we have structured our business and our business development efforts around four related but separate approaches to deploying our technology . in our most basic approach , we act as a supplier , selling our equipment , software , and related technology to a customer . as an example , in ghana , we sold a complete ueps to the central bank , which owns and operates the resulting transaction settlement system . the revenue and costs associated with this approach are reflected in our hardware , software and related technology sales segment . 36 we have found that we have greater revenue and profit opportunities , however , by acting as a service provider instead of a supplier . in this approach we own and operate the ueps ourselves , charging one-time and on-going fees for the use of the system either on a fixed or ad valorem basis . this is the case in south africa , where we distribute welfare grants on behalf of the south african government and wages on behalf of employers on a fixed fee basis , but charge a fee on an ad valorem basis for goods and services purchased using our smart card . the revenue and costs associated with this approach are reflected in our smart card accounts , south african transaction-based activities and financial services segments . because our smart cards are designed to enable the delivery of more advanced services and products , we are also willing to supply those services and products directly where the business case is compelling . for instance , we provide short-term ueps-based loans to our smart card holders . this is an example of the third approach that we have taken . here we can act as the principal in operating a business that can be better delivered through our ueps . we can also act as an agent , for instance , in the provision of insurance policies . in both cases , the revenue and costs associated with this approach are reflected in our financial services segment . through ksnet , we earn most of our revenue from payment processing services we provide to approximately 220,000 merchants and to card issuers in korea through our value-added-network . in the us , we earn transaction fees from our customers utilizing our xeorules on-line real-time management system for healthcare transactions . we also generate fees from our customers who utilize our vcpay technology to generate a unique , one-time use prepaid virtual card number to securely purchase goods and services or perform bill payments in any card-not-present environment . the revenue and costs at ksnet , xeohealth and vcpay as well as those from our expired iraqi contracts to february 2013 , are reflected in our international transaction-based activities segment . in south africa , we also generate fees from debit and credit card transaction processing , the provision of value-added services such as bill payments , mobile top-up and pre-paid utility sales , transaction processing for both funders and providers of healthcare and from providing a payroll transaction management service . the revenue and costs associated with these services are reflected in our south african transaction-based activities segment . finally , we have entered into business partnerships or joint ventures to introduce our ueps and vtu solutions to new markets such as namibia and colombia . in these situations , we take an equity position in the business while also acting as a supplier of technology . in evaluating these types of opportunities , we seek to maintain a highly disciplined approach , carefully selecting partners , participating closely in the development of the business plan and remaining actively engaged in the management of the new business . in most instances , the joint venture or partnership has a license to use the ueps in the specific territory , including the back-end system . we account for our equity investments using the equity method . when we equity-account these investments , we are required under us gaap to eliminate our share of the net income generated from sales of hardware and software to the investee . we recognize this net income from these equity-accounted investments during the period in which the hardware and software is utilized in the investee 's operations , or has been sold to third-party customers , as the case may be . we believe that this flexible approach enables us to drive adoption of our solution while capturing the value created by the implementation of our technology . business developments during fiscal 2013 south africa sassa we commenced the second phase of the enrollment process in early july 2012 and completed the bulk enrollment by april 30 , 2013 , in accordance with the implementation plan agreed with sassa . under our agreement with sassa , we have to enroll both the grant recipient cardholders ( those individuals who receive the actual payment and are issued with our ueps/emv smart card ) , as well as the grant beneficiaries ( those individuals who have qualified for the social grant , but are not necessarily the recipient cardholder of the grant ) . by way of example , a parent who has three children and receives a grant for all three children is the grant recipient cardholder , while the three children are each classified individually as grant beneficiaries . in this case , we capture the personal and biometric information of the parent and three children , but only the parent is issued with an ueps/emv smart card . our monthly service fee is calculated on the number of grant recipient cardholders . while the number of grant recipient cardholders on a national basis has consistently been quantified by sassa at approximately 9.4 million individuals , the number of beneficiaries was revised higher by sassa from an initial estimate of approximately 15.5 million , to the revised estimate of approximately 21.6 million . story_separator_special_tag the fair value of stock options is affected by the assumptions selected . net stock-based compensation expense from continuing operations was $ 3.9 million , $ 2.8 million and $ 1.7 million for fiscal 2013 , 2012 and 2011 , respectively . net stock-based compensation expense for fiscal 2011 , includes a reversal of $ 3.5 million related to a portion of the restricted stock granted in august 2007 that did not vest as the performance condition prescribed in the terms of the awards was not met . equity instrument we recorded $ 14.2 million of expense associated with the issuance of equity instruments as part of the bee transaction during fiscal 2012 as such awards were fully vested during the period . the option expired unexercised in fiscal 2013 , however , the expense recorded during fiscal 2012 was not reversed during fiscal 2013 because the option had vested in full on the grant date in 2012. accounts receivable and allowance for doubtful accounts receivable we maintain an allowance for doubtful accounts receivable related to our hardware , software and related technology sales and international transaction-based activities segments as a result of sales or rental of hardware , support and maintenance services provided ; or sale of licenses to customers ; or the provision of transaction processing services to our customers . 41 our policy is to regularly review the aging of outstanding amounts due from customers and adjust the provision based on management 's estimate of the recoverability of the amounts outstanding . management considers factors including period outstanding , creditworthiness of the customers , past payment history and the results of discussions by our credit department with the customer . we consider this policy to be appropriate taking into account factors such as historical bad debts , current economic trends and changes in our customer payment patterns . additional provisions may be required should the ability of our customers to make payments when due deteriorate in the future . a significant amount of judgment is required to assess the ultimate recoverability of these receivables , including on-going evaluation of the creditworthiness of each customer . research and development accounting standards require product development costs to be charged to expenses as incurred until technological feasibility is attained . technological feasibility is attained when our software has completed system testing and has been determined viable for its intended use . the time between the attainment of technological feasibility and completion of software development has been short . accordingly , we did not capitalize any development costs during the years ended june 30 , 2013 , 2012 or 2011 , particularly because the main part of our development is the enhancement and upgrading of existing products . costs to develop software for our internal use is expensed as incurred , except to the extent that these costs are incurred during the application development stage . all other costs including those incurred in the project development and post-implementation stages are expensed as incurred . a significant amount of judgment is required to separate research costs , new development costs and ongoing development costs based as the transition between these stages . a multitude of factors need to be considered by management , including an assessment of the state of readiness of the software and the existence of markets for the software . the possibility of capitalizing development costs in the future may have a material impact on the group 's profitability in the period when the costs are capitalized , and in subsequent periods when the capitalized costs are amortized . recent accounting pronouncements recent accounting pronouncements adopted refer to note 2 of our consolidated financial statements for a full description of recent accounting pronouncements , including the expected dates of adoption and effects on financial condition , results of operations and cash flows . recent accounting pronouncements not yet adopted as of june 30 , 2013 refer to note 2 of our consolidated financial statements for a full description of recent accounting pronouncements not yet adopted as of june 30 , 2013 , including the expected dates of adoption and effects on financial condition , results of operations and cash flows . currency exchange rate information actual exchange rates the actual exchange rates for and at the end of the periods presented were as follows : replace_table_token_5_th ( 1 )  krw : $ average , highest and lowest exchange rates are from november 1 , 2010 ( ksnet acquisition date ) to june 30 , 2011 . 