XML 20 R11.htm IDEA: XBRL DOCUMENT
v3.23.1

RESTATEMENT | 6 Months Ended
--- | ---
Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract] |
RESTATEMENT | RESTATEMENTS During the course of the Company's preparation of Form 10-Q for the period ended September 30, 2022, it was determined that there was an error in the Company's quarterly report on Form 10-Q for the six months ended September 30, 2021 related to the classification of loans issued and bank customer accounts within the Company's Condensed Consolidated Statements of Cash Flows. Specifically, the Company identified that activities related to certain loans had been classified within "Cash flows from operating activities" and should have been classified within "Cash flows from investing activities". In addition, the Company identified that activities related to bank customer accounts had been classified within "Cash flows from operating activities" and should have been classified within "Cash flows from financing activities". Subsequently to the issuance of the Form 10-Q for the period ended September 30, 2022, the Company determined that there was an error in the Company's quarterly report on Form 10-Q for the six months ended September 30, 2022 related to classification of funds received under the Kazakhstan state program within the Company's Condensed Consolidated Statements of Cash Flows. The Company identified that activities related to funds received under the Kazakhstan state program for financing of mortgage loans “7-20-25” had been classified within "Cash flows from operating activities" and should have been classified within "Cash flows from financing activities". T he Company has evaluated the effect of the incorrect classification and concluded that restatement was necessa ry for the period ended September 30, 2022 while the adjustments for the period ended September 30, 2021 were not material . The Company determined that the restatement did not have any impact on the Company’s operating performance or any per-share amounts. 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 |
In the Company's previously issued condensed consolidated financial statements for the quarters ended September 30, 2022 and 2021, 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 clie nts. The following tables summarize the impact of corrections of the errors on the Condensed Consolidated Statement of Operation s 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 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration