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RESTATEMENT (Tables) | 6 Months Ended
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Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract] |
Revision of prior period statements | The following table summarizes the impact of these correction of errors for the periods presented:
| Six months ended September 30, 2022
| As previously reported |  | Correction of errors related to classification of funds received for financing mortgage loans |  | As restated
Net cash flows from/(used in) operating activities | $ | 124,183 |  |  | $ | (149,590) |  |  | $ | (25,407) |
Net cash flows used in investing activities | (323,187) |  |  | — |  |  | (323,187) |
Net cash flows from/(used in) financing activities | 746,094 |  |  | 149,590 |  |  | 895,684 |
Effect of changes in foreign exchange rates on cash and cash equivalents | 184,186 |  |  | — |  |  | 184,186 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 731,276 |  |  | $ | — |  |  | $ | 731,276 |
| Six months ended September 30, 2021
| As previously reported |  | FF Life and FF Insurance acquisitions |  | Adjustments for discontinued operations |  | As recasted |  | Correction of errors related to the classification of loans issued and bank customer accounts |  | As restated
Net cash flows from/(used in) operating activities | $ | (146,141) |  |  | $ | 2,119 |  |  | 134,938 |  |  | $ | (9,084) |  |  | $ | 29,931 |  |  | $ | 20,847 |
Net cash flows used in investing activities | (7,084) |  |  | (37,220) |  |  | — |  |  | (44,304) |  |  | (21,948) |  |  | (66,252) |
Net cash flows from/(used in) financing activities | 99,070 |  |  | 28,909 |  |  | 32,871 |  |  | 160,850 |  |  | (7,983) |  |  | 152,867 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | (36,533) |  |  | $ | (96) |  |  | $ | 167,617 |  |  | $ | 130,988 |  |  | $ | — |  |  | $ | 130,988 |
The following table summarizes the impact of the correction of errors broken down by continuing and discontinued operations:
| Six months ended September 30, 2021
| As recasted |  | Correction of errors related to the classification of loans issued and bank customer accounts |  | As restated
Net cash flows from/(used in) operating activities from continuing operations | $ | (4,046) |  |  | $ | 19,288 |  |  | $ | 15,242 |
Net cash flows from/(used in) operating activities from discontinued operations | (5,038) |  |  | 10,643 |  |  | 5,605 |
Net cash flows (used in) investing activities from continuing operations | (43,238) |  |  | (22,543) |  |  | (65,781) |
Net cash flows (used in)/from investing activities from discontinued operations | (1,066) |  |  | 595 |  |  | (471) |
Net cash flows from financing activities from continuing operations | 178,496 |  |  | 3,255 |  |  | 181,751 |
Net cash flows used in financing activities from discontinued operations | (17,646) |  |  | (11,238) |  |  | (28,884) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 130,988 |  |  | $ | — |  |  | $ | 130,988 |
The following tables summarize the impact of corrections of the errors on the Condensed Consolidated Statement of Operations for the periods presented:
| For the three months ended September 30, 2022
| As recasted |  | Correction of errors |  | As restated
Fee and commission income | $ | 93,123 |  |  | $ | (9,966) |  |  | $ | 83,157 |
Insurance underwriting income | 26,200 |  |  | — |  |  | 26,200 |
Net realized gain/(loss) on investments available for sale | 716 |  |  | — |  |  | 716 |
Net gain on trading securities | 9,005 |  |  | — |  |  | 9,005 |
Interest income | 49,033 |  |  | 9,966 |  |  | 58,999 |
Net loss on foreign exchange operations | 4,555 |  |  | — |  |  | 4,555 |
Net gain/(loss) on derivative | (2,320) |  |  | — |  |  | (2,320) |
TOTAL REVENUE, NET | $ | 180,312 |  |  | $ | — |  |  | $ | 180,312 |
| For the six months ended September 30, 2022
| As recasted |  | Correction of errors |  | As restated
Fee and commission income | $ | 187,483 |  |  | $ | (14,880) |  |  | $ | 172,603 |
Insurance underwriting income | 50,440 |  |  | — |  |  | 50,440 |
Net realized gain/(loss) on investments available for sale | 123 |  |  | — |  |  | 123 |
Net gain on trading securities | 13,439 |  |  | — |  |  | 13,439 |
Interest income | 92,682 |  |  | 14,880 |  |  | 107,562 |
Net loss on foreign exchange operations | 9,148 |  |  | — |  |  | 9,148 |
Net gain/(loss) on derivative | (1,054) |  |  | — |  |  | (1,054) |
TOTAL REVENUE, NET | $ | 352,261 |  |  | $ | — |  |  | $ | 352,261 |
| For the three months ended September 30, 2021
| As recasted |  | Correction of errors |  | As restated
Fee and commission income | 95,215 |  |  | (2,190) |  |  | 93,025 |
Net gain on trading securities | 181,603 |  |  | — |  |  | 181,603 |
Net realized gain/(loss) on investments available for sale | (622) |  |  | — |  |  | (622) |
Interest income | 24,429 |  |  | 2,190 |  |  | 26,619 |
Insurance underwriting income | 16,022 |  |  | — |  |  | 16,022 |
Net gain on foreign exchange operations | 1,508 |  |  | — |  |  | 1,508 |
Net loss on derivative | (656) |  |  | — |  |  | (656) |
TOTAL REVENUE, NET | $ | 317,499 |  |  | $ | — |  |  | $ | 317,499 |
| For the six months ended September 30, 2021
| As recasted |  | Correction of errors |  | As restated
Fee and commission income | $ | 174,431 |  |  | $ | (3,291) |  |  | $ | 171,140 |
Insurance underwriting income | 30,098 |  |  | — |  |  | 30,098 |
Net realized gain/(loss) on investments available for sale | (653) |  |  | — |  |  | (653) |
Net gain on trading securities | 190,285 |  |  | — |  |  | 190,285 |
Interest income | 45,566 |  |  | 3,291 |  |  | 48,857 |
Net loss on foreign exchange operations | 2,716 |  |  | — |  |  | 2,716 |
Net gain/(loss) on derivative | (715) |  |  | — |  |  | (715) |
TOTAL REVENUE, NET | $ | 441,728 |  |  | $ | — |  |  | $ | 441,728 |

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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 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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