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SEGMENT REPORTING | 12 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING We have historically operated as a single operating segment. With the restructuring of our operations and the divestiture of our Russian subsidiaries, coupled with our continued expansion, during the fourth quarter of fiscal 2022 we elected to reorganize our operations geographically into five regional segments: Central Asia and Eastern Europe, Europe, excluding Eastern Europe, United States, Russia and Middle East/Caucasus As a result of the divestiture of our Russian subsidiaries, which was completed in February 2023, we now have four regional segments. These operating segments are based on how our CODM is making decisions about allocating resources and assessing performance. The total revenue, net associated with our segments is summarized in the following table: The following tables summarize the Company's Statement of operation by its geographic segments. There are no revenues from transactions between the segments and intercompany balances were eliminated for separate:
| Year ended March 31, 2023
STATEMENTS OF OPERATIONS | Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | US |  | Middle East/Caucasus |  | Total
Fee and commission income(1) | $ | 106,982 |  |  | $ | 215,408 |  |  | $ | 4,825 |  |  | $ | — |  |  | $ | 327,215 |
Net gain/(loss) on trading securities | 92,330 |  |  | (22,693) |  |  | 1,447 |  |  | — |  |  | 71,084 |
Interest income | 257,285 |  |  | 26,090 |  |  | 11,289 |  |  | 31 |  |  | 294,695 |
Insurance underwriting income | 115,371 |  |  | — |  |  | — |  |  | — |  |  | 115,371 |
Net gain/(loss) on foreign exchange operations | 58,908 |  |  | (2,287) |  |  | (4,479) |  |  | 12 |  |  | 52,154 |
Net loss on derivative | (64,826) |  |  | — |  |  | — |  |  | — |  |  | (64,826) |
TOTAL REVENUE, NET | 566,050 |  |  | 216,518 |  |  | 13,082 |  |  | 43 |  |  | 795,693 |
Fee and commission expense | $ | 34,939 |  |  | $ | 29,426 |  |  | $ | 1,238 |  |  | $ | 57 |  |  | $ | 65,660 |
Interest expense | 172,326 |  |  | 22,042 |  |  | 14,579 |  |  | — |  |  | 208,947 |
Insurance claims incurred, net of reinsurance | 77,329 |  |  | — |  |  | — |  |  | — |  |  | 77,329 |
Payroll and bonuses | 56,774 |  |  | 16,090 |  |  | 7,818 |  |  | 1,137 |  |  | 81,819 |
Professional services | 1,594 |  |  | 7,397 |  |  | 7,875 |  |  | 140 |  |  | 17,006 |
Stock compensation expense | 6,582 |  |  | 550 |  |  | 2,161 |  |  | — |  |  | 9,293 |
Advertising expense | 7,847 |  |  | 5,900 |  |  | 186 |  |  | 126 |  |  | 14,059 |
General and administrative expense | 34,754 |  |  | 20,496 |  |  | 4,095 |  |  | 626 |  |  | 59,971 |
Provision for impairment losses | 12,522 |  |  | 15,070 |  |  | 1,527 |  |  | — |  |  | 29,119 |
Other (income)/expense, net | (4,485) |  |  | 1,101 |  |  | (14) |  |  | (50) |  |  | (3,448) |
TOTAL EXPENSE | 400,182 |  |  | 118,072 |  |  | 39,465 |  |  | 2,036 |  |  | 559,755 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 165,868 |  |  | $ | 98,446 |  |  | $ | (26,383) |  |  | (1,993) |  |  | $ | 235,938 |
Income tax expense | (625) |  |  | (21,813) |  |  | (20,278) |  |  | (60) |  |  | (42,776) |
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 165,243 |  |  | $ | 76,633 |  |  | $ | (46,661) |  |  | (2,053) |  |  | $ | 193,162 |
| Year ended March 31, 2022 (Recasted)
STATEMENTS OF OPERATIONS | Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | US |  | Middle East/Caucasus |  | Total
Fee and commission income(1) | $ | 23,652 |  |  | $ | 307,014 |  |  | $ | 4,545 |  |  | $ | — |  |  | $ | 335,211 |
Net gain on trading securities | 10,511 |  |  | 142,195 |  |  | 2,546 |  |  | — |  |  | 155,252 |
Interest income | 107,075 |  |  | 14,051 |  |  | 483 |  |  | — |  |  | 121,609 |
Insurance underwriting income | 72,981 |  |  | — |  |  | — |  |  | — |  |  | 72,981 |
Net gain/(loss) on foreign exchange operations | 7,824 |  |  | (5,598) |  |  | 1,565 |  |  | — |  |  | 3,791 |
