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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Mar. 31, 2021
RELATED PARTY TRANSACTIONS |
NOTE 23 - RELATED PARTY TRANSACTIONS | NOTE 23 - RELATED PARTY TRANSACTIONS During the years ended March 31, 2021 and 2020, the Company earned commission income from related parties in the amounts of $198,902 and $79,143, respectively. Commission income earned from related parties is comprised primarily of brokerage commissions and commissions for money transfers by brokerage clients. During the years ended March 31, 2021 and 2020, the Company paid commission expense to related parties in the amount of $20,291 and $3,668, respectively. As of March 31, 2021 and 2020, the Company had cash and cash equivalents held in brokerage accounts of related parties totaling $12,256 and $212, respectively. As of March 31, 2021 and 2020, the Company had loans issued to related parties totaling $0 and $1,477, respectively. As of March 31, 2021 and 2020, the Company had bank commission receivables and receivables from brokerage clients from related parties totaling $962 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 March 31, 2021 and 2020, the Company had margin lending receivables with related parties totaling $9,886 and $105,892, respectively. As of March 31, 2021 and 2020, the Company had margin lending payables to related parties, totaling $13,810 and $4,306, respectively. As of March 31, 2021 and 2020, the Company had accounts payable due to a related party totaling $339 and $1,879, respectively. As of March 31, 2021 and 2020, the Company had financial liability due to a related party totaling $1,707 and $0, respectively. As of March 31, 2021 and 2020, the Company had customer liabilities on brokerage accounts and bank accounts of related parties totaling $327,610 and $26,150, respectively. As of March 31, 2021 and 2020, the Company had restricted customer cash deposited in current and brokerage accounts with related parties in the amounts of $156,878 and $25,563. Brokerage and related banking services, including margin lending, were provided to such related parties pursuant 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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