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SEGMENT REPORTING (Tables) | 6 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | The following tables summarize the Company's Statement of Operations and Statements of Other Comprehensive Income by its geographic segments. Intercompany balances were eliminated for separate disclosure:
| Three months ended September 30, 2022 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 19,067 |  |  | $ | 63,040 |  |  | $ | 1,050 |  |  | $ | — |  |  | $ | 83,157 |
Net gain on trading securities | 15,828 |  |  | (7,210) |  |  | 387 |  |  | — |  |  | 9,005 |
Net realized gain on investments available for sale | 716 |  |  | — |  |  | — |  |  | — |  |  | 716 |
Interest income | 46,275 |  |  | 10,177 |  |  | 2,547 |  |  | — |  |  | 58,999 |
Insurance underwriting income | 26,200 |  |  | — |  |  | — |  |  | — |  |  | 26,200 |
Net gain/(loss) on foreign exchange operations | 7,601 |  |  | (2,400) |  |  | (665) |  |  | 19 |  |  | 4,555 |
Net loss on derivative | (2,320) |  |  | — |  |  | — |  |  | — |  |  | (2,320) |
TOTAL REVENUE, NET | 113,367 |  |  | 63,607 |  |  | 3,319 |  |  | 19 |  |  | 180,312 |
Fee and commission expense | 11,812 |  |  | 6,474 |  |  | 144 |  |  | 9 |  |  | 18,439 |
Interest expense | 34,562 |  |  | 2,964 |  |  | 3,337 |  |  | — |  |  | 40,863 |
Insurance claims incurred, net of reinsurance | 17,475 |  |  | — |  |  | — |  |  | — |  |  | 17,475 |
Operating expense (2) | 21,715 |  |  | 10,534 |  |  | 5,093 |  |  | 418 |  |  | 37,760 |
Provision for impairment losses/(recoveries) | 3,732 |  |  | (1) |  |  | (5) |  |  | — |  |  | 3,726 |
Other expense/(income), net | 94 |  |  | 101 |  |  | (3) |  |  | — |  |  | 192 |
TOTAL EXPENSE | 89,390 |  |  | 20,072 |  |  | 8,566 |  |  | 427 |  |  | 118,455 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 23,977 |  |  | $ | 43,535 |  |  | $ | (5,247) |  |  | $ | (408) |  |  | $ | 61,857 |
Income tax (expense)/benefit | (534) |  |  | (6,623) |  |  | (5,472) |  |  | 10 |  |  | (12,619) |
INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 23,443 |  |  | $ | 36,912 |  |  | $ | (10,719) |  |  | $ | (398) |  |  | $ | 49,238 |
| Six months ended September 30, 2022 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 28,259 |  |  | $ | 142,160 |  |  | $ | 2,184 |  |  | $ | — |  |  | $ | 172,603 |
Net gain/(loss) on trading securities | 37,417 |  |  | (22,634) |  |  | (1,344) |  |  | — |  |  | 13,439 |
Net realized loss on investments available for sale | 123 |  |  | — |  |  | — |  |  | — |  |  | 123 |
Interest income | 85,185 |  |  | 15,388 |  |  | 6,989 |  |  | — |  |  | 107,562 |
Insurance underwriting income | 50,440 |  |  | — |  |  | — |  |  | — |  |  | 50,440 |
Net gain/(loss) on foreign exchange operations | 11,869 |  |  | (1,830) |  |  | (899) |  |  | 8 |  |  | 9,148 |
Net gain on derivative | (1,054) |  |  | — |  |  | — |  |  | — |  |  | (1,054) |
TOTAL REVENUE, NET | 212,239 |  |  | 133,084 |  |  | 6,930 |  |  | 8 |  |  | 352,261 |
Fee and commission expense | 22,527 |  |  | 18,901 |  |  | 297 |  |  | 29 |  |  | 41,754 |
Interest expense | 66,530 |  |  | 5,660 |  |  | 8,744 |  |  | — |  |  | 80,934 |
Insurance claims incurred, net of reinsurance | 34,167 |  |  | — |  |  | — |  |  | — |  |  | 34,167 |
