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RESTATEMENT (Tables)

3 Months Ended

Jun. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables summarizes the impact of these correction of errors for the three months ended June 30, 2022 and 2021:

			For the three months ended June 30, 2022
			As previously reported						Adjustments for discontinued operations						As recasted						Correction of errors related to classification of loans and bank customer accounts						Correction of errors related to classification of funds received for financing mortgage loans						As restated
Net cash flows from operating activities			$	(229,714)					$	31,393					$	(198,321)					$	(11,849)					$	(55,252)					$	(265,422)
Net cash flows from investing activities			(57,621)						—						(57,621)						(126,638)						—						(184,259)
Net cash flows from financing activities			146,434						(1,983)						144,451						138,487						55,252						338,190
Effect of changes in foreign exchange rates on cash and cash equivalents			241,661						13,482						255,143						—						—						255,143
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			$	100,760					$	42,892					$	143,652					$	—					$	—					$	143,652

			For the three months ended June 30, 2021
			As previously reported						Adjustments for discontinued operations						As recasted						Correction of errors related to classification of loans and bank customer accounts						As restated
Net cash flows from operating activities			$	(72,465)					$	1,341					$	(71,124)					$	8,737					$	(62,387)
Net cash flows from investing activities			(5,787)						(1)						(5,788)						(1,941)						(7,729)
Net cash flows from financing activities			14,658						(2,614)						12,044						(6,796)						5,248
Effect of changes in foreign exchange rates on cash and cash equivalents			23,782						1,275						25,057						—						25,057
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			$	(39,812)					$	1					$	(39,811)					$	—					$	(39,811)

In addition, it was determined that in the Company's previously issued condensed consolidated financial statements for the period ended June 30, 2022, interest income from margin lending to clients had been erroneously classified within fee and commission income from brokerage services. Such income has been reclassified to interest income as a separate sub-line item within interest income entitled interest income from margin lending to clients. The following tables summarize the impact of correction of the error on the Condensed Consolidated Statements of Operations and Other Comprehensive Income for the periods presented:

			For the three months ended June 30, 2022
			Issued						Adjustments for discontinued operations						As recasted						Correction of error						As restated
Fee and commission income			$	131,641					$	(37,281)					$	94,360					$	(4,914)					$	89,446
Net gain on trading securities			15,582						(11,149)						4,433												4,433
Net realized loss on investments available for sale			(593)						—						(593)						—						(593)
Interest income			49,453						(5,804)						43,649						4,914						48,563
Insurance underwriting income			24,241						—						24,241						—						24,241
Net gain/(loss) on foreign exchange operations			5,019						(426)						4,593												4,593
Net gain/(loss) on derivative			1,265						1						1,266						—						1,266
TOTAL REVENUE, NET			$	226,608					$	(54,659)					$	171,949					$	—					$	171,949

			For the three months ended June 30, 2021
			Issued						FF Life and FF Insurance acquisition						Adjustments for discontinued operations						As recasted						Correction of error						As restated
Fee and commission income			$	97,407					$	(24)					$	(18,167)					$	79,216					$	(1,101)					$	78,115
Net gain on trading securities			9,900						841						(2,059)						8,682												8,682
Net realized loss on investments available for sale			—						(31)						—						(31)						—						(31)
Interest income			18,077						6,585						(3,525)						21,137						1,101						22,238
Insurance underwriting income			—						14,076						—						14,076						—						14,076
Net gain/(loss) on foreign exchange operations			(1,187)						163						2,232						1,208												1,208
Net gain/(loss) on derivative			(59)						(1)						1						(59)						—						(59)
TOTAL REVENUE, NET			$	124,138					$	21,609					$	(21,518)					$	124,229					$	—					$	124,229

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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