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SEGMENT REPORTING | 12 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company historically operated as a single operating segment. With the planned restructuring of the Company's operations and divestiture of Russian subsidiaries, coupled with the continued expansion, there was an election to reorganize operations geographically into five regional segments: Central Asia, Europe, United States, Middle East/Caucasus, and Russia (until completion of the planned divestiture). Moving forward after completion of the divestiture of the Company's Russian subsidiaries, the Company will manage its operations in the remaining four regional segments. These operating segments are based on how our CODM will be making decisions about allocating resources and assessing performance. The following tables summarize the Company's Statement of operation by its geographic segments. Intercompany balances were eliminated for separate disclosure:
| Year ended March 31, 2022
STATEMENTS OF OPERATIONS | Central Asia | Europe | US | Russia | Middle East/Caucasus | Total
Fee and commission income(1) | $ | 25,253 |  | $ | 319,810 |  | $ | 4,545 |  | $ | 82,330 |  | — |  | $ | 431,938 |
Net gain/(loss) on trading securities | 11,604 |  | 122,238 |  | 2,546 |  | (58,717) |  | — |  | 77,671 |
Interest income | 74,251 |  | 1,256 |  | 483 |  | 15,811 |  | — |  | 91,801 |
Net gain/(loss) on foreign exchange operations | 6,012 |  | (5,598) |  | 1,565 |  | (39,672) |  | — |  | (37,693) |
Net gain/(loss) on derivative | 947 |  | — |  | — |  | (1) |  | — |  | 946 |
TOTAL REVENUE, NET | 118,067 |  | 437,706 |  | 9,139 |  | (249) |  | — |  | 564,663 |
Interest expense | $ | 54,894 |  | $ | 8,747 |  | $ | 1,808 |  | $ | 10,450 |  | — |  | $ | 75,899 |
Fee and commission expense | 7,945 |  | 64,518 |  | 780 |  | 7,988 |  | — |  | 81,231 |
Operating expense | 46,807 |  | 27,746 |  | 13,727 |  | 73,030 |  | 283 |  | 161,593 |
Provision for impairment losses/(recoveries) | 2,180 |  | 60 |  | — |  | 745 |  | — |  | 2,985 |
Other expense/(income), net | 490 |  | 7 |  | 819 |  | 4,748 |  | (3) |  | 6,061 |
TOTAL EXPENSE | 112,316 |  | 101,078 |  | 17,134 |  | 96,961 |  | 280 |  | 327,769 |
NET INCOME BEFORE INCOME TAX | $ | 5,751 |  | $ | 336,628 |  | $ | (7,995) |  | $ | (97,210) |  | (280) |  | $ | 236,894 |
Income tax (expense)/benefit | 1,237 |  | (26,785) |  | (12,989) |  | 13,003 |  | 9 |  | (25,525) |
NET PROFIT/(LOSS) | $ | 6,988 |  | $ | 309,843 |  | $ | (20,984) |  | $ | (84,207) |  | (271) |  | $ | 211,369 |
| Year ended March 31, 2021
STATEMENTS OF OPERATIONS | Central Asia | Europe | US | Russia | Middle East Caucasus | Total
Fee and commission income(1) | $ | 17,088 |  | $ | 200,975 |  | $ | 1,130 |  | $ | 52,746 |  | — |  | $ | 271,939 |
Net gain on financial instruments through profit and loss | 18,414 |  | 8 |  | 7,489 |  | 20,275 |  | — |  | 46,186 |
Interest income | 18,465 |  | 505 |  | 682 |  | 11,221 |  | — |  | 30,873 |
Net gain/(loss) on foreign exchange operations | 1,669 |  | (300) |  | (215) |  | 2,274 |  | — |  | 3,428 |
Net gain on derivative | 86 |  | — |  | — |  | 39 |  | — |  | 125 |
TOTAL REVENUE, NET | $ | 55,722 |  | $ | 201,188 |  | $ | 9,086 |  | $ | 86,555 |  | — |  | $ | 352,551 |
Interest expense | $ | 12,770 |  | $ | 3,663 |  | $ | 2,173 |  | $ | 8,760 |  | — |  | $ | 27,366 |
Fee and commission expense | 1,211 |  | 64,487 |  | 246 |  | 7,156 |  | — |  | 73,100 |
Operating expense | 19,677 |  | 10,921 |  | 4,843 |  | 41,978 |  | 15 |  | 77,434 |
Provision for impairment losses | 1,013 |  | 108 |  | 395 |  | 45 |  | — |  | 1,561 |
Other (expense)/income, net | (39) |  | (3) |  | (15) |  | 125 |  | — |  | 68 |
TOTAL EXPENSE | $ | 34,632 |  | $ | 79,176 |  | $ | 7,642 |  | $ | 58,064 |  | 15 |  | $ | 179,529 |
NET INCOME BEFORE INCOME TAX | $ | 21,090 |  | $ | 122,012 |  | $ | 1,444 |  | $ | 28,491 |  | (15) |  | $ | 173,022 |
Income tax (expense)/benefit | 56 |  | (14,013) |  | (9,559) |  | (6,582) |  | — |  | (30,098) |
