CCUR (CCUR) 10-Q 1 Nov 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	CCUR Holdings, Inc.
Entity Central Index Key	0000749038
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	CCUR
Entity Common Stock, Shares Outstanding		8,923,657

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Current assets:
Cash and cash equivalents	$ 8,767	$ 8,083
Equity securities, fair value	6,991	7,405
Fixed maturity securities, available-for-sale, fair value	22,785	20,393
Current maturities of mortgage and commercial loans receivable	2,418	3,184
Advances receivable, net	7,660	9,389
Prepaid expenses and other current assets	2,256	1,779
Total current assets	50,877	50,233
Land investment	3,527	3,265
Deferred income taxes, net	475	475
Mortgage and commercial loans receivable, net of maturities	6,460	3,680
Definite-lived intangibles, net	2,791	2,910
Goodwill	1,260	1,260
Other long-term assets, net	608	651
Total assets	65,998	62,474
Current liabilities:
Accounts payable and accrued expenses	702	660
Contingent consideration, current	750	750
Total current liabilities	1,452	1,410
Long-term liabilities:
Pension liability	3,979	4,136
Contingent consideration, long-term	2,350	2,340
Long-term debt	1,600	1,600
Other long-term liabilities	584	632
Total liabilities	9,965	10,118
Commitments and contingencies (Note 14)
Stockholders' equity:
Shares of common stock, par value $0.01; 14,000,000 authorized; 8,756,156 issued and outstanding at both September 30, 2019, and June 30, 2019	87	87
Capital in excess of par value	208,980	208,881
Non-controlling interest	917	762
Accumulated deficit	(147,389)	(150,795)
Accumulated other comprehensive loss	(6,562)	(6,579)
Total stockholders' equity	56,033	52,356
Total liabilities, non-controlling interest, and stockholders' equity	$ 65,998	$ 62,474

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Jun. 30, 2019
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	14,000,000	14,000,000
Common Stock, Shares, Issued	8,756,156	8,756,156
Common Stock, Shares, Outstanding	8,756,156	8,756,156
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	1,250,000	1,250,000
Preferred Stock, Shares Issued	0	0
Preferred Class A [Member]
Preferred Stock, Par or Stated Value Per Share	$ 100	$ 100
Preferred Stock, Shares Authorized	20,000	20,000
Preferred Stock, Shares Issued	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Merchant cash advance fees and other revenue	$ 1,448
interest on mortgage and commercial loans	283	$ 131
Total revenues	1,731	131
Operating expenses:
Sales and marketing	305
General and administrative	1,029	835
Change in fair value of contingent consideration	10	0
Amortization of purchased intangibles	120
Provision for credit losses on advances	216
Total operating expenses	1,680	835
Operating income (loss)	51	(704)
Other interest income	2,137	880
Dividend income	21	64
Realized gain on investments, net	1,076	201
Unrealized gain (loss) on equity securities, net	469	(457)
Other (expense) income, net	(20)	15
Income (loss) before income taxes	3,734	(1)
Provision for income taxes	173	2
Net income (loss)	3,561	(3)
Less: Net income attributable to non-controlling interest	(155)
Net income (loss) attributable to CCUR Holdings, Inc. stockholders	$ 3,406	$ (3)
Basic and diluted earnings (loss) per share:
Net income (loss) attributable to CCUR Holdings, Inc. stockholders	$ 0.39
Weighted average shares outstanding - basic	8,756,156	9,105,527
Weighted average shares outstanding - diluted	8,809,572	9,105,527

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 3,561	$ (3)
Other comprehensive income (loss):
Net unrealized loss on available for sale investments	(171)	(877)
Foreign currency translation adjustment	98	13
Pension and post-retirement benefits, net of tax	90	26
Other comprehensive income (loss):	17	(838)
Comprehensive income (loss)	3,578	(841)
Comprehensive income attributable to non-controlling interest	(155)
Comprehensive income (loss) attributable to CCUR Holdings, Inc. stockholders	$ 3,423	$ (841)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Capital In Excess Of Par Value [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interest [Member]	Total
Balance at Jun. 30, 2018	$ 91	$ 210,083	$ (151,795)	$ (2,313)		$ 56,066
Balance (in shares) at Jun. 30, 2018	9,117,077
Adoption of ASU 2016-01			318	(318)
Share-based compensation expense		59				59
Repurchase and retirement of stock		(115)				(115)
Repurchase and retirement of stock (in shares)	(23,008)
Other comprehensive income, net of taxes:
Net income			(3)			(3)
Unrealized loss on available-for-sale investments				(877)		(877)
Foreign currency translation adjustment				13		13
Pension and post-retirement benefits, net of tax				26		26
Total comprehensive income						(841)
Balance at Sep. 30, 2018	$ 91	210,027	(151,480)	(3,469)		55,169
Balance (in shares) at Sep. 30, 2018	9,094,069
Balance at Jun. 30, 2019	$ 87	208,881	(150,795)	(6,579)	$ 762	52,356
Balance (in shares) at Jun. 30, 2019	8,756,156
Share-based compensation expense		99				99
Other comprehensive income, net of taxes:
Net income			3,406		155	3,561
Unrealized loss on available-for-sale investments				(171)		(171)
Foreign currency translation adjustment				98		98
Pension and post-retirement benefits, net of tax				90		90
Total comprehensive income						3,578
Balance at Sep. 30, 2019	$ 87	$ 208,980	$ (147,389)	$ (6,562)	$ 917	$ 56,033
Balance (in shares) at Sep. 30, 2019	8,756,156

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows provided by (used in) operating activities:
Net income (loss)	$ 3,561	$ (3)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	121	0
Share-based compensation	99	59
Provision for credit losses on advances	216	0
Non-cash accretion of interest income	(1,176)	(253)
Payment-in-kind interest income	(244)	(203)
Realized (gain) loss on investments, net	(1,076)	256
Unrealized gain on investments, net	(470)	0
Change in fair value of contingent consideration	10	0
(Increase) decrease in assets:
Prepaid expenses and other current assets	(564)	284
Other long-term assets	10	9
(Decrease) increase in liabilities:
Accounts payable and accrued expenses	45	(301)
Pension and other long-term liabilities	5	26
Net cash provided by (used in) operating activities	537	(126)
Cash flows provided by investing activities:
Additions to land investment	(262)	0
Additions to property and equipment	(4)	(6)
Origination and fundings of mortgage and commercial loans receivable	(2,750)	(415)
Collections of mortgage and commercial loans receivable	769	0
Fundings of cash advances receivable	(6,189)	(2,000)
Collections of cash advances receivable	7,756	0
Proceeds from sale or maturity of securities	2,202	6,167
Purchases of securities	(1,385)	(1,635)
Net cash provided by investing activities	137	2,111
Cash flows used in financing activities:
Purchase of common stock for retirement	0	(115)
Net cash used in financing activities	0	(115)
Effect of exchange rates on cash and cash equivalents	10	(4)
Increase in cash and cash equivalents	684	1,866
Cash and cash equivalents - beginning of year	8,083	32,992
Cash and cash equivalents - end of period	8,767	34,858
Cash paid during the year for:
Interest	21	0
Income taxes, net of refunds	$ 85	$ 210