42 43 translation exchange rates we are required to translate our results of operations from zar to us dollars on a monthly basis . thus , the average rates used to translate this data for the years ended june 30 , 2013 , 2012 and 2011 , vary slightly from the averages shown in the table above . the translation rates we use in presenting our results of operations are the rates shown in the following table : replace_table_token_6_th results of operations the discussion of our consolidated overall results of operations is based on amounts as reflected in our audited consolidated financial statements which are prepared in accordance with us gaap . we analyze our results of operations both in us dollars , as presented in the consolidated financial statements , and supplementally in zar , because zar is the functional currency of the entities which contribute the majority of our profits and is the currency in which the majority of our transactions are initially incurred and measured . due to the significant impact of currency fluctuations between the us dollar and zar on our reported results and because we use the us dollar as our reporting currency , we believe that the supplemental presentation of our results of operations in zar is useful to investors to understand the changes in the underlying trends of our business . fiscal 2013 results include smartswitch botswana from december 1 , 2012 and pbel from

cash flows from operating activities cash flows from operating activities for fiscal 2013 increased to $ 55.9 million ( zar 513.7 million ) from $ 20.4 million ( zar 157.5 million ) for fiscal 2012. excluding the impact of interest paid under our korean debt facility and taxes presented in the table below , the increase in cash provided by operating activities resulted from a more favorable trading environment , notwithstanding the significant implementation costs paid in fiscal 2013 , an increase in accounts payable and a decrease in prefunding to merchants participating in our merchant acquiring system . these increases to operating cash flows were offset by a moderate increase in accounts receivable and inventory and lower other payables and taxes which all decrease operating cash flow . during fiscal 2013 , we paid interest of $ 7.1 million under our korean debt facility . cash flows from operating activities for fiscal 2012 decreased to $ 20.4 million ( zar 157.5 million ) from $ 66.2 million ( zar 463.4 million ) for fiscal 2011. excluding the impact of interest paid under our korean debt and taxes , the decrease in cash provided by operating activities resulted from the timing of receipts of accounts receivable in our south african transaction-based activities operating segment and an increase in prefunding to merchants participating in our merchant acquiring system . we also incurred implementation costs related to our sassa contract and , due to the timing of the opening of the july 2012 pay cycle , we did not have any significant amounts due to non-prefunded merchants participating in our merchant acquiring system as of june 30 , 2012. during fiscal 2012 , we paid interest of $ 8.7 million under our korean debt facility . during fiscal 2013 , we made a first provisional tax payment of $ 6.8 million ( zar 58.7 million ) , a second provisional tax payment of $ 7.2 million ( zar 72.5 million ) related to our 2013 tax year in south africa and paid dividend withholding taxes of $ 1.6 million ( zar 14.9 million ) related to cross-border intercompany dividends paid .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows from operating activities cash flows from operating activities for fiscal 2013 increased to $ 55.9 million ( zar 513.7 million ) from $ 20.4 million ( zar 157.5 million ) for fiscal 2012. excluding the impact of interest paid under our korean debt facility and taxes presented in the table below , the increase in cash provided by operating activities resulted from a more favorable trading environment , notwithstanding the significant implementation costs paid in fiscal 2013 , an increase in accounts payable and a decrease in prefunding to merchants participating in our merchant acquiring system . these increases to operating cash flows were offset by a moderate increase in accounts receivable and inventory and lower other payables and taxes which all decrease operating cash flow . during fiscal 2013 , we paid interest of $ 7.1 million under our korean debt facility . cash flows from operating activities for fiscal 2012 decreased to $ 20.4 million ( zar 157.5 million ) from $ 66.2 million ( zar 463.4 million ) for fiscal 2011. excluding the impact of interest paid under our korean debt and taxes , the decrease in cash provided by operating activities resulted from the timing of receipts of accounts receivable in our south african transaction-based activities operating segment and an increase in prefunding to merchants participating in our merchant acquiring system . we also incurred implementation costs related to our sassa contract and , due to the timing of the opening of the july 2012 pay cycle , we did not have any significant amounts due to non-prefunded merchants participating in our merchant acquiring system as of june 30 , 2012. during fiscal 2012 , we paid interest of $ 8.7 million under our korean debt facility . during fiscal 2013 , we made a first provisional tax payment of $ 6.8 million ( zar 58.7 million ) , a second provisional tax payment of $ 7.2 million ( zar 72.5 million ) related to our 2013 tax year in south africa and paid dividend withholding taxes of $ 1.6 million ( zar 14.9 million ) related to cross-border intercompany dividends paid .
