Company: CTLPP
Filing Date: 2025-09-08
Form Type: 10-K
Source: 0001628280-25-041775
Chunk: 94

Company: CANTALOUPE, INC.
Filing Date: 2025-09-08
Form: 10-K
Item: Item 7
Chunk 94
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2024. The increase in the current year was driven by a $1.0 million increase in subscriptions and cloud hosting fees, a $0.1 million increase in compensation and benefits, offset by a $0.1 decrease in contractor expenses and a $0.1 decrease in various other technology and product development expenses.

General and administrative expenses. General and administrative expenses increased approximately $2.7 million for the year ended June 30, 2025 compared to the year ended June 30, 2024. This is due to a $3.2 million increase in compensation and benefits, $1.3 million smaller release in sales and use taxes reserves compared to the same period last year, a $0.9 increase in bad debt expense and $0.1 million in other general and administrative expenses. This is offset by a $2.7 million decrease in contractor expenses.

Investigation, proxy solicitation and restatement expenses, net of insurance recoveries. In April 2024, we agreed to a net settlement of approximately $1.5 million with a third-party insurance carrier related to the reimbursement of expenses associated with the 2019 Investigation. The settlement was recognized as a gain in our consolidated statement of operations for the year ended June 30, 2024. There were no investigation, proxy solicitation, restatement expenses or insurance recoveries for the year ended June 30, 2025.

Integration, acquisition, due diligence, and license application expenses. For the fiscal year ended June 30, 2025, the Company integration, acquisition, due diligence and license application expenses were $1.6 million from accounting, legal, investing banking advisors and consulting services for the successful completion of the SB acquisition and seller due diligence fees associated with the sale of the Company as described in Note 21 - Subsequent Events. This is offset by a $0.6 million decrease in the fair value of the contingent consideration. For the fiscal year ended June 30, 2024, the Company incurred professional service fees of $1.2 million from accounting, legal, investing banking advisors and consulting services for the successful completion of the Cheq acquisition, as well as post-acquisition costs associated with the integration process.

Depreciation and amortization. Depreciation and amortization expense increased $5.3 million for the year ended June 30, 2025 compared to the prior fiscal year as a result of certain capitalized internal-use software which is no longer expected to provide future economic benefits