ASSETS AND LIABILITIES HELD FOR SALE

3 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

On October 17, 2022, the Company entered into an agreement with Mr. Maxim Povalishin for the sale of 100% of the share capital the Company's subsidiaries in Russia. The transaction was completed on February 27, 2023. Because of the reissuance of the financial statements due to the restatements discussed in Note 4, the Company have also recast the financial statements to reflect the assets and liabilities to be disposed of as discontinued operations in the condensed consolidated financial statements. In accordance with US GAAP, the Company has reported separately the discontinued operations in the condensed consolidated financial statements.

The segment reporting in Note 26 has been recast to remove the Russian segment due to its presentation in the financial statements as discontinued operations.

As of June 30, 2022, and March 31, 2022, the major classes of assets and liabilities from discontinued operations included the following:


	June 30, 2022		March 31, 2022
Cash and cash equivalents	$	698,021	$	428,480
Restricted cash	6,343		28,406
Trading securities	122,079		122,497
Brokerage and other receivables, net	278,957		210,087
Loans issued	11,430		2,395
Other assets	51,862		33,554

Total assets held for sale	$	1,168,692	$	825,419

Customer liabilities	$	983,303	$	701,584
Debt securities issued	64,637		64,637
Securities repurchase agreement obligations	34,264		32,469
Other liabilities	37,451		13,788

Total liabilities held for sale	$	1,119,655	$	812,478

The results of operations for discontinued operations for the three months ended June 30, 2022 and 2021, consist of the following:


	For The Three Months Ended
	June 30, 2022		June 30, 2021
Fee and commission income	$	30,664	$	17,018
Net gain on trading securities	11,148		2,059
Interest income	12,421		4,674
Net gain/(loss) on foreign exchange operations	425		(2,232)

Total revenue	54,658		21,519

Fee and commission expense	1,926		2,067
Interest expense	5,758		2,249
Operating expense	27,468		13,823
Provision for impairment losses	370		26
Other income net	34		117

Total expense	35,556		18,282

Profit before income tax	$	19,102	$	3,237

The net cash flows from/(used in) operating and investing activities from discontinued operations for the three months ended June 30, 2022 and 2021, consist of the following:


	Three Months Ended June 30,
	2022		2021
Cash Flows (Used In)/From Operating Activities

Net income from discontinued operations	$	15,946	$	2,700

Adjustments to reconcile net income from operating activities:
Depreciation and amortization	563		475
Noncash lease expense	1,588		1,091
Change in deferred taxes	3,082		(174)
Stock compensation expense	1,821		1,068
Unrealized (gain)/loss on trading securities	(19,611)		540
Net change in accrued interest	2,193		851
Allowances/(recovery) for receivables	370		(26)
Changes in operating assets and liabilities:
Trading securities	78,727		(23,211)
Brokerage and other receivables	54,061		(43,962)
Other assets	393		(503)
Securities sold, not yet purchased – at fair value	98		(23)
Customer liabilities	(161,483)		(11,029)
Current income tax liability	—		(611)
Trade payables	11,332		(54)
Lease liabilities	(1,716)		(1,319)
Other liabilities	(211)		(13)
Net cash flows (used in)/from operating activities from discontinued operations	(12,847)		(74,200)

Cash Flows (Used In)/From Investing Activities
Purchase of fixed assets	(1,325)		(801)
Proceeds from sale of fixed assets	—		178
Net change in loans issued to customers	(5,754)		1,022
Net cash flows (used in)/from investing activities from discontinued operations	$	(7,079)	$	399