 24,752 $ - $ 25,106 Interest expense - 635 - 1,296
GP Corp. Note
Debt Instrument [Line Items]
Schedule of Payments and Interest Expense Incurred	Payments and interest expense incurred on the GP Corp. Note are summarized in the following table: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 (1) 2020 2021 (1) 2020 Principal payments $ - $ - $ - $ - Interest expense - 25 - 51 (1) Principal and interest amounts incurred after GEG’s purchase of the GP Corp. note are not reported in this table, as they eliminate in consolidation.

Non-Controlling Interests and_2

Non-Controlling Interests and Preferred Stock of Subsidiaries (Tables)	6 Months Ended
	Dec. 31, 2021
Noncontrolling Interest [Abstract]
Summary of Non-controlling Interests Balance on Condensed Consolidated Balance Sheet	The following table summarizes the non-controlling interests of subsidiary balances on the condensed consolidated balance sheets: (in thousands) December 31, 2021 June 30, 2021 HC LLC Temporary equity $ 2,948 $ 2,639 Permanent equity 2,948 2,639 Total DME Inc. 5,896 5,278 GEC GP Permanent equity (84 ) (79 ) Consolidated Funds Permanent equity 3,744 4,228 Forest Permanent equity 2,583 2,761 Total Non-controlling interests $ 12,139 $ 12,188
Summary of Non-controlling Interests Balance on Condensed Consolidated Statements of Operations	The following table summarizes the net income (loss) attributable to the non-controlling interests on the condensed consolidated statements of operations: For the three months ended December 31, For the six months ended December 31, (in thousands) 2021 2020 2021 2020 DME Inc. Temporary equity $ - $ (292 ) $ - $ (337 ) Permanent equity - (292 ) - (337 ) Total DME Inc. - (584 ) - (674 ) HC LLC Temporary equity 104 - 309 - Permanent equity 104 - 309 - Total DME Inc. 208 - 618 - GP Corp. Permanent equity - (30 ) - (60 ) GEC GP Permanent equity (2 ) - (4 ) - Consolidated Funds Permanent equity 34 - (51 ) - Forest Permanent equity (161 ) - (178 ) - FM Holdings Permanent equity - 17 - 30 Total $ 79 $ (597 ) $ 385 $ (704 )
Summary of Preferred Stock of Subsidiary Balances on Condensed Consolidated Balance Sheets	The following table summarizes the preferred stock of subsidiary balances on the condensed consolidated balance sheets (in shares): Balance, as of June 30, 2021 Issuance of Preferred Stock Redemption of Preferred Stock Balance, as of December 31, 2021 HC LLC Series A-1 Preferred Stock 10,090 - - 10,090 Series A-2 Preferred Stock 34,010 - - 34,010 Total HC LLC 44,100 - - 44,100 Forest Forest Preferred Stock 35,010 - - 35,010 Total 79,110 - - 79,110

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Activity of Restricted Stock Awards and Restricted Stock Units	The activity of the Company’s restricted stock awards and restricted stock units for the six months ended December 31, 2021 was as follows: Restricted Stock Awards and Restricted Stock Units Restricted Stock (in thousands) Weighted Average Grant Date Fair Value Outstanding at June 30, 2021 904 $ 3.71 Granted 353 2.27 Vested (837 ) 3.49 Forfeited (153 ) 3.92 Outstanding at December 31, 2021 267 $ 2.55
Summary of Option Activity	The following table summarizes the Company’s option award activity as of and through December 31, 2021: Options Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at June 30, 2021 2,493 $ 3.69 4.51 $ - Options granted 18 2.87 - - Exercised - - - - Forfeited, cancelled or expired - - - - Outstanding at December 31, 2021 2,511 $ 3.68 4.02 $ - Exercisable at December 31, 2021 2,144 $ 3.68 3.82 $ - Vested and expected to vest as of December 31, 2021 2,511 $ 3.66 4.02 $ -