Net gain on derivative | 946 |  |  | — |  |  | — |  |  | — |  |  | 946 |
TOTAL REVENUE, NET | 222,989 |  |  | 457,662 |  |  | 9,139 |  |  | — |  |  | 689,790 |
Fee and commission expense | 20,610 |  |  | 64,519 |  |  | 780 |  |  | — |  |  | 85,909 |
Interest expense | 66,392 |  |  | 8,747 |  |  | 1,808 |  |  | — |  |  | 76,947 |
Insurance claims incurred, net of reinsurance | 54,447 |  |  | — |  |  | — |  |  | — |  |  | 54,447 |
Payroll and bonuses | 32,562 |  |  | 9,419 |  |  | 4,224 |  |  | 83 |  |  | 46,288 |
Professional services | 1,773 |  |  | 5,540 |  |  | 5,295 |  |  | 74 |  |  | 12,682 |
Stock compensation expense | 4,768 |  |  | 677 |  |  | 2,414 |  |  | — |  |  | 7,859 |
Advertising expense | 4,684 |  |  | 7,217 |  |  | 9 |  |  | 6 |  |  | 11,916 |
General and administrative expense | 16,770 |  |  | 4,894 |  |  | 1,749 |  |  | 120 |  |  | 23,533 |
Provision for impairment losses | 2,441 |  |  | 61 |  |  | — |  |  | — |  |  | 2,502 |
Other expense/(income), net | 3,138 |  |  | 7 |  |  | 872 |  |  | (3) |  |  | 4,014 |
TOTAL EXPENSE | 207,585 |  |  | 101,081 |  |  | 17,151 |  |  | 280 |  |  | 326,097 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 15,404 |  |  | $ | 356,581 |  |  | $ | (8,012) |  |  | (280) |  |  | $ | 363,693 |
Income tax (expense)/benefit | 1,195 |  |  | (26,786) |  |  | (12,988) |  |  | 9 |  |  | (38,570) |
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 16,599 |  |  | $ | 329,795 |  |  | $ | (21,000) |  |  | (271) |  |  | $ | 325,123 |
| Year ended March 31, 2021 (Recasted)
STATEMENTS OF OPERATIONS | Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | US |  | Middle East/Caucasus |  | Total
Fee and commission income(1) | $ | 20,567 |  |  | $ | 194,311 |  |  | $ | 1,130 |  |  | $ | — |  |  | $ | 216,008 |
Net gain on trading securities | 21,310 |  |  | 8 |  |  | 7,489 |  |  | — |  |  | 28,807 |
Interest income | 34,158 |  |  | 3,634 |  |  | 682 |  |  | — |  |  | 38,474 |
Insurance underwriting income | 62,951 |  |  | — |  |  | — |  |  | — |  |  | 62,951 |
Net gain/(loss) on foreign exchange operations | 1,072 |  |  | (300) |  |  | (215) |  |  | — |  |  | 557 |
Net gain on derivative | 86 |  |  | — |  |  | — |  |  | — |  |  | 86 |
TOTAL REVENUE, NET | 140,144 |  |  | 197,653 |  |  | 9,086 |  |  | — |  |  | 346,883 |
Fee and commission expense | 7,412 |  |  | 62,430 |  |  | 695 |  |  | — |  |  | 70,537 |
Interest expense | 16,608 |  |  | 3,663 |  |  | 2,173 |  |  | — |  |  | 22,444 |
Insurance claims incurred, net of reinsurance | 52,405 |  |  | — |  |  | — |  |  | — |  |  | 52,405 |
Payroll and bonuses | 16,878 |  |  | 5,398 |  |  | 1,156 |  |  | 3 |  |  | 23,435 |
Professional services | 685 |  |  | 769 |  |  | 2,975 |  |  | 1 |  |  | 4,430 |
Stock compensation expense | — |  |  | 56 |  |  | 58 |  |  | — |  |  | 114 |
Advertising expense | 3,566 |  |  | 3,386 |  |  | 19 |  |  | — |  |  | 6,971 |
General and administrative expense | 8,036 |  |  | 2,518 |  |  | 553 |  |  | 11 |  |  | 11,118 |
Provision for impairment losses | 1,086 |  |  | 108 |  |  | 396 |  |  | — |  |  | 1,590 |
Other expense/(income), net | 2,052 |  |  | (3) |  |  | (15) |  |  | — |  |  | 2,034 |
TOTAL EXPENSE | 108,728 |  |  | 78,325 |  |  | 8,010 |  |  | 15 |  |  | 195,078 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 31,416 |  |  | $ | 119,328 |  |  | $ | 1,076 |  |  | (15) |  |  | $ | 151,805 |
Income tax (expense)/benefit | 111 |  |  | (13,859) |  |  | (9,559) |  |  | — |  |  | (23,307) |
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 31,527 |  |  | $ | 105,469 |  |  | $ | (8,483) |  |  | (15) |  |  | $ | 128,498 |
(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 subsidiary received the initial order from external client. 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, 2023
| Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | US |  | Middle East/ Caucasus |  | Held for sale |  | Total
Total assets | $ | 4,303,126 |  |  | $ | 677,425 |  |  | $ | 101,365 |  |  | $ | 2,642 |  |  |  |  | $ | 5,084,558 |
