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RELATED PARTY TRANSACTIONS | 6 Months Ended
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Sep. 30, 2020
RELATED PARTY TRANSACTIONS |
NOTE 15 - RELATED PARTY TRANSACTIONS | NOTE 15 - RELATED PARTY TRANSACTIONS During the three months ended September 30, 2020 and 2019, the Company earned commission income from related parties in the amounts of $41,167 and $23,348, respectively. During the six months ended September 30, 2020 and 2019, the Company earned commission income from related parties in the amount of $71,957 and $43,174, respectively. Commission income earned from related parties is comprised primarily of brokerage commissions and commissions for money transfers by brokerage clients. During the three months ended September 30, 2020 and 2019, the Company paid commission expense to related parties in the amount of $7,936 and $1,471, respectively. During the six months ended September 30, 2020 and 2019, the Company paid commission expense to related parties in the amount of $10,381 and $2,395, respectively. As of September 30, 2020 and March 31, 2020, the Company had cash and cash equivalents held in brokerage accounts of related parties totaling $359 and $212, respectively. As of September 30, 2020 and March 31, 2020, the Company had loans issued to related parties totaling $107 and $1,477, respectively. As of September 30, 2020 and March 31, 2020, the Company had bank commission receivables and receivables from brokerage clients from related parties totaling $166 and $3,611, respectively. Brokerage and other receivables from related parties result principally from commissions receivable on the brokerage operations of related parties. As of September 30, 2020 and March 31, 2020, the Company had margin lending receivables with related parties totaling $145,218 and $105,892, respectively. As of September 30, 2020 and March 31, 2020, the Company had margin lending payables to related parties, totaling $88,617 and $4,306, respectively. As of September 30, 2020 and March 31, 2020, the Company had accounts payable due to a related party totaling $2,474 and $1,879, respectively. As of September 30, 2020 and March 31, 2020, the Company had customer liabilities to related parties totaling $178,914 and $26,150, respectively. As of September 30, 2020 and March 31, 2020, the Company had restricted customer cash deposited in current and brokerage accounts with related parties in the amounts of $15,294 and $25,563. Brokerage and related banking services, including margin lending, were provided to related parties pursuant to standard client account agreements and at standard market rates.

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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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