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SEGMENT REPORTING (Tables) | 12 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
| Year ended March 31, 2024
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 352,481 |  |  | $ | 26,236 |  |  | $ | 296 |  |  | $ | 61,320 |  |  | $ | 440,333 |
Net gain/(loss) on trading securities | 33,483 |  |  | 87,459 |  |  | 14,114 |  |  | (1,202) |  |  | 133,854 |
Interest income | 233,858 |  |  | 524,596 |  |  | 63,676 |  |  | 6,094 |  |  | 828,224 |
Insurance underwriting income | — |  |  | — |  |  | 264,218 |  |  | — |  |  | 264,218 |
Net (loss)/gain on foreign exchange operations | (852) |  |  | 78,174 |  |  | (1,306) |  |  | (3,771) |  |  | 72,245 |
Net (loss)/gain on derivative | (2,019) |  |  | (101,805) |  |  | — |  |  | 30 |  |  | (103,794) |
TOTAL REVENUE, NET | 616,951 |  |  | 614,660 |  |  | 340,998 |  |  | 62,471 |  |  | 1,635,080 |
Fee and commission expense | $ | 24,740 |  |  | $ | 13,219 |  |  | $ | 103,346 |  |  | $ | 13,046 |  |  | $ | 154,351 |
Interest expense | 89,732 |  |  | 368,286 |  |  | 29,965 |  |  | 13,128 |  |  | 501,111 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 139,561 |  |  | — |  |  | 139,561 |
Payroll and bonuses | 71,077 |  |  | 48,953 |  |  | 18,796 |  |  | 42,197 |  |  | 181,023 |
Professional services | 6,977 |  |  | 527 |  |  | 561 |  |  | 26,173 |  |  | 34,238 |
Stock compensation expense | 11,352 |  |  | 6,124 |  |  | 2,755 |  |  | 2,488 |  |  | 22,719 |
Advertising expense | 25,353 |  |  | 4,828 |  |  | 789 |  |  | 7,357 |  |  | 38,327 |
General and administrative expense | 40,847 |  |  | 30,804 |  |  | 5,413 |  |  | 43,824 |  |  | 120,888 |
Allowance for expected credit losses | 2,962 |  |  | 16,399 |  |  | 942 |  |  | 922 |  |  | 21,225 |
Other income, net | (5,003) |  |  | (1,210) |  |  | (3,603) |  |  | (3,918) |  |  | (13,734) |
TOTAL EXPENSE | 268,037 |  |  | 487,930 |  |  | 298,525 |  |  | 145,217 |  |  | 1,199,709 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 348,914 |  |  | $ | 126,730 |  |  | $ | 42,473 |  |  | $ | (82,746) |  |  | $ | 435,371 |
Income tax expense | (51,158) |  |  | (15,857) |  |  | (8,662) |  |  | 15,258 |  |  | (60,419) |
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 297,756 |  |  | $ | 110,873 |  |  | $ | 33,811 |  |  | $ | (67,488) |  |  | $ | 374,952 |
| Year ended March 31, 2023
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 299,070 |  |  | $ | 18,208 |  |  | $ | 128 |  |  | $ | 9,809 |  |  | $ | 327,215 |
Net gain/(loss) on trading securities | 20,736 |  |  | 55,437 |  |  | 16,063 |  |  | (21,152) |  |  | 71,084 |
Interest income | 64,654 |  |  | 177,561 |  |  | 41,007 |  |  | 11,473 |  |  | 294,695 |
Insurance underwriting income | — |  |  | — |  |  | 115,371 |  |  | — |  |  | 115,371 |
Net (loss)/gain on foreign exchange operations | (347) |  |  | 59,190 |  |  | (1,846) |  |  | (4,843) |  |  | 52,154 |
Net gain/(loss) on derivative | 463 |  |  | (65,291) |  |  | — |  |  | 2 |  |  | (64,826) |
TOTAL REVENUE, NET | 384,576 |  |  | 245,105 |  |  | 170,723 |  |  | (4,711) |  |  | 795,693 |
Fee and commission expense | 33,126 |  |  | 9,097 |  |  | 22,824 |  |  | 613 |  |  | 65,660 |
Interest expense | 43,089 |  |  | 130,693 |  |  | 18,492 |  |  | 16,673 |  |  | 208,947 |
Insurance claims incurred, net of reinsurance | 1 |  |  | — |  |  | 77,328 |  |  | — |  |  | 77,329 |
Payroll and bonuses | 37,583 |  |  | 21,749 |  |  | 11,733 |  |  | 10,754 |  |  | 81,819 |
Professional services | 4,978 |  |  | 466 |  |  | 580 |  |  | 10,982 |  |  | 17,006 |
Stock compensation expense | 5,648 |  |  | 372 |  |  | 279 |  |  | 2,994 |  |  | 9,293 |
Advertising expense | 9,063 |  |  | 3,251 |  |  | 1,191 |  |  | 554 |  |  | 14,059 |
