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Revision of Financial Statement (Tables) | 6 Months Ended
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Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract] |
Revision of financial statements |
|  | As of March 31, 2018 |
BALANCE SHEETS (RECAST) |  | As previously reported |  |  | Recast |  |  | As recasted |
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 64,531 |  |  | $ | 1,200 |  |  | $ | 65,731 |
Restricted cash |  |  | 13,671 |  |  |  | 8,291 |  |  |  | 21,962 |
Trading securities |  |  | 212,319 |  |  |  | 276 |  |  |  | 212,595 |
Available-for-sale securities, at fair value |  |  | 2 |  |  |  | 238 |  |  |  | 240 |
Brokerage and other receivables, net |  |  | 21,109 |  |  |  | 3,776 |  |  |  | 24,885 |
Loans issued |  |  | 8,754 |  |  |  | - |  |  |  | 8,754 |
Deferred tax assets |  |  | 1,046 |  |  |  | (274 | ) |  |  | 772 |
Fixed assets, net |  |  | 2,362 |  |  |  | 209 |  |  |  | 2,571 |
Intangible assets, net |  |  | - |  |  |  | 5,531 |  |  |  | 5,531 |
Goodwill |  |  | 1,798 |  |  |  | 1,490 |  |  |  | 3,288 |
Other assets, net |  |  | 4,494 |  |  |  | 79 |  |  |  | 4,573 |
TOTAL ASSETS |  | $ | 330,086 |  |  | $ | 20,816 |  |  | $ | 350,902 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased - at fair value |  | $ | 1,135 |  |  | $ | - |  |  | $ | 1,135 |
Loans received |  |  | 7,143 |  |  |  | - |  |  |  | 7,143 |
Debt securities issued |  |  | 10,840 |  |  |  | 382 |  |  |  | 11,222 |
Customer liabilities |  |  | 21,855 |  |  |  | 8,817 |  |  |  | 30,672 |
Trade payables |  |  | 8,998 |  |  |  | 15 |  |  |  | 9,013 |
Deferred distribution payments |  |  | 8,534 |  |  |  | - |  |  |  | 8,534 |
Securities repurchase agreement obligation |  |  | 154,775 |  |  |  | - |  |  |  | 154,775 |
Deferred income tax liabilities |  |  | 387 |  |  |  | (387 | ) |  |  | - |
Other liabilities |  |  | 1,319 |  |  |  | 57 |  |  |  | 1,376 |
TOTAL LIABILITIES |  |  | 214,986 |  |  |  | 8,884 |  |  |  | 223,870 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | - |  |  |  | - |  |  |  | - |
Common stock |  |  | 58 |  |  |  | - |  |  |  | 58 |
Additional paid in capital |  |  | 87,049 |  |  |  | 13,131 |  |  |  | 100,180 |
Retained earnings |  |  | 35,387 |  |  |  | (1,036 | ) |  |  | 34,351 |
Accumulated other comprehensive loss |  |  | (7,394 | ) |  |  | (163 | ) |  |  | (7,557 | )
TOTAL STOCKHOLDERS’ EQUITY |  |  | 115,100 |  |  |  | 11,932 |  |  |  | 127,032 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 330,086 |  |  | $ | 20,816 |  |  | $ | 350,902 |
|  | For the three months ended September 30, 2017 |
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST) |  | As previously reported |  |  | Recast |  |  | As recasted |
Revenue: |  |  |  |  |  |  |  |  |
Fee and commission income |  | $ | 1,548 |  |  | $ | 467 |  |  | $ | 2,015 |
Net gain on trading securities |  |  | 32,134 |  |  |  | 251 |  |  |  | 32,385 |
Interest income |  |  | 1,005 |  |  |  | 133 |  |  |  | 1,138 |
Net (loss) on derivatives |  |  | (670 | ) |  |  | - |  |  |  | (670 | )
Net gain on foreign exchange operations |  |  | 934 |  |  |  | 22 |  |  |  | 956 |
TOTAL REVENUE, NET |  |  | 34,951 |  |  |  | 873 |  |  |  | 35,824 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 3,022 |  |  |  | 161 |  |  |  | 3,183 |
Fee and commission expense |  |  | 437 |  |  |  | 66 |  |  |  | 503 |
Operating expense |  |  | 2,918 |  |  |  | 864 |  |  |  | 3,782 |
Other (income), net |  |  | (44 | ) |  |  | (10 | ) |  |  | (54 | )
TOTAL EXPENSE |  |  | 6,333 |  |  |  | 1,081 |  |  |  | 7,414 |
NET INCOME BEFORE INCOME TAX |  |  | 28,618 |  |  |  | (208 | ) |  |  | 28,410 |
Income tax expense |  |  | (1,018 | ) |  |  | 20 |  |  |  | (998 | )
NET INCOME |  | $ | 27,600 |  |  | $ | (188 | ) |  | $ | 27,412 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investments available-for-sale, net of tax effect |  | $ | - |  |  | $ | 106 |  |  | $ | 106 |
Foreign currency translation adjustments, net of tax effect |  |  | (2,618 | ) |  |  | 11,536 |  |  |  | 8,918 |
COMPREHENSIVE INCOME |  | $ | 24,982 |  |  | $ | 11,454 |  |  | $ | 36,436 |
|  | For the six months ended September 30, 2017 |
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST) |  | As previously reported |  |  | Recast |  |  | As recasted |
Revenue: |  |  |  |  |  |  |  |  |
Fee and commission income |  | $ | 4,403 |  |  | $ | 669 |  |  | $ | 5,072 |
Net gain on trading securities |  |  | 39,143 |  |  |  | 373 |  |  |  | 39,516 |
Interest income |  |  | 3,589 |  |  |  | 196 |  |  |  | 3,785 |
Net (loss) on derivatives |  |  | (180 | ) |  |  | - |  |  |  | (180 | )
Net gain on foreign exchange operations |  |  | 1,551 |  |  |  | 64 |  |  |  | 1,615 |
TOTAL REVENUE, NET |  |  | 48,506 |  |  |  | 1,302 |  |  |  | 49,808 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 5,009 |  |  |  | 204 |  |  |  | 5,213 |
Fee and commission expense |  |  | 675 |  |  |  | 117 |  |  |  | 792 |
Operating expense |  |  | 5,829 |  |  |  | 1,617 |  |  |  | 7,446 |
Other expense/(income), net |  |  | 34 |  |  |  | (43 | ) |  |  | (9 | )
TOTAL EXPENSE |  |  | 11,547 |  |  |  | 1,895 |  |  |  | 13,442 |
NET INCOME BEFORE INCOME TAX |  |  | 36,959 |  |  |  | (593 | ) |  |  | 36,366 |
Income tax expense |  |  | (987 | ) |  |  | 22 |  |  |  | (965 | )
NET INCOME |  | $ | 35,972 |  |  | $ | (571 | ) |  | $ | 35,401 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investments available-for-sale, net of tax effect |  | $ | - |  |  | $ | 47 |  |  | $ | 47 |
Foreign currency translation adjustments, net of tax effect |  |  | (4,376 | ) |  |  | 11,126 |  |  |  | 6,750 |
COMPREHENSIVE INCOME |  | $ | 31,596 |  |  | $ | 10,602 |  |  | $ | 42,198 |

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