NET PROFIT/(LOSS) | $ | 21,146 |  | $ | 107,999 |  | $ | (8,115) |  | $ | 21,909 |  | (15) |  | $ | 142,924 |
| Year ended March 31, 2020
STATEMENTS OF OPERATIONS | Central Asia | Europe | US | Russia | Middle East Caucasus | Total
Fee and commission income(1) | $ | 2,689 |  | $ | 63,577 |  | $ | — |  | $ | 26,402 |  | — |  | $ | 92,668 |
Net gain/(loss) on financial instruments through profit and loss | 8,121 |  | 257 |  | (46) |  | 6,591 |  | — |  | 14,923 |
Interest income | 7,932 |  | 260 |  | 198 |  | 3,744 |  | — |  | 12,134 |
Net gain/(loss) on foreign exchange operations | 479 |  | (313) |  | 84 |  | 2,065 |  | — |  | 2,315 |
Net gain/(loss) on derivative | — |  | — |  | — |  | (138) |  | — |  | (138) |
TOTAL REVENUE, NET | $ | 19,221 |  | $ | 63,781 |  | $ | 236 |  | $ | 38,664 |  | — |  | $ | 121,902 |
Interest expense | $ | 8,889 |  | $ | 343 |  | $ | 324 |  | $ | 2,843 |  | — |  | $ | 12,399 |
Fee and commission expense | 750 |  | 18,600 |  | 186 |  | 2,400 |  | — |  | 21,936 |
Operating expense | 18,262 |  | 3,500 |  | 3,921 |  | 34,307 |  | — |  | 59,990 |
Provision for impairment losses | (1,254) |  | — |  | — |  | 90 |  | — |  | (1,164) |
Other (expense)/income, net | 280 |  | (11) |  | (8) |  | 348 |  | — |  | 609 |
TOTAL EXPENSE | $ | 26,927 |  | $ | 22,432 |  | $ | 4,423 |  | $ | 39,988 |  | — |  | $ | 93,770 |
NET INCOME BEFORE INCOME TAX | $ | (7,706) |  | $ | 41,349 |  | $ | (4,187) |  | $ | (1,324) |  | — |  | $ | 28,132 |
Income tax (expense)/benefit | (15) |  | (4,467) |  | (450) |  | (1,070) |  | — |  | (6,002) |
NET PROFIT/(LOSS) | $ | (7,721) |  | $ | 36,882 |  | $ | (4,637) |  | $ | (2,394) |  | — |  | $ | 22,130 |
(1) All trading of U.S. and European exchange traded and OTC securities by all Freedom securities brokerage firms, excluding PrimeEx, are routed to and executed through Freedom EU and all fee and commission income for those transactions is recognized at Freedom EU. During fiscal 2022 total revenue, net in our Russia region decreased by $86,804, or 100%, to ($249) generating a negative net revenues for fiscal year 2022, as compared to total revenue, net of $86,555 during fiscal year 2021. The decrease in fiscal 2022 was driven by an increase in net loss on trading securities as a result of the negative revaluation of certain securities held by Freedom RU, and a net loss on foreign currency exchange operations resulting from the depreciation of the Russian ruble against U.S. dollar by 11%. the decreases were only partially offset by increased fee and commission income resulting from growth of Freedom RU's customer base, coupled with greater customer transaction volume. During fiscal 2021, total revenue, net in our Russian region increased by $47,891, or 124%, to $86,555, as compared to $38,664 during fiscal year 2020. The increase in total revenue, net during fiscal 2021 compared to fiscal 2020 was the result of overall expansion of our business in our Russian region, both in terms of size of our customer base and trading volume. The following tables summarize the Company's total asset and total liabilities by its geographic segments. Intercompany balances were eliminated for separate disclosure:
| March 31, 2022
| Central Asia | Europe | US | Russia | Middle East Caucasus | Total
Total assets | $ | 1,166,428 |  | $ | 777,117 |  | $ | 170,149 |  | $ | 806,960 |  | $ | 355 |  | $ | 2,921,009 |
Total liabilities | $ | 985,936 |  | $ | 471,435 |  | $ | 175,136 |  | $ | 780,655 |  | $ | 172 |  | $ | 2,413,334 |
Net assets | $ | 180,492 |  | $ | 305,682 |  | $ | (4,987) |  | $ | 26,305 |  | $ | 183 |  | $ | 507,675 |
| March 31, 2021
| Central Asia | Europe | US | Russia | Middle East Caucasus | Total
Total assets | 714,117 |  | 511,366 |  | 46,100 |  | 746,922 |  | 140 |  | 2,018,645 |
Total liabilities | 557,713 |  | 462,616 |  | 60,043 |  | 662,598 |  | 3 |  | 1,742,974 |
Net assets | 156,404 |  | 48,750 |  | (13,943) |  | 84,324 |  | 137 |  | 275,671 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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