Overview of the Business and Ba

Overview of the Business and Basis of Presentation	3 Months Ended
	Sep. 30, 2019
Overview of the Business and Basis of Presentation
Overview of the Business and Basis of Presentation	1. Overview of the Business and Basis of Presentation References herein to “CCUR Holdings,” the “Company,” “we,” “us,” or “our” refer to CCUR Holdings, Inc. and its subsidiaries on a consolidated basis, unless the context specifically indicates otherwise. During the first quarter of our fiscal year 2019 we created Recur Holdings LLC (“Recur”), a Delaware limited liability company wholly owned by the Company. Through Recur we conduct, hold and manage our existing and future real estate operations. On February 13, 2019, through our newly formed subsidiary, LM Capital Solutions, LLC (“LMCS”), we closed on a purchase agreement (the “Purchase Agreement”) to acquire the operating assets of LuxeMark Capital, LLC (“Old LuxeMark”) (the “LuxeMark Acquisition”). LMCS operates through its syndication network to facilitate merchant cash advance (“MCA”) funding by connecting a network of MCA originators (sometimes referred to herein as “funders”) with syndicate participants who provide those originators with capital by purchasing participation interests in funded MCAs. In addition, LMCS provides reporting and other administrative services to its syndication network. The Company holds an 80% interest in LMCS, with the remaining 20% held by Old LuxeMark. LMCS does business as “LuxeMark Capital” with daily operations led by the three principals of Old LuxeMark. Through LMCS, we (i) continue to operate the Old LuxeMark syndication network by sourcing syndication funding for MCA originators and providing reporting and other administrative services in exchange for a syndication fee, (ii) directly purchase participation interests from MCA originators for LMCS’ own MCA portfolio and (iii) provide loans to MCA originators to fund the MCAs themselves, which generates interest income and syndication fee income from servicing those MCAs. With the formation of LMCS and the acquisition of the Old LuxeMark operating assets, we now have two operating segments: (i) “MCA Operations”, conducted through LMCS, and (ii) “Real Estate Operations”, conducted by Recur. In addition to our operating segments, we derive a significant amount of our net income from our investments in debt and equity securities. See “Note 3. Investments” to the accompanying consolidated financial statements for more information. The accompanying unaudited consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for a fair presentation have been included. The year-end consolidated balance sheet data as of June 30, 2019 was derived from our audited consolidated financial statements and may not include all disclosures required by U.S. GAAP. The results of operations for the three months ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019 filed with the SEC on August 28, 2019. The significant accounting policies used in preparing these consolidated financial statements are consistent with the accounting policies described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019, except for those as described below. Commercial and Mortgage Loans and Loan Losses We have potential exposure to transaction losses as a result of uncollectability of commercial mortgage and other loans. We base our reserve estimates on prior charge-off history and currently available information that is indicative of a transaction loss. We reflect additions to the reserve in current operating results, while we make charges to the reserve when we incur losses. We reflect recoveries in the reserve for transaction losses as collected. We have the intent and ability to hold these loans to maturity or payoff and as such, have classified these loans as held-for-investment. These loans are reported on the balance sheet at the outstanding principal balance adjusted for any charge-offs, allowance for loan losses, and deferred fees or costs. As of September 30, 2019, we have not recorded any charge-offs, and believe that an allowance for loan losses is not required. Land Investment Land investment assets are stated at acquired cost. Pre-acquisition and development costs are capitalized. Gains and losses resulting from the disposition of real estate are included in operations. As of September 30, 2019, all land held by the Company is considered to be held for use and development. Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during each fiscal year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding including dilutive common share equivalents. Under the treasury stock method, incremental shares representing the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued are included in the computation. Weighted-average common share equivalents of 9,757 and 31,665 for the three months ended September 30, 2019 and 2018, respectively, were excluded from the calculation, as their effect would have been anti-dilutive. The following table presents a reconciliation of the numerators and denominators of basic and diluted net income per share for the periods indicated: Three Months Ended September 30, 2019 2018 Basic weighted average number of shares outstanding 8,756,156 9,105,527 Effect of dilutive securities: Restricted stock 53,416 — Diluted weighted average number of shares outstanding 8,809,572 9,105,527 Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures requires certain disclosures around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:  Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;  Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and  Level 3 Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which include the use of management estimates. Our investment portfolio consists of money market funds, equity securities, and corporate debt. All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. All cash equivalents are carried at cost less any unamortized premium or discount, which approximates fair value. All investments with original maturities of more than three months are classified as available-for-sale, trading or held-to-maturity investments. Our marketable securities, other than warrants and equity securities, are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of tax, reported in stockholders’ equity as a component of accumulated other comprehensive income or loss. Warrants to purchase stock are held as trading securities and are reported at fair value with gains and losses reported within the accompanying consolidated statements of operations. Interest on securities is recorded in interest income. Dividends paid by securities are recorded in dividend income. Any realized gains or losses are reported in the accompanying consolidated statements of operations. Equity securities are reported at fair value, with unrealized gains and losses resulting from adjustments to fair value reported within our consolidated statements of operations. We used Level 3 inputs to determine the fair value of our preferred stock investments. The Company has elected the measurement alternative and will record the investments at cost adjusted for observable price changes for an identical or similar investment of the same issuer. Observable price changes and impairment indicators will be assessed each reporting period. We also use Level 3 inputs to determine the fair value of our contingent consideration and common stock purchase warrants related to the LuxeMark Acquisition. The Company uses a Monte Carlo simulation technique to value the performance-based contingent consideration and common stock purchase warrants. This technique is a probabilistic model which relies on repeated random sampling to obtain numerical results. The concluded values represent the means of those results. We provide fair value measurement disclosures of our securities in accordance with one of the three levels of fair value measurement. Our financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2019 and June 30, 2019 are as follows: As of Quoted September 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 3,697 $ 3,697 $ — $ — Money market funds 5,070 5,070 — — Cash and cash equivalents $ 8,767 $ 8,767 $ — $ — Common stock $ 4,108 $ 4,108 $ — $ — Preferred stock 2,883 — — 2,883 Equity investments $ 6,991 $ 4,108 $ — $ 2,883 Corporate debt 22,785 — 22,785 — Available-for-sale investments $ 22,785 $ — $ 22,785 $ — Contingent consideration - cash earn-out $ 2,990 $ — $ — $ 2,990 Contingent consideration - warrants 110 — — 110 Liabilities $ 3,100 $ — $ — $ 3,100 As of Quoted June 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 5,223 $ 5,223 $ — $ — Money market funds 2,860 2,860 — — Cash and cash equivalents $ 8,083 $ 8,083 $ — $ — Common stock warrants $ 1 $ 1 $ — $ — Common stock 4,521 4,521 — — Preferred stock 2,883 — — 2,883 Equity investments $ 7,405 $ 4,522 $ — $ 2,883 Corporate debt $ 20,393 $ — $ 20,393 $ — Available-for-sale investments $ 20,393 $ — $ 20,393 $ — Contingent consideration - cash earn-out $ 2,890 $ — $ — $ 2,890 Contingent consideration - warrants 200 — — 200 Liabilities $ 3,090 $ — $ — $ 3,090 The carrying amounts of certain financial instruments, including cash equivalents and MCAs, approximate their fair values due to their short-term nature. The following table provides a reconciliation of the beginning and ending balances for the Company’s assets and obligations measured at fair value using Level 3 inputs: Assets Obligations Preferred Contingent Stock Consideration (Amounts in thousands) Balance at June 30, 2019 $ 2,883 $ 3,090 Fair value adjustment to contingent consideration — 10 Balance at September 30, 2019 $ 2,883 $ 3,100 The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,990 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.6 % credit spread 8.0 % Contingent warrants $ 110 Black-Scholes, Monte Carlo simulations expected term 5.62 years expected volatility 25.0 % risk free rate 1.6 % dividend yield — % The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,890 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.7 % credit spread 8.0 % Contingent warrants $ 200 Black-Scholes, Monte Carlo simulations expected term 6.25 years expected volatility 30.0 % risk free rate 2.6 % dividend yield — %

Recent Accounting Guidance

Recent Accounting Guidance	3 Months Ended
	Sep. 30, 2019
Recent Accounting Guidance
Recent Accounting Guidance	2. Recent Accounting Guidance Recently Issued and Adopted Accounting Guidance In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASU 2016-02”), on the recognition of lease assets and lease liabilities on the balance sheet. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new guidance changes the current accounting guidance related to the recognition of lease assets and lease liabilities. We early adopted the new guidance effective June 30, 2019 as further disclosed in Note 13 to these financial statements. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) (“ASU 2018-02”) , which permits entities to reclassify the tax effects stranded in accumulated other comprehensive income as a result of recent United States federal tax reforms to retained earnings. Entities can elect to apply the guidance retrospectively or in the period of adoption. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods therein, with early adoption permitted. We adopted the new guidance effective July 1, 2019 with no material impact on our consolidated financial statements or disclosures. Recent Accounting Guidance Not Yet Adopted The recent accounting guidance not yet adopted is consistent with the information provided in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019.