Total liabilities | 3,868,326 |  |  | 384,921 |  |  | 60,198 |  |  | 377 |  |  |  |  | 4,313,822 |
Net assets | $ | 434,800 |  |  | $ | 292,504 |  |  | $ | 41,167 |  |  | $ | 2,265 |  |  |  |  | $ | 770,736 |
| March 31, 2022 (Recasted)
| Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | US |  | Middle East/ Caucasus |  | Held for sale |  | Total
Total assets | $ | 1,466,214 |  |  | $ | 765,698 |  |  | $ | 172,661 |  |  | $ | 355 |  |  | $ | 825,419 |  |  | $ | 3,230,347 |
Total liabilities | 1,206,084 |  |  | 489,884 |  |  | 175,121 |  |  | 172 |  |  | 812,478 |  |  | 2,683,739 |
Net assets | $ | 260,130 |  |  | $ | 275,814 |  |  | $ | (2,460) |  |  | $ | 183 |  |  | $ | 12,941 |  |  | $ | 546,608 |
Central Asia and Eastern Europe Segment Operations in Kazakhstan, Kyrgyzstan, Uzbekistan, and Ukraine, along with our headquarters in Kazakhstan, form our Central Asia and Eastern Europe segment. Within this segment, the Company conduct business under different securities licenses as required by the respective jurisdictions in the Central Asia and Eastern Europe region. Central Asia and Eastern Europe segment provides comprehensive financial solutions, including lending such as digital auto loans ad digital mortgage loans, payments, asset management products, bank guarantees, on demand and time deposits, various types of insurance coverage to meet the needs of our customers and small businesses. Our insurance offerings include life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Europe excluding Eastern Europe Segment Europe excluding Eastern Europe offers a broad suite of market-making, prime brokerage, lending, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, merchants, government and municipal entities. It caters to clients from the European Union by offering comprehensive solutions to support their investment needs. Our services encompass direct access to the world's largest stock exchanges, providing our clients with a gateway to global investment opportunities. Additionally, our offerings include professional securities analytics, empowering clients with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, it provides user-friendly trading applications that offer convenience and flexibility. US segment US segment provides a wide range of services to meet the needs of its clients. The segment offers a full array of investment banking and capital markets advisory services, including initial public offerings, mergers, and acquisitions, debt and equity financing, corporate banking, trading, hedging, and research, equity research, delivering in-depth analysis, insights into individual stocks and sectors. It provides macro-economic strategy research to help clients navigate the broader economic landscape and make informed investment decisions. To ensure clients are well-informed, the segment offers a daily morning note that covers key market updates, trends, and potential opportunities. It also provides technical research, focusing on chart patterns and technical indicators to assist clients in identifying potential entry and exit points in the market. In addition, the US segment conducts research in specific sectors such as energy and consumer, offering valuable insights into industry trends and company analysis. It facilitates corporate access research, enabling clients to gain access to top management and industry experts for a deeper understanding of specific companies or sectors. Middle East/ Caucasus segment Middle East/Caucasus segment offers securities broker- dealer services, financials educational center services, financial intermediary center services and financial consulting services. The segment is currently in the developmental stage and does not generate profit at the moment. As a developing segment, the focus is on establishing a strong presence, building strategic relationships, and expanding client base in the region.

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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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