General and administrative expense | 32,906 |  |  | 13,671 |  |  | 5,024 |  |  | 8,370 |  |  | 59,971 |
Allowance for expected credit losses | 16,911 |  |  | 8,773 |  |  | 1,071 |  |  | 2,364 |  |  | 29,119 |
Other (income)/expense, net | (904) |  |  | (230) |  |  | (2,346) |  |  | 32 |  |  | (3,448) |
TOTAL EXPENSE | 182,401 |  |  | 187,842 |  |  | 136,176 |  |  | 53,336 |  |  | 559,755 |
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 202,175 |  |  | $ | 57,263 |  |  | $ | 34,547 |  |  | $ | (58,047) |  |  | $ | 235,938 |
Income tax (expense)/benefit | (32,632) |  |  | (7,832) |  |  | (5,106) |  |  | 2,794 |  |  | (42,776) |
INCOME/(LOSS) FROM CONTINUING OPERATIONS | $ | 169,543 |  |  | $ | 49,431 |  |  | $ | 29,441 |  |  | $ | (55,253) |  |  | $ | 193,162 |
| Year ended March 31, 2022
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 327,052 |  |  | $ | 7,000 |  |  | $ | 83 |  |  | $ | 1,076 |  |  | $ | 335,211 |
Net gain/(loss) on trading securities | 32,376 |  |  | 19,204 |  |  | (1,093) |  |  | 104,765 |  |  | 155,252 |
Interest income | 35,204 |  |  | 54,438 |  |  | 31,455 |  |  | 512 |  |  | 121,609 |
Insurance underwriting income | — |  |  | — |  |  | 72,981 |  |  | — |  |  | 72,981 |
Net gain/(loss) on foreign exchange operations | 1,249 |  |  | 2,439 |  |  | 1,812 |  |  | (1,709) |  |  | 3,791 |
Net (loss)/gain on derivative | (319) |  |  | 1,265 |  |  | — |  |  | — |  |  | 946 |
TOTAL REVENUE, NET | 395,562 |  |  | 84,346 |  |  | 105,238 |  |  | 104,644 |  |  | 689,790 |
Fee and commission expense | 67,005 |  |  | 5,849 |  |  | 12,666 |  |  | 389 |  |  | 85,909 |
Interest expense | 20,934 |  |  | 42,429 |  |  | 11,498 |  |  | 2,086 |  |  | 76,947 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 54,447 |  |  | — |  |  | 54,447 |
Payroll and bonuses | 25,838 |  |  | 9,387 |  |  | 6,510 |  |  | 4,553 |  |  | 46,288 |
Professional services | 2,885 |  |  | 749 |  |  | 558 |  |  | 8,490 |  |  | 12,682 |
Stock compensation expense | 4,190 |  |  | 314 |  |  | 236 |  |  | 3,119 |  |  | 7,859 |
Advertising expense | 9,647 |  |  | 378 |  |  | 1,857 |  |  | 34 |  |  | 11,916 |
General and administrative expense | 11,970 |  |  | 4,840 |  |  | 4,788 |  |  | 1,935 |  |  | 23,533 |
Allowance for expected credit losses | 89 |  |  | 2,120 |  |  | 293 |  |  | — |  |  | 2,502 |
Other (income)/expense, net | (110) |  |  | 539 |  |  | 2,702 |  |  | 883 |  |  | 4,014 |
TOTAL EXPENSE | 142,448 |  |  | 66,605 |  |  | 95,555 |  |  | 21,489 |  |  | 326,097 |
INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS | $ | 253,114 |  |  | $ | 17,741 |  |  | $ | 9,683 |  |  | $ | 83,155 |  |  | $ | 363,693 |
Income tax expense | (27,810) |  |  | (655) |  |  | (41) |  |  | (10,064) |  |  | (38,570) |
INCOME FROM CONTINUING OPERATIONS | $ | 225,304 |  |  | $ | 17,086 |  |  | $ | 9,642 |  |  | $ | 73,091 |  |  | $ | 325,123 |
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
| March 31, 2024
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 2,586,803 |  |  | $ | 4,939,626 |  |  | $ | 529,517 |  |  | $ | 245,984 |  |  | $ | 8,301,930 |
Total liabilities | 1,973,887 |  |  | 4,389,745 |  |  | 402,865 |  |  | 368,475 |  |  | 7,134,972 |
Net assets | $ | 612,916 |  |  | $ | 549,881 |  |  | $ | 126,652 |  |  | $ | (122,491) |  |  | $ | 1,166,958 |
| March 31, 2023
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 1,212,163 |  |  | $ | 3,248,245 |  |  | $ | 470,337 |  |  | $ | 153,813 |  |  | $ | 5,084,558 |
Total liabilities | 1,024,888 |  |  | 2,769,981 |  |  | 385,952 |  |  | 133,001 |  |  | 4,313,822 |
Net assets | $ | 187,275 |  |  | $ | 478,264 |  |  | $ | 84,385 |  |  | $ | 20,812 |  |  | $ | 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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