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SEGMENT REPORTING | 3 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 24 – SEGMENT REPORTING The Company historically operated as a single operating segment. Subsequent to the initial issuance of these financial statements, with the planned restructuring of the Company's operations and divestiture of Russian subsidiaries, coupled with the continued expansion, there was an election to reorganize operations geographically into five regional segments: Central Asia, Europe, United States, Middle East/Caucasus and Russia. The Company's CODM do not review inter-segment revenues as part of Segment reporting. Due to the restatements as discussed in Note 4, the Company has also restated its segment reporting to align with the changes in reportable segments subsequent to the initial issuance of these financial statements. Restated segment information was provided to CODM in their reports. 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 December 31, 2021 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 6,993 |  |  | $ | 83,162 |  |  | $ | 1,256 |  |  | — |  |  | 91,411 |
Net gain on trading securities | 6,432 |  |  | 481 |  |  | 101 |  |  | — |  |  | 7,014 |
Interest income | 19,845 |  |  | 4,940 |  |  | 14 |  |  | — |  |  | 24,799 |
Net gain/(loss) on foreign exchange operations | 1,747 |  |  | (437) |  |  | (209) |  |  | 5 |  |  | 1,106 |
Net (loss)/ gain on derivative | (314) |  |  | — |  |  |  |  |  |  | (314) |
TOTAL REVENUE, NET | 34,703 |  |  | 88,146 |  |  | 1,162 |  |  | 5 |  |  | 124,016 |
Fee and commission expense | 2,381 |  |  | 18,106 |  |  | 153 |  |  | — |  |  | 20,640 |
Interest expense | 14,097 |  |  | 3,919 |  |  | 418 |  |  | — |  |  | 18,434 |
Operating expense / (income) | 11,909 |  |  | 10,517 |  |  | 5,903 |  |  | (86) |  |  | 28,243 |
Provision for impairment losses | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |
Other income /(expense) , net | (83) |  |  | (13) |  |  |  |  | 2 |  |  | (94) |
TOTAL EXPENSE | 28,304 |  |  | 32,529 |  |  | 6,506 |  |  | (84) |  |  | 67,255 |
NET INCOME BEFORE INCOME TAX | $ | 6,399 |  |  | $ | 55,617 |  |  | $ | (5,344) |  |  | 89 |  |  | $ | 56,761 |
Income tax expense | 1,294 |  |  | (7,176) |  |  | 4,114 |  |  | — |  |  | (1,768) |
NET PROFIT/(LOSS) | $ | 7,693 |  |  | $ | 48,441 |  |  | $ | (1,230) |  |  | 89 |  |  | $ | 54,993 |
| Nine months ended December 31, 2021 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 18,258 |  |  | $ | 241,066 |  |  | $ | 3,391 |  |  | — |  |  | 262,715 |
Net gain/(loss) on trading securities | 16,102 |  |  | 179,473 |  |  | (305) |  |  | — |  |  | 195,270 |
Interest income | 51,250 |  |  | 8,015 |  |  | 74 |  |  | — |  |  | 59,339 |
Net gain/(loss) on foreign exchange operations | 4,472 |  |  | (497) |  |  | (207) |  |  | 5 |  |  | 3,773 |
Net (loss)/ gain on derivative | (1,028) |  |  | — |  |  | — |  |  | — |  |  | (1,028) |
TOTAL REVENUE, NET | 89,054 |  |  | 428,057 |  |  | 2,953 |  |  | 5 |  |  | 520,069 |
Fee and commission expense | 3,797 |  |  | 56,946 |  |  | 503 |  |  | — |  |  | 61,246 |
Interest expense | 35,891 |  |  | 7,422 |  |  | 1,119 |  |  | — |  |  | 44,432 |
Operating expense | 29,099 |  |  | 20,089 |  |  | 14,275 |  |  | 81 |  |  | 63,544 |
Provision for impairment losses | 571 |  |  | 11 |  |  | 32 |  |  | — |  |  | 614 |
Other income/(expense), net | 503 |  |  | (21) |  |  | — |  |  | (2) |  |  | 480 |
TOTAL EXPENSE | 69,861 |  |  | 84,447 |  |  | 15,929 |  |  | 79 |  |  | 170,316 |
NET INCOME BEFORE INCOME TAX | 19,193 |  |  | 343,610 |  |  | (12,976) |  |  | (74) |  |  | 349,753 |
Income tax (expense)/ benefit | 1,324 |  |  | (21,190) |  |  | (19,114) |  |  | — |  |  | (38,980) |
NET PROFIT/(LOSS) | 20,517 |  |  | 322,420 |  |  | (32,090) |  |  | (74) |  |  | 310,773 |
