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ASSETS AND LIABILITIES HELD FOR SALE (Tables) | 3 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of net gain on foreign exchange operations | As of December 31, 2021, and March 31, 2021, the major classes of assets and liabilities from discontinued operations included the following:
| December 31, 2021 |  | March 31, 2021
Cash and cash equivalents | $ | 346,996 |  |  | $ | 531,791 |
Restricted cash | 32,728 |  |  | 27,594 |
Trading securities | 400,823 |  |  | 148,642 |
Brokerage and other receivables, net | 108,245 |  |  | 15,575 |
Loans issued | 2,557 |  |  | 2,041 |
Other assets | 28,243 |  |  | 22,405 |
Total assets held for sale | $ | 919,592 |  |  | $ | 748,048 |
Customer liabilities | $ | 636,898 |  |  | $ | 573,181 |
Debt securities issued | 71,716 |  |  | 37,095 |
Securities repurchase agreement obligations | 82,791 |  |  | 51,997 |
Other liabilities | 18,322 |  |  | 14,295 |
Total liabilities held for sale | $ | 809,727 |  |  | $ | 676,568 |
The results of operations for discontinued operations for the three and nine months ended December 31, 2021 and 2020, consist of the following:
| Three months ended December 31, |  | Nine Months Ended December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
Fee and commission income | $ | 23,147 |  |  | $ | 13,571 |  |  | $ | 59,596 |  |  | $ | 30,810 |
Net (loss)/gain on trading securities | (6,611) |  |  | 4,972 |  |  | (9,716) |  |  | 17,087 |
Interest income | 5,786 |  |  | 4,813 |  |  | 15,574 |  |  | 9,961 |
Net gain/(loss) on foreign exchange operations | (655) |  |  | (1,516) |  |  | (2,889) |  |  | 1,217 |
Net gain/(loss) on derivative | — |  |  | 49 |  |  | — |  |  | 88 |
Total revenue | 21,667 |  |  | 21,889 |  |  | 62,565 |  |  | 59,163 |
Fee and commission expense | 2,075 |  |  | 1,983 |  |  | 6,300 |  |  | 4,298 |
Interest expense | 2,365 |  |  | 3,426 |  |  | 6,824 |  |  | 6,289 |
Operating expense | 22,253 |  |  | 11,583 |  |  | 53,841 |  |  | 29,979 |
Provision for impairment losses | 13 |  |  | 156 |  |  | 89 |  |  | 200 |
Other (income)/expense, net | 28 |  |  | 230 |  |  | 120 |  |  | 207 |
Total expense | 26,734 |  |  | 17,378 |  |  | 67,174 |  |  | 40,973 |
Profit before income tax | $ | (5,067) |  |  | $ | 4,511 |  |  | $ | (4,609) |  |  | $ | 18,190 |
The net cash flows from/(used in) operating and investing activities from discontinued operations for the nine months ended December 31, 2021 and 2020, consist of the following:
| Nine Months Ended December 31,
| 2021 |  | 2020
Cash Flows (Used In)/From Operating Activities |  |  |
Net income from discontinued operations | $ | (3,656) |  |  | $ | 12,988 |
Adjustments to reconcile net income from operating activities: |  |  |
Depreciation and amortization | 1,637 |  |  | 439 |
Noncash lease expense | 3,785 |  |  | 2,847 |
Impairment of Freedom Bank RU goodwill | — |  |  | — |
Impairment of Zerich goodwill | — |  |  | — |
Loss on sale of fixed assets | — |  |  | — |
Client base write-off | — |  |  | — |
Change in deferred taxes | (1,892) |  |  | 1,406 |
Stock compensation expense | 5,647 |  |  | 1,033 |
Unrealized (gain)/loss on trading securities | 9,082 |  |  | (1,988) |
Net change in accrued interest | 1,436 |  |  | 567 |
Allowances/(recovery) for receivables | 89 |  |  | 203 |
Changes in operating assets and liabilities: |  |  |
Trading securities | (262,438) |  |  | (81,345) |
Brokerage and other receivables | (93,717) |  |  | 5,444 |
Other assets | (1,948) |  |  | (1,792) |
Securities sold, not yet purchased – at fair value | (24) |  |  | — |
Customer liabilities | 121,173 |  |  | 217,034 |
Current income tax liability | (623) |  |  | 990 |
Trade payables | 319 |  |  | 219 |
Lease liabilities | (3,947) |  |  | (2,988) |
Other liabilities | 2,176 |  |  | 1,426 |
Net cash flows (used in)/from operating activities from discontinued operations | (222,901) |  |  | 156,483 |
Cash Flows (Used In)/From Investing Activities |  |  |
Purchase of fixed assets | (2,918) |  |  | (985) |
Proceeds from sale of fixed assets | 699 |  |  | — |
Purchase of intangible assets | — |  |  | — |
Loans issued | (571) |  |  | (117) |
Net cash flows (used in)/from investing activities from discontinued operations | $ | (2,790) |  |  | $ | (1,102) |

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