Investments

Investments	3 Months Ended
	Sep. 30, 2019
Investments.
Investments	3. Investments Fixed-Maturity and Equity Securities Investments The following tables provide information relating to investments in fixed-maturity and equity securities: Unrealized Unrealized September 30, 2019 Cost Gains Losses Fair Value (Amounts in thousands) Equity securities Common stock and common stock options $ 4,823 $ 769 $ (1,484) $ 4,108 Common stock warrants 288 — (288) — Preferred stock 2,883 — — 2,883 Total equity securities $ 7,994 $ 769 $ (1,772) $ 6,991 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed-maturity securities Corporate debt $ 28,324 $ — $ (5,539) $ 22,785 Total fixed-maturity securities $ 28,324 $ — $ (5,539) $ 22,785 Unrealized Unrealized June 30, 2019 Cost Gains Losses Fair Value (Amounts in thousands) Equity securities Common stock $ 5,706 $ — $ (1,185) $ 4,521 Common stock warrants 288 — (287) 1 Preferred stock 2,883 — — 2,883 Total equity securities $ 8,877 $ — $ (1,472) $ 7,405 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed-maturity securities Corporate debt 25,761 — (5,368) 20,393 Total fixed-maturity securities $ 25,761 $ — $ (5,368) $ 20,393 During the three months ended September 30, 2019, we reported a $469,000 unrealized gain on equity securities, net within our consolidated statement of operations. Additionally, we reported a $1,076,000 realized gain on the sale of debt and equity securities within our consolidated statement of operations. Maturities of Fixed-Maturity Securities Available-for-Sale The amortized cost and fair values of fixed-maturity securities available for sale as of September 30, 2019 are shown by contractual maturity in the table below. Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Fair Value (Amounts in thousands) Fixed-maturity securities Due after one year through three years $ 20,391 $ 15,473 Due after three years through five years — — Due after five years through 10 years 7,933 7,312 Total fixed-maturity securities $ 28,324 $ 22,785

Commercial Mortgage and Other L

Commercial Mortgage and Other Loans Receivable	3 Months Ended
	Sep. 30, 2019
Commercial Mortgage and Other Loans Receivable
Commercial Mortgage and Other Loans Receivable	4. Commercial Mortgage and Other Loans Receivable We had $8,878,000 of commercial loan assets as of September 30, 2019, of which $3,378,000 are mortgage loans secured by real property in certain markets throughout the United States. Mortgage loan activity for the three months ended September 30, 2019 is as follows: Provision Principal Deferred for Loan Carrying Mortgage Loans Receivable Balance Fees Loss Value (Amounts in thousands) Balance at July 1, 2019 $ 4,195 $ (81) $ — $ 4,114 Additions during the period: Amortization of deferred fees — 33 — 33 Deductions during the period: Collections of principal (769) — — (769) Balance at September 30, 2019 $ 3,426 $ (48) $ — $ 3,378 On July 1, 2019, a commercial mortgage loan in the amount of $1,400,000 defaulted. We do not believe the value of this loan is impaired, as the appraised value of the underlying property exceeds the outstanding balance of the mortgage. We are currently pursuing foreclosure and sale of this property to settle the outstanding debt. Commercial loan/credit facility activity for the period is as follows (amounts in thousands): Carrying Other Loans Receivable Value Balance at July 1, 2019 $ 2,750 Additions during the period: Borrowings 2,750 Balance at September 30, 2019 $ 5,500 During the fourth quarter of our fiscal year 2019 we originated commercial loans in an aggregate principal amount of $2,750,000 to an MCA originator. During the first three months of our fiscal year 2020 we loaned an additional $2,750,000 to the same MCA originator with the same terms as the loans issued in the fourth quarter of our fiscal year 2019. These commercial loans have two-year terms and interest is charged at a rate of 17.0% per annum on the outstanding balances.

Advances Receivable, net

Advances Receivable, net	3 Months Ended
	Sep. 30, 2019
Advances Receivable, net
Advances Receivable, net	5 . Advances Receivable, net Total advances receivable, net consisted of the following: Provision Advance Deferred for Credit Carrying Principal Fees Losses Value (Amounts in thousands) Merchant cash advances $ 5,301 $ — $ (560) $ 4,741 Aviation advance 3,000 (81) — 2,919 Advances receivable, net $ 8,301 $ (81) $ (560) $ 7,660 As of September 30, 2019, 92% of merchant cash advances were originated through two MCA funders. Changes in the allowance for MCA credit losses are as follows (amounts in thousands): Allowance for credit losses, July 1, 2019 $ 736 Provision for credit losses 216 Receivables charged off (520) Recoveries of receivables previously charged off 128 Allowance for credit losses, September 30, 2019 $ 560 During the three months ended September 30, 2019, we provided $3,000,000 of cash advances to an aviation business to fund the deposit required for the recipient’s aircraft purchases for up to one month, in exchange for paying us an upfront fee and a guaranty of the full repayment obligation from the principal of the third-party business. These prepaid fees are netted against the principal balance, earned over the one-month advance period, and are reported as part of MCA income within the statement of operations. Each quarter, we review the carrying value of this cash advance, and determine if an impairment reserve is necessary.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Sep. 30, 2019
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	6 . Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: September 30, June 30, 2019 2019 (Amounts in thousands) Accounts payable, trade $ 227 $ 221 Accrued payroll, vacation and other employee expenses 216 56 Unrecognized income from research and development tax credits 35 35 Other accrued expenses 224 348 Total accounts payable and accrued expenses $ 702 $ 660

Pensions

Pensions	3 Months Ended
	Sep. 30, 2019
Pensions
Pensions	7. Pensions Defined Benefit Plans The following table provides the components of net periodic pension cost of our German defined benefit pension plans recognized in earnings for the three months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 2018 (Amounts in thousands) Net Periodic Benefit Cost Interest cost $ 7 $ 15 Expected return on plan assets (1) (1) Recognized actuarial loss 22 16 Net periodic benefit cost $ 28 $ 30

