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RESTRICTED CASH | 6 Months Ended
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Sep. 30, 2021
RESTRICTED CASH |
NOTE 4 - RESTRICTED CASH | NOTE 4 – RESTRICTED CASH Restricted cash for the periods ended September 30, 2021, and March 31, 2021, consisted of:
|  | September 30, 2021 |  |  | March 31, 2021 |
Brokerage customers’ cash |  | $ | 349,097 |  |  | $ | 427,233 |
Deferred distribution payments |  |  | 8,534 |  |  |  | 8,534 |
Reserve with Central Bank of Russia |  |  | 2,109 |  |  |  | 1,758 |
Guarantee deposits |  |  | 88 |  |  |  | 433 |
Total restricted cash |  | $ | 359,828 |  |  | $ | 437,958 |
As of September 30, 2021, and March 31, 2021, the Company’s restricted cash included the cash portion of the funds segregated in a special custody account for the exclusive benefit of its brokerage customers, as well as required reserves with the Central Bank of the Russian Federation which represents cash on hand balance requirements. Restricted cash also included a deferred distribution payment amount, which is a reserve held for distribution to shareholders who have not yet claimed their distributions from the 2011 sale of the Company’s oil and gas exploration and production operations of $8,534. This distribution is currently payable, subject to the entitled shareholders completing and submitting to the Company the necessary documentation to claim his, her or its distribution payments. The Company has no control over when, or if, an entitled shareholder will submit the necessary documentation to claim their distribution payment. The entire deferred distribution payment amount was held in cash at September 30, 2021, and March 31, 2021. A Company shareholder entitled to a portion of the distribution amount died before claiming the distribution. As a result of disputes between the individual’s putative heirs and potential owners of an entity that also claimed through the shareholder, the Company has been unable to determine who is legally entitled to receive the distribution payment. The putative estate asserted claims in Utah state court seeking payment of the distribution. The Company counterclaimed for interpleader and other claims and seeking a determination from the court as to who is rightfully entitled to receive the distribution payment. On October 5, 2021, the court granted the Company’s motion to dismiss, dismissing all claims by both parties without prejudice because plaintiffs failed to follow proper procedures and therefore the court lacked jurisdiction. For additional information regarding this matter see Part II, Item 1 Legal Proceedings of this quarterly report on Form 10-Q.

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