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RECAST
 3 Months Ended
Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]  
Recast RECAST
On October 17, 2022, the Company entered into an agreement with Mr. Maxim Povalishin for the sale of the Company's subsidiaries comprising the Russian segment. Because the assets and liabilities to be disposed of met the held for sale criteria, as of and for the three months ended June 30, 2022 and in the corresponding periods of 2021 and 2020 for comparative purposes. For additional information see Note 26 - Assets and Liabilities held for sale.

The previously issued Condensed Consolidated Balance Sheets as of June 30,2022 and March 31, 2022, and Condensed Consolidated Statement of Operations and Statements of Other Comprehensive Income for the three months ended June 30, 2022 and 2021, have been revised as follows:
As of March 31, 2022
As previously reportedRecast insurance companiesRecast discontinued operationsAs recasted
ASSETS
Cash and cash equivalents$625,547 $816 $(400,899)$225,464 
Restricted cash553,680 — (5,730)547,950 
Trading securities1,203,479 77,395 (122,497)1,158,377 
Available-for-sale securities, at fair value1 161,363 — 161,364 
Brokerage and other receivables, net357,567 179 (210,087)147,659 
Loans issued94,797 43 (2,394)92,446 
Fixed assets, net21,365 436 (3,978)17,823 
Intangible assets, net5,791 1,650 (2,278)5,163 
Goodwill5,388 510 — 5,898 
Right-of-use asset15,669 684 (8,922)7,431 
Deferred tax assets12,018 51 (11,161)908 
Assets from insurance activity — 5,712 — 5,712 
Assets held for sale— — 825,419 825,419 
Other assets, net25,707 7,643 (7,214)26,136 
TOTAL ASSETS$2,921,009 $256,482 $50,259 $3,227,750 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$775,178 $97,515 $(32,469)$840,224 
Customer liabilities1,417,937 (983)(651,326)765,628 
Trade payables45,229 1 (147)45,083 
Liabilities from insurance activity — 119,490 — 119,490 
Current income tax liability14,556 — — 14,556 
Securities sold, not yet purchased – at fair value14,103 — (238)13,865 
Loans received3,538 — — 3,538 
Debt securities issued99,027 — (64,637)34,390 
Lease liability15,315 719 (8,530)7,504 
Deferred distribution payments8,534 — — 8,534 
Liabilities held for sale— — 812,478 812,478 
Other liabilities19,917 807 (4,872)15,852 
TOTAL LIABILITIES2,413,334 217,549 50,259 2,681,142 
Commitments and Contingent Liabilities (Note 25)— — — — 
SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding
— — — — 
Common stock - $0.001 par value; 500,000,000 shares authorized; 59,542,212 shares issued and outstanding as of June 30, 2022, and March 31, 2022, respectively
59 — — 59 
Additional paid in capital141,340 33,405 — 174,745 
Retained earnings426,563 15,361 — 441,924 
Accumulated other comprehensive loss(53,291)(9,834)— (63,125)
TOTAL FRHC SHAREHOLDERS’ EQUITY514,671 38,932 — 553,603 
Non-controlling interest(6,996)1 — (6,995)
TOTAL SHAREHOLDERS’ EQUITY507,675 38,933 — 546,608 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,921,009 $256,482 $50,259 $3,227,750 
As of June 30, 2022
As previously reported*Recast discontinued operationsAs recasted
ASSETS
Cash and cash equivalents$905,685 $(659,286)$246,399 
Restricted cash375,118 48,071 423,189 
Trading securities1,420,481 (122,079)1,298,402 
Available-for-sale securities, at fair value219,470 — 219,470 
Brokerage and other receivables, net511,047 (278,938)232,109 
Loans issued223,519 (11,431)212,088 
Fixed assets, net29,203 (7,248)21,955 
Intangible assets, net9,404 (4,028)5,376 
Goodwill5,932 — 5,932 
Right-of-use asset24,394 (14,908)9,486 
Deferred tax assets16,263 (14,329)1,934 
Assets from insurance activity 7,170 — 7,170 
Assets held for sale— 1,168,692 1,168,692 
Other assets, net49,508 (10,969)38,539 
TOTAL ASSETS$3,797,194 $93,547 $3,890,741 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$1,030,171 $(34,264)$995,907 
Customer liabilities1,652,643 (889,774)762,869 
Trade payables82,202 (15,078)67,124 
Liabilities from insurance activity 135,563 — 135,563 
Current income tax liability23,803 — 23,803 
Securities sold, not yet purchased – at fair value7,706 (520)7,186 
Loans received5,435 — 5,435 
Debt securities issued115,629 (64,636)50,993 
Lease liability23,642 (14,098)9,544 
Deferred distribution payments8,534 — 8,534 
Liabilities held for sale— 1,119,655 1,119,655 
Other liabilities79,984 (7,738)72,246 
Payable for acquisition24,966 — 24,966 
TOTAL LIABILITIES3,190,278 93,547 3,283,825 
Commitments and Contingent Liabilities (Note 25)— — — 
SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding
— — — 
Common stock - $0.001 par value; 500,000,000 shares authorized; 59,542,212 shares issued and outstanding as of June 30, 2022, and March 31, 2022, respectively
59 — 59 
Additional paid in capital152,532 — 152,532 
Retained earnings502,990 — 502,990 
Accumulated other comprehensive loss(39,676)— (39,676)
TOTAL FRHC SHAREHOLDERS’ EQUITY615,905 — 615,905 
Non-controlling interest(8,989)— (8,989)
TOTAL SHAREHOLDERS’ EQUITY606,916 — 606,916 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$3,797,194 $93,547 $3,890,741 
Three months ended June 30, 2022
As previously reported*Recast discontinued operationsAs recasted
Revenue:
Fee and commission income$126,727 $(37,281)$89,446 
Net gain on trading securities15,582 (11,149)4,433 
Net realized loss on investments available for sale(593)— (593)
Interest income54,367 (5,804)48,563 
Income from insurance activity24,241 — 24,241 
Net gain/(loss) on foreign exchange operations5,019 (426)4,593 
Net gain on derivative1,265 1 1,266 
TOTAL REVENUE, NET226,608 (54,659)171,949 
Expense:
Fee and commission expense25,241 (1,926)23,315 
Interest expense45,829 (5,758)40,071 
Expense from insurance activity16,692 — 16,692 
Operating expense65,467 (27,468)37,999 
Provision for impairment losses2,798 (370)2,428 
Other expense, net(527)(34)(561)
TOTAL EXPENSE155,500 (35,556)119,944 
NET INCOME BEFORE INCOME TAX71,108 (19,103)52,005 
Income tax expense(12,035)3,156 (8,879)
INCOME FROM CONTINUING OPERATIONS59,073 (15,947)43,126 
Income before income tax expense of discontinued operations— 19,102 19,102 
Income tax expense of discontinued operations— (3,156)(3,156)
Income from discontinued operations— 15,946 15,946 
NET INCOME59,073 $(1)$59,072 
Less: Net loss attributable to non-controlling interest in subsidiary(1,994)— (1,994)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$61,067 $(1)$61,066 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect866 — 866 
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect593 — 593 
Foreign currency translation adjustments, net of tax effect21,977 13 21,990 
OTHER COMPREHENSIVE INCOME23,436 13 23,449 
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$82,509 $12 $82,521 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(1,994)— (1,994)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$84,503 $12 $84,515 
For the three months ended June 30, 2022, the Company’s EPS as reported was 0.99 for both basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.72 for both basic and diluted EPS for continuing operations to 0.27, for both basic and diluted EPS for discontinued operations, and to 1.03 for both basic and diluted total EPS, respectively.

Three months ended June 30, 2021
As previously reported*Recast insurance companiesRecast discontinued operationsAs recasted
Revenue:
Fee and commission income$96,306 $(24)$(18,167)$78,115 
Net gain on trading securities9,900 841 (2,059)8,682 
Net realized loss on investments available for sale— (31)— (31)
Interest income19,178 6,585 (3,525)22,238 
Income from insurance activity— 14,076 — 14,076 
Net (loss)/gain on foreign exchange operations(1,187)163 2,232 1,208 
Net loss on derivative(59)(1)1 (59)
TOTAL REVENUE, NET124,138 21,609 (21,518)124,229 
Expense:
Fee and commission expense21,863 1,397 (2,066)21,194 
Interest expense14,272 2,223 (2,249)14,246 
Expense from insurance activity— 11,296 — 11,296 
Operating expense30,318 2,926 (13,823)19,421 
Provision for impairment losses293 — (26)267 
Other expense, net14 111 (115)10 
TOTAL EXPENSE66,760 17,953 (18,279)66,434 
NET INCOME BEFORE INCOME TAX57,378 3,656 (3,239)57,795 
Income tax expense(5,669)5 537 (5,127)
INCOME FROM CONTINUING OPERATIONS51,709 3,661 (2,702)52,668 
Income before income tax expense of discontinued operations— — 3,237 3,237 
Income tax expense of discontinued operations— — (537)(537)
Income from discontinued operations— — 2,700 2,700 
NET INCOME51,709 3,661 (2)55,368 
Less: Net loss attributable to non-controlling interest in subsidiary(52)— — (52)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$51,761 $3,661 $(2)$55,420 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect— 874 — 874 
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect— 31 — 31 
Foreign currency translation adjustments, net of tax effect3,300 (278)— 3,022 
OTHER COMPREHENSIVE INCOME3,300 627 — 3,927 
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$55,009 $4,288 $(2)$59,295 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(52)— — (52)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$55,061 $4,288 $(2)$59,347 
For the three months ended June 30, 2021, the Company’s EPS as reported was 0.87 for both basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.89 and 0.88 for both basic and diluted EPS respectively for continuing operations, to 0.05 for both basic and diluted EPS for discontinued operations, and to 0.93 for both basic and diluted total EPS, respectively.

*amounts with restatement in fee and commission income and interest income, for more information please see Note 4 Restatement.