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SEGMENT REPORTING | 3 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company historically organized its operations in a single operating segment. Following the divestiture of the Company's Russian subsidiaries and the related corporate restructuring, the Company elected to reorganize its operations geographically into regional segments. The Company currently organizes its operations into the following four regional segments: Central Asia and Eastern Europe, Europe Excluding Eastern Europe, the United States and Middle East/Caucasus. These operating segments are based on how the Company's CODM makes decisions about allocating resources and assessing performance. The following tables summarize the Company's Statement of Operations by its geographic segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
| Three months ended June 30, 2023
STATEMENTS OF OPERATIONS | Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | The United States |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 73,385 |  |  | $ | 19,166 |  |  | $ | 6,152 |  |  | $ | — |  |  | $ | 98,703 |
Net gain/(loss) on trading securities | 31,594 |  |  | 214 |  |  | (173) |  |  | 181 |  |  | 31,816 |
Interest income | 142,038 |  |  | 5,914 |  |  | 1,387 |  |  | 10 |  |  | 149,349 |
Insurance underwriting income | 44,889 |  |  | — |  |  | — |  |  | — |  |  | 44,889 |
Net gain/(loss) on foreign exchange operations | 19,923 |  |  | (320) |  |  | (362) |  |  | 60 |  |  | 19,301 |
Net (loss)/gain on derivative | (30,778) |  |  | 173 |  |  | — |  |  | — |  |  | (30,605) |
Other income/(expense) | 1,732 |  |  | 217 |  |  | 838 |  |  | (30) |  |  | 2,757 |
TOTAL REVENUE, NET | 282,783 |  |  | 25,364 |  |  | 7,842 |  |  | 221 |  |  | 316,210 |
Fee and commission expense | 23,798 |  |  | 4,572 |  |  | 265 |  |  | 49 |  |  | 28,684 |
Interest expense | 86,664 |  |  | 6,812 |  |  | 1,570 |  |  | — |  |  | 95,046 |
Insurance claims incurred, net of reinsurance | 21,514 |  |  | — |  |  | — |  |  | — |  |  | 21,514 |
Payroll and bonuses | 24,167 |  |  | 4,754 |  |  | 2,293 |  |  | 416 |  |  | 31,630 |
Professional services | 562 |  |  | 2,738 |  |  | 3,280 |  |  | 45 |  |  | 6,625 |
Stock compensation expense | 829 |  |  | 91 |  |  | 313 |  |  | — |  |  | 1,233 |
Advertising expense | 3,731 |  |  | 4,026 |  |  | 95 |  |  | 248 |  |  | 8,100 |
General and administrative expense | 16,028 |  |  | 4,029 |  |  | 4,113 |  |  | 305 |  |  | 24,475 |
Allowance for credit losses | 13,771 |  |  | 552 |  |  | 3 |  |  | — |  |  | 14,326 |
TOTAL EXPENSE | 191,064 |  |  | 27,574 |  |  | 11,932 |  |  | 1,063 |  |  | 231,633 |
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 91,719 |  |  | $ | (2,210) |  |  | $ | (4,090) |  |  | $ | (842) |  |  | $ | 84,577 |
Income tax expense | (27) |  |  | (2,430) |  |  | (14,199) |  |  | — |  |  | (16,656) |
INCOME FROM CONTINUING OPERATIONS | $ | 91,692 |  |  | $ | (4,640) |  |  | $ | (18,289) |  |  | $ | (842) |  |  | $ | 67,921 |
| Three months ended June 30, 2022
STATEMENTS OF OPERATIONS | Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | The United States |  | Middle East/Caucasus |  | Total
Fee and commission income (1) | $ | 8,250 |  |  | $ | 80,062 |  |  | $ | 1,134 |  |  | $ | — |  |  | $ | 89,446 |
Net gain/(loss) on trading securities | 21,589 |  |  | (15,425) |  |  | (1,731) |  |  | — |  |  | 4,433 |
Interest income | 39,852 |  |  | 4,269 |  |  | 4,442 |  |  | — |  |  | 48,563 |
Insurance underwriting income | 24,241 |  |  | — |  |  | — |  |  | — |  |  | 24,241 |
Net gain/(loss) on foreign exchange operations | 4,267 |  |  | 570 |  |  | (234) |  |  | (10) |  |  | 4,593 |
Net gain on derivative | 1,266 |  |  | — |  |  | — |  |  | — |  |  | 1,266 |
Other (expense)/income | (93) |  |  | (2) |  |  | 6 |  |  | 57 |  |  | (32) |
TOTAL REVENUE, NET | 99,372 |  |  | 69,474 |  |  | 3,617 |  |  | 47 |  |  | 172,510 |
Fee and commission expense | 10,714 |  |  | 12,427 |  |  | 153 |  |  | 21 |  |  | 23,315 |
Interest expense | 31,968 |  |  | 2,696 |  |  | 5,407 |  |  | — |  |  | 40,071 |
Insurance claims incurred, net of reinsurance | 16,692 |  |  | — |  |  | — |  |  | — |  |  | 16,692 |
Payroll and bonuses | 11,730 |  |  | 2,732 |  |  | 1,745 |  |  | 206 |  |  | 16,413 |
Professional services | 721 |  |  | 1,272 |  |  | 2,206 |  |  | 56 |  |  | 4,255 |
Stock compensation expense | 1,101 |  |  | 156 |  |  | 619 |  |  | — |  |  | 1,876 |
Advertising expense | 2,149 |  |  | 1,681 |  |  | 7 |  |  | — |  |  | 3,837 |
General and administrative expense | 5,066 |  |  | 5,724 |  |  | 690 |  |  | 138 |  |  | 11,618 |
Allowance for credit losses/(recoveries) | 2,431 |  |  | — |  |  | (3) |  |  | — |  |  | 2,428 |
TOTAL EXPENSE | 82,572 |  |  | 26,688 |  |  | 10,824 |  |  | 421 |  |  | 120,505 |
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 16,800 |  |  | $ | 42,786 |  |  | $ | (7,207) |  |  | $ | (374) |  |  | $ | 52,005 |
Income tax (expense)/benefit | (61) |  |  | (7,223) |  |  | (1,605) |  |  | 10 |  |  | (8,879) |
