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Related Party Transactions | 9 Months Ended
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Dec. 31, 2019
Related Party Transactions [Abstract] |
Related Party Transactions | During the three months ended December 31, 2019 and 2018, the Company earned commission income from related parties in the amount of $17,067 and $11,101 respectively. During the nine months ended December 31, 2019 and 2018, the Company earned commission income from related parties in the amount of $60,241 and $26,723, respectively. Commission income earned from related parties is comprised primarily of brokerage commissions, margin fees, and commissions for money transfers by brokerage clients. During the three months ended December 31, 2019 and 2018, the Company paid commission expense to related parties in the amount of $536 and $0, respectively. During the nine months ended December 31, 2019 and 2018, the Company paid commission expense to related parties in the amount of $2,931 and $0, respectively. As of December 31, 2019 and March 31, 2019, the Company had cash and cash equivalents held in brokerage accounts of related parties totaling $196 and $8,444, respectively. As of December 31, 2019 and March 31, 2019, the Company had loans issued to related parties totaling $0 and $1,888, respectively. As of December 31, 2019 and March 31, 2019, the Company had margin lending receivables with related parties totaling $152,795 and $43,720, respectively. As of December 31, 2019 and March 31, 2019, the Company had margin lending payables to related parties, totaling $3,850 and $1,090, respectively. As of December 31, 2019 and March 31, 2019, the Company had loans received from a related party totaling $0 and $3,957, respectively. As of December 31, 2019 and March 31, 2019, the Company had accounts payable due to a related party totaling $307 and $345, respectively. As of December 31, 2019 and March 31, 2019, the Company had consideration due to a related party for the Nettrader acquisition totaling $2,787 and $2,590, respectively. As of December 31, 2019 and March 31, 2019, the Company had customer liabilities on brokerage accounts and bank accounts of related parties totaling $28,729 and $29,904, respectively and held restricted customer cash on brokerage accounts of related parties totaling $10,823 and $13,999, respectively. In August 2019, to comply with certain foreign ownership restrictions relating to registered Ukrainian broker-dealers, the Company sold 67.12% of the outstanding equity interest of Freedom UA to Askar Tashtitov, the Company’s president, for $100. The Company retained the remaining 32.88% of the outstanding equity interests in Freedom UA. In connection with this transaction, the Company also entered into a series of contractual arrangements with Freedom UA and Mr. Tashtitov, including a consulting services agreement, an operating agreement and an option agreement. For additional information regarding this transaction, see Note 1 – Description of Business.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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