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 Suspicious Activity Report : we have structured our business and our business development efforts around four related but separate approaches to deploying our technology . in our most basic approach , we act as a supplier , selling our equipment , software , and related technology to a customer . as an example , in ghana , we sold a complete ueps to the central bank , which owns and operates the resulting transaction settlement system . the revenue and costs associated with this approach are reflected in our hardware , software and related technology sales segment . 36 we have found that we have greater revenue and profit opportunities , however , by acting as a service provider instead of a supplier . in this approach we own and operate the ueps ourselves , charging one-time and on-going fees for the use of the system either on a fixed or ad valorem basis . this is the case in south africa , where we distribute welfare grants on behalf of the south african government and wages on behalf of employers on a fixed fee basis , but charge a fee on an ad valorem basis for goods and services purchased using our smart card . the revenue and costs associated with this approach are reflected in our smart card accounts , south african transaction-based activities and financial services segments . because our smart cards are designed to enable the delivery of more advanced services and products , we are also willing to supply those services and products directly where the business case is compelling . for instance , we provide short-term ueps-based loans to our smart card holders . this is an example of the third approach that we have taken . here we can act as the principal in operating a business that can be better delivered through our ueps . we can also act as an agent , for instance , in the provision of insurance policies . in both cases , the revenue and costs associated with this approach are reflected in our financial services segment . through ksnet , we earn most of our revenue from payment processing services we provide to approximately 220,000 merchants and to card issuers in korea through our value-added-network . in the us , we earn transaction fees from our customers utilizing our xeorules on-line real-time management system for healthcare transactions . we also generate fees from our customers who utilize our vcpay technology to generate a unique , one-time use prepaid virtual card number to securely purchase goods and services or perform bill payments in any card-not-present environment . the revenue and costs at ksnet , xeohealth and vcpay as well as those from our expired iraqi contracts to february 2013 , are reflected in our international transaction-based activities segment . in south africa , we also generate fees from debit and credit card transaction processing , the provision of value-added services such as bill payments , mobile top-up and pre-paid utility sales , transaction processing for both funders and providers of healthcare and from providing a payroll transaction management service . the revenue and costs associated with these services are reflected in our south african transaction-based activities segment . finally , we have entered into business partnerships or joint ventures to introduce our ueps and vtu solutions to new markets such as namibia and colombia . in these situations , we take an equity position in the business while also acting as a supplier of technology . in evaluating these types of opportunities , we seek to maintain a highly disciplined approach , carefully selecting partners , participating closely in the development of the business plan and remaining actively engaged in the management of the new business . in most instances , the joint venture or partnership has a license to use the ueps in the specific territory , including the back-end system . we account for our equity investments using the equity method . when we equity-account these investments , we are required under us gaap to eliminate our share of the net income generated from sales of hardware and software to the investee . we recognize this net income from these equity-accounted investments during the period in which the hardware and software is utilized in the investee 's operations , or has been sold to third-party customers , as the case may be . we believe that this flexible approach enables us to drive adoption of our solution while capturing the value created by the implementation of our technology . business developments during fiscal 2013 south africa sassa we commenced the second phase of the enrollment process in early july 2012 and completed the bulk enrollment by april 30 , 2013 , in accordance with the implementation plan agreed with sassa . under our agreement with sassa , we have to enroll both the grant recipient cardholders ( those individuals who receive the actual payment and are issued with our ueps/emv smart card ) , as well as the grant beneficiaries ( those individuals who have qualified for the social grant , but are not necessarily the recipient cardholder of the grant ) . by way of example , a parent who has three children and receives a grant for all three children is the grant recipient cardholder , while the three children are each classified individually as grant beneficiaries . in this case , we capture the personal and biometric information of the parent and three children , but only the parent is issued with an ueps/emv smart card . our monthly service fee is calculated on the number of grant recipient cardholders . while the number of grant recipient cardholders on a national basis has consistently been quantified by sassa at approximately 9.4 million individuals , the number of beneficiaries was revised higher by sassa from an initial estimate of approximately 15.5 million , to the revised estimate of approximately 21.6 million . story_separator_special_tag the fair value of stock options is affected by the assumptions selected . net stock-based compensation expense from continuing operations was $ 3.9 million , $ 2.8 million and $ 1.7 million for fiscal 2013 , 2012 and 2011 , respectively . net stock-based compensation expense for fiscal 2011 , includes a reversal of $ 3.5 million related to a portion of the restricted stock granted in august 2007 that did not vest as the performance condition prescribed in the terms of the awards was not met . equity instrument we recorded $ 14.2 million of expense associated with the issuance of equity instruments as part of the bee transaction during fiscal 2012 as such awards were fully vested during the period . the option expired unexercised in fiscal 2013 , however , the expense recorded during fiscal 2012 was not reversed during fiscal 2013 because the option had vested in full on the grant date in 2012. accounts receivable and allowance for doubtful accounts receivable we maintain an allowance for doubtful accounts receivable related to our hardware , software and related technology sales and international transaction-based activities segments as a result of sales or rental of hardware , support and maintenance services provided ; or sale of licenses to customers ; or the provision of transaction processing services to our customers . 41 our policy is to regularly review the aging of outstanding amounts due from customers and adjust the provision based on management 's estimate of the recoverability of the amounts outstanding . management considers factors including period outstanding , creditworthiness of the customers , past payment history and the results of discussions by our credit department with the customer . we consider this policy to be appropriate taking into account factors such as historical bad debts , current economic trends and changes in our customer payment patterns . additional provisions may be required should the ability of our customers to make payments when due deteriorate in the future . a significant amount of judgment is required to assess the ultimate recoverability of these receivables , including on-going evaluation of the creditworthiness of each customer . research and development accounting standards require product development costs to be charged to expenses as incurred until technological feasibility is attained . technological feasibility is attained when our software has completed system testing and has been determined viable for its intended use . the time between the attainment of technological feasibility and completion of software development has been short . accordingly , we did not capitalize any development costs during the years ended june 30 , 2013 , 2012 or 2011 , particularly because the main part of our development is the enhancement and upgrading of existing products . costs to develop software for our internal use is expensed as incurred , except to the extent that these costs are incurred during the application development stage . all other costs including those incurred in the project development and post-implementation stages are expensed as incurred . a significant amount of judgment is required to separate research costs , new development costs and ongoing development costs based as the transition between these stages . a multitude of factors need to be considered by management , including an assessment of the state of readiness of the software and the existence of markets for the software . the possibility of capitalizing development costs in the future may have a material impact on the group 's profitability in the period when the costs are capitalized , and in subsequent periods when the capitalized costs are amortized . recent accounting pronouncements recent accounting pronouncements adopted refer to note 2 of our consolidated financial statements for a full description of recent accounting pronouncements , including the expected dates of adoption and effects on financial condition , results of operations and cash flows . recent accounting pronouncements not yet adopted as of june 30 , 2013 refer to note 2 of our consolidated financial statements for a full description of recent accounting pronouncements not yet adopted as of june 30 , 2013 , including the expected dates of adoption and effects on financial condition , results of operations and cash flows . currency exchange rate information actual exchange rates the actual exchange rates for and at the end of the periods presented were as follows : replace_table_token_5_th ( 1 )  krw : $ average , highest and lowest exchange rates are from november 1 , 2010 ( ksnet acquisition date ) to june 30 , 2011 . 42 43 translation exchange rates we are required to translate our results of operations from zar to us dollars on a monthly basis . thus , the average rates used to translate this data for the years ended june 30 , 2013 , 2012 and 2011 , vary slightly from the averages shown in the table above . the translation rates we use in presenting our results of operations are the rates shown in the following table : replace_table_token_6_th results of operations the discussion of our consolidated overall results of operations is based on amounts as reflected in our audited consolidated financial statements which are prepared in accordance with us gaap . we analyze our results of operations both in us dollars , as presented in the consolidated financial statements , and supplementally in zar , because zar is the functional currency of the entities which contribute the majority of our profits and is the currency in which the majority of our transactions are initially incurred and measured . due to the significant impact of currency fluctuations between the us dollar and zar on our reported results and because we use the us dollar as our reporting currency , we believe that the supplemental presentation of our results of operations in zar is useful to investors to understand the changes in the underlying trends of our business . fiscal 2013 results include smartswitch botswana from december 1 , 2012 and pbel from