Term Loan

Term Loan	3 Months Ended
	Sep. 30, 2019
Term Loan
Term Loan	8. Term Loan In fiscal year 2019, we entered into an 18-month, $1,600,000 term loan with a commercial bank to finance part of a land purchase for the purpose of developing and reselling the land. The term loan has an interest rate of 2.75% plus the one-month London Interbank Offered Rate (“LIBOR”), 4.78% at September 30, 2019, with interest-only payments due monthly. All principal and any unpaid interest are due in full upon maturity in November 2020. As of September 30, 2019, we have capitalized $25,000 of interest from this loan as part of the land cost.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2019
Income Taxes
Income Taxes	9 . Income Taxes The Company and its subsidiaries file income tax returns in the U. S. federal jurisdiction and in various states and foreign jurisdictions. With a few exceptions, we are no longer subject to U. S. federal, state, and local, or non-U. S. income tax examinations by tax authorities for fiscal years before 1999. The domestic and foreign components of income (loss) from operations before the provision for income taxes are as follows: Three Months Ended September 30, 2019 2018 (Amounts in thousands) United States $ 3,774 $ 42 Foreign (40) (43) Income (loss) from operations $ 3,734 $ (1) The components of the provision for income taxes are as follows: Three Months Ended September 30, 2019 2018 (Amounts in thousands) Domestic $ 173 $ 2 Foreign — — Total $ 173 $ 2 The domestic tax expense for the period ended September 30, 2019 differs from the prior year period due to the significant increase in income from our investment and MCA activities. The expense primarily relates to state taxes on taxable income in states where we do not currently have available net operating losses (“NOLs”). NOLs As of June 30, 2019, we had U.S. federal NOL carryforwards of approximately $56,789,000 for income tax purposes, of which none expire in our fiscal year 2020, and the remainder expire at various dates through our fiscal year 2037; however, with the enactment of the Tax Cuts and Jobs Act (the “TCJA”) on December 22, 2017, federal NOLs generated in taxable years beginning after December 31, 2017 now have no expiration date. We recently completed an evaluation of the potential effect of Section 382 of the Internal Revenue Code (the “IRC”) on our ability to utilize these NOLs. The study concluded that we have not had an ownership change for the period from July 22, 1993 to June 30, 2019; therefore, the NOLs will not be subject to limitation under Section 382. If we experience an ownership change as defined in Section 382 of the IRC, our ability to use these NOLs will be substantially limited, which could therefore significantly impair the value of that asset. Of the $56,789,000 of aforementioned U.S. federal NOLs, $11,189,000 represents acquired NOLs from a prior acquisition in fiscal year 2006. Additionally, we had $140,000 of acquired research and development credits from this acquisition. The benefits associated with these acquired losses and tax credits were subject to limitation under Sections 382 and 383 of the IRC as of the date of acquisition. We completed an evaluation of the potential effect of Sections 382 and 383 on our ability to utilize these acquired NOLs and credits. The study concluded that the limitations imposed by Sections 382 and 383 would not limit our ability to utilize these acquired tax attributes prior to their expiration. As of June 30, 2019, we had state NOLs of $29,977,000 and foreign NOLs of $8,296,000. The state NOLs expire according to the rules of each state and expiration will occur between fiscal year 2020 and fiscal year 2037. The foreign NOLs expire according to the rules of each country. As of June 30, 2019, the foreign NOLs can be carried forward indefinitely in each country, although some countries do restrict the amount of NOL that can be used in a given tax year. Deferred Tax Assets and Related Valuation Allowances In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining whether or not a valuation allowance for tax assets is needed, we evaluate all available evidence, both positive and negative, including: trends in operating income or losses; currently available information about future years; future reversals of existing taxable temporary differences; future taxable income exclusive of reversing temporary differences and carryforwards; taxable income in prior carryback years if carryback is permitted under the tax law; and tax planning strategies that would accelerate taxable amounts to utilize expiring carryforwards, change the character of taxable and deductible amounts from ordinary income or loss to capital gain or loss, or switch from tax-exempt to taxable investments. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of September 30, 2019, we maintained a full valuation allowance on our net deferred tax assets in all jurisdictions, with the exception of the $950,000 alternative minimum tax (“AMT”) credit carryforward that is now considered refundable in post-fiscal year 2019 after the enactment of the TCJA. The Company has a total of $950,000 in federal AMT credit carryforward, which has an indefinite life and will be 50% refundable on the Company’s June 30, 2019 tax return, with the remainder being refundable by fiscal year 2022. We have classified $475,000 of the alternative minimum tax credit to an income tax receivable account. We do not have sufficient evidence of future income to conclude that it is more likely than not that the Company will realize its entire deferred tax inventory in any of its jurisdictions (United States and Germany). Therefore, we have recognized a full valuation allowance on the Company’s deferred tax inventory, other than the alternative minimum tax credit. We reevaluate our conclusions regarding the valuation allowance quarterly and will make appropriate adjustments as necessary in the period in which significant changes occur. Unrecognized Tax Benefits We have evaluated our unrecognized tax benefits and determined that there has not been a material change in the amount of such benefits for the three months ended September 30, 2019.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2019
Stock-Based Compensation
Stock-Based Compensation	10 . Stock-Based Compensation We have a stock incentive plan providing for the grant of incentive stock options to employees and non-qualified stock options to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Amended and Restated 2011 Stock Incentive Plan. Under the plan, the Compensation Committee may award stock options and shares of common stock on a restricted basis. The plan also specifically provides for stock appreciation rights and authorizes the Compensation Committee to provide, either at the time of the grant of an option or otherwise, that the option may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors. Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASC 718-10 over the requisite service period of the individual grantees, which generally equals the vesting period. All our stock compensation is accounted for as equity instruments. Our Amended and Restated 2011 Stock Incentive Plan (the “Stock Plan”) became effective November 1, 2011 and replaced the 2001 Stock Option Plan that expired on October 31, 2011. At September 30, 2019, there were 787,219 shares available for future grants. We recorded $99,000 and $59,000 to general and administrative expense for stock-based compensation related to the issuance of stock options and restricted stock to employees and board members during the three months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, we had 167,500 service-condition restricted stock awards outstanding, of which none had vested, at a weighted-average grant date fair value of $4.15. Stock-based compensation expense for the three months ended September 30, 2019 and 2018 resulted from vesting of shares over their respective vesting periods. Total remaining compensation cost of restricted stock awards issued but not yet vested as of September 30, 2019 is $369,000, which is expected to be recognized over the weighted average period of 2.3 years. Stock Options We use a Black-Scholes option valuation model to determine the grant date fair value of stock-based compensation. The Black-Scholes model incorporates various assumptions including the expected term of awards, volatility of stock price, risk-free rates of return, and dividend yield. The expected term of an award is no less than the option vesting period and is based on our expectations under our current operating environment. Expected volatility is based upon the historical volatility of the Company’s stock price. The risk-free interest rate is approximated using rates available on U.S. Treasury securities with a remaining term similar to the option’s expected life. We use a dividend yield of zero in the Black-Scholes option valuation model, as we do not anticipate paying cash dividends in the foreseeable future. Stock-based compensation is recorded net of expected forfeitures. As of September 30, 2019, we had 15,000 stock options outstanding, of which 5,000 options had vested and were exercisable, at a weighted-average exercise price of $5.42, with a weighted-average remaining contractual term of 8.64 years. The total intrinsic value of options both outstanding and exercisable was nil for the three months ended September 30, 2019 and 2018. Total remaining compensation cost of stock options granted, but not yet vested, at September 30, 2019 is $8,000, which is expected to be recognized over the weighted average remaining period of 1.4 years. We generally issue new shares to satisfy option exercises. During the three months ended September 30, 2019 and 2018, there were no exercises of stock options.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	11. Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss by component, net of taxes, for the three months ended September 30, 2019: Pension and Currency Unrealized Postretirement Translation Loss on Benefit Plans Adjustments Investments Total (Amounts in thousands) Balance at June 30, 2019 $ (1,707) $ 496 $ (5,368) $ (6,579) Net current period other comprehensive income (loss) 90 98 (171) 17 Balance at September 30, 2019 $ (1,617) $ 594 $ (5,539) $ (6,562)

Segments

Segments	3 Months Ended
	Sep. 30, 2019
Segments
Segments	12. Segments We operate in two segments: (i) “MCA Operations”, conducted primarily through LMCS, and (ii) “Real Estate Operations”, conducted primarily through Recur. Our President and Chief Executive Officer is our chief operating decision maker (the “CODM”). Our CODM uses revenue and operating income to evaluate the profitability of our operating segments; all other financial information is reviewed by the CODM on a consolidated basis. Segment operating contribution reflects segment revenue less operating expenses that are directly attributable to the operating segment, not including corporate and unallocated expenses. All of our principal operations and assets are located in the United States. Segment operating results are as follows: Three Months Ended September 30, 2019 2018 (Amounts in thousands) Segment revenue: MCA advance income $ 805 $ — Syndication fees 550 — MCA funder loan income 204 — Other MCA revenue 93 — MCA operations revenues 1,652 — Real estate operations revenues 79 131 Consolidated revenues 1,731 131 Segment operating expenses: MCA operations expenses 789 — Real estate operations expenses — — Add: Corporate expenses 891 835 Consolidated operating expenses 1,680 835 Segment operating income (loss): MCA operations 863 — Real estate operations 79 131 Add: Corporate (891) (835) Consolidated operating income (loss) $ 51 $ (704) Segment assets are as follows: September 30, June 30, 2019 2019 (Amounts in thousands) Segment assets: MCA operations $ 19,240 $ 18,277 Real estate operations 6,905 7,379 Add: Corporate assets 50,152 47,190 Corporate intercompany loan to MCA (10,299) (10,372) Total consolidated assets $ 65,998 $ 62,474

Leases

Leases	3 Months Ended
	Sep. 30, 2019
Leases
Leases	13. Leases The Company leases office space in two locations: (i) Duluth, Georgia, and (ii) New York City, New York. The Duluth, Georgia lease expires on December 31, 2019 and the New York City, New York lease expires in 2023. We prospectively adopted ASU 2016-02 effective for the fiscal year ended June 30, 2019. For leases with a term of 12 months or less, we made an accounting policy election not to recognize lease assets and lease liabilities. The following information represents the amounts included in the financial statements related to leases: Three Months Ended September 30, 2019 2018 (Amounts in thousands) Operating lease cost $ 54 $ 1 Total lease cost $ 54 $ 1 Gross sublease income 52 — Operating cash flows from operating leases (2) (1) Right-of-use assets obtained in exchange for new operating lease liabilities — — Weighted-average remaining lease term - operating leases 38 months N/A Weighted-average discount rate - operating leases 6.50 % N/A Operating lease cost is reported as part of general and administrative expenses on the consolidated statement of operations. Sublease income is reported as a reduction of general and administrative expenses on the consolidated statement of operations. Operating cash flows from leases are reported as part of net income on the consolidated statement of cash flows. Right-of-use assets obtained in exchange for new operating lease liabilities are reported as part of other long-term assets on the consolidated balance sheet. The short-term portions of the operating lease liabilities are reported as part of accounts payable and accrued expenses on the consolidated balance sheet. The long-term portions of the operating lease liabilities are reported as part of other long-term liabilities on the consolidated balance sheet. At September 30, 2019, lease payments for operating leases for the next five years are as follows: Fiscal Year Ending June 30 Amount 2020 $ 146,000 2021 183,000 2022 183,000 2023 46,000 The total lease liability on the balance sheet as of September 30, 2019 is $499,000. Total unrecognized expected interest expense related to the lease is $49,000.

