XML 37 R28.htm IDEA: XBRL DOCUMENT
v3.22.2

ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES | 3 Months Ended
--- | ---
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Acquisitions and disposals of subsidiaries | ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES On May 17, 2022, the Company acquired two insurance companies in Kazakhstan, a life insurance company, Freedom Life, and a direct insurance carrier, excluding life, health and medical, Freedom Insurance. Prior to acquiring these companies, each was wholly owned by controlling shareholder, chairman and chief executive officer, Timur Turlov, who acquired the two entities from a non-related party. The Company acquired these companies from him at the historical cost paid by him plus amounts he has contributed as additional paid in capital since his purchase. These companies were not initially acquired directly by the Company because at the time they were put on the market for sale by their prior owner they did not have audit reports conforming to U.S. GAAP standards and had not demonstrated sustained profitability. The purchase price for Freedom Insurance was $13,977 and the purchase price for Freedom Life was $12,611. The Company is required to make these payments to Timur Turlov by no later than September 16, 2022. Acquisition of Freedom Life When preparing the condensed consolidated financial statements for the quarter ended June 30, 2022, management determined that certain amounts included in the Company’s condensed consolidated financial statements as of March 31, 2022, and for the three months ended June 30, 2022, as stated by ASC 805 Business Combinations required revision. The acquisition from Timur Turlov was deemed to be under common control with the Company since it was acquired on February 28, 2018. The transaction has been accounted for as a restructuring transaction and all the assets and liabilities of Freedom Life were transferred to the Company at their respective carrying amounts on the date of transaction. As of the acquisition date by Timur Turlov, the fair value of Freedom Life was $12,076. The total purchase price was allocated as follows:
| Purchase price allocation As of February 28, 2018
ASSETS |
Cash and cash equivalents | $ | 3,494 |
Due from banks | 2,514 |
Loans issued | 2 |
Other assets | 1,671 |
Assets from insurance activity | 3,729 |
Deferred acquisition costs | 542 |
Available-for-sale securities, at fair value | 15,842 |
Fixed assets | 171 |
Intangible assets | 5,823 |
Deferred tax assets | 141 |
TOTAL ASSETS | 33,929 |
Deferred income tax liabilities | 47 |
Other liabilities | 139 |
Liabilities from insurance activity | 21,667 |
TOTAL LIABILITIES | 21,853 |
Net assets acquired | 12,076 |
Goodwill | 526 |
Total purchase price | $ | 7,009 |
Fair value of non-controlling interest at acquisition | 5,593 |
Acquisition of Freedom Insurance When preparing the condensed consolidated financial statements for the quarter ended June 30, 2022, management determined that certain amounts included in the Company’s condensed consolidated financial statements as of March 31, 2022, and for the three months ended June 30, 2022, as stated by ASC 805 Business Combinations required revision. The acquisition from Timur Turlov was deemed to be an entity under common control with the Company since it was acquired on August 22, 2018. The transaction has been accounted for as a restructuring transaction and all the assets and liabilities of Freedom Insurance were transferred to the Company at their respective carrying amounts on the date of transaction. As of the acquisition date by Timur Turlov, the fair value of Freedom Insurance was $4,101. The total purchase price was allocated as follows:
| Purchase price allocation As of August 22, 2018
ASSETS: |
Cash and cash equivalents | $ | 1,224 |
Due from banks | 1,041 |
Other assets | 17 |
Assets from insurance activity | 45 |
Current income tax asset | 5 |
Available-for-sale securities, at fair value | 1,846 |
Fixed assets | 2 |
Intangible assets | 207 |
Deferred tax assets | 2 |
TOTAL ASSETS | 4,389 |
LIABILITIES: |
Other liabilities | 214 |
Liabilities from insurance activity | 74 |
TOTAL LIABILITIES | 288 |
Net assets acquired | 4,101 |
Goodwill | 187 |
Total purchase price | $ | 4,288 |

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration