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SEGMENT REPORTING | 3 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The following tables summarize the Company's Statement of Operations by its reportable segments for the periods presented. There are no revenues from transactions between the segments and intercompany balances have been eliminated in disclosures.
| Three months ended June 30, 2025
STATEMENT OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 105,825 |  |  | $ | (8,825) |  |  | $ | — |  |  | $ | 10,642 |  |  | $ | 107,642 |
Net gain on trading securities | 7,063 |  |  | 29,665 |  |  | 4,096 |  |  | 4,778 |  |  | 45,602 |
Interest income | 64,940 |  |  | 115,929 |  |  | 16,500 |  |  | 1,202 |  |  | 198,571 |
Insurance premiums earned, net of reinsurance | — |  |  | — |  |  | 153,257 |  |  | — |  |  | 153,257 |
Net (loss)/gain on foreign exchange operations | (2,445) |  |  | (13,850) |  |  | (142) |  |  | 3,544 |  |  | (12,893) |
Net gain/(loss) on derivative | 50 |  |  | 16,900 |  |  | — |  |  | (1,491) |  |  | 15,459 |
Sales of goods and services | — |  |  | — |  |  | — |  |  | 17,224 |  |  | 17,224 |
Other income | 827 |  |  | 6,423 |  |  | 308 |  |  | 1,003 |  |  | 8,561 |
TOTAL REVENUE, NET | 176,260 |  |  | 146,242 |  |  | 174,019 |  |  | 36,902 |  |  | 533,423 |
Fee and commission expense | 10,787 |  |  | 5,603 |  |  | 66,034 |  |  | 2,447 |  |  | 84,871 |
Interest expense | 16,082 |  |  | 79,237 |  |  | 2,629 |  |  | 15,462 |  |  | 113,410 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 80,285 |  |  | — |  |  | 80,285 |
Payroll and bonuses | 34,193 |  |  | 19,241 |  |  | 8,131 |  |  | 31,536 |  |  | 93,101 |
Professional services | 1,917 |  |  | 195 |  |  | 707 |  |  | 10,205 |  |  | 13,024 |
Stock compensation expense | 6,213 |  |  | 3,070 |  |  | 10,451 |  |  | 3,320 |  |  | 23,054 |
Advertising and sponsorship expense | 8,262 |  |  | 923 |  |  | 249 |  |  | 15,029 |  |  | 24,463 |
General and administrative expense | 10,788 |  |  | 12,316 |  |  | 2,074 |  |  | 16,797 |  |  | 41,975 |
(Recovery of)/allowance for expected credit losses | (2,323) |  |  | 5,624 |  |  | 1,185 |  |  | 336 |  |  | 4,822 |
Cost of sales | — |  |  | — |  |  | — |  |  | 13,903 |  |  | 13,903 |
TOTAL EXPENSE | 85,919 |  |  | 126,209 |  |  | 171,745 |  |  | 109,035 |  |  | 492,908 |
INCOME/(LOSS) BEFORE INCOME TAX | $ | 90,341 |  |  | $ | 20,033 |  |  | $ | 2,274 |  |  | $ | (72,133) |  |  | $ | 40,515 |
Income tax expense | (15,993) |  |  | (2,662) |  |  | (4,118) |  |  | 12,654 |  |  | (10,119) |
NET INCOME/(LOSS) | $ | 74,348 |  |  | $ | 17,371 |  |  | $ | (1,844) |  |  | $ | (59,479) |  |  | $ | 30,396 |
| Three months ended June 30, 2024
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 97,943 |  |  | $ | 2,796 |  |  | $ | 115 |  |  | $ | 14,635 |  |  | $ | 115,489 |
Net gain/(loss) on trading securities | 874 |  |  | (50,007) |  |  | 139 |  |  | (3,108) |  |  | (52,102) |
Interest income | 62,789 |  |  | 146,063 |  |  | 15,699 |  |  | 1,453 |  |  | 226,004 |