Operating expense | 42,482 |  |  | 22,099 |  |  | 10,360 |  |  | 818 |  |  | 75,759 |
Provision for impairment losses/(recoveries) | 6,164 |  |  | (2) |  |  | (8) |  |  | — |  |  | 6,154 |
Other (income)/expense, net | (407) |  |  | 97 |  |  | (8) |  |  | (50) |  |  | (368) |
TOTAL EXPENSE | 171,463 |  |  | 46,755 |  |  | 19,385 |  |  | 797 |  |  | 238,400 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 40,776 |  |  | $ | 86,329 |  |  | $ | (12,455) |  |  | $ | (789) |  |  | $ | 113,861 |
Income tax (expense)/benefit | (596) |  |  | (13,846) |  |  | (7,077) |  |  | 21 |  |  | (21,498) |
INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 40,180 |  |  | $ | 72,483 |  |  | $ | (19,532) |  |  | $ | (768) |  |  | $ | 92,363 |
| Three months ended September 30, 2021 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income | $ | 5,266 |  |  | $ | 86,594 |  |  | $ | 1,165 |  |  | $ | — |  |  | $ | 93,025 |
Net gain/(loss) on trading securities | 2,756 |  |  | 178,951 |  |  | (104) |  |  | — |  |  | 181,603 |
Net realized loss on investments available for sale | (622) |  |  | — |  |  | — |  |  | — |  |  | (622) |
Interest income | 24,206 |  |  | 2,400 |  |  | 13 |  |  | — |  |  | 26,619 |
Insurance underwriting income | 16,022 |  |  | — |  |  | — |  |  | — |  |  | 16,022 |
Net gain on foreign exchange operations | 1,304 |  |  | 166 |  |  | 38 |  |  | — |  |  | 1,508 |
Net loss on derivative | (656) |  |  | — |  |  | — |  |  | — |  |  | (656) |
TOTAL REVENUE, NET | 48,276 |  |  | 268,111 |  |  | 1,112 |  |  | — |  |  | 317,499 |
Fee and commission expense | 2,123 |  |  | 20,360 |  |  | 168 |  |  | — |  |  | 22,651 |
Interest expense | 14,490 |  |  | 1,805 |  |  | 421 |  |  | — |  |  | 16,716 |
Insurance claims incurred, net of reinsurance | 13,513 |  |  | — |  |  | — |  |  | — |  |  | 13,513 |
Operating expense | 12,206 |  |  | 4,952 |  |  | 4,583 |  |  | 29 |  |  | 21,770 |
Provision for impairment losses | 978 |  |  | — |  |  | — |  |  | — |  |  | 978 |
Other expense/(income), net | 794 |  |  | (8) |  |  | — |  |  | — |  |  | 786 |
TOTAL EXPENSE | 44,104 |  |  | 27,109 |  |  | 5,172 |  |  | 29 |  |  | 76,414 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 4,172 |  |  | $ | 241,002 |  |  | $ | (4,060) |  |  | $ | (29) |  |  | $ | 241,085 |
Income tax benefit/(expense) | 135 |  |  | (8,152) |  |  | (24,077) |  |  | — |  |  | (32,094) |
INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 4,307 |  |  | $ | 232,850 |  |  | $ | (28,137) |  |  | $ | (29) |  |  | $ | 208,991 |
| Six months ended September 30, 2021 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income | $ | 11,522 |  |  | $ | 157,484 |  |  | $ | 2,134 |  |  | $ | — |  |  | $ | 171,140 |
Net gain/(loss) on trading securities | 11,698 |  |  | 178,993 |  |  | (406) |  |  | — |  |  | 190,285 |
Net realized loss on investments available for sale | (653) |  |  | — |  |  | — |  |  | — |  |  | (653) |
Interest income | 45,035 |  |  | 3,762 |  |  | 60 |  |  | — |  |  | 48,857 |
Income from insurance activity | 30,098 |  |  | — |  |  | — |  |  | — |  |  | 30,098 |
Net gain/(loss) on foreign exchange operations | 2,774 |  |  | (60) |  |  | 2 |  |  | — |  |  | 2,716 |
