Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v2.4.0.8
Related Party Transactions
 9 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
Related Party Transactions
RELATED PARTY TRANSACTIONS

During the three and nine months ended March 31, 2014 and 2013, the Company made sales and purchases to the following companies in amounts set forth below. These companies and A-Mark were under common control (common ownership and management) through the date of Distribution and therefore the transactions constitute related party transactions. The companies: Calzona Ventures, LLC ("Calzona"), Spectrum Numismatics International, Inc. ("SNI"), Stack's-Bowers Numismatics, LLC ("Stack's Bower") and Teletrade Inc. ("Teletrade") are entities consolidated by our Former Parent, SGI. All except Calzona, which is considered a variable interest entity, are wholly-owned subsidiaries of SGI.
 
Three Months Ended
 
Three Months Ended
in thousands
March 31, 2014
 
March 31, 2013
 
Sales
 
Purchases
 
Sales
 
Purchases
Related Party Company
 
 
 
 
 
 
 
Calzona
$
1,060

 
$
110

 
$
470

 
$
—

SNI
1,802

 
1,644

 
1,324

 
326

Stack's Bower
541

 
305

 
731

 
700

Teletrade
764

 
188

 
2,506

 
248

Related party, total
$
4,167

 
$
2,247

 
$
5,031

 
$
1,274


 
Nine Months Ended
 
Nine Months Ended
 in thousands
March 31, 2014
 
March 31, 2013
 
Sales
 
Purchases
 
Sales
 
Purchases
Related Party Company
 
 
 
 
 
 
 
Calzona
$
3,409

 
$
464

 
$
530

 
$
—

SNI
5,589

 
3,904

 
5,445

 
2,090

Stack's Bower
1,743

 
2,955

 
2,548

 
3,101

Teletrade
1,863

 
1,673

 
11,064

 
1,617

Related party, total
$
12,604

 
$
8,996

 
$
19,587

 
$
6,808



 in thousands
March 31, 2014
 
June 30, 2013
 
Receivable
 
Payable
 
Receivable
 
Payable
Related Party Company
 
 
 
 
 
 
 
Calzona
$
—

 
$
65

 
$
—

 
$
171

SNI
2

 
34

 
104

 
—

Stack's Bower
44

 
—

 
126

 
—

Teletrade
—

 
—

 
—

 
73

SGI (Former Parent)
—

 
5,291

 
—

 
9,520

Related party, total
$
46

 
$
5,390

 
$
230

 
$
9,764



Corporate Overhead Charges
During the three months and nine months ended March 31, 2014, the Company incurred $0.1 million, and $0.5 million, respectively, of corporate overhead charges, which were payable monthly to SNI based on the Former Parent's annual budget. During the three months and nine months ended March 31, 2013, the Company incurred $0.2 million, and $0.6 million, respectively, of corporate overhead charges, which were payable to SNI.

Transactions with Directors and Officers
Amounts included in accrued liabilities in the condensed consolidated balance sheets as of March 31, 2014 and June 30, 2013 includes $0.0 million and $1.0 million, respectively, in respect of executive compensation payable to SGI.

Dividends Paid to Former Parent
During the three months and nine months ended March 31, 2014, the Company paid $5.0 million, and $10.0 million, respectively, of dividends to SGI. During the three months and nine months ended March 31, 2013, the Company paid $0.0 million, and $15.0 million, respectively, of dividends to SGI.

Royalties to Former Owner
As part of the A-Mark sales agreement dated July 1, 2005, the former owner receives a portion of the finance income earned with a specific customer through June 2015. The Company incurred $0.05 million and $0.16 million in royalty expense during the three months and nine months ended March 31, 2014, respectively, and incurred $0.08 million and $0.26 million in royalty expense during the three months and nine months ended March 31, 2013. The total amount due to the former owner of $0.16 million and $0.31 million are included in accrued liabilities as of March 31, 2014 and June 30, 2013, respectively.

Income Tax Sharing Obligations
The Company paid $3.7 million and $7.7 million of income tax sharing obligations during the three months and nine months ended March 31, 2014, respectively, and paid $3.1 million and $7.8 million of income tax sharing obligations, during the three months and nine months ended March 31, 2013, respectively, which were payable to SGI.