Subsequent Events	6 Months Ended
Dec. 31, 2020
Subsequent Events
Subsequent Events	16. Subsequent Events Wright Brothers Aircraft Title, Inc. (“Wright Brothers”) Since August 2018, the Company has been providing fully refundable deposits into the aircraft finance market, which are used during the initial due diligence period for aircraft (“aviation deposits”). The Company has financed 12 transactions, each of which has utilized the services of Wright Brothers, based in Oklahoma City, Oklahoma, as the escrow agent. Prior to January 12, 2021, each aviation deposit funded by the Company had been collected under the contractually agreed upon terms. On January 12, 2021, the Company was due to collect $8,500,000 in aviation deposits from Wright Brothers. Upon inquiry to Wright Brothers and following repeated unsuccessful attempts to contact it or its principal, Debbie Mercer-Erwin, the Company learned that on or about December 17, 2020, Ms. Mercer-Erwin had been arrested by law enforcement and that all assets of Wright Brothers had been frozen. In addition to the deposit funds mentioned above, the Company was also due to collect a further $5,500,000 in aviation deposits from Wright Brothers on January 25, 2021. As reported in an 8-K filed on January 26, 2021, the Company has been unable to recover $13,761,000 of aviation deposits. Based on an examination of all information currently available to the Company, the Company has determined that it is probable a loss has occurred related to its aviation deposits. Due to the limited information available and uncertainty related to the specific sources of recovery and their timing, the Company is unable to make the determination that any amount of recovery is probable. As a result, the Company’s Board of Directors and management determined on February 6, 2021 that the appropriate action is a full write-down of its aviation deposits during the three and six months ended December 31, 2020. The write-down is reported as part of provision for credit losses on advances on the consolidated statements of operations. The Company expects to aggressively pursue all remedies for recovery, including those related to insurance and actions against all parties that may have contributed to the loss of the aviation deposits. Amendment to Management Agreement On January 6, 2021, the Company amended the Management Agreement to allow the Asset Manager to choose the method of payment of the Management Fee as either cash or a grant of SARs. Legal action On February 9, 2021, LMCS was served with an action in New York County, New York, alleging that LMCS was jointly liable for approximately $456,000, plus other costs and interests, under a contract entered into by LuxeMark, LLC., from whom LMCS purchased certain assets.

16. Subsequent Events

Wright Brothers Aircraft Title, Inc. (“Wright Brothers”)

Since August 2018, the Company has been providing fully refundable deposits into the aircraft finance market, which are used during the initial due diligence period for aircraft (“aviation deposits”). The Company has financed 12 transactions, each of which has utilized the services of Wright Brothers, based in Oklahoma City, Oklahoma, as the escrow agent. Prior to January 12, 2021, each aviation deposit funded by the Company had been collected under the contractually agreed upon terms.

On January 12, 2021, the Company was due to collect $8,500,000 in aviation deposits from Wright Brothers. Upon inquiry to Wright Brothers and following repeated unsuccessful attempts to contact it or its principal, Debbie Mercer-Erwin, the Company learned that on or about December 17, 2020, Ms. Mercer-Erwin had been arrested by law enforcement and that all assets of Wright Brothers had been frozen.

In addition to the deposit funds mentioned above, the Company was also due to collect a further $5,500,000 in aviation deposits from Wright Brothers on January 25, 2021.

As reported in an 8-K filed on January 26, 2021, the Company has been unable to recover $13,761,000 of aviation deposits.

Based on an examination of all information currently available to the Company, the Company has determined that it is probable a loss has occurred related to its aviation deposits. Due to the limited information available and uncertainty related to the specific sources of recovery and their timing, the Company is unable to make the determination that any amount of recovery is probable. As a result, the Company’s Board of Directors and management determined on February 6, 2021 that the appropriate action is a full write-down of its aviation deposits during the three and six months ended December 31, 2020. The write-down is reported as part of provision for credit losses on advances on the consolidated statements of operations.

The Company expects to aggressively pursue all remedies for recovery, including those related to insurance and actions against all parties that may have contributed to the loss of the aviation deposits.

Amendment to Management Agreement

On January 6, 2021, the Company amended the Management Agreement to allow the Asset Manager to choose the method of payment of the Management Fee as either cash or a grant of SARs.

Legal action

On February 9, 2021, LMCS was served with an action in New York County, New York, alleging that LMCS was jointly liable for approximately $456,000, plus other costs and interests, under a contract entered into by LuxeMark, LLC., from whom LMCS purchased certain assets.