Insurance premiums earned, net of reinsurance | — |  |  | — |  |  | 129,408 |  |  | — |  |  | 129,408 |
Net gain/(loss) on foreign exchange operations | 9,957 |  |  | (19,695) |  |  | 1,120 |  |  | 16,707 |  |  | 8,089 |
Net gain on derivative | 876 |  |  | 11,618 |  |  | — |  |  | — |  |  | 12,494 |
Sales of goods and services | — |  |  | — |  |  | — |  |  | 5,220 |  |  | 5,220 |
Other income | 2,477 |  |  | 427 |  |  | 782 |  |  | 6,711 |  |  | 10,397 |
TOTAL REVENUE, NET | 174,916 |  |  | 91,202 |  |  | 147,263 |  |  | 41,618 |  |  | 454,999 |
Fee and commission expense | 5,677 |  |  | 2,526 |  |  | 64,887 |  |  | 7,057 |  |  | 80,147 |
Interest expense | 34,621 |  |  | 99,887 |  |  | 3,883 |  |  | 7,327 |  |  | 145,718 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 47,309 |  |  | — |  |  | 47,309 |
Payroll and bonuses | 25,251 |  |  | 6,117 |  |  | 6,861 |  |  | 19,295 |  |  | 57,524 |
Professional services | 2,389 |  |  | 96 |  |  | 277 |  |  | 4,506 |  |  | 7,268 |
Stock compensation expense | 5,315 |  |  | 1,956 |  |  | 875 |  |  | 2,469 |  |  | 10,615 |
Advertising and sponsorship expense | 11,944 |  |  | 1,064 |  |  | 350 |  |  | 8,538 |  |  | 21,896 |
General and administrative expense | 10,213 |  |  | 12,385 |  |  | 5,218 |  |  | 12,594 |  |  | 40,410 |
Allowance for/(recovery of) expected credit losses | (329) |  |  | (1,121) |  |  | 325 |  |  | (645) |  |  | (1,770) |
Cost of sales | — |  |  | — |  |  | — |  |  | 4,284 |  |  | 4,284 |
TOTAL EXPENSE | 95,081 |  |  | 122,910 |  |  | 129,985 |  |  | 65,425 |  |  | 413,401 |
INCOME/(LOSS) BEFORE INCOME TAX | $ | 79,835 |  |  | $ | (31,708) |  |  | $ | 17,278 |  |  | $ | (23,807) |  |  | $ | 41,598 |
Income tax (expense)/benefit | (10,204) |  |  | 3,225 |  |  | (3,475) |  |  | 3,115 |  |  | (7,339) |
NET INCOME/(LOSS) | $ | 69,631 |  |  | $ | (28,483) |  |  | $ | 13,803 |  |  | $ | (20,692) |  |  | $ | 34,259 |
The following tables summarize the Company's total assets and total liabilities by its business segments as of the dates presented. Intercompany balances have been eliminated for separate disclosure.
| June 30, 2025
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 4,227,175 |  |  | $ | 4,236,036 |  |  | $ | 750,319 |  |  | $ | 476,223 |  |  | $ | 9,689,753 |
Total liabilities | 3,282,684 |  |  | 3,745,873 |  |  | 599,347 |  |  | 832,790 |  |  | 8,460,694 |
Net assets | $ | 944,491 |  |  | $ | 490,163 |  |  | $ | 150,972 |  |  | $ | (356,567) |  |  | $ | 1,229,059 |
| March 31, 2025
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 4,344,555 |  |  | $ | 4,441,315 |  |  | $ | 712,352 |  |  | $ | 415,795 |  |  | $ | 9,914,017 |
Total liabilities | 3,588,781 |  |  | 3,936,900 |  |  | 571,335 |  |  | 602,643 |  |  | 8,699,659 |
Net assets | $ | 755,774 |  |  | $ | 504,415 |  |  | $ | 141,017 |  |  | $ | (186,848) |  |  | $ | 1,214,358 |
The following table presents revenues for the three months ended June 30, 2025 and 2024, and long-lived assets as of June 30, 2025 and March 31, 2025, classified by the major geographic areas based on subsidiaries' location.