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Results of Operations by Segment	The following tables illustrate results of operations by segment: For the three months ended December 31, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Intercompany Eliminations ( 1) Consolidated Total Revenue: Total revenue $ 15,728 $ 1,021 $ 172 $ (172 ) $ 16,749 Operating costs and expenses: Cost of durable medical equipment sold and services (4,309 ) - - - (4,309 ) Cost of durable medical equipment rentals (1,734 ) - - - (1,734 ) Depreciation and amortization (443 ) (108 ) (1 ) - (552 ) Non-cash compensation ( 3) - (946 ) (280 ) - (1,226 ) Transaction costs ( 4) (127 ) - (35 ) - (162 ) Other selling, general and administrative (8,473 ) (1,068 ) (1,262 ) 172 (10,631 ) Total operating expenses (15,086 ) (2,122 ) (1,578 ) 172 (18,614 ) Other income (expense): Interest expense (1,289 ) (24 ) (1,269 ) 1,220 (1,362 ) Other income (expense) 1,584 (1,506 ) 145 (1,220 ) (997 ) Total other expense, net 295 (1,530 ) (1,124 ) - (2,359 ) Total pre-tax income (loss) $ 937 $ (2,631 ) $ (2,530 ) $ - $ (4,224 ) For the three months ended December 31, 2020 (in thousands) Durable Medical Equipment Investment Management General Corporate Intercompany Eliminations ( 1) Consolidated Total Revenue: Total revenue $ 14,543 $ 760 $ 45 $ (45 ) $ 15,303 Operating costs and expenses: Cost of durable medical equipment sold and services (4,703 ) - - - (4,703 ) Cost of durable medical equipment rentals (1,621 ) - - - (1,621 ) Depreciation and amortization (463 ) (127 ) (1 ) - (591 ) Non-cash compensation ( 3) - (197 ) (88 ) - (285 ) Transaction costs ( 4) (87 ) - (229 ) - (316 ) Other general and administrative (8,028 ) (727 ) (998 ) 45 (9,708 ) Total operating expenses (14,902 ) (1,051 ) (1,316 ) 45 (17,224 ) Other income (expense): Interest expense (687 ) (25 ) (390 ) - (1,102 ) Other income (expense) (1,832 ) 3,947 3 - 2,118 Total other expense, net (2,519 ) 3,922 (387 ) - 1,016 Total pre-tax income (loss) $ (2,878 ) $ 3,631 $ (1,658 ) $ - $ (905 ) For the six months ended December 31, 2021 (in thousands) Durable Medical Equipment Investment Management ( 1) General Corporate ( 1) Intercompany Eliminations ( 2) Consolidated Total Revenue: Total revenue $ 31,283 $ 2,004 $ 415 $ (415 ) $ 33,287 Operating costs and expenses: Cost of durable medical equipment sold and services (8,369 ) - - - (8,369 ) Cost of durable medical equipment rentals (3,584 ) - - - (3,584 ) Depreciation and amortization (896 ) (217 ) (1 ) - (1,114 ) Non-cash compensation ( 3) - (1,342 ) (652 ) - (1,994 ) Transaction costs ( 4) (224 ) - (219 ) - (443 ) Other selling, general and administrative (14,759 ) (1,911 ) (2,392 ) 415 (18,647 ) Total operating expenses (27,832 ) (3,470 ) (3,264 ) 415 (34,151 ) Other income (expense): Interest expense (2,576 ) (48 ) (2,538 ) 2,438 (2,724 ) Other income (expense) 2,144 (1,257 ) 1,020 (2,438 ) (531 ) Total other income (expense), net (432 ) (1,305 ) (1,518 ) - (3,255 ) Total pre-tax income (loss) $ 3,019 $ (2,771 ) $ (4,367 ) $ - $ (4,119 ) For the six months ended December 31, 2020 (in thousands) Durable Medical Equipment Investment Management ( 1) General Corporate ( 1) Intercompany Eliminations ( 2) Consolidated Total Revenue: Total revenue $ 29,153 $ 1,533 $ 136 $ (136 ) $ 30,686 Operating costs and expenses: Cost of durable medical equipment sold and services (8,910 ) - - - (8,910 ) Cost of durable medical equipment rentals (3,536 ) - - - (3,536 ) Depreciation and amortization (925 ) (255 ) (1 ) - (1,181 ) Non-cash compensation ( 3) - (391 ) (323 ) - (714 ) Transaction costs ( 4) (87 ) - (261 ) - (348 ) Other selling, general and administrative (15,799 ) (1,259 ) (2,144 ) 136 (19,066 ) Total operating expenses (29,257 ) (1,905 ) (2,729 ) 136 (33,755 ) Other income (expense): Interest expense (1,396 ) (51 ) (799 ) (2,246 ) Other income (expense) (1,836 ) 2,570 8 - 742 Total other income (expense), net (3,232 ) 2,519 (791 ) - (1,504 ) Total pre-tax income (loss) $ (3,336 ) $ 2,147 $ (3,384 ) $ - $ (4,573 ) (1) Previously reported non-operating activity including dividend income and unrealized gains/losses related to managed investments has been reclassified from General Corporate to Investment Management to conform with current segment organization. (2) The Company’s wholly-owned subsidiary, DME Manager, provides advisory services to HC LLC (formerly to DME, Inc.) and receives consulting fees from for those services. DME Manager is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding expense to HC LLC and revenue to DME Manager are eliminated in consolidation. Beginning December 29, 2020, DME Manager also provides advisory services to Forest and receives a consulting fee from Forest for those services. Both DME Manager and Forest are part of general corporate operations, and the corresponding revenue and expense are eliminated in consolidation. Additionally, Forest owns Series A-1 Preferred Stock and Series A-2 Preferred Stock of HC LLC. Forest is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding interest expense to HC LLC and interest income to Forest are eliminated in consolidation. (3) Non-cash compensation includes stock-based compensation and compensation in the form of stock in portfolio companies held by the Company. Non-cash compensation attributable to the investment management segment is included in investment management expenses in the condensed consolidated statements of operations. Non-cash compensation attributable to the general corporate segment is included in selling, general and administrative expense in the condensed consolidated statements of operations. (4) Transaction costs, which consist of legal and other professional services incurred in connection with consummated and unconsummated transactions, are included in selling, general and administrative expense in the condensed consolidated statements of operations.
Schedule of Assets by Segment	The following tables illustrate assets by segment: As of December 31, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Total Fixed assets, net $ 7,609 $ 21 $ 1 $ 7,631 Identifiable intangible assets, net 6,499 1,611 - 8,110 Goodwill 52,463 - - 52,463 Other assets 19,386 46,583 21,964 87,933 Total $ 85,957 $ 48,215 $ 21,965 $ 156,137 As of June 30, 2021 (in thousands) Durable Medical Equipment Investment Management General Corporate Total Fixed assets, net $ 8,349 $ 21 $ 2 $ 8,372 Identifiable intangible assets, net 7,104 1,824 - 8,928 Goodwill 50,536 - - 50,536 Other assets 21,150 66,907 5,976 94,033 Total $ 87,139 $ 68,752 $ 5,978 $ 161,869

Organization (Details)

Organization (Details) $ in Millions	Jun. 23, 2021USD ($)	Dec. 31, 2021Segment	Jun. 29, 2021	May 31, 2021	Sep. 07, 2018	Mar. 31, 2018USD ($)ft²aBuilding
Number of business operating segments | Segment		2
Area of land | a						17
Discontinued Operations
Investment in real estate business						$ 2.7
Number of buildings | Building						2
Area of land | ft²						257,000
Sale of real estate business for cash	$ 4.6
Great Elm DME Holdings Incorporation
Percentage of equity interest acquired (as a percent)					80.10%
GP Corp.
Ownership percentage			98.20%
Great Elm DME Holdings Incorporation
Ownership percentage				80.10%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)Segmentshares	Dec. 31, 2020USD ($)shares	Jun. 30, 2021USD ($)
Significant Accounting Policies [Line Items]
Number of business operating segments | Segment			2
Revenue reserve constraints on variable consideration | $	$ 1.8		$ 1.8		$ 2.5
Reduction in revenue | $	0.8	$ 1.5	1.8	$ 2.6
Unbilled receivables | $	$ 0.1		$ 0.1		$ 0.3
Potentially dilutive shares excluded from diluted net loss per share			12,917,292	12,307,863
Number of shares subject to forfeiture			153,451	732,909
ASU 2020-06
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true		true
Change in accounting principle, accounting standards update, adoption date	Jul. 1, 2021		Jul. 1, 2021
Common Stock Issuable upon Conversion of Convertible Notes
Significant Accounting Policies [Line Items]
Potentially dilutive shares excluded from diluted net loss per share			10,139,031	9,008,612
Common Stock Issuable upon Exercise of Stock Options and Vesting of Restricted Stock Units and Restricted Stock Awards
Significant Accounting Policies [Line Items]
Potentially dilutive shares excluded from diluted net loss per share			2,778,261	3,299,251

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Income (loss) from continuing operations	$ (4,159)	$ (855)	$ (4,053)	$ (4,622)
Income from discontinued operations, net of tax		72		138
Net loss	(4,159)	(783)	(4,053)	(4,484)
Less: net income (loss) attributable to non-controlling interest, continuing operations	79	(614)	385	(734)
Less: net income attributable to non-controlling interest, discontinued operations		17		30
Net loss attributable to Great Elm Group, Inc.	$ (4,238)	$ (186)	$ (4,438)	$ (3,780)
Weighted average shares basic and diluted:
Weighted average shares of common stock outstanding	26,462	25,678	26,222	25,626
Weighted average shares used in computing income (loss) per share	26,462	25,678	26,222	25,626
Basic and diluted income (loss) per share from:
Loss from continuing operations	$ (0.16)	$ (0.01)	$ (0.17)	$ (0.15)
Income from discontinued operations		0		0
Net loss	$ (0.16)	$ (0.01)	$ (0.17)	$ (0.15)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summarizes Customer Concentrations as Percentage of Revenues (Details) - Revenues - Customer Concentrations	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Government Payor
Significant Accounting Policies [Line Items]
Concentration risk, percentage	37.00%	37.00%	37.00%	34.00%
Third-party Payor
Significant Accounting Policies [Line Items]
Concentration risk, percentage	14.00%	12.00%	14.00%	12.00%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summarizes Customer Concentrations as Percentage of Accounts Receivable (Details) - Accounts Receivable - Customer Concentrations	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Government Payor
Significant Accounting Policies [Line Items]
Concentration risk, percentage	28.00%	30.00%
Third-party Payor
Significant Accounting Policies [Line Items]
Concentration risk, percentage	19.00%	14.00%

