XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2
RECAST
 3 Months Ended
Jun. 30, 2022
Accounting Changes and Error Corrections [Abstract]  
Recast RECAST
When preparing the condensed consolidated financial statements as of and for the three months ended June 30, 2022, management determined that certain amounts included in the Company’s condensed consolidated financial statements as of March 31, 2022, required revision due to the closing of the acquisition of Freedom Life and Freedom Insurance in May 2022, which were deemed to be entities under common control with the Company since 2018. For additional information see Note 22 Acquisitions and Disposals of Subsidiaries to the condensed consolidated financial statements.

As required by ASC 805 Business Combinations, acquisitions with parties under common control are required to have all previously presented periods recast to the date of acquisition.

The previously issued Condensed Consolidated Balance Sheet as of March 31, 2022, and Condensed Consolidated Statement of Operations and Statements of Other Comprehensive Income for the three months ended June 30, 2022, have been revised as follows:
As of March 31, 2022
As previously reportedRecastAs recasted
ASSETS
Cash and cash equivalents$625,547 $816 $626,363 
Restricted cash553,680 — 553,680 
Trading securities1,203,479 77,395 1,280,874 
Available-for-sale securities, at fair value1 161,363 161,364 
Brokerage and other receivables, net357,567 179 357,746 
Loans issued94,797 43 94,840 
Fixed assets, net21,365 437 21,802 
Intangible assets, net5,791 1,650 7,441 
Goodwill5,388 510 5,898 
Right-of-use asset15,669 684 16,353 
Deferred tax assets12,018 51 12,069 
Assets from insurance activity — 5,712 5,712 
Other assets, net25,707 7,643 33,350 
TOTAL ASSETS$2,921,009 $256,483 $3,177,492 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$775,178 $97,514 $872,692 
Customer liabilities1,417,937 (983)1,416,954 
Trade payables45,229 1 45,230 
Liabilities from insurance activity — 119,490 119,490 
Current income tax liability14,556 — 14,556 
Securities sold, not yet purchased – at fair value14,103 — 14,103 
Loans received3,538 — 3,538 
Debt securities issued99,027 — 99,027 
Lease liability15,315 720 16,035 
Deferred distribution payments8,534 — 8,534 
Other liabilities19,917 808 20,725 
TOTAL LIABILITIES2,413,334 217,550 2,630,884 
Commitments and Contingent Liabilities (Note 20)— — — 
SHAREHOLDERS’ EQUITY
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding
— — — 
Common stock - $0.001 par value; 500,000,000 shares authorized;
59 — 59 
Additional paid in capital141,340 33,406 174,746 
Retained earnings426,563 15,360 441,923 
Accumulated other comprehensive loss(53,291)(9,834)(63,125)
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY514,671 38,932 553,603 
Less: Net (loss)/income attributable to noncontrolling interest in subsidiary(6,996)1 (6,995)
TOTAL SHAREHOLDERS’ EQUITY507,675 38,933 546,608 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,921,009 $256,483 $3,177,492 
Three months ended June 30, 2021
As previously reportedRecastAs recasted
Revenue:
Fee and commission income$97,406 $(23)$97,383 
Net gain on trading securities9,900 841 10,741 
Net realized loss on investments available for sale— (31)(31)
Interest income18,077 6,585 24,662 
Income from insurance activity— 14,076 14,076 
Net gain/(loss) on foreign exchange operations(1,187)163 (1,024)
Net loss on derivative(59)(1)(60)
TOTAL REVENUE, NET124,137 21,610 145,747 
Expense:
Fee and commission expense21,863 1,397 23,260 
Interest expense14,272 2,223 16,495 
Expense from insurance activity— 11,296 11,296 
Operating expense30,318 2,926 33,244 
Provision for impairment losses293 — 293 
Other expense, net14 111 125 
TOTAL EXPENSE66,760 17,953 84,713 
NET INCOME BEFORE INCOME TAX$57,377 $3,657 $61,034 
Income tax expense(5,669)5 (5,664)
NET INCOME$51,708 $3,662 $55,370 
Less: Net loss attributable to non-controlling interest in subsidiary(52)— (52)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS51,760 3,662 55,422 
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect— 874 874 
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect— 31 31 
Foreign currency translation adjustments, net of tax effect3,300 (278)3,022 
OTHER COMPREHENSIVE INCOME3,300 627 3,927 
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$55,008 $4,289 $59,297 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(52)— (52)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$55,060 $4,289 $59,349