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SEGMENT REPORTING
 12 Months Ended
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 EuropeUSMiddle East/CaucasusTotal
Fee and commission income(1)
$106,982 $215,408 $4,825 $— $327,215 
Net gain/(loss) on trading securities92,330 (22,693)1,447 — 71,084 
Interest income257,285 26,090 11,289 31 294,695 
Insurance underwriting income115,371 — — — 115,371 
Net gain/(loss) on foreign exchange operations58,908 (2,287)(4,479)12 52,154 
Net loss on derivative(64,826)— — — (64,826)
TOTAL REVENUE, NET566,050 216,518 13,082 43 795,693 
Fee and commission expense$34,939 $29,426 $1,238 $57 $65,660 
Interest expense172,326 22,042 14,579 — 208,947 
Insurance claims incurred, net of reinsurance77,329 — — — 77,329 
Payroll and bonuses56,774 16,090 7,818 1,137 81,819 
Professional services1,594 7,397 7,875 140 17,006 
Stock compensation expense6,582 550 2,161 — 9,293 
Advertising expense7,847 5,900 186 126 14,059 
General and administrative expense34,754 20,496 4,095 626 59,971 
Provision for impairment losses12,522 15,070 1,527 — 29,119 
Other (income)/expense, net(4,485)1,101 (14)(50)(3,448)
TOTAL EXPENSE400,182 118,072 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 EuropeUSMiddle East/CaucasusTotal
Fee and commission income(1)
$23,652 $307,014 $4,545 $— $335,211 
Net gain on trading securities10,511 142,195 2,546 — 155,252 
Interest income107,075 14,051 483 — 121,609 
Insurance underwriting income72,981 — — — 72,981 
Net gain/(loss) on foreign exchange operations7,824 (5,598)1,565 — 3,791 
Net gain on derivative946 — — — 946 
TOTAL REVENUE, NET222,989 457,662 9,139 — 689,790 
Fee and commission expense20,610 64,519 780 — 85,909 
Interest expense66,392 8,747 1,808 — 76,947 
Insurance claims incurred, net of reinsurance54,447 — — — 54,447 
Payroll and bonuses32,562 9,419 4,224 83 46,288 
Professional services1,773 5,540 5,295 74 12,682 
Stock compensation expense4,768 677 2,414 — 7,859 
Advertising expense4,684 7,217 9 6 11,916 
General and administrative expense16,770 4,894 1,749 120 23,533 
Provision for impairment losses 2,441 61 — — 2,502 
Other expense/(income), net3,138 7 872 (3)4,014 
TOTAL EXPENSE207,585 101,081 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)/benefit1,195 (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 EuropeUSMiddle East/CaucasusTotal
Fee and commission income(1)
$20,567 $194,311 $1,130 $— $216,008 
Net gain on trading securities21,310 8 7,489 — 28,807 
Interest income34,158 3,634 682 — 38,474 
Insurance underwriting income62,951 — — — 62,951 
Net gain/(loss) on foreign exchange operations1,072 (300)(215)— 557 
Net gain on derivative86 — — — 86 
TOTAL REVENUE, NET140,144 197,653 9,086 — 346,883 
Fee and commission expense7,412 62,430 695 — 70,537 
Interest expense16,608 3,663 2,173 — 22,444 
Insurance claims incurred, net of reinsurance52,405 — — — 52,405 
Payroll and bonuses16,878 5,398 1,156 3 23,435 
Professional services685 769 2,975 1 4,430 
Stock compensation expense— 56 58 — 114 
Advertising expense3,566 3,386 19 — 6,971 
General and administrative expense8,036 2,518 553 11 11,118 
Provision for impairment losses 1,086 108 396 — 1,590 
Other expense/(income), net2,052 (3)(15)— 2,034 
TOTAL EXPENSE108,728 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)/benefit111 (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 EuropeUSMiddle East/ CaucasusHeld for saleTotal
Total assets$4,303,126 $677,425 $101,365 $2,642 $5,084,558 
Total liabilities3,868,326 384,921 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 EuropeUSMiddle East/ CaucasusHeld for saleTotal
Total assets$1,466,214 $765,698 $172,661 $355 $825,419 $3,230,347 
Total liabilities1,206,084 489,884 175,121 172 812,478 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.