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Summary of Impact of New Accounting Standards on Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Liabilities
Convertible notes					$ 33,333
Other liabilities					915
Stockholders' equity
Additional paid-in-capital					3,307,613
Accumulated deficit	$ (3,268,841)		$ (3,268,841)		(3,264,403)
Non-operating expenses
Interest expense	(1,362)	$ (1,102)	(2,724)	$ (2,246)
Net loss from continuing operations
Net loss from continuing operations	$ (4,159)	$ (855)	$ (4,053)	$ (4,622)
Net loss per share (basic and diluted)	$ (0.16)	$ (0.01)	$ (0.17)	$ (0.15)
Previously Reported
Liabilities
Convertible notes					22,054
Other liabilities					1,070
Stockholders' equity
Additional paid-in-capital					3,319,767
Accumulated deficit					(3,265,433)
Non-operating expenses
Interest expense		$ (1,264)		$ (2,571)
Net loss from continuing operations
Net loss from continuing operations		$ (1,017)		$ (4,947)
Net loss per share (basic and diluted)		$ (0.01)		$ (0.16)
Adjustment | ASU 2020-06 Adjustment
Liabilities
Convertible notes					11,279
Other liabilities					(155)
Stockholders' equity
Additional paid-in-capital					(12,154)
Accumulated deficit					$ 1,030
Non-operating expenses
Interest expense		$ 162		$ 325
Net loss from continuing operations
Net loss from continuing operations		$ 162		$ 325
Net loss per share (basic and diluted)		$ 0		$ 0.01

Revenue - Summary of Major Sour

Revenue - Summary of Major Source of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Rental income	$ 5,451	$ 4,999	$ 10,930	$ 10,396
Revenue	16,749	15,303	33,287	30,686
Investment Management
Disaggregation Of Revenue [Line Items]
Total product and services revenue	1,021	760	2,004	1,533
Investment Management | Management Fees
Disaggregation Of Revenue [Line Items]
Total product and services revenue	895	609	1,771	1,210
Investment Management | Administration Fees
Disaggregation Of Revenue [Line Items]
Total product and services revenue	126	151	233	323
Durable Medical Equipment | Equipment Sales
Disaggregation Of Revenue [Line Items]
Total product and services revenue	8,968	8,411	17,698	16,419
Durable Medical Equipment | Service Revenues
Disaggregation Of Revenue [Line Items]
Total product and services revenue	1,309	1,133	2,655	2,338
Durable Medical Equipment | Sales and Services
Disaggregation Of Revenue [Line Items]
Total product and services revenue	10,277	9,544	20,353	18,757
Durable Medical Equipment | Medical Equipment
Disaggregation Of Revenue [Line Items]
Rental income	5,451	4,999	10,930	10,396
Investment Management and Durable Medical Equipment
Disaggregation Of Revenue [Line Items]
Total product and services revenue	$ 11,298	$ 10,304	$ 22,357	$ 20,290

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2020	Dec. 31, 2021	Jun. 30, 2021
Disaggregation Of Revenue [Line Items]
Contract with customer liability	$ 0		$ 0	$ 0
Minimum
Disaggregation Of Revenue [Line Items]
Incentive fee earned as percentage on investment performance			5.00%
Equipment Lease Term	10 months		10 months
Maximum
Disaggregation Of Revenue [Line Items]
Incentive fee earned as percentage on investment performance			20.00%
Equipment Lease Term	36 months		36 months
Funds | Minimum
Disaggregation Of Revenue [Line Items]
Percentage of management fee rates			1.00%
Funds | Maximum
Disaggregation Of Revenue [Line Items]
Percentage of management fee rates			1.50%
Equipment Sales | Accounts Receivable
Disaggregation Of Revenue [Line Items]
Unbilled revenue	$ 100,000		$ 100,000	200,000
Equipment Rental
Disaggregation Of Revenue [Line Items]
Contract with customer liability	1,000,000		1,000,000	1,000,000
Equipment Rental | Accounts Receivable
Disaggregation Of Revenue [Line Items]
Unbilled revenue	50,000		50,000	100,000
Centers for Medicare And Medicaid Services
Disaggregation Of Revenue [Line Items]
Proceeds from federal agency		$ 4,400,000
Remaining balance in advance payments from federal agency			1,200,000	$ 3,500,000
Recoupments issued	$ 1,200,000		$ 2,300,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details)	Jun. 23, 2021
Discontinued Operations And Disposal Groups [Abstract]
Membership interest held by passive investor in Monomoy Properties	5.00%

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Net Income from Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Discontinued operations:
Real estate rental revenue	$ 1,276	$ 2,548
Real estate expenses	127	252
Depreciation and amortization	431	861
Interest expense	647	1,297
Net income from discontinued operations	$ 71	$ 138

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details)	Aug. 31, 2021USD ($)	Mar. 01, 2021USD ($)Location	Dec. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Business Acquisition [Line Items]
Total purchase consideration, net of cash acquired			$ 1,250,000
Goodwill			$ 52,463,000	$ 50,536,000	$ 50,010,000	$ 50,010,000
MedOne
Business Acquisition [Line Items]
Acquisition date	Aug. 31, 2021
Total purchase consideration	$ 2,000,000
Total purchase consideration, net of cash acquired	1,250,000
Escrow for potential satisfaction of certain indemnification obligations	250,000
Contingent consideration fair value	500,000
Goodwill	1,900,000
Maximum additional consideration payable	$ 1,000,000
MedOne | Volatility
Business Acquisition [Line Items]
Contingent consideration, fair value estimation	0.233		0.228
MedOne | Discount Rate
Business Acquisition [Line Items]
Contingent consideration, fair value estimation	0.103		0.103
AMPM
Business Acquisition [Line Items]
Acquisition date		Mar. 1, 2021
Total purchase consideration		$ 1,100,000
Total purchase consideration, net of cash acquired		400,000
Escrow for potential satisfaction of certain indemnification obligations		300,000
Contingent consideration fair value		400,000
Goodwill		700,000
Maximum additional consideration payable		$ 2,100,000
Number of respiratory products and services locations | Location		9
AMPM | Trade Names
Business Acquisition [Line Items]
Intangible assets		$ 400,000
AMPM | Volatility
Business Acquisition [Line Items]
Contingent consideration, fair value estimation		0.400	0.252
AMPM | Discount Rate
Business Acquisition [Line Items]
Contingent consideration, fair value estimation		0.103	0.103

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 29, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 18, 2020
Related Party Transaction [Line Items]
Reorganization date					Dec. 21, 2020
Plan of reorganization, description of equity securities issued or to be issued					On December 29, 2020, pursuant to the terms of the Agreement and Plan of Merger, dated as of December 21, 2020, among Forest, the Company and Forest Merger Sub, Inc., a newly created entity for the purpose of facilitating the Merger, (as it may be amended from time to time, the Merger Agreement), the transactions contemplated by the Merger Agreement (the Transactions) were consummated. As a result of the Transactions, and subject to the same terms and conditions as applied immediately prior to the Transactions, each share of Forest's outstanding common stock, common stock options, restricted stock units and restricted shares were exchanged for identical instruments of the Company
Forest Investments, Inc. (Forest)
Related Party Transaction [Line Items]
Proceeds from issuance of common stock						$ 2,700
Issuance of Forest preferred stock						35,010
Forest Investments, Inc. (Forest) | Forest Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Redeemable preferred stock, shares	35,010
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Redeemable preferred stock, face value per share	$ 1,000
Forest Investments, Inc. (Forest) | J.P. Morgan Broker-Dealer Holdings Inc. (JPM)
Related Party Transaction [Line Items]
Percentage of equity interest acquired (as a percent)	20.00%
Business acquisition, common stock purchase price	$ 2,700
Business acquisition, annual consulting fees	$ 450
Great Elm Healthcare, LLC (HC LLC) | Series A-1 Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Redeemable preferred stock, shares	10,090
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Redeemable preferred stock, face value per share	$ 1,000
Great Elm Healthcare, LLC (HC LLC) | Series A-2 Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Redeemable preferred stock, shares	34,010
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Redeemable preferred stock, face value per share	$ 1,000
Percentage of proceeds arising from sale of durable medical equipment business	33.00%
MAST Capital
Related Party Transaction [Line Items]
Percentage of ownership interest issued to former owner/holder		7.30%			7.30%
MAST Capital | Convertible Notes
Related Party Transaction [Line Items]
Issuance of notes payable					$ 2,300
Forest Investments, Inc. (Forest) | Great Elm Healthcare, LLC (HC LLC) | Series A-1 Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Preferred stock holding percentage	80.10%
Corbel | Great Elm Healthcare, LLC (HC LLC) | Series A-1 Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Preferred stock holding percentage	9.95%
Valley Healthcare Holdings, LLC (VHH) | Great Elm Healthcare, LLC (HC LLC) | Series A-1 Preferred Stock Classified as Liability
Related Party Transaction [Line Items]
Preferred stock holding percentage	9.95%
GECC
Related Party Transaction [Line Items]
Percentage of ownership interest (as a percent)		20.40%			20.40%
Value of ownership interest		$ 16,900			$ 16,900
Imperial Capital, LLC
Related Party Transaction [Line Items]
Retainer fee paid			$ 100
J.P. Morgan Broker-Dealer Holdings Inc. and JPMorgan Chase & Co | Ligado Networks, LLC
Related Party Transaction [Line Items]
Business combination, common stock interest, percentage							21.00%
J.P. Morgan Broker-Dealer Holdings Inc. and JPMorgan Chase & Co | Forest Merger Sub Inc
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 35,000
Issuance of Forest preferred stock	2,700
J.P. Morgan Broker-Dealer Holdings Inc. (JPM) | Forest Merger Sub Inc
Related Party Transaction [Line Items]
Total purchase consideration	37,700
Great Elm Healthcare, LLC (HC LLC)
Related Party Transaction [Line Items]
Reimbursement amount received to cover deal costs	1,300
Great Elm Healthcare, LLC (HC LLC) | DME, Inc.
Related Party Transaction [Line Items]
Cash	$ 1,900
Consolidated Fund
Related Party Transaction [Line Items]
Percentage of investment in consolidated fund had fair value of greater than of consolidated assets		5.00%			5.00%
Receivable for reimbursable expenses paid		$ 100			$ 100
Shared Personnel and Reimbursement Agreement | Jason W. Reese | Investment Management Expenses
Related Party Transaction [Line Items]
Costs incurred under agreement		100		$ 100	$ 300	$ 100
Shared Personnel and Reimbursement Agreement | Employee | Restricted Stock Awards
Related Party Transaction [Line Items]
Restricted stock awards, grant date fair value		$ 200

Related Party Transactions - Sc

Related Party Transactions - Schedule of Activity and Outstanding Balances Between Related Party and Company (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Managed Investment Products
Related Party Transaction [Line Items]
Net (loss) income on investments	$ (2,249)	$ 2,560	$ (2,364)	$ 658
Net (loss) income on investments of Consolidated Funds	194	66	5	66
Dividend income	548	$ 1,322	1,102	$ 1,846
Dividends receivable					$ 554
Investment management revenues receivable	1,058		1,058		936
Receivable for reimbursable expenses paid	224		224		$ 297
Monomoy Fund
Related Party Transaction [Line Items]
Net (loss) income on investments	428		529
Dividend income	95		194
Dividends receivable	$ 95		$ 95

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Assets:
Total assets	$ 48,733,000	$ 50,534,000
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	0
Contingent consideration liability	319,000	271,000
Total liabilities	319,000	271,000
Fair Value, Inputs, Level 1
Assets:
Equity investments	16,893,000	19,444,000
Total assets	43,340,000	45,934,000
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	0	0
Contingent consideration liability	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 1 | Consolidated Fund
Assets:
Equity investments	26,447,000	26,490,000
Fair Value, Inputs, Level 2
Assets:
Equity investments	0	0
Total assets	0	0
Liabilities:
Participation feature of HC LLC Series A-2 Preferred Stock	0	0
Contingent consideration liability	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2 | Consolidated Fund
Assets:
Equity investments	0	0
Fair Value, Inputs, Level 3
Assets:
Equity investments	0	0
Total assets	0	0
Liabilities:
Contingent consideration liability	319,000	271,000
Total liabilities	319,000	271,000
Fair Value, Inputs, Level 3 | Consolidated Fund
Assets:
Equity investments	0	0
Fair Value, Inputs, Level 1, 2 and 3
Assets:
Equity investments	16,893,000	19,444,000
Total assets	43,340,000	45,934,000
Fair Value, Inputs, Level 1, 2 and 3 | Consolidated Fund
Assets:
Equity investments	26,447,000	26,490,000
Fair Value Measured at Net Asset Value Per Share
Assets:
Investments valued at net asset value	$ 5,393,000	$ 4,600,000

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Contingent Consideration, Level 3 Liability (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)
Fair Value Disclosures [Abstract]
Beginning balance	$ 271
Additions	497
Change in fair value	(449)
Ending balance	$ 319

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Aug. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 01, 2021USD ($)
Fair value assets level 1 to level 2 transfers	$ 0	$ 0
Fair value assets level 2 to level 1 transfers	0	0
Fair value asset transfers into level 3	0	0
Fair value asset transfers out of level 3	0	0
Fair value liabilities level 1 to level 2 transfers	0	0
Fair value liabilities level 2 to level 1 transfers	0	0
Fair value liability transfers into level 3	0	0
Fair value liability transfers out of level 3	$ 0	$ 0
Notice period for annually allowable redemptions	90 days
Lockup period from date of investment	1 year
Liquidated over the life of the fund	10 years
Unfunded commitments	$ 300,000
Valuation of participation feature	0
Forest Investments, Inc. (Forest)
Fair value of embedded derivative liability	$ 3,700,000			$ 5,800,000
AMPM
Maximum additional consideration payable					$ 2,100,000
MedOne
Maximum additional consideration payable			$ 1,000,000
Volatility Rate | Great Elm Healthcare, LLC (HC LLC)
Contingent consideration, fair value estimation	0.460			0.504
Volatility Rate | AMPM
Contingent consideration, fair value estimation	0.252				0.400
Volatility Rate | MedOne
Contingent consideration, fair value estimation	0.228		0.233
Discount Rate | Great Elm Healthcare, LLC (HC LLC)
Contingent consideration, fair value estimation				0.145
Discount Rate | AMPM
Contingent consideration, fair value estimation	0.103				0.103
Discount Rate | MedOne
Contingent consideration, fair value estimation	0.103		0.103

Fixed Assets - Summary of Fixed

Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	$ 2,561	$ 2,522
Accumulated depreciation	(1,823)	(1,541)
Net carrying amount	738	981
Medical equipment held for rental	15,121	14,933
Accumulated depreciation	(8,228)	(7,542)
Net carrying amount	6,893	7,391
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	839	835
Vehicles
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	162	172
Computer Equipment And Software
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	551	500
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	410	422
Sleep Study Equipment
Property Plant And Equipment [Line Items]
Property and Equipment, Gross Carrying Amount	$ 599	$ 593

Fixed Assets - Summary of Recon

Fixed Assets - Summary of Reconciles Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 1,749	$ 1,625	$ 3,580	$ 3,538
Durable Medical Equipment | Rental
Property Plant And Equipment [Line Items]
Total depreciation expense	1,597	1,457	3,285	3,205
Depreciation and Amortization
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 152	$ 168	$ 295	$ 333

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 50,536
Acquisition of businesses	1,927
Ending balance	$ 52,463

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 14,566	$ 14,946
Accumulated Amortization	(6,456)	(6,018)
Net Carrying Amount	8,110	8,928
Durable Medical Equipment Assets
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,140	10,520
Accumulated Amortization	(3,641)	(3,416)
Net Carrying Amount	6,499	7,104
Durable Medical Equipment Assets | Tradename
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,060	9,060
Accumulated Amortization	(2,975)	(2,511)
Net Carrying Amount	6,085	6,549
Durable Medical Equipment Assets | Hospital Contracts
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	90	90
Accumulated Amortization	(36)	(15)
Net Carrying Amount	54	75
Durable Medical Equipment Assets | Non-compete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	990	1,370
Accumulated Amortization	(630)	(890)
Net Carrying Amount	360	480
Investment Management Assets
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,426	4,426
Accumulated Amortization	(2,815)	(2,602)
Net Carrying Amount	1,611	1,824
Investment Management Assets | Investment Management Agreement
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,900	3,900
Accumulated Amortization	(2,480)	(2,293)
Net Carrying Amount	1,420	1,607
Investment Management Assets | Assembled Workforce
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	526	526
Accumulated Amortization	(335)	(309)
Net Carrying Amount	$ 191	$ 217

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary of Amortization Expense of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract]
Aggregate Amortization Expense	$ 400	$ 423	$ 819	$ 848
Estimated Future Amortization Expense, For the six months ending December 31, 2022	754		754
Estimated Future Amortization Expense, For the year ending December 31, 2023	1,469		1,469
Estimated Future Amortization Expense, For the year ending December 31, 2024	1,267		1,267
Estimated Future Amortization Expense, For the year ending December 31, 2025	1,158		1,158
Estimated Future Amortization Expense, For the year ending December 31, 2026	1,095		1,095
Estimated Future Amortization Expense, Thereafter	2,367		2,367
Net Carrying Amount	$ 8,110		$ 8,110		$ 8,928

Lessor Operating Leases - Addit

Lessor Operating Leases - Additional Information (Details)	Dec. 31, 2021
Minimum
Lessor Lease Description [Line Items]
Lessor, lease terms	10 months
Maximum
Lessor Lease Description [Line Items]
Lessor, lease terms	36 months

Lessee Operating Leases - Sched

Lessee Operating Leases - Schedule of Additional Details of Leases Presented in Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Operating Leased Assets [Line Items]
Right of use assets	$ 4,737	$ 5,241
Current portion of lease liabilities	1,986	1,920
Lease liabilities, net of current portion	3,011	3,596
Total liabilities	4,997
Facilities
Operating Leased Assets [Line Items]
Right of use assets	4,409	5,121
Current portion of lease liabilities	1,902	1,864
Lease liabilities, net of current portion	2,767	3,532
Total liabilities	$ 4,669	$ 5,396
Weighted-average remaining life	3 years 2 months 12 days	3 years 3 months 18 days
Weighted-average discount rate	11.00%	11.00%
Vehicles
Operating Leased Assets [Line Items]
Right of use assets	$ 313	$ 87
Current portion of lease liabilities	70	29
Lease liabilities, net of current portion	243	58
Total liabilities	$ 313	$ 87
Weighted-average remaining life	4 years 6 months	3 years 10 months 24 days
Weighted-average discount rate	6.50%	9.80%
Equipment
Operating Leased Assets [Line Items]
Right of use assets	$ 15	$ 33
Current portion of lease liabilities	14	27
Lease liabilities, net of current portion	1	6
Total liabilities	$ 15	$ 33
Weighted-average remaining life	1 year 1 month 6 days	1 year
Weighted-average discount rate	12.50%	12.50%

Lessee Operating Leases - Addit

Lessee Operating Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Lessee Lease Description [Line Items]
Remaining right of use assets	$ 4,737	$ 5,241
Lease liabilities	4,997
Current portion of lease liabilities	1,986	1,920
Lease liabilities, net of current portion	$ 3,011	3,596
Lessee, operating lease term	88 months
Lessee, operating leases optional lease extension period	60 months
Existence of option to extend operating lease	true
Increase in average rate of lease payment	2.40%
Facilities
Lessee Lease Description [Line Items]
Remaining right of use assets	$ 4,409	5,121
Lease liabilities	4,669	5,396
Current portion of lease liabilities	1,902	1,864
Lease liabilities, net of current portion	$ 2,767	3,532
Existence of option to extend operating lease	true
Vehicles
Lessee Lease Description [Line Items]
Remaining right of use assets	$ 313	87
Lease liabilities	313	87
Current portion of lease liabilities	70	29
Lease liabilities, net of current portion	$ 243	58
Vehicles | Great Elm DME Holdings Incorporation
Lessee Lease Description [Line Items]
Lessee, operating lease term	60 months
Lessee, termination description	Each lease may be terminated by the lessee with 30-days’ notice after the first 13 months of the lease subject to certain early termination costs, including residual value guarantees.
Existence of option to terminate operating lease	true
Equipment
Lessee Lease Description [Line Items]
Remaining right of use assets	$ 15	33
Lease liabilities	15	33
Current portion of lease liabilities	14	27
Lease liabilities, net of current portion	1	$ 6
Minimum
Lessee Lease Description [Line Items]
Increase in average rate of lease payment, value	$ 28
Minimum | Facilities
Lessee Lease Description [Line Items]
Lessee, operating lease term	12 months
Minimum | Equipment
Lessee Lease Description [Line Items]
Lessee, operating lease term	36 months
Maximum
Lessee Lease Description [Line Items]
Increase in average rate of lease payment, value	$ 32
Maximum | Facilities
Lessee Lease Description [Line Items]
Lessee, operating lease term	96 months
Lessee, operating leases optional lease extension period	120 months
Maximum | Equipment
Lessee Lease Description [Line Items]
Lessee, operating lease term	48 months

Lessee Operating Leases - Sch_2

Lessee Operating Leases - Schedule of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Facilities
Operating Leased Assets [Line Items]
Operating lease cost	$ 571	$ 549	$ 1,125	$ 1,079
Cash paid for operating leases	525	541	1,077	1,089
Vehicles
Operating Leased Assets [Line Items]
Operating lease cost	16	7	29	14
Cash paid for operating leases	17	7	30	14
Equipment
Operating Leased Assets [Line Items]
Operating lease cost	9	11	18	22
Cash paid for operating leases	$ 9	$ 11	$ 18	$ 22

Lessee Operating Leases - Sch_3

Lessee Operating Leases - Schedule of Company's Undiscounted Cash Payment Obligations for Operating Lease (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessee Disclosure [Abstract]
For the six months ending June 30, 2022	$ 1,243
For the year ending June 30, 2023	1,801
For the year ending June 30, 2024	1,343
For the year ending June 30, 2025	814
For the year ending June 30, 2026	546
Thereafter	128
Total lease payments	5,875
Imputed interest	(878)
Lease liabilities	$ 4,997

Borrowings - Schedule of Subsid

Borrowings - Schedule of Subsidiaries' Outstanding Borrowings (Details) - Subsidiaries Outstanding Borrowings - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Less current portion of capitalized equipment financing	$ (2,571)	$ (1,974)
Equipment financing debt, net of current portion	17	67
Equipment Financing | Great Elm DME Holdings Incorporation
Debt Instrument [Line Items]
Equipment Financing	$ 2,588	$ 2,041

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Mar. 10, 2021
Debt Instrument [Line Items]
Interest expense other borrowings	$ 10,000	$ 700,000	$ 20,000	$ 1,400,000
Additional paid-in-capital	3,309,325,000		$ 3,309,325,000		$ 3,307,613,000
MAST Capital
Debt Instrument [Line Items]
Convertible notes issued						$ 2,300,000
Additional paid-in-capital						$ 600,000
GP Corp. Note
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.00%
Debt instrument description			three-month LIBOR plus 3.0% per annum
Secured notes, maturity month and year			2026-11
Equipment Financing Debt Agreements | Operating Subsidiaries of DME Inc
Debt Instrument [Line Items]
Inventory and equipment financing			$ 0	$ 1,600,000
Equipment Financing Debt Agreements | Minimum | Operating Subsidiaries of DME Inc
Debt Instrument [Line Items]
Term of debt			1 year
Implicit interest rate			7.00%
Equipment Financing Debt Agreements | Maximum | Operating Subsidiaries of DME Inc
Debt Instrument [Line Items]
Term of debt			3 years
Implicit interest rate			8.00%
D M E Revolver
Debt Instrument [Line Items]
Borrowings outstanding	0		$ 0
Credit facility maximum borrowing capacity	$ 10,000,000		$ 10,000,000
Credit facility expiration date			Nov. 29, 2022
Debt Instrument, Basis Spread on Variable Rate			0.40%
Credit facility interest rate	3.70%		3.70%
Debt instrument description			the prime rate plus 0.4% per annum

Borrowings - Schedule of Aggreg

Borrowings - Schedule of Aggregate Future Required Principal Debt Repayments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
For the six months ending June 30, 2022	$ 1,977
For the year ending June 30, 2023	611
Total	$ 2,588

Borrowings - Schedule of Paymen

Borrowings - Schedule of Payments and Interest Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Corbel Facility
Debt Instrument [Line Items]
Principal payments	$ 24,752	$ 25,106
Interest expense	635	1,296
GP Corp. Note | Acquisition Agreement with MAST Capital
Debt Instrument [Line Items]
Interest expense	$ 25	$ 51

Convertible Notes - Additional

Convertible Notes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Debt Instrument [Line Items]
Total principal balance of Convertible Notes outstanding	$ 35,205			$ 35,205		$ 34,346
Debt issuance costs					$ 1,250
Interest expense	1,362	$ 1,102		2,724	2,246
Convertible Notes
Debt Instrument [Line Items]
Total principal balance of Convertible Notes outstanding	$ 35,200			35,200
Issuance of notes to related parties.				$ 16,600
Accrued interest rate on notes payable	5.00%			5.00%
Notes payable, interest rate description				The Convertible Notes accrue interest at 5.0% per annum, payable semiannually in arrears on June 30 and December 31, commencing June 30, 2020, in cash or in kind at the option of the Company.
Number of common stock shares issuable upon conversion of each $1000 principal debt amount	288.0018			288.0018
Debt issuance costs			$ 1,200
Amortization period of convertible notes debt discount and debt issuance costs	10 years
Interest expense	$ 400	$ 400		$ 900	$ 800
MAST Capital
Debt Instrument [Line Items]
Ownership percentage	7.30%			7.30%
MAST Capital | Convertible Notes
Debt Instrument [Line Items]
Issuance of notes payable				$ 2,300
Matthew A. Drapkin | Convertible Notes
Debt Instrument [Line Items]
Issuance of notes to related parties.				6,600
Jason W. Reese | Convertible Notes
Debt Instrument [Line Items]
Issuance of notes to related parties.				7,000
Eric J Scheyer | Convertible Notes
Debt Instrument [Line Items]
Issuance of notes to related parties.				$ 700

CARES Act - Additional Informat

CARES Act - Additional Information (Details) - Employee Retention Credit (ERC)	Dec. 27, 2020USD ($)employee	Dec. 31, 2021USD ($)
Unusual Or Infrequent Item [Line Items]
Number of maximum employees refundable tax credit | employee	500
Percentage of qualified wages paid to employees	70
Maximum credit per employee	$ 7,000
Claimed for employees		$ 2,400,000
Employee retention credit settled shortly thereafter		$ 500,000

Non-Controlling Interests and_3

Non-Controlling Interests and Preferred Stock of Subsidiaries - Summary of Non-controlling Interests Balance on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Balance as of
Temporary equity	$ 2,948	$ 2,844	$ 2,639	$ 2,568	$ 3,844	$ 3,890
Total Non-controlling interests	12,139		12,188
Great Elm Healthcare, LLC (HC LLC)
Balance as of
Temporary equity	2,948		2,639
Permanent equity	2,948		2,639
Total	5,896		5,278
GEC GP
Balance as of
Permanent equity	(84)		(79)
Consolidated Fund
Balance as of
Permanent equity	3,744		4,228
Forest
Balance as of
Permanent equity	$ 2,583		$ 2,761

Non-Controlling Interests and_4

Non-Controlling Interests and Preferred Stock of Subsidiaries - Summary of Non-controlling Interests Balance on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net income (loss)
Total	$ 79	$ (597)	$ 385	$ (704)
DME, Inc.
Net income (loss)
Temporary equity		(292)		(337)
Permanent equity		(292)		(337)
Total		(584)		(674)
Great Elm Healthcare, LLC (HC LLC)
Net income (loss)
Temporary equity	104		309
Permanent equity	104		309
Total	208		618
GP Corp.
Net income (loss)
Permanent equity		(30)		(60)
GEC GP
Net income (loss)
Permanent equity	(2)		(4)
Consolidated Fund
Net income (loss)
Permanent equity	34		(51)
Forest
Net income (loss)
Permanent equity	$ (161)		$ (178)
FM Holdings
Net income (loss)
Permanent equity		$ 17		$ 30