INCOME FROM CONTINUING OPERATIONS | $ | 16,739 |  |  | $ | 35,563 |  |  | $ | (8,812) |  |  | $ | (364) |  |  | $ | 43,126 |
(1) All trading of U.S. and European exchange traded and OTC securities by all Freedom 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 subsidiary received the initial order from external client. The following tables summarize the Company's total assets and total liabilities by its geographic segments. Intercompany balances have been eliminated for separate disclosure:
| June 30, 2023
| Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | The United States |  | Middle East/Caucasus |  | Total
Total assets | $ | 5,674,747 |  |  | $ | 785,218 |  |  | $ | 75,453 |  |  | $ | 4,347 |  |  | $ | 6,539,765 |
Total liabilities | 5,202,661 |  |  | 480,761 |  |  | 24,372 |  |  | 6,235 |  |  | 5,714,029 |
Net assets | $ | 472,086 |  |  | $ | 304,457 |  |  | $ | 51,081 |  |  | $ | (1,888) |  |  | $ | 825,736 |
| March 31, 2023
| Central Asia and Eastern Europe |  | Europe, excluding Eastern Europe |  | The United States |  | Middle East/Caucasus |  | Total
Total assets | $ | 4,303,126 |  |  | $ | 677,425 |  |  | $ | 101,365 |  |  | $ | 2,642 |  |  | $ | 5,084,558 |
Total liabilities | 3,868,326 |  |  | 384,921 |  |  | 60,198 |  |  | 377 |  |  | 4,313,822 |
Net assets | $ | 434,800 |  |  | $ | 292,504 |  |  | $ | 41,167 |  |  | $ | 2,265 |  |  | $ | 770,736 |
Central Asia and Eastern Europe Segment Operations in Kazakhstan, Kyrgyzstan, Uzbekistan, along with the Company's headquarters in Kazakhstan, form the Central Asia and Eastern Europe segment. Within this segment, the Group conducts business under different securities licenses as required by the respective jurisdictions in the Central Asia and Eastern Europe region. Group companies in the Central Asia and Eastern Europe segment provide comprehensive financial solutions, including lending such as digital auto loans and digital mortgage loans, payments, asset management products, bank guarantees, on demand and time deposits, various types of insurance coverage to meet the needs of the Group's customers and small businesses. The Group's insurance offerings include life insurance, obligatory insurance, tourist medical health insurance and auto insurance. These insurance products are designed to offer comprehensive coverage and tailored solutions to protect individuals, property, auto and businesses in the event of unforeseen events or risks. Europe Excluding Eastern Europe Segment Operations in Cyprus, United Kingdom and Germany. Companies in the Europe Excluding Eastern Europe segment offer a broad suite of market-making, prime brokerage, lending, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in this segment cater to clients from the European Union by offering comprehensive solutions to support their investment needs. The Group's services in this segment encompass direct access to the world's largest stock exchanges, providing its clients with a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering clients with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, it provides user-friendly trading applications that offer convenience and flexibility. United States Segment Companies in the United States segment offer a full array of investment banking and capital markets advisory services, including initial public offerings, mergers, and acquisitions, debt and equity financing, corporate banking, trading, hedging, and research, equity research, delivering in-depth analysis, insights into individual stocks and sectors. It provides macro-economic strategy research to help clients navigate the broader economic landscape and make informed investment decisions. To ensure clients are well-informed, companies in this segment offer a daily morning note that covers key market updates, trends, and potential opportunities. It also provides technical research, focusing on chart patterns and technical indicators to assist clients in identifying potential entry and exit points in the market. In addition, companies in the United States segment conduct research in specific sectors such as energy and consumer, offering valuable insights into industry trends and company analysis. It facilitates corporate access research, enabling clients to gain access to top management and industry experts for a deeper understanding of specific companies or sectors. Middle East/Caucasus Segment Companies in the Middle East/Caucasus segment offer securities broker-dealer services, financials educational center services, financial intermediary center services and financial consulting services. The segment is currently in the developmental stage and does not generate profit at the moment. As a developing segment, the focus is on establishing a strong presence, building strategic relationships, and expanding client base in the region.

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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