Net loss on derivative | (715) |  |  | — |  |  | — |  |  | — |  |  | (715) |
TOTAL REVENUE, NET | 99,759 |  |  | 340,179 |  |  | 1,790 |  |  | — |  |  | 441,728 |
Fee and commission expense | 4,654 |  |  | 38,840 |  |  | 350 |  |  | — |  |  | 43,844 |
Interest expense | 26,758 |  |  | 3,503 |  |  | 701 |  |  | — |  |  | 30,962 |
Expense from insurance activity | 24,809 |  |  | — |  |  | — |  |  | — |  |  | 24,809 |
Operating expense | 23,081 |  |  | 9,744 |  |  | 8,372 |  |  | (6) |  |  | 41,191 |
Provision for impairment losses | 1,233 |  |  | 12 |  |  | — |  |  | — |  |  | 1,245 |
Other expense, net | 800 |  |  | (5) |  |  | — |  |  | — |  |  | 795 |
TOTAL EXPENSE | 81,335 |  |  | 52,094 |  |  | 9,423 |  |  | (6) |  |  | 142,846 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 18,424 |  |  | $ | 288,085 |  |  | $ | (7,633) |  |  | $ | 6 |  |  | $ | 298,882 |
Income tax benefit/(expense) | 22 |  |  | (14,014) |  |  | (23,228) |  |  | — |  |  | (37,220) |
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 18,446 |  |  | $ | 274,071 |  |  | $ | (30,861) |  |  | $ | 6 |  |  | $ | 261,662 |
(1) All trading of U.S. and European exchange traded and OTC securities by all of the Company's securities brokerage firms, excluding PrimeEx, are routed to and executed through Freedom EU and all fee and commission income for those transactions is recognized at Freedom EU. (2) Operating expense includes significant noncash items stock based compensation expenses. The following table summarizes the Company's stock based compensation by its geographic segments:
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2022* |  | 2021* |  | 2022* |  | 2021*
Central Asia | $ | 1,036 |  |  | $ | 1,384 |  |  | $ | 2,138 |  |  | $ | 2,032 |
U.S. | 533 |  |  | 691 |  |  | 1,152 |  |  | 1,045 |
Europe | 135 |  |  | 196 |  |  | 291 |  |  | 288 |
Middle East/Caucasus | — |  |  | — |  |  | — |  |  | — |
Total stock based compensation | $ | 1,704 |  |  | $ | 2,271 |  |  | $ | 3,581 |  |  | $ | 3,365 |
The following tables summarize the Company's total asset and total liabilities by its geographic segments. Intercompany balances were eliminated for separate disclosure:
| September 30, 2022
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Held for Sale |  | Total
Total assets | $ | 2,837,687 |  |  | $ | 685,110 |  |  | $ | 143,833 |  |  | $ | 2,120 |  |  | $ | 1,115,615 |  |  | $ | 4,784,365 |
Total liabilities | 2,561,607 |  |  | 373,466 |  |  | 137,716 |  |  | 365 |  |  | 1,089,880 |  |  | 4,163,034 |
Net assets | $ | 276,080 |  |  | $ | 311,644 |  |  | $ | 6,117 |  |  | $ | 1,755 |  |  | $ | 25,735 |  |  | $ | 621,331 |
| March 31, 2022 (Recasted)
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Held for Sale |  | Total
Total assets | $ | 1,423,529 |  |  | $ | 805,768 |  |  | $ | 172,679 |  |  | $ | 355 |  |  | $ | 825,419 |  |  | $ | 3,227,750 |
Total liabilities | 1,203,473 |  |  | 489,883 |  |  | 175,136 |  |  | 172 |  |  | 812,478 |  |  | 2,681,142 |
Net assets | $ | 220,056 |  |  | $ | 315,885 |  |  | $ | (2,457) |  |  | $ | 183 |  |  | $ | 12,941 |  |  | $ | 546,608 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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