Non-Controlling Interests and_5

Non-Controlling Interests and Preferred Stock of Subsidiaries - Additional Information (Details) - USD ($)	Dec. 29, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 29, 2021	Sep. 07, 2018	Mar. 31, 2018	Nov. 30, 2016
Minority Interest [Line Items]
Preferred stock issued during period			0	0
GP Corp.
Minority Interest [Line Items]
Percentage of ownership interest issued to former owner/certain affiliates and employees						1.80%			19.90%
Percentage of ownership interest repurchased					18.10%
Ownership percentage						98.20%
Percentage of ownership interest exchanged						98.20%
GEC GP
Minority Interest [Line Items]
Ownership percentage						98.20%
GESOF
Minority Interest [Line Items]
Ownership percentage		73.50%	73.50%
FM Holdings
Minority Interest [Line Items]
Percentage of ownership interest issued to former owner/certain affiliates and employees								19.90%
DME, Inc.
Minority Interest [Line Items]
Percentage of common stock equity ownership issued							9.95%
Forest
Minority Interest [Line Items]
Percentage of common stock interest sold classified as permanent equity	20.00%
Exchange of common stock for noncontrolling interests	$ 2,700,000
HC LLC
Minority Interest [Line Items]
Percentage of common stock equity ownership issued		9.95%	9.95%
Description of non-controlling interest in subsidiaries upon seventh anniversary of issuance date		In addition, upon the seventh anniversary of issuance date, if (i) the holder owns 50% of the common shares issued to it at the closing of the transaction, (ii) an initial public offering of DME Inc. has not commenced and (iii) the holder has not had an earlier opportunity to sell its shares at their fair market value, the holder has the right to request a marketing process for a sale of DME Inc. and has the right to put its common shares to DME Inc. at the price for such shares implied by such marketing process.
HC LLC | Series A-1 Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	10,090
Redeemable preferred stock, face value per share	$ 1,000
Consideration in exchange for instrument	$ 0
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Redeemable preferred stock fair value per share	$ 801
Debt issuance costs	$ 200,000
Debt issuance costs amortization period	7 years
HC LLC | Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	8,082
HC LLC | Series A-2 Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	34,010
Redeemable preferred stock, face value per share	$ 1,000
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Redeemable preferred stock fair value per share	$ 810
Debt issuance costs	$ 1,100,000
Debt issuance costs amortization period	7 years
Redeemable preferred stock redemption premium percentage minimum	0.00%
Redeemable preferred stock redemption premium percentage maximum	3.00%
Percentage of proceeds arising from sale of durable medical equipment business	33.00%
Fair value of derivative liability	$ 6,500,000
Corbel | Series A-1 Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	1,004
Valley Healthcare Holdings, LLC (VHH) | Series A-1 Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	1,004
Forest | Forest Preferred Stock Classified as Liability
Minority Interest [Line Items]
Redeemable preferred stock, shares	35,010
Redeemable preferred stock, face value per share	$ 1,000
Redeemable preferred stock, annual dividend rate	9.00%
Redeemable Preferred stock, redemption price per share	$ 1,000
Redeemable Preferred stock, redemption date	Dec. 29, 2027
Debt issuance costs	$ 1,200,000
Debt issuance costs amortization period	7 years
Redeemable preferred stock redemption premium percentage minimum	0.00%
Redeemable preferred stock redemption premium percentage maximum	3.00%
Net operating loss carryforwards	$ 300,000,000

Non-Controlling Interests and_6

Non-Controlling Interests and Preferred Stock of Subsidiaries - Summary of Preferred Stock of Subsidiary Balances on Condensed Consolidated Balance Sheets (Details) - shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Minority Interest [Line Items]
Balance, as of June 30, 2021	79,110,000
Issuance of Preferred Stock	0	0
Balance, as of December 31, 2021	79,110,000
Great Elm Healthcare, LLC (HC LLC)
Minority Interest [Line Items]
Balance, as of June 30, 2021	44,100,000
Balance, as of December 31, 2021	44,100,000
Series A-1 Preferred Stock | Great Elm Healthcare, LLC (HC LLC)
Minority Interest [Line Items]
Balance, as of June 30, 2021	10,090,000
Balance, as of December 31, 2021	10,090,000
Series A-2 Preferred Stock | Great Elm Healthcare, LLC (HC LLC)
Minority Interest [Line Items]
Balance, as of June 30, 2021	34,010,000
Balance, as of December 31, 2021	34,010,000
Forest Preferred Stock | Forest Investments, Inc. (Forest)
Minority Interest [Line Items]
Balance, as of June 30, 2021	35,010,000
Balance, as of December 31, 2021	35,010,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Awards (Performance Shares) and Restricted Stock Units - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity
Stock-based compensation	[1]		$ 1,226	$ 285	$ 1,994	$ 714
Restricted Stock
Stockholders' Equity
Vesting period					5 years
Investment management cumulative revenue collection target					$ 40,000
Maximum term of Investment management agreement fees earned					5 years
Stock-based compensation			$ 600
Restricted Stock | Employees
Stockholders' Equity
Granted, shares			7,845		7,845
Restricted Stock | Directors
Stockholders' Equity
Granted, shares			140,294		140,294
Performance Shares
Stockholders' Equity
Shares vested		580,023
Service-Based Restricted Stock Awards
Stockholders' Equity
Vesting period			3 years		3 years
Granted, shares			100,000		204,602
Vesting percentage			25.00%		25.00%
[1]	Non-cash compensation includes stock-based compensation and compensation in the form of stock in portfolio companies held by the Company. Non-cash compensation attributable to the investment management segment is included in investment management expenses in the condensed consolidated statements of operations. Non-cash compensation attributable to the general corporate segment is included in selling, general and administrative expense in the condensed consolidated statements of operations.

Stockholders' Equity - Activity

Stockholders' Equity - Activity of Restricted Stock Award (Details) - Restricted Stock shares in Thousands	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Shares
Beginning Balance | shares	904
Granted | shares	353
Vested | shares	(837)
Forfeited | shares	(153)
Ending Balance | shares	267
Weighted average grant date fair value
Beginning Balance | $ / shares	$ 3.71
Granted | $ / shares	2.27
Vested | $ / shares	3.49
Forfeited | $ / shares	3.92
Ending Balance | $ / shares	$ 2.55

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Option Activity (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Shares
Beginning Balance	2,493
Options granted	18
Ending Balance	2,511	2,493
Exercisable	2,144
Vested and expected to vest	2,511
Weighted average exercise price
Beginning Balance	$ 3.69
Options granted	2.87
Ending Balance	3.68	$ 3.69
Exercisable	3.68
Vested and expected to vest	$ 3.66
Weighted average remaining contractual term
Outstanding	4 years 7 days	4 years 6 months 3 days
Exercisable	3 years 9 months 25 days
Vested and expected to vest	4 years 7 days

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Options - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity
Stock-based compensation	[1]	$ 1,226	$ 285	$ 1,994	$ 714
Restricted Stock Awards and Stock Options
Stockholders' Equity
Stock-based compensation		1,100	$ 300	1,700	$ 700
Total unrecognized compensation cost		1,200		1,200
GECC Common Shares
Stockholders' Equity
Stock issued during period, value		100		900
Stock issued during period value vested immediately		$ 200		$ 200
Number of years issued shares vest annually on pro-rata basis		3 years		3 years
GECC Common Shares | Employees
Stockholders' Equity
Stock-based compensation		$ 100		$ 300
[1]	Non-cash compensation includes stock-based compensation and compensation in the form of stock in portfolio companies held by the Company. Non-cash compensation attributable to the investment management segment is included in investment management expenses in the condensed consolidated statements of operations. Non-cash compensation attributable to the general corporate segment is included in selling, general and administrative expense in the condensed consolidated statements of operations.

