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v3.24.3

RELATED PARTY TRANSACTIONS | 6 Months Ended
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Sep. 30, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS
| September 30, 2024 |  | March 31, 2024
| Related party balances |  | Total category as per financial statements captions |  | Related party balances |  | Total category as per financial statements captions
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,915 |  |  | $ | 569,179 |  |  | $ | 203 |  |  | $ | 545,084 |
Companies controlled by management | 1,915 |  |  |  |  | 203 |  |  |
Restricted cash | $ | 6,669 |  |  | $ | 895,651 |  |  | $ | — |  |  | $ | 462,637 |
Management | 1,404 |  |  |  |  | — |  |  |
Companies controlled by management | 5,085 |  |  |  |  | — |  |  |
Other | 180 |  |  |  |  | — |  |  |
Trading securities | $ | 1,231 |  |  | $ | 3,601,118 |  |  | $ | 1,326 |  |  | $ | 3,688,620 |
Companies controlled by management | 1,231 |  |  |  |  | 1,326 |  |  |
Margin lending, brokerage and other receivables, net | $ | 162,066 |  |  | $ | 1,623,962 |  |  | $ | 22,039 |  |  | $ | 1,660,275 |
Management | 9,378 |  |  |  |  | 8,849 |  |  |
Companies controlled by management | 152,688 |  |  |  |  | 13,190 |  |  |
Loans issued | $ | 141,290 |  |  | $ | 1,368,656 |  |  | $ | 147,440 |  |  | $ | 1,381,715 |
Management | 604 |  |  |  |  | 117 |  |  |
Companies controlled by management | 140,686 |  |  |  |  | 147,323 |  |  |
Other assets, net | $ | 14,914 |  |  | $ | 169,375 |  |  | $ | 5,257 |  |  | $ | 102,414 |
Companies controlled by management | 14,914 |  |  |  |  | 5,257 |  |  |
LIABILITIES |  |  |  |  |  |  |
Customer liabilities | $ | 191,607 |  |  | $ | 3,329,133 |  |  | $ | 44,127 |  |  | $ | 2,273,830 |
Management | 9,918 |  |  |  |  | 12,604 |  |  |
Companies controlled by management | 180,557 |  |  |  |  | 31,253 |  |  |
Other | 1,132 |  |  |  |  | 270 |  |  |
Other liabilities | $ | 729 |  |  | $ | 133,248 |  |  | $ | 9,854 |  |  | $ | 81,560 |
Management | 284 |  |  |  |  | 7,947 |  |  |
Companies controlled by management | 445 |  |  |  |  | 1,907 |  |  |
| Three Months Ended September 30, 2024 |  | Three Months Ended September 30, 2023
| Related party amounts |  | Total category as per financial statements captions |  | Related party amounts |  | Total category as per financial statements captions
Revenue: |  |  |  |  |  |  |
Fee and commission income | $ | 837 |  |  | $ | 121,051 |  |  | $ | 20,022 |  |  | $ | 111,703 |
Management | 290 |  |  |  |  | 183 |  |  |
Companies controlled by management | 543 |  |  |  |  | 19,839 |  |  |
Other | 4 |  |  |  |  | — |  |  |
Interest income | $ | 375 |  |  | $ | 210,324 |  |  | $ | 9,731 |  |  | $ | 213,063 |
Management | 215 |  |  |  |  | 232 |  |  |
Companies controlled by management | 160 |  |  |  |  | 9,499 |  |  |
Expense: |  |  |  |  |  |  |
General and administrative expenses | $ | 6,247 |  |  | $ | 53,240 |  |  | $ | 5,229 |  |  | $ | 29,630 |
Management | 44 |  |  |  |  | 8 |  |  |
Companies controlled by management | 6,203 |  |  |  |  | 5,219 |  |  |
Other | — |  |  |  |  | 2 |  |  |
| Six Months Ended September 30, 2024 |  | Six Months Ended September 30, 2023
| Related party amounts |  | Total category as per financial statements captions |  | Related party amounts |  | Total category as per financial statements captions
Revenue: |  |  |  |  |  |  |
Fee and commission income | 1,703 |  |  | 236,540 |  |  | 35,917 |  |  | 210,406 |
Management | 509 |  |  |  |  | 465 |  |  |
Companies controlled by management | 1,188 |  |  |  |  | 35,451 |  |  |
Other | 6 |  |  |  |  | 1 |  |  |
Interest income | 644 |  |  | 436,328 |  |  | 15,084 |  |  | 362,412 |
Management | 419 |  |  |  |  | 305 |  |  |
Companies controlled by management | 225 |  |  |  |  | 14,779 |  |  |
Expense: |  |  |  |  |  |  |
General and administrative expenses | 8,971 |  |  | 98,345 |  |  | 7,561 |  |  | 54,105 |
Management | 277 |  |  |  |  | 171 |  |  |
Companies controlled by management | 8,694 |  |  |  |  | 7,388 |  |  |
Other | — |  |  |  |  | 2 |  |  |
During the three and six months ended September 30, 2023, the Group engaged in various related party transactions, a substantial amount of which were conducted with FST Belize, a Belize company which is wholly owned personally by the Company’s chief executive officer, chairman and majority shareholder, Timur Turlov, and is not part of the Group. During such periods FST Belize had its own brokerage customers, which included individuals and a market-maker institution and conducted business with the Group through a client omnibus account at Freedom EU. The Group terminated these arrangements with FST Belize before the end of fiscal 2024, leading to a decrease in related party transactions during three and six months ended September 30, 2024 as compared to the corresponding periods in 2023. As of September 30, 2024 and March 31, 2024, the Group's margin lending receivables from Fresh Start Trading Ltd amounted to $151,592 and $12,890. Fresh Start Trading Ltd is a Cyprus-based company that is controlled by a single individual who is a member of Freedom EU's management. Fresh Start Trading Ltd is mainly involved in foreign currency trading activity. Margin lending receivables from Fresh Start Trading Ltd are mainly denominated in Euros, and they are fully collateralized by cash denominated in U.S. dollars. During the three and six months ended September 30, 2024, the Group incurred general and administrative expenses from Kazakhstan Chess Federation in the amount of $4,308 and $6,353 respectively. Kazakhstan Chess Federation is a Kazakhstan-based company in which Timur Turlov holds a management position. The Group continues to support the development of chess as a sport in Kazakhstan. During the three and six months ended September 30, 2024, the Group has made financial contributions to the Kazakhstan Chess Federation to support the preparation and holding of championships, tournaments, training camps and other events. As of September 30, 2024 and March 31, 2024, 76% and 24%, respectively, of the Group's customer liabilities were deposits from Fresh Start Trading Ltd held by Freedom EU related to brokerage services provided by Freedom EU to Fresh Start Trading Ltd. As of September 30, 2024, and March 31, 2024 the Group had loans issued which included uncollateralized bank customer loans purchased from FFIN Credit, a company outside of the Group which is controlled by Timur Turlov.

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