| Three months ended June 30, 2025
Revenue | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Kazakhstan | $ | 113,435 |  |  | $ | 146,158 |  |  | $ | 174,019 |  |  | $ | 27,954 |  |  | $ | 461,566 |
Armenia | 43,661 |  |  | — |  |  | — |  |  | — |  |  | 43,661 |
Cyprus | 17,265 |  |  | — |  |  | — |  |  | 3,191 |  |  | 20,456 |
US | 909 |  |  | — |  |  | — |  |  | 4,872 |  |  | 5,781 |
Other | 990 |  |  | 84 |  |  | — |  |  | 885 |  |  | 1,959 |
TOTAL REVENUE, NET | $ | 176,260 |  |  | $ | 146,242 |  |  | $ | 174,019 |  |  | $ | 36,902 |  |  | $ | 533,423 |
| Three months ended June 30, 2024
Revenue | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Kazakhstan | $ | 129,211 |  |  | $ | 91,202 |  |  | $ | 147,263 |  |  | $ | 20,787 |  |  | $ | 388,463 |
Armenia | 27,896 |  |  | — |  |  | — |  |  | — |  |  | 27,896 |
US | 825 |  |  | — |  |  | — |  |  | 21,992 |  |  | 22,817 |
Cyprus | 16,698 |  |  | — |  |  | — |  |  | (1,050) |  |  | 15,648 |
Other | 286 |  |  | — |  |  | — |  |  | (111) |  |  | 175 |
TOTAL REVENUE, NET | $ | 174,916 |  |  | $ | 91,202 |  |  | $ | 147,263 |  |  | $ | 41,618 |  |  | $ | 454,999 |
| June 30, 2025
Long-lived assets | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fixed assets, net | $ | 20,763 |  |  | $ | 53,603 |  |  | $ | 6,674 |  |  | $ | 131,623 |  |  | $ | 212,663 |
Right-of-use assets | 19,458 |  |  | 9,114 |  |  | 2,559 |  |  | 8,500 |  |  | 39,631 |
TOTAL LONG-LIVED ASSETS | $ | 40,221 |  |  | $ | 62,717 |  |  | $ | 9,233 |  |  | $ | 140,123 |  |  | $ | 252,294 |
Kazakhstan | 14,123 |  |  | 62,113 |  |  | 9,233 |  |  | 113,369 |  |  | 198,838 |
Cyprus | 14,753 |  |  | — |  |  | — |  |  | 23,488 |  |  | 38,241 |
USA | 4,076 |  |  | — |  |  | — |  |  | 2,391 |  |  | 6,467 |
Armenia | 6,227 |  |  | — |  |  | — |  |  | — |  |  | 6,227 |
Other | 1,042 |  |  | 604 |  |  | — |  |  | 875 |  |  | 2,521 |
TOTAL LONG-LIVED ASSETS | $ | 40,221 |  |  | $ | 62,717 |  |  | $ | 9,233 |  |  | $ | 140,123 |  |  | $ | 252,294 |
| March 31, 2025
Long-lived assets | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fixed assets, net | $ | 20,713 |  |  | $ | 53,716 |  |  | $ | 2,461 |  |  | $ | 114,213 |  |  | $ | 191,103 |
Right-of-use assets | 21,101 |  |  | 7,684 |  |  | 2,532 |  |  | 8,511 |  |  | 39,828 |
TOTAL LONG-LIVED ASSETS | $ | 41,814 |  |  | $ | 61,400 |  |  | $ | 4,993 |  |  | $ | 122,724 |  |  | $ | 230,931 |
Kazakhstan | 15,241 |  |  | 60,863 |  |  | 4,993 |  |  | 97,608 |  |  | 178,705 |
Cyprus | 15,178 |  |  | — |  |  | — |  |  | 21,791 |  |  | 36,969 |
USA | 4,220 |  |  | — |  |  | — |  |  | 2,389 |  |  | 6,609 |
Armenia | 6,082 |  |  | — |  |  | — |  |  | — |  |  | 6,082 |
Other | 1,093 |  |  | 537 |  |  | — |  |  | 936 |  |  | 2,566 |
TOTAL LONG-LIVED ASSETS | $ | 41,814 |  |  | $ | 61,400 |  |  | $ | 4,993 |  |  | $ | 122,724 |  |  | $ | 230,931 |
Brokerage Companies in the Brokerage segment offer securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, underwriting and market-making services to a global customer base of corporations, investors, financial institutions, merchants, government and municipal entities. Companies in the Brokerage segment also conduct proprietary securities trading. The Group's services in this segment include providing customers with access to the world's largest stock exchanges and a gateway to global investment opportunities. Additionally, the Group's offerings in this segment include professional securities analytics, empowering customers with valuable insights and market intelligence to make informed investment decisions. To ensure a seamless experience, the Group provides user-friendly trading applications that offer convenience and flexibility. Banking Companies in the Banking segment generate banking service fee and interest income by providing services that include lending, deposit services, payment card services, money transfers, correspondent accounts, supporting both individual and corporate customers with innovative digital financial solutions. To ensure a seamless experience, the Banking segment it provides user-friendly trading applications that offer convenience and flexibility. Companies in the Banking segment also conduct proprietary securities trading activities. Insurance Companies in the Insurance segment offer products including 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. Companies in the Insurance segment also conduct proprietary securities trading activities. Other Activities of companies in the Other segment include provision of payment processing services, financial educational center services, financial intermediary center services, financial consulting services, administrative management services, telecommunication services information processing services, entertainment ticketing sales, online air and railway ticket purchase aggregation and an online retail trade and e-commerce application. The Other segment also includes transactions conducted by the Company in connection with repurchase agreements.

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- Definition The entire disclosure for reporting segments including data and tables. 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