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Income Tax [Line Items]
Federal net operating loss carryforwards		$ 952
Operating loss carryforward for state income tax		$ 198
California
Income Tax [Line Items]
Operating loss carryforward for state income tax	$ 185
Massachusetts
Income Tax [Line Items]
Operating loss carryforward for state income tax	$ 13
Minimum | California
Income Tax [Line Items]
Operating loss carryforwards expiration period	2029
Minimum | Massachusetts
Income Tax [Line Items]
Operating loss carryforwards expiration period	2031
Minimum | Federal
Income Tax [Line Items]
Operating loss carryforwards expiration period	2022
Maximum | California
Income Tax [Line Items]
Operating loss carryforwards expiration period	2037
Maximum | Massachusetts
Income Tax [Line Items]
Operating loss carryforwards expiration period	2038
Maximum | Federal
Income Tax [Line Items]
Operating loss carryforwards expiration period	2037

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Dec. 31, 2021Segment
Segment Reporting [Abstract]
Number of business operating segments	2

Segment Information - Schedule

Segment Information - Schedule of Results of Operations by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue		$ 16,749	$ 15,303	$ 33,287	$ 30,686
Operating costs and expenses:
Depreciation and amortization		(552)	(591)	(1,114)	(1,181)
Non-cash compensation	[1]	(1,226)	(285)	(1,994)	(714)
Transaction costs	[2]	(162)	(316)	(443)	(348)
Other selling, general and administrative		(10,631)	(9,708)	(18,647)	(19,066)
Total operating expenses		(18,614)	(17,224)	(34,151)	(33,755)
Other income (expense):
Interest expense		(1,362)	(1,102)	(2,724)	(2,246)
Other income (expense)		(997)	2,118	(531)	742
Total other expense, net		(2,359)	1,016	(3,255)	(1,504)
Loss from continuing operations, before income taxes		(4,224)	(905)	(4,119)	(4,573)
Intercompany Eliminations
Revenue:
Total revenue	[3]	(172)	(45)	(415)	(136)
Operating costs and expenses:
Other selling, general and administrative	[3]	172	45	415	136
Total operating expenses	[3]	172	45	415	136
Other income (expense):
Interest expense	[3]	1,220		2,438
Other income (expense)	[3]	(1,220)		(2,438)
Durable Medical Equipment | Operating Segments
Revenue:
Total revenue		15,728	14,543	31,283	29,153
Operating costs and expenses:
Depreciation and amortization		(443)	(463)	(896)	(925)
Transaction costs	[2]	(127)	(87)	(224)	(87)
Other selling, general and administrative		(8,473)	(8,028)	(14,759)	(15,799)
Total operating expenses		(15,086)	(14,902)	(27,832)	(29,257)
Other income (expense):
Interest expense		(1,289)	(687)	(2,576)	(1,396)
Other income (expense)		1,584	(1,832)	2,144	(1,836)
Total other expense, net		295	(2,519)	(432)	(3,232)
Loss from continuing operations, before income taxes		937	(2,878)	3,019	(3,336)
Investment Management | Operating Segments
Revenue:
Total revenue	[4]	1,021	760	2,004	1,533
Operating costs and expenses:
Depreciation and amortization	[4]	(108)	(127)	(217)	(255)
Non-cash compensation	[1],[4]	(946)	(197)	(1,342)	(391)
Other selling, general and administrative	[4]	(1,068)	(727)	(1,911)	(1,259)
Total operating expenses	[4]	(2,122)	(1,051)	(3,470)	(1,905)
Other income (expense):
Interest expense	[4]	(24)	(25)	(48)	(51)
Other income (expense)	[4]	(1,506)	3,947	(1,257)	2,570
Total other expense, net	[4]	(1,530)	3,922	(1,305)	2,519
Loss from continuing operations, before income taxes	[4]	(2,631)	3,631	(2,771)	2,147
General Corporate | Operating Segments
Revenue:
Total revenue	[4]	172	45	415	136
Operating costs and expenses:
Depreciation and amortization	[4]	(1)	(1)	(1)	(1)
Non-cash compensation	[1],[4]	(280)	(88)	(652)	(323)
Transaction costs	[2],[4]	(35)	(229)	(219)	(261)
Other selling, general and administrative	[4]	(1,262)	(998)	(2,392)	(2,144)
Total operating expenses	[4]	(1,578)	(1,316)	(3,264)	(2,729)
Other income (expense):
Interest expense	[4]	(1,269)	(390)	(2,538)	(799)
Other income (expense)	[4]	145	3	1,020	8
Total other expense, net	[4]	(1,124)	(387)	(1,518)	(791)
Loss from continuing operations, before income taxes	[4]	(2,530)	(1,658)	(4,367)	(3,384)
Sales and Services
Operating costs and expenses:
Total operating costs and expenses		(4,309)	(4,703)	(8,369)	(8,910)
Sales and Services | Durable Medical Equipment | Operating Segments
Operating costs and expenses:
Total operating costs and expenses		(4,309)	(4,703)	(8,369)	(8,910)
Rental
Operating costs and expenses:
Total operating costs and expenses		(1,734)	(1,621)	(3,584)	(3,536)
Rental | Durable Medical Equipment | Operating Segments
Operating costs and expenses:
Total operating costs and expenses		$ (1,734)	$ (1,621)	$ (3,584)	$ (3,536)
[1]	Non-cash compensation includes stock-based compensation and compensation in the form of stock in portfolio companies held by the Company. Non-cash compensation attributable to the investment management segment is included in investment management expenses in the condensed consolidated statements of operations. Non-cash compensation attributable to the general corporate segment is included in selling, general and administrative expense in the condensed consolidated statements of operations.
[2]	Transaction costs, which consist of legal and other professional services incurred in connection with consummated and unconsummated transactions, are included in selling, general and administrative expense in the condensed consolidated statements of operations.
[3]	The Company’s wholly-owned subsidiary, DME Manager, provides advisory services to HC LLC (formerly to DME, Inc.) and receives consulting fees from for those services. DME Manager is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding expense to HC LLC and revenue to DME Manager are eliminated in consolidation. Beginning December 29, 2020, DME Manager also provides advisory services to Forest and receives a consulting fee from Forest for those services. Both DME Manager and Forest are part of general corporate operations, and the corresponding revenue and expense are eliminated in consolidation. Additionally, Forest owns Series A-1 Preferred Stock and Series A-2 Preferred Stock of HC LLC. Forest is part of general corporate operations while HC LLC is part of the durable medical equipment segment. The corresponding interest expense to HC LLC and interest income to Forest are eliminated in consolidation.
[4]	Previously reported non-operating activity including dividend income and unrealized gains/losses related to managed investments has been reclassified from General Corporate to Investment Management to conform with current segment organization.

Segment Information - Schedul_2

Segment Information - Schedule of Assets by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Segment Reporting Information [Line Items]
Fixed assets, net	$ 7,631	$ 8,372
Identifiable intangible assets, net	8,110	8,928
Goodwill	52,463	50,536	$ 50,010	$ 50,010
Other assets	87,933	94,033
Total assets	156,137	161,869
Durable Medical Equipment
Segment Reporting Information [Line Items]
Fixed assets, net	7,609	8,349
Identifiable intangible assets, net	6,499	7,104
Goodwill	52,463	50,536
Other assets	19,386	21,150
Total assets	85,957	87,139
Investment Management
Segment Reporting Information [Line Items]
Fixed assets, net	21	21
Identifiable intangible assets, net	1,611	1,824
Other assets	46,583	66,907
Total assets	48,215	68,752
General Corporate
Segment Reporting Information [Line Items]
Fixed assets, net	1	2
Other assets	21,964	5,976
Total assets	$ 21,965	$ 5,978