Commitments and Contingencies a

Commitments and Contingencies and Related Party Transactions	3 Months Ended
	Sep. 30, 2019
Commitments and Contingencies and Related Party Transactions
Commitments and Contingencies and Related Party Transactions	14. Commitments and Contingencies and Related Party Transactions Severance Arrangements Pursuant to the terms of the employment agreements with our Chief Executive Officer, Chief Financial Officer, and other senior employees, employment may be terminated either by the respective employee or by the Company at any time. In the event an agreement is terminated by us without cause, or in certain circumstances terminates constructively or expires, the terminated employee will receive severance compensation for a period from six to 12 months, depending on the employee, and bonus severance. Additionally, if terminated, our Chief Executive Officer, Chief Financial Officer and certain other senior executives will be entitled to Consolidated Omnibus Budget Reconciliation Act (“COBRA”) continuation coverage under the Company’s hospitalization and medical plan for the 12-month period following termination. At September 30, 2019, the maximum contingent liability under these agreements was $1,062,000. In February 2019, the Company entered into a management agreement (as amended, the “Management Agreement”) with CIDM LLC (“CIDM” or the “Asset Manager”) under which CIDM provides consulting services and advice to the Board of Directors and the Company’s management regarding asset allocation and acquisition strategy. CIDM exclusively manages the Company’s portfolio of publicly-traded investments and subject to the terms of the Management Agreement and the guidelines set forth therein, maintains investment authority over such portfolio, in order to better position the Company to increase its return on assets. CIDM is an affiliate of the Company’s largest stockholder, JDS1, LLC. Under the terms of the Management Agreement, in addition to a quarterly cash payment to compensate CIDM for expenses incurred in connection with providing these services, the Company pays for these services through the issuance of cash-settled stock appreciation rights (“SARs”). Based on the terms of the SARs and the Management Agreement, CIDM may not exercise the SARs unless there are certain qualifying changes of control of the Company (which does not include any change of control related to the stock ownership of CIDM or its affiliates). CIDM and its affiliates will be subject to standard trading restrictions and standstill provisions while the Management Agreement is active. Based upon the Company’s total assets as of September 30, 2019, we expect to issue an additional 87,997 SARs to CIDM during the second quarter of our fiscal year 2020. The contingent liability associated with this cash-settled SAR commitment is dependent on certain change-of-control events and is not limited.

Overview of the Business and _2

Overview of the Business and Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2019
Overview of the Business and Basis of Presentation
Commercial and Mortgage Loans and Loan Losses	Commercial and Mortgage Loans and Loan Losses We have potential exposure to transaction losses as a result of uncollectability of commercial mortgage and other loans. We base our reserve estimates on prior charge-off history and currently available information that is indicative of a transaction loss. We reflect additions to the reserve in current operating results, while we make charges to the reserve when we incur losses. We reflect recoveries in the reserve for transaction losses as collected. We have the intent and ability to hold these loans to maturity or payoff and as such, have classified these loans as held-for-investment. These loans are reported on the balance sheet at the outstanding principal balance adjusted for any charge-offs, allowance for loan losses, and deferred fees or costs. As of September 30, 2019, we have not recorded any charge-offs, and believe that an allowance for loan losses is not required.
Land Investment	Land Investment Land investment assets are stated at acquired cost. Pre-acquisition and development costs are capitalized. Gains and losses resulting from the disposition of real estate are included in operations. As of September 30, 2019, all land held by the Company is considered to be held for use and development.
Basic and Diluted (Loss) Earnings per Share	Basic and Diluted Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during each fiscal year. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding including dilutive common share equivalents. Under the treasury stock method, incremental shares representing the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued are included in the computation. Weighted-average common share equivalents of 9,757 and 31,665 for the three months ended September 30, 2019 and 2018, respectively, were excluded from the calculation, as their effect would have been anti-dilutive. The following table presents a reconciliation of the numerators and denominators of basic and diluted net income per share for the periods indicated: Three Months Ended September 30, 2019 2018 Basic weighted average number of shares outstanding 8,756,156 9,105,527 Effect of dilutive securities: Restricted stock 53,416 — Diluted weighted average number of shares outstanding 8,809,572 9,105,527
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures requires certain disclosures around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:  Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;  Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and  Level 3 Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which include the use of management estimates. Our investment portfolio consists of money market funds, equity securities, and corporate debt. All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. All cash equivalents are carried at cost less any unamortized premium or discount, which approximates fair value. All investments with original maturities of more than three months are classified as available-for-sale, trading or held-to-maturity investments. Our marketable securities, other than warrants and equity securities, are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of tax, reported in stockholders’ equity as a component of accumulated other comprehensive income or loss. Warrants to purchase stock are held as trading securities and are reported at fair value with gains and losses reported within the accompanying consolidated statements of operations. Interest on securities is recorded in interest income. Dividends paid by securities are recorded in dividend income. Any realized gains or losses are reported in the accompanying consolidated statements of operations. Equity securities are reported at fair value, with unrealized gains and losses resulting from adjustments to fair value reported within our consolidated statements of operations. We used Level 3 inputs to determine the fair value of our preferred stock investments. The Company has elected the measurement alternative and will record the investments at cost adjusted for observable price changes for an identical or similar investment of the same issuer. Observable price changes and impairment indicators will be assessed each reporting period. We also use Level 3 inputs to determine the fair value of our contingent consideration and common stock purchase warrants related to the LuxeMark Acquisition. The Company uses a Monte Carlo simulation technique to value the performance-based contingent consideration and common stock purchase warrants. This technique is a probabilistic model which relies on repeated random sampling to obtain numerical results. The concluded values represent the means of those results. We provide fair value measurement disclosures of our securities in accordance with one of the three levels of fair value measurement. Our financial assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2019 and June 30, 2019 are as follows: As of Quoted September 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 3,697 $ 3,697 $ — $ — Money market funds 5,070 5,070 — — Cash and cash equivalents $ 8,767 $ 8,767 $ — $ — Common stock $ 4,108 $ 4,108 $ — $ — Preferred stock 2,883 — — 2,883 Equity investments $ 6,991 $ 4,108 $ — $ 2,883 Corporate debt 22,785 — 22,785 — Available-for-sale investments $ 22,785 $ — $ 22,785 $ — Contingent consideration - cash earn-out $ 2,990 $ — $ — $ 2,990 Contingent consideration - warrants 110 — — 110 Liabilities $ 3,100 $ — $ — $ 3,100 As of Quoted June 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 5,223 $ 5,223 $ — $ — Money market funds 2,860 2,860 — — Cash and cash equivalents $ 8,083 $ 8,083 $ — $ — Common stock warrants $ 1 $ 1 $ — $ — Common stock 4,521 4,521 — — Preferred stock 2,883 — — 2,883 Equity investments $ 7,405 $ 4,522 $ — $ 2,883 Corporate debt $ 20,393 $ — $ 20,393 $ — Available-for-sale investments $ 20,393 $ — $ 20,393 $ — Contingent consideration - cash earn-out $ 2,890 $ — $ — $ 2,890 Contingent consideration - warrants 200 — — 200 Liabilities $ 3,090 $ — $ — $ 3,090 The carrying amounts of certain financial instruments, including cash equivalents and MCAs, approximate their fair values due to their short-term nature. The following table provides a reconciliation of the beginning and ending balances for the Company’s assets and obligations measured at fair value using Level 3 inputs: Assets Obligations Preferred Contingent Stock Consideration (Amounts in thousands) Balance at June 30, 2019 $ 2,883 $ 3,090 Fair value adjustment to contingent consideration — 10 Balance at September 30, 2019 $ 2,883 $ 3,100 The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,990 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.6 % credit spread 8.0 % Contingent warrants $ 110 Black-Scholes, Monte Carlo simulations expected term 5.62 years expected volatility 25.0 % risk free rate 1.6 % dividend yield — % The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,890 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.7 % credit spread 8.0 % Contingent warrants $ 200 Black-Scholes, Monte Carlo simulations expected term 6.25 years expected volatility 30.0 % risk free rate 2.6 % dividend yield — %

