Segments

9 Months Ended

Mar. 31, 2019

Segments [Abstract]

Segment Reporting Disclosure [Text Block]

13.       Segments

We operate in two segments: (i) MCA operations, conducted primarily by our LMCS subsidiary, and (ii) real estate operations, conducted primarily by our Recur Holdings subsidiary. LMCS, which we established in January 2019, operates through its syndication network to facilitate MCA funding by connecting and administering the relationships among a network of MCA originators with syndicate participants who provide those originators with additional capital by purchasing participation interests in funded MCAs, in exchange for a fee. In addition, LMCS generates income by directly funding MCAs, which generates fee income, and by providing loans to MCA originators to fund the MCAs themselves, which generates interest income.

Through Recur Holdings, which we established in September 2018, we conduct, hold and manage our existing and future real estate operations.

Our chief operating decision maker (the “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 March 31,						Nine Months Ended March 31,
	2019			2018			2019			2018
Segment revenue:
MCA	$	853		$	-		$	1,073		$	-
Real estate and commercial lending		221			-			537			-
Total revenues		1,074			-			1,610			-
Segment operating expenses:
MCA		586			-			586			-
Real estate and commercial lending		-			-			-			-
Add:
Corporate expenses		719			1,186			2,841			6,510
Consolidated operating expenses		1,305			1,186			3,427			6,510
Segment operating loss:
MCA		267			-			487			-
Real estate and commercial lending		221			-			537			-
Add:
Corporate		(719	)		(1,186	)		(2,841	)		(6,510	)
Consolidated operating loss	$	(231	)	$	(1,186	)	$	(1,817	)	$	(6,510	)

Segment assets are as follows:

	March 31,			June 30,
	2019			2018
Segment Assets:
MCA	$	16,398		$	-
Real estate and commercial lending		5,494			3,005
Add:
Corporate assets		47,672			58,301
Corporate intercompany loan to MCA		(9,875	)		-
Total consolidated assets	$	59,689		$	61,306