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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | 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 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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