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v3.23.2

ASSETS AND LIABILITIES HELD FOR SALE (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of net gain on foreign exchange operations |
| February 28, 2023 |  | March 31, 2022
Cash and cash equivalents | 593,953 |  |  | 428,480 |
Restricted cash | 6,033 |  |  | 28,406 |
Trading securities | 113,845 |  |  | 122,497 |
Margin lending, brokerage and other receivables, net | 257,184 |  |  | 210,087 |
Loans issued | 23,169 |  |  | 2,395 |
Other assets | 32,398 |  |  | 33,554 |
Total assets held for sale | 1,026,582 |  |  | 825,419 |
Customer liabilities | 776,425 |  |  | 701,584 |
Securities repurchase agreement obligations | 33,275 |  |  | 32,469 |
Debt securities issued | 34,379 |  |  | 64,637 |
Other liabilities | 16,385 |  |  | 13,788 |
Total liabilities held for sale | 860,464 |  |  | 812,478 |
The results of operations for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:
| For The Eleven Months Ended February 28, 2023 |  | For The Year Ended March 31, 2022 |  | For The Year Ended March 31, 2021
Fee and commission income | 77,109 |  |  | 69,742 |  |  | 52,780 |
Net gain/(loss) on trading securities | 22,045 |  |  | (78,674) |  |  | 20,275 |
Net loss on derivative | (44) |  |  | — |  |  | 39 |
Interest income | 53,410 |  |  | 28,399 |  |  | 11,221 |
Net gain/(loss) on foreign exchange operations | 45,859 |  |  | (39,672) |  |  | 2,285 |
TOTAL REVENUE, NET | 198,379 |  |  | (20,205) |  |  | 86,600 |
Payroll and bonuses | 58,971 |  |  | 39,114 |  |  | 24,827 |
Professional services | 620 |  |  | 467 |  |  | 239 |
Stock compensation expense | 1,743 |  |  | 7,887 |  |  | 1,033 |
Advertising expense | 14,945 |  |  | 7,085 |  |  | 1,881 |
General and administrative expense | 26,031 |  |  | 18,476 |  |  | 14,001 |
Interest expense | 15,051 |  |  | 10,450 |  |  | 8,760 |
Fee and commission expense | 10,467 |  |  | 7,988 |  |  | 7,122 |
Provision for impairment losses | 1,566 |  |  | 779 |  |  | 45 |
Other (income)/expense, net | 825 |  |  | 4,748 |  |  | 174 |
TOTAL EXPENSE | 130,219 |  |  | 96,994 |  |  | 58,082 |
INCOME/(LOSS) BEFORE INCOME TAX | 68,160 |  |  | $ | (117,199) |  |  | $ | 28,518 |
The net cash flows used in operating and investing activities for discontinued operations for the eleven months ended February 28, 2023 and for the years ended March 31, 2022 and 2021, consist of the following:
| For The Eleven Months Ended February 28, 2023 |  | For The Year Ended March 31, 2022 |  | For The Year Ended March 31, 2021
|  |  | (Recasted) |  | (Recasted)
Cash Flows From Operating Activities |  |  |  |  |
Net income/(loss) from discontinued operations | $ | 12,424 |  |  | $ | (104,195) |  |  | $ | 21,783 |
Adjustments to reconcile net income used in operating activities: |  |  |  |  |
Depreciation and amortization | 2,103 |  |  | 2,035 |  |  | 1,745 |
Noncash lease expense | 5,772 |  |  | 4,932 |  |  | 3,826 |
Change in deferred taxes | 8,203 |  |  | (12,634) |  |  | 1,170 |
Impairment of FFIN Bank goodwill | — |  |  | 723 |  |  | — |
Impairment of Zerich goodwill | — |  |  | 810 |  |  | — |
Stock compensation expense | 1,743 |  |  | 7,887 |  |  | 1,033 |
Unrealized loss/(gain) on trading securities | (35,244) |  |  | 51,652 |  |  | (425) |
Net change in accrued interest | (276) |  |  | 354 |  |  | (1,921) |
Client base write-off | — |  |  | 3,125 |  |  | — |
Allowances for receivables | 1,871 |  |  | 771 |  |  | 41 |
Loss from divestiture of Russian subsidiaries | 51,533 |  |  | — |  |  | — |
Changes in operating assets and liabilities: |  |  |  |  |
Trading securities | 62,100 |  |  | (39,354) |  |  | (100,133) |
Margin lending, brokerage and other receivables | (23,325) |  |  | (218,852) |  |  | 28,845 |
Other assets | (2,684) |  |  | (3,684) |  |  | (1,292) |
Securities sold, not yet purchased – at fair value | 182 |  |  | 239 |  |  | 23 |
Customer liabilities | (106,396) |  |  | 198,608 |  |  | 392,855 |
Current income tax liability | 1 |  |  | (637) |  |  | 658 |
Margin lending and trade payables | (15) |  |  | (370) |  |  | 230 |
Lease liabilities | (5,763) |  |  | (5,166) |  |  | (3,854) |
Other liabilities | 3,676 |  |  | 1,256 |  |  | 2,433 |
Net cash flows from/(used in) operating activities from discontinued operations | (24,095) |  |  | (112,500) |  |  | 347,017 |
Cash Flows Used In Investing Activities |  |  |  |  |
Purchase of fixed assets | (4,421) |  |  | (3,438) |  |  | (2,137) |
Proceeds from sale of fixed assets | — |  |  | — |  |  | 76 |
Net change in loans issued to customers | (25,331) |  |  | (945) |  |  | (171) |
Cash, cash equivalents and restricted cash disposed from divestiture of Russia segment | (599,986) |  |  | — |  |  | — |
Net cash flows used in investing activities from discontinued operations | (629,738) |  |  | (4,383) |  |  | (2,232) |
The following table presents reconciliation of loss from disposal of discontinued operations as of disposal date:
|  | February 28, 2023
Cash and cash equivalents |  | 593,953 |
Restricted cash |  | 6,033 |
Trading securities |  | 113,845 |
Margin lending, brokerage and other receivables, net |  | 257,184 |
Loans issued |  | 23,169 |
Other assets |  | 32,398 |
Total assets of discontinued operations |  | $ | 1,026,582 |
Customer liabilities |  | 776,425 |
Securities repurchase agreement obligations |  | 33,275 |
Debt securities issued |  | 34,379 |
Other liabilities |  | 16,385 |
Total liabilities of discontinued operations |  | $ | 860,464 |
Net assets of discontinued operations |  | $ | 166,118 |
Reclassification of unrealized loss from cumulative translation adjustment |  | 25,415 |
Adjusted net assets of discontinued operations |  | $ | 191,533 |
Consideration received |  | 140,000 |
Loss from divestiture of discontinued operations |  | $ | (51,533) |

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