XML 22 R9.htm IDEA: XBRL DOCUMENT
v3.19.2

3. Revision of Financial Statement | 12 Months Ended
--- | ---
Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Revision of Financial Statement | When preparing the consolidated financial statements for the year ended March 31, 2019, management determined that certain amounts included in the Company’s March 31, 2018, consolidated financial statements required revision, due to the closing of the acquisition of Freedom RU on June 29, 2017 the closing of the acquisition of Freedom CY on November 1, 2017, and the completion of the mergers of Nettrader in May 2018, and Asyl in April 2018, which were deemed to be entities under common control with the Company. Certain reclassifications also have been made to the prior year’s consolidated financial statements to enhance comparability with the current year’s consolidated financial statements following the increase in intangible assets of the Company related to acquisition of the Tradernet trading platform. As a result, certain line items have been amended in the Consolidated Balance Sheets. Comparative figures have been adjusted to conform to the current period’s presentation. The previously issued Consolidated Balance Sheet as of March 31, 2018, and Consolidated Statement of Operations and Statements of Other Comprehensive Income for the year ended March 31, 2018 have been revised as follows:
|  | 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 |  | 48 |  | 2,410
Intangible assets, net |  | - |  | 5,692 |  | 5,692
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 obligations |  | 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 year ended March 31, 2018
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST) |  | As previously reported |  | Recast |  | As recasted
Revenue: |  |  |  |  |  |
Fee and commission income |  | $ 10,796 |  | $ 1,378 |  | $ 12,174
Net gain on trading securities |  | 33,746 |  | 481 |  | 34,227
Interest income |  | 8,184 |  | 651 |  | 8,835
Net gain on derivatives |  | 643 |  | - |  | 643
Net gain on sale of fixed assets |  | 5 |  | (5) |  | -
Net gain on foreign exchange operations |  | 1,850 |  | 28 |  | 1,878
TOTAL REVENUE, NET |  | 55,224 |  | 2,533 |  | 57,757
Expense: |  |  |  |  |  |
Interest expense |  | 14,244 |  | 491 |  | 14,735
Fee and commission expense |  | 2,066 |  | 222 |  | 2,288
Operating expense |  | 18,927 |  | 2,773 |  | 21,700
Provision for impairment losses |  | - |  | 423 |  | 423
Other (income)/expense, net |  | 275 |  | (279) |  | (4)
TOTAL EXPENSE |  | 35,512 |  | 3,630 |  | 39,142
NET INCOME BEFORE INCOME TAX |  | 19,712 |  | (1,097) |  | 18,615
Income tax expense |  | (479) |  | 61 |  | (418)
NET INCOME |  | $ 19,233 |  | $ (1,036) |  | $ 18,197
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |
Changes in unrealized gain on investments available-for-sale, net of tax effect |  | - |  | (76) |  | (76)
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect |  | - |  | 54 |  | 54
Foreign currency translation adjustments, net of tax |  | (457) |  | (141) |  | (598)
COMPREHENSIVE INCOME |  | $ 18,776 |  | $ (1,199) |  | $ 17,577

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration