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v3.22.2.2

Discontinued Operations (Tables) | 6 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, including discontinued operations | As of September 30, 2022 and March 31, 2022, the major classes of assets and liabilities from discontinued operations included the following:
| September 30, 2022 |  | March 31, 2022
Cash and cash equivalents | $ | 712,116 |  |  | $ | 428,480 |
Restricted cash | 19,040 |  |  | 28,406 |
Trading securities | 120,162 |  |  | 122,497 |
Brokerage and other receivables, net | 249,980 |  |  | 210,087 |
Loans issued | 14,464 |  |  | 2,395 |
Other assets | 41,317 |  |  | 33,554 |
Less: valuation allowance | (41,464) |  |  | — |
Total assets held for sale | $ | 1,115,615 |  |  | $ | 825,419 |
Customer liabilities | $ | 966,869 |  |  | $ | 701,584 |
Securities repurchase agreement obligations | 30,961 |  |  | 32,469 |
Debt securities issued | 64,647 |  |  | 64,637 |
Other liabilities | 27,403 |  |  | 13,788 |
Total liabilities held for sale | 1,089,880 |  |  | 812,478 |
The results of operations for discontinued operations for the three and six months ended September 30, 2022, and 2021, consist of the following:
| For The Three Months Ended |  | For The Six Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Fee and commission income | $ | 29,585 |  |  | $ | 21,179 |  |  | $ | 66,867 |  |  | $ | 39,346 |
Net gain/(loss) on trading securities | 1,950 |  |  | (5,164) |  |  | 13,099 |  |  | (3,105) |
Interest income | 5,250 |  |  | 3,367 |  |  | 11,054 |  |  | 6,892 |
Net gain/(loss) on foreign exchange operations | 19,989 |  |  | (3) |  |  | 20,414 |  |  | (2,235) |
TOTAL REVENUE, NET | 56,774 |  |  | 19,379 |  |  | 111,434 |  |  | 40,898 |
Fee and commission expense | 2,324 |  |  | 2,159 |  |  | 4,250 |  |  | 4,226 |
Interest expense | 4,261 |  |  | 2,210 |  |  | 10,019 |  |  | 4,459 |
Operating expense | 26,072 |  |  | 17,764 |  |  | 53,540 |  |  | 31,587 |
Provision for impairment losses | 212 |  |  | 50 |  |  | 582 |  |  | 76 |
Provision for impairment of discontinued operations | 41,464 |  |  | — |  |  | 41,464 |  |  | — |
Other expense/(income), net | 743 |  |  | (25) |  |  | 779 |  |  | 92 |
TOTAL EXPENSE | 75,076 |  |  | 22,158 |  |  | 110,634 |  |  | 40,440 |
INCOME/(LOSS) BEFORE INCOME TAX | $ | (18,302) |  |  | $ | (2,779) |  |  | $ | 800 |  |  | $ | 458 |
The net cash flows from/(used in) operating and investing activities for discontinued operations for the six months ended September 30, 2022, and 2021, consist of the following:
| For the Six Months Ended September 30,
| 2022 |  | 2021*
|  |  | (Recasted)
Cash Flows From Operating Activities |  |  |
Net income from discontinued operations | $ | (6,080) |  |  | $ | 449 |
Adjustments to reconcile net income used in operating activities: |  |  |
Depreciation and amortization | 1,143 |  |  | 993 |
Noncash lease expense | 3,289 |  |  | 2,453 |
Change in deferred taxes | 6,234 |  |  | (929) |
Stock compensation expense | 3,220 |  |  | 3,358 |
Unrealized loss/(gain) on trading securities | (20,382) |  |  | 4,228 |
Net change in accrued interest | 682 |  |  | (1,203) |
Provision for impairment of discontinued operations | 41,464 |  |  | — |
Allowances for receivables | 155 |  |  | — |
Changes in operating assets and liabilities: |  |  |
Trading securities | 81,229 |  |  | (24,850) |
Brokerage and other receivables | 56,513 |  |  | (59,162) |
Other assets | 360 |  |  | (843) |
Securities sold, not yet purchased – at fair value | 244 |  |  | (24) |
Customer liabilities | (142,647) |  |  | 81,632 |
Current income tax liability | — |  |  | (582) |
Trade payables | 93 |  |  | 2,725 |
Lease liabilities | (3,721) |  |  | (2,603) |
Other liabilities | 7,787 |  |  | (37) |
Net cash flows used in operating activities from discontinued operations | 29,583 |  |  | 5,605 |
Cash Flows Used In Investing Activities |  |  |
Purchase of fixed assets | (2,560) |  |  | (1,066) |
Proceeds from sale of fixed assets | 750 |  |  | — |
Loans issued | (10,263) |  |  | 595 |
Net cash flows used in investing activities from discontinued operations | (12,073) |  |  | (471) |
The following table presents reconciliation of anticipated provision for impairment from sale of net assets held for sale as of disposal date:
| September 30, 2022
| Pre-elimination balance |  | Eliminations |  | Post-elimination balance
Cash and cash equivalents | $ | 712,116 |  |  | $ | — |  |  | $ | 712,116 |
Restricted cash | 19,040 |  |  | — |  |  | 19,040 |
Trading securities | 120,162 |  |  | — |  |  | 120,162 |
Brokerage and other receivables, net | 249,980 |  |  | — |  |  | 249,980 |
Loans issued | 14,464 |  |  | — |  |  | 14,464 |
Other assets | 41,363 |  |  | (46) |  |  | 41,317 |
Investment in subsidiaries | 114,957 |  |  | (114,957) |  |  | — |
Total assets held for sale | $ | 1,272,082 |  |  | $ | (115,003) |  |  | $ | 1,157,079 |
Customer liabilities | $ | 966,869 |  |  | $ | — |  |  | $ | 966,869 |
Securities repurchase agreement obligations | 30,961 |  |  | — |  |  | 30,961 |
Debt securities issued | 64,647 |  |  | — |  |  | 64,647 |
Other liabilities | 27,499 |  |  | (96) |  |  | 27,403 |
Total liabilities held for sale | $ | 1,089,976 |  |  | $ | (96) |  |  | $ | 1,089,880 |
Net assets held for sale | $ | 182,106 |  |  |  |  | $ | 67,199 |
Unrealized gain from cumulative translation adjustment | (642) |  |  |  |  |
Adjusted net assets held for sale | $ | 181,464 |  |  |  |  |
Expected selling price | 140,000 |  |  |  |  |
Provision for impairment of discontinued operations | $ | (41,464) |  |  |  |  |

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