Overview of the Business and _3

Overview of the Business and Basis of Presentation (Tables)	3 Months Ended
	Sep. 30, 2019
Overview of the Business and Basis of Presentation
Schedule of weighted average number of shares	The following table presents a reconciliation of the numerators and denominators of basic and diluted net income per share for the periods indicated: Three Months Ended September 30, 2019 2018 Basic weighted average number of shares outstanding 8,756,156 9,105,527 Effect of dilutive securities: Restricted stock 53,416 — Diluted weighted average number of shares outstanding 8,809,572 9,105,527
Schedule of financial assets and liabilities that were measured at fair value on a recurring basis	As of Quoted September 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 3,697 $ 3,697 $ — $ — Money market funds 5,070 5,070 — — Cash and cash equivalents $ 8,767 $ 8,767 $ — $ — Common stock $ 4,108 $ 4,108 $ — $ — Preferred stock 2,883 — — 2,883 Equity investments $ 6,991 $ 4,108 $ — $ 2,883 Corporate debt 22,785 — 22,785 — Available-for-sale investments $ 22,785 $ — $ 22,785 $ — Contingent consideration - cash earn-out $ 2,990 $ — $ — $ 2,990 Contingent consideration - warrants 110 — — 110 Liabilities $ 3,100 $ — $ — $ 3,100 As of Quoted June 30, Prices in Observable Unobservable 2019 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) (Amounts in thousands) Cash $ 5,223 $ 5,223 $ — $ — Money market funds 2,860 2,860 — — Cash and cash equivalents $ 8,083 $ 8,083 $ — $ — Common stock warrants $ 1 $ 1 $ — $ — Common stock 4,521 4,521 — — Preferred stock 2,883 — — 2,883 Equity investments $ 7,405 $ 4,522 $ — $ 2,883 Corporate debt $ 20,393 $ — $ 20,393 $ — Available-for-sale investments $ 20,393 $ — $ 20,393 $ — Contingent consideration - cash earn-out $ 2,890 $ — $ — $ 2,890 Contingent consideration - warrants 200 — — 200 Liabilities $ 3,090 $ — $ — $ 3,090
Schedule of the Company's assets and obligations measured at fair value using Level 3 inputs	The following table provides a reconciliation of the beginning and ending balances for the Company’s assets and obligations measured at fair value using Level 3 inputs: Assets Obligations Preferred Contingent Stock Consideration (Amounts in thousands) Balance at June 30, 2019 $ 2,883 $ 3,090 Fair value adjustment to contingent consideration — 10 Balance at September 30, 2019 $ 2,883 $ 3,100
Schedule of valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis	The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of September 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,990 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.6 % credit spread 8.0 % Contingent warrants $ 110 Black-Scholes, Monte Carlo simulations expected term 5.62 years expected volatility 25.0 % risk free rate 1.6 % dividend yield — % The following table shows the valuation methodology and unobservable inputs for Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2019: Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (Amounts in thousands) Equity securities, fair value Preferred stock $ 2,883 cost, or observable price changes not applicable not applicable Contingent consideration Contingent cash payments $ 2,890 Monte Carlo simulations discount rate 12.0 % expected volatility 25.0 % drift rate 1.7 % credit spread 8.0 % Contingent warrants $ 200 Black-Scholes, Monte Carlo simulations expected term 6.25 years expected volatility 30.0 % risk free rate 2.6 % dividend yield — %

Investments (Tables)

Investments (Tables)	3 Months Ended
	Sep. 30, 2019
Investments.
Summary of Available-For-Sale Securities	Unrealized Unrealized September 30, 2019 Cost Gains Losses Fair Value (Amounts in thousands) Equity securities Common stock and common stock options $ 4,823 $ 769 $ (1,484) $ 4,108 Common stock warrants 288 — (288) — Preferred stock 2,883 — — 2,883 Total equity securities $ 7,994 $ 769 $ (1,772) $ 6,991 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed-maturity securities Corporate debt $ 28,324 $ — $ (5,539) $ 22,785 Total fixed-maturity securities $ 28,324 $ — $ (5,539) $ 22,785 Unrealized Unrealized June 30, 2019 Cost Gains Losses Fair Value (Amounts in thousands) Equity securities Common stock $ 5,706 $ — $ (1,185) $ 4,521 Common stock warrants 288 — (287) 1 Preferred stock 2,883 — — 2,883 Total equity securities $ 8,877 $ — $ (1,472) $ 7,405 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Fixed-maturity securities Corporate debt 25,761 — (5,368) 20,393 Total fixed-maturity securities $ 25,761 $ — $ (5,368) $ 20,393
Disclosure Of Information Regarding Maturity Of Available For Sale Of Securities	Amortized Cost Fair Value (Amounts in thousands) Fixed-maturity securities Due after one year through three years $ 20,391 $ 15,473 Due after three years through five years — — Due after five years through 10 years 7,933 7,312 Total fixed-maturity securities $ 28,324 $ 22,785

Commercial Mortgage and Other_2

Commercial Mortgage and Other Loans Receivable (Tables)	3 Months Ended
	Sep. 30, 2019
Schedule of Accounts, Notes, Loans and Financing Receivable	Carrying Other Loans Receivable Value Balance at July 1, 2019 $ 2,750 Additions during the period: Borrowings 2,750 Balance at September 30, 2019 $ 5,500
Mortgage Receivable [Member]
Schedule of Accounts, Notes, Loans and Financing Receivable	Provision Principal Deferred for Loan Carrying Mortgage Loans Receivable Balance Fees Loss Value (Amounts in thousands) Balance at July 1, 2019 $ 4,195 $ (81) $ — $ 4,114 Additions during the period: Amortization of deferred fees — 33 — 33 Deductions during the period: Collections of principal (769) — — (769) Balance at September 30, 2019 $ 3,426 $ (48) $ — $ 3,378

Advances Receivable, net (Table

Advances Receivable, net (Tables)	3 Months Ended
	Sep. 30, 2019
Advances Receivable, net
Allowance for Credit Losses on Financing Receivables	Provision Advance Deferred for Credit Carrying Principal Fees Losses Value (Amounts in thousands) Merchant cash advances $ 5,301 $ — $ (560) $ 4,741 Aviation advance 3,000 (81) — 2,919 Advances receivable, net $ 8,301 $ (81) $ (560) $ 7,660
Schedule of advances receivable	Changes in the allowance for MCA credit losses are as follows (amounts in thousands): Allowance for credit losses, July 1, 2019 $ 736 Provision for credit losses 216 Receivables charged off (520) Recoveries of receivables previously charged off 128 Allowance for credit losses, September 30, 2019 $ 560

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Sep. 30, 2019
Accounts Payable and Accrued Expenses
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following: September 30, June 30, 2019 2019 (Amounts in thousands) Accounts payable, trade $ 227 $ 221 Accrued payroll, vacation and other employee expenses 216 56 Unrecognized income from research and development tax credits 35 35 Other accrued expenses 224 348 Total accounts payable and accrued expenses $ 702 $ 660

Pensions (Tables)

Pensions (Tables)	3 Months Ended
	Sep. 30, 2019
Pensions
Schedule of components of net periodic pension cost of our German defined benefit pension plans recognized in earnings	Three Months Ended September 30, 2019 2018 (Amounts in thousands) Net Periodic Benefit Cost Interest cost $ 7 $ 15 Expected return on plan assets (1) (1) Recognized actuarial loss 22 16 Net periodic benefit cost $ 28 $ 30

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Sep. 30, 2019
Income Taxes
Schedule of components of income (loss) from operations	Three Months Ended September 30, 2019 2018 (Amounts in thousands) United States $ 3,774 $ 42 Foreign (40) (43) Income (loss) from operations $ 3,734 $ (1)
Schedule of components of the provision for income taxes	Three Months Ended September 30, 2019 2018 (Amounts in thousands) Domestic $ 173 $ 2 Foreign — — Total $ 173 $ 2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Loss
Schedule of accumulated other comprehensive loss	Pension and Currency Unrealized Postretirement Translation Loss on Benefit Plans Adjustments Investments Total (Amounts in thousands) Balance at June 30, 2019 $ (1,707) $ 496 $ (5,368) $ (6,579) Net current period other comprehensive income (loss) 90 98 (171) 17 Balance at September 30, 2019 $ (1,617) $ 594 $ (5,539) $ (6,562)

Segments (Tables)

