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3. Revision of Financial Statement (Tables) | 12 Months Ended
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Mar. 31, 2019
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 |  | 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

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