| Three months ended December 31, 2020 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Total
Fee and commission income | 3,445 |  |  | 54,629 |  |  | 25 |  |  | 58,099 |
Net gain on trading securities | 6,768 |  |  | 28 |  |  | 7,176 |  |  | 13,972 |
Interest income | 2,980 |  |  | 2,031 |  |  | 213 |  |  | 5,224 |
Net gain/(loss) on foreign exchange operations | 295 |  |  | 88 |  |  | (280) |  |  | 103 |
Net (loss)/ gain on derivative | 946 |  |  | — |  |  | — |  |  | 946 |
| 14,434 |  |  | 56,776 |  |  | 7,134 |  |  | 78,344 |
TOTAL REVENUE, NET |  |  |  |  |  |  |
Fee and commission expense | 332 |  |  | 17,874 |  |  | 89 |  |  | 18,295 |
Interest expense | 1,603 |  |  | 1,096 |  |  | 524 |  |  | 3,223 |
Operating expense | 4,776 |  |  | 4,070 |  |  | 1,492 |  |  | 10,338 |
Provision for impairment losses | 952 |  |  | — |  |  | — |  |  | 952 |
Other income/ (expense), net | 16 |  |  | (1) |  |  | — |  |  | 15 |
TOTAL EXPENSE | 7,679 |  |  | 23,039 |  |  | 2,105 |  |  | 32,823 |
NET INCOME BEFORE INCOME TAX | 6,755 |  |  | 33,737 |  |  | 5,029 |  |  | 45,521 |
Income tax (expense)/benefit | (3) |  |  | (3,548) |  |  | (3,048) |  |  | (6,599) |
NET PROFIT/(LOSS) | 6,752 |  |  | 30,189 |  |  | 1,981 |  |  | 38,922 |
| Nine months ended December 31, 2020 (Restated)
STATEMENTS OF OPERATIONS | Central Asia |  | Europe |  | U.S. |  | Total
Fee and commission income | 11,754 |  |  | 124,208 |  |  | 25 |  |  | 135,987 |
Net gain on trading securities | 12,117 |  |  | 87 |  |  | 7,039 |  |  | 19,243 |
Interest income | 8,379 |  |  | 2,731 |  |  | 652 |  |  | 11,762 |
Net gain/(loss) on foreign exchange operations | 605 |  |  | (238) |  |  | (225) |  |  | 142 |
Net (loss)/ gain on derivative | 61 |  |  | — |  |  | — |  |  | 61 |
TOTAL REVENUE, NET | 32,916 |  |  | 126,788 |  |  | 7,491 |  |  | 167,195 |
Fee and commission expense | 618 |  |  | 44,927 |  |  | 226 |  |  | 45,771 |
Interest expense | 5,020 |  |  | 2,018 |  |  | 1,764 |  |  | 8,802 |
Operating expense | 12,640 |  |  | 6,671 |  |  | 2,925 |  |  | 22,236 |
Provision for impairment losses | 770 |  |  | 404 |  |  | 399 |  |  | 1,573 |
Other income/(expense), net | (41) |  |  | (16) |  |  | — |  |  | (57) |
TOTAL EXPENSE | 19,007 |  |  | 54,004 |  |  | 5,314 |  |  | 78,325 |
NET INCOME BEFORE INCOME TAX | 13,909 |  |  | 72,784 |  |  | 2,177 |  |  | 88,870 |
Income tax (expense)/benefit | (6) |  |  | (7,381) |  |  | (4,311) |  |  | (11,698) |
NET PROFIT/(LOSS) | 13,903 |  |  | 65,403 |  |  | (2,134) |  |  | 77,172 |
(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. The following tables summarize the Company's total asset and total liabilities by its geographic segments. Intercompany balances were eliminated for separate disclosure:
| December 31, 2021 (Restated)
| Central Asia | Europe | U.S. | Middle East/Caucasus | Held for Sale | Total
Total assets | 1,157,484 |  | 622,309 |  | 27,219 |  | 387 |  | 919,592 |  | 2,726,991 |
Total liabilities | 905,796 |  | 344,521 |  | 75,279 |  | 178 |  | 809,727 |  | 2,135,501 |
Net assets | $ | 251,688 |  | $ | 277,788 |  | $ | (48,060) |  | $ | 209 |  | $ | 109,865 |  | $ | 591,490 |
| March 31, 2021 (Restated)
| Central Asia | Europe | U.S. | Middle East/Caucasus | Held for Sale | Total
Total assets | 714,380 |  | 591,072 |  | 46,682 |  | 140 |  | 748,048 |  | 2,100,322 |
Total liabilities | 557,747 |  | 530,227 |  | 60,117 |  | 3 |  | 676,568 |  | 1,824,662 |
Net assets | $ | 156,633 |  | $ | 60,845 |  | $ | (13,435) |  | $ | 137 |  | $ | 71,480 |  | $ | 275,660 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -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 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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