Segments (Tables)	3 Months Ended
	Sep. 30, 2019
Segments
Schedule of Segment operating results	Three Months Ended September 30, 2019 2018 (Amounts in thousands) Segment revenue: MCA advance income $ 805 $ — Syndication fees 550 — MCA funder loan income 204 — Other MCA revenue 93 — MCA operations revenues 1,652 — Real estate operations revenues 79 131 Consolidated revenues 1,731 131 Segment operating expenses: MCA operations expenses 789 — Real estate operations expenses — — Add: Corporate expenses 891 835 Consolidated operating expenses 1,680 835 Segment operating income (loss): MCA operations 863 — Real estate operations 79 131 Add: Corporate (891) (835) Consolidated operating income (loss) $ 51 $ (704)
Schedule of Segment assets	September 30, June 30, 2019 2019 (Amounts in thousands) Segment assets: MCA operations $ 19,240 $ 18,277 Real estate operations 6,905 7,379 Add: Corporate assets 50,152 47,190 Corporate intercompany loan to MCA (10,299) (10,372) Total consolidated assets $ 65,998 $ 62,474

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2019
Leases
Schedule of financial statements related to leases	Three Months Ended September 30, 2019 2018 (Amounts in thousands) Operating lease cost $ 54 $ 1 Total lease cost $ 54 $ 1 Gross sublease income 52 — Operating cash flows from operating leases (2) (1) Right-of-use assets obtained in exchange for new operating lease liabilities — — Weighted-average remaining lease term - operating leases 38 months N/A Weighted-average discount rate - operating leases 6.50 % N/A
Schedule of operating leases	At September 30, 2019, lease payments for operating leases for the next five years are as follows: Fiscal Year Ending June 30 Amount 2020 $ 146,000 2021 183,000 2022 183,000 2023 46,000

Overview of the Business and _4

Overview of the Business and Basis of Presentation - Numerators and denominators of basic and diluted (Details) - shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Overview of the Business and Basis of Presentation
Basic weighted average number of shares outstanding	8,756,156	9,105,527
Effect of dilutive securities:
Restricted stock	53,416
Diluted weighted average number of shares outstanding	8,809,572	9,105,527

Overview of the Business and _5

Overview of the Business and Basis of Presentation - Financial assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Liabilities Fair Value Disclosure	$ 3,100	$ 3,090
Preferred Stock [Member]
Assets, Fair Value Disclosure	2,883	2,883
Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	22,785	20,393
Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	8,767	8,083
Equity Securities [Member]
Assets, Fair Value Disclosure	6,991	7,405
Equity Securities [Member] | Common Stock [Member]
Assets, Fair Value Disclosure	4,108	4,521
Equity Securities [Member] | Common stock warrants
Assets, Fair Value Disclosure		1
Corporate Debt Securities [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	22,785	20,393
Cash [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	3,697	5,223
Money Market Funds [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	5,070	2,860
Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	8,767	8,083
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure	4,108	4,522
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Common Stock [Member]
Assets, Fair Value Disclosure	4,108	4,521
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Common stock warrants
Assets, Fair Value Disclosure		1
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	3,697	5,223
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	5,070	2,860
Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	22,785	20,393
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Common Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | Common stock warrants
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	22,785	20,393
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	3,100	3,090
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	2,883	2,883
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Assets, Fair Value Disclosure	2,883	2,883
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Common Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Common stock warrants
Assets, Fair Value Disclosure		0
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Available-for-sale Securities [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | Cash and Cash Equivalents [Member]
Assets, Fair Value Disclosure	0	0
Contingent Consideration [Member]
Liabilities Fair Value Disclosure	2,990	2,890
Contingent Consideration [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	2,990	2,890
Common stock warrants
Liabilities Fair Value Disclosure	110	200
Common stock warrants | Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Common stock warrants | Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	$ 110	$ 200

Overview of the Business and _6

Overview of the Business and Basis of Presentation - Assets and obligations measured at fair value using Level 3 (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Contingent Consideration [Member]
Balance at June 30, 2019	$ 3,090
Fair value adjustment to contingent consideration	10
Balance at September 30, 2019	3,100
Preferred Stock [Member]
Balance at June 30, 2019	2,883
Fair value adjustment to contingent consideration	0
Balance at September 30, 2019	$ 2,883

Overview of the Business and _7

Overview of the Business and Basis of Presentation - Valuation methodology and unobservable inputs (Details) $ in Thousands	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Liabilities Fair Value Disclosure	$ 3,100	$ 3,090
Preferred Stock [Member]
Assets, Fair Value Disclosure	2,883	2,883
Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	3,100	3,090
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member]
Assets, Fair Value Disclosure	2,883	2,883
Contingent Consideration [Member]
Liabilities Fair Value Disclosure	2,990	2,890
Contingent Consideration [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	2,990	2,890
Common stock warrants
Liabilities Fair Value Disclosure	110	200
Common stock warrants | Fair Value, Inputs, Level 1 [Member]
Liabilities Fair Value Disclosure	0	0
Common stock warrants | Fair Value, Inputs, Level 2 [Member]
Liabilities Fair Value Disclosure	0	0
Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Liabilities Fair Value Disclosure	$ 110	$ 200
Measurement Input, Discount Rate [Member] | Monte Carlo simulations [Member] | Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	12	12
Measurement Input, Expected Term [Member] | BlackScholes Monte Carlo Simulations [Member] | Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Warrants and Rights Outstanding, Measurement Input	5.62	6.25
Measurement Input, Option Volatility [Member] | Monte Carlo simulations [Member] | Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	25	25
Measurement Input, Option Volatility [Member] | BlackScholes Monte Carlo Simulations [Member] | Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Warrants and Rights Outstanding, Measurement Input	25	30
Measurement Input Drift Rate [Member] | Monte Carlo simulations [Member] | Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	1.6	1.7
Measurement Input, Credit Spread [Member] | Monte Carlo simulations [Member] | Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Measurement Input	8	8
Measurement Input, Risk Free Interest Rate [Member] | BlackScholes Monte Carlo Simulations [Member] | Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Warrants and Rights Outstanding, Measurement Input	1.6	2.6
Measurement Input Dividend Yield [Member] | BlackScholes Monte Carlo Simulations [Member] | Common stock warrants | Fair Value, Inputs, Level 3 [Member]
Warrants and Rights Outstanding, Measurement Input	0

Overview of Business and Basis

Overview of Business and Basis of Presentation - Additional Information (Details) - shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,757	31,665
Lm Capital Solutions Llc [Member]
Business Acquisition, Percentage of Voting Interests Acquired	80.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	20.00%

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Available-for-sale Debt Securities, Amortized Cost	$ 28,324	$ 25,761
Available-for-sale Equity Securities, Amortized Cost Basis	7,994	8,877
Available-for-sale Equity Securities, Unrealized Gains	769
Available-for-sale Debt Securities, Unrealized Losses	(5,539)	(5,368)
Available-for-sale Equity Securities, Unrealized Losses	(1,772)	(1,472)
Available-for-sale Securities, Debt Securities	22,785	20,393
Equity securities, fair value	6,991	7,405
Common Stock [Member]
Available-for-sale Equity Securities, Amortized Cost Basis	4,823	5,706
Available-for-sale Equity Securities, Unrealized Gains	769
Available-for-sale Equity Securities, Unrealized Losses	(1,484)	(1,185)
Equity securities, fair value	4,108	4,521
Common stock warrants
Available-for-sale Equity Securities, Amortized Cost Basis	288	288
Available-for-sale Equity Securities, Unrealized Losses	(288)	(287)
Equity securities, fair value		1
Preferred Stock [Member]
Available-for-sale Equity Securities, Amortized Cost Basis	2,883	2,883
Equity securities, fair value	2,883	2,883
Corporate Debt Securities [Member]
Available-for-sale Debt Securities, Amortized Cost	28,324	25,761
Available-for-sale Debt Securities, Unrealized Losses	(5,539)	(5,368)
Available-for-sale Securities, Debt Securities	$ 22,785	$ 20,393

Investments - Fixed-maturity se

Investments - Fixed-maturity securities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Investments
Fixed maturity securities Due after one year through three years Amortized Cost	$ 20,391
Fixed maturity securities Due after five years through 10 years Amortized Cost	7,933
Fixed maturity securities Total fixed maturity securities Amortized Cost	28,324	$ 25,761
Fixed maturity securities Due after one year through three years Fair Value	15,473
Fixed maturity securities Due after five years through 10 years Fair Value	7,312
Fixed maturity securities Total fixed maturity securities Fair Value	$ 22,785	$ 20,393

