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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Dec. 31, 2020
RELATED PARTY TRANSACTIONS |
NOTE 15 - RELATED PARTY TRANSACTIONS | NOTE 15 – RELATED PARTY TRANSACTIONS During the three months ended December 31, 2020, and 2019, the Company earned commission income from related parties in the amounts of $56,243 and $17,067, respectively. During the nine months ended December 31, 2020, and 2019, the Company earned commission income from related parties in the amount of $128,200 and $60,241, 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 December 31, 2020, and 2019, the Company paid commission expense to related parties in the amount of $6,139 and $536, respectively. During the nine months ended December 31, 2020, and 2019, the Company paid commission expense to related parties in the amount of $16,520 and $2,931, respectively. As of December 31, 2020, and March 31, 2020, the Company had cash and cash equivalents held in brokerage accounts of related parties totaling $372 and $212, respectively. As of December 31, 2020, and March 31, 2020, the Company had loans issued to related parties totaling $0 and $1,477, respectively. As of December 31, 2020, and March 31, 2020, the Company had bank commission receivables and receivables from brokerage clients from related parties totaling $1,203 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 December 31, 2020, and March 31, 2020, the Company had margin lending receivables with related parties totaling $28,124 and $105,892, respectively. As of December 31, 2020, and March 31, 2020, the Company had margin lending payables to related parties, totaling $9,738 and $4,306, respectively. As of December 31, 2020, and March 31, 2020, the Company had accounts payable due to a related party totaling $239 and $1,879, respectively. As of December 31, 2020, and March 31, 2020, the Company had financial liability with related parties totaling $1,602 and $0, respectively. As of December 31, 2020, and March 31, 2020, the Company had customer liabilities to related parties totaling $297,313 and $26,150, respectively. As of December 31, 2020, and March 31, 2020, the Company had restricted customer cash deposited in current and brokerage accounts with related parties in the amounts of $82,443 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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