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Revision of Financial Statement (Tables) | 9 Months Ended
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Dec. 31, 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 December 31, 2017 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME/(LOSS) (RECAST) |  | As previously reported |  |  | Recast |  |  | As recasted |
Revenue: |  |  |  |  |  |  |  |  |
Fee and commission income |  | $ | 1,999 |  |  | $ | 455 |  |  | $ | 2,454 |
Net gain/(loss) on trading securities |  |  | (8,318 | ) |  |  | 210 |  |  |  | (8,108 | )
Interest income |  |  | 2,853 |  |  |  | 138 |  |  |  | 2,991 |
Net gain on derivatives |  |  | 867 |  |  |  | - |  |  |  | 867 |
Net gain/(loss) on sale of fixed assets |  |  | 16 |  |  |  | (16 | ) |  |  | - |
Net gain/(loss) on foreign exchange operations |  |  | 424 |  |  |  | (58 | ) |  |  | 366 |
TOTAL REVENUE, NET |  |  | (2,159 | ) |  |  | 729 |  |  |  | (1,430 | )
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 4,487 |  |  |  | 123 |  |  |  | 4,610 |
Fee and commission expense |  |  | 795 |  |  |  | 60 |  |  |  | 855 |
Operating expense |  |  | 5,983 |  |  |  | 713 |  |  |  | 6,696 |
Other expense, net |  |  | 105 |  |  |  | 185 |  |  |  | 290 |
TOTAL EXPENSE |  |  | 11,370 |  |  |  | 1,081 |  |  |  | 12,451 |
NET LOSS BEFORE INCOME TAX |  |  | (13,529 | ) |  |  | (352 | ) |  |  | (13,881 | )
Income tax benefit |  |  | 403 |  |  |  | 10 |  |  |  | 413 |
NET LOSS |  | $ | (13,126) |  |  | $ | (342) |  |  | $ | (13,468) |
OTHER COMPREHENSIVE INCOME/(LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investments available-for-sale, net of tax effect |  | $ | - |  |  | $ | (168 | ) |  | $ | (168 | )
Foreign currency translation adjustments, net of tax effect |  |  | 1,529 |  |  |  | 1,602 |  |  |  | 3,131 |
COMPREHENSIVE INCOME/(LOSS) |  | $ | (11,597) |  |  | $ | 1,092 |  |  | $ | (10,505) |
|  | For the nine months ended December 31, 2017 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST) |  | As previously reported |  |  | Recast |  |  | As recasted |
Revenue: |  |  |  |  |  |  |  |  |
Fee and commission income |  | $ | 6,412 |  |  | $ | 1,114 |  |  | $ | 7,526 |
Net gain on trading securities |  |  | 30,825 |  |  |  | 583 |  |  |  | 31,408 |
Interest income |  |  | 6,442 |  |  |  | 336 |  |  |  | 6,778 |
Net gain on derivatives |  |  | 687 |  |  |  | - |  |  |  | 687 |
Net gain on sale of fixed assets |  |  | 8 |  |  |  | (8 | ) |  |  | - |
Net gain on foreign exchange operations |  |  | 1,957 |  |  |  | 32 |  |  |  | 1,989 |
TOTAL REVENUE, NET |  |  | 46,331 |  |  |  | 2,057 |  |  |  | 48,388 |
Expense: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 9,499 |  |  |  | 326 |  |  |  | 9,825 |
Fee and commission expense |  |  | 1,474 |  |  |  | 173 |  |  |  | 1,647 |
Operating expense |  |  | 12,113 |  |  |  | 2,036 |  |  |  | 14,149 |
Other expense, net |  |  | 131 |  |  |  | 150 |  |  |  | 281 |
TOTAL EXPENSE |  |  | 23,217 |  |  |  | 2,685 |  |  |  | 25,902 |
NET INCOME BEFORE INCOME TAX |  |  | 23,114 |  |  |  | (628 | ) |  |  | 22,486 |
Income tax expense |  |  | (584 | ) |  |  | 32 |  |  |  | (552 | )
NET INCOME |  | $ | 22,530 |  |  | $ | (596 | ) |  | $ | 21,934 |
OTHER COMPREHENSIVE INCOME |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gain on investments available-for-sale, net of tax effect |  | $ | - |  |  | $ | (121 | ) |  | $ | (121 | )
Foreign currency translation adjustments, net of tax effect |  |  | (2,809 | ) |  |  | (441 | ) |  |  | (3,250 | )
COMPREHENSIVE INCOME |  | $ | 19,721 |  |  | $ | (1,158 | ) |  | $ | 18,563 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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