Investments - Additional Inform

Investments - Additional Information (Details)	3 Months Ended
	Sep. 30, 2019USD ($)
Investments.
Unrealized Gain on Securities	$ 469,000
Debt and Equity Securities, Realized Gain (Loss)	$ 1,076,000

Commercial Mortgage and Other_3

Commercial Mortgage and Other Loans Receivable - Components, RF (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Mortgage Receivable [Member]
Principal Balance at July 1, 2019	$ 4,195
Deferred Fees Balance at July 1, 2019	(81)
Carrying Value Balance at July 1, 2019	4,114
Deductions during the period:
Collections of principal	(769)
Additions during the period:
New mortgage loans	33
Additions during the period:
New mortgage loans	33
Deductions during the period:
Collections of principal	(769)
Principal Balance at September 30, 2019	3,426
Deferred Fees Balance at September 30, 2019	(48)
Carrying Value Balance at September 30, 2019	3,378
Commercial Loan [Member]
Carrying Value Balance at July 1, 2019	2,750
Additions during the period:
New mortgage loans	2,750
Deductions during the period:
Carrying Value Balance at September 30, 2019	$ 5,500

Commercial Mortgage and Other_4

Commercial Mortgage and Other Loans Receivable - Commercial Loan/credit facility (Details) - Commercial Loan [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Carrying Value Balance at July 1, 2019	$ 2,750
Additions during the period:
Borrowings	2,750
Carrying Value Balance at September 30, 2019	$ 5,500

Commercial Mortgage and Other_5

Commercial Mortgage and Other Loans Receivable - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Escrow Deposit			$ 1,400,000
Commercial Loan Assets [Member]
Carrying value	$ 8,878,000
MCA originator [Member]
Eligible maximum borrowings		$ 2,750,000
Additional borrowing capacity	$ 2,750,000
Term (in years)	2 years
Stated percentage	17.00%

Advances Receivable, net - Tota

Advances Receivable, net - Total advances receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Advance Principal	$ 8,301
Deferred Fees	(81)
Provision for Credit Losses	(560)
Carrying Value	7,660	$ 9,389
Aviation Advance [Member]
Advance Principal	3,000
Deferred Fees	(81)
Carrying Value	2,919
Merchant Cash Advances [Member]
Advance Principal	5,301
Provision for Credit Losses	(560)
Carrying Value	$ 4,741

Advances Receivable, net - Chan

Advances Receivable, net - Changes in the allowance for MCA credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Advances Receivable, net
Allowance for credit losses, July 1, 2019	$ 736
Provision for credit losses	216	$ 0
Receivables charged off	(520)
Recoveries of receivables previously charged off	128
Allowance for credit losses, September 30, 2019	$ 560

Advances Receivable, net - Addi

Advances Receivable, net - Additional Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Percentage of Merchant Cash Advances Originated through Single Merchant Cash Advance Funder	92.00%
Aviation Advance [Member]
Payments to Acquire Receivables	$ 3,000,000

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Accounts Payable and Accrued Expenses
Accounts payable, trade	$ 227	$ 221
Accrued payroll, vacation and other employee expenses	216	56
Unrecognized income from research and development tax credits	35	35
Other accrued expenses	224	348
Total accounts payable and accrued expenses	$ 702	$ 660

Pensions (Details)

Pensions (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Net Periodic Benefit Cost
Interest cost	$ 7	$ 15
Expected return on plan assets	(1)	(1)
Recognized actuarial loss	22	16
Net periodic benefit cost	$ 28	$ 30

Term Loan (Details)

Term Loan (Details) - Term Loan [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Term Loan
Debt instrument, term		18 months
Debt instrument, face amount		$ 1,600,000
Interest rate (as a percent)	4.78%
Interest costs capitalized	$ 25,000
London Interbank Offered Rate (LIBOR) [Member]
Term Loan
Interest rate (as a percent)	2.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Taxes
United States	$ 3,774	$ 42
Foreign	(40)	(43)
Income (loss) from operations	$ 3,734	$ (1)

Income Taxes - Component of pro

Income Taxes - Component of provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Current:
Domestic	$ 173	$ 2
Foreign	0	0
Total	$ 173	$ 2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	Mar. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic			$ 56,789,000,000
Unrecognized benefits resulting in net operating loss carry forward		$ 11,189,000
Research And Development Credits Acquired		140,000
Income Tax Credits and Adjustments	$ 950,000,000
Deferred Tax Assets, Net, Noncurrent		475,000	475,000
Prepaid Expenses and Other Current Assets [Member]
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax		950,000,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards		$ 56,789,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards			29,977,000
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards			$ 8,296,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Common Stock, Capital Shares Reserved for Future Issuance	787,219
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	8 years 7 months 21 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	15,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	5,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 5.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	0	0
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	167,500
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price	$ 4.15
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 369,000
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	$ 99,000	$ 59,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance at June 30, 2019	$ (6,579)
Net current period other comprehensive income (loss)	17
Ending Balance at September 30, 2019	(6,562)
Pension and Postretirement Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance at June 30, 2019	(1,707)
Net current period other comprehensive income (loss)	90
Ending Balance at September 30, 2019	(1,617)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance at June 30, 2019	496
Net current period other comprehensive income (loss)	98
Ending Balance at September 30, 2019	594
Unrealized Loss on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance at June 30, 2019	(5,368)
Net current period other comprehensive income (loss)	(171)
Ending Balance at September 30, 2019	$ (5,539)

Segments - Operating Results (D

Segments - Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment revenue:
Consolidated revenues	$ 1,731	$ 131
Segment operating expenses:
Consolidated operating expenses	1,680	835
Segment operating income (loss):
Consolidated operating income (loss)	51	(704)
MCA [Member]
Segment revenue:
Consolidated revenues	1,652	0
Segment operating expenses:
Consolidated operating expenses	789	0
Segment operating income (loss):
Consolidated operating income (loss)	863	0
MCA [Member] | MCA advance income [Member]
Segment revenue:
Consolidated revenues	805	0
MCA [Member] | Syndication fees [Member}
Segment revenue:
Consolidated revenues	550	0
MCA [Member] | MCA funder loan income [Member]
Segment revenue:
Consolidated revenues	204	0
MCA [Member] | Other MCA revenue [Member]
Segment revenue:
Consolidated revenues	93	0
Real estate operations
Segment revenue:
Consolidated revenues	79	131
Segment operating expenses:
Consolidated operating expenses	0	0
Segment operating income (loss):
Consolidated operating income (loss)	79	131
Corporate [Member]
Segment operating expenses:
Consolidated operating expenses	891	835
Segment operating income (loss):
Consolidated operating income (loss)	$ (891)	$ (835)

Segments - Assets (Details)

Segments - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Segment Reporting Information [Line Items]
Total consolidated assets	$ 65,998	$ 62,474
MCA [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	19,240	18,277
Real estate operations
Segment Reporting Information [Line Items]
Total consolidated assets	6,905	7,379
Corporate [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	50,152	47,190
Corporate Intercompany loan to MCA [Member]
Segment Reporting Information [Line Items]
Total consolidated assets	$ (10,299)	$ (10,372)

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Leases
Term of lease	12 months
Amounts included in the financial statements related to leases
Operating lease cost	$ 54	$ 1
Total lease cost	54	1
Gross sublease income	52	0
Operating cash flows from operating leases	(2)	(1)
Right of use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0
Weighted average remaining lease term - operating leases	38 months
Weighted average discount rate - operating leases	6.50%

Leases - Operating leases (Deta

Leases - Operating leases (Details)	3 Months Ended
	Sep. 30, 2019USD ($)
Lease payments for operating leases
2020	$ 146,000
2021	183,000
2022	183,000
2023	46,000
Total lease liability	499,000
Total unrecognized expected interest expense	$ 49,000

Commitments and Contingencies_2

Commitments and Contingencies and Related Party Transactions (Details) - USD ($)	3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019
Loss Contingencies [Line Items]
Contingent Liability for Employee Severance Payments		$ 1,062,000
Stock Appreciation Rights (SARs) [Member] | Scenario, Forecast [Member]
Loss Contingencies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	87,997
Minimum [Member]
Loss Contingencies [Line Items]
Terminated Employees Severance Compensation Period		6 months
Maximum [Member]
Loss Contingencies [Line Items]
Terminated Employees Severance Compensation Period		12 months