ASSETS AND LIABILITIES HELD FOR SALE (Tables)

3 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of net gain on foreign exchange operations

As of December 31, 2021, and March 31, 2021, the major classes of assets and liabilities from discontinued operations included the following:

	December 31, 2021		March 31, 2021
Cash and cash equivalents	$	346,996	$	531,791
Restricted cash	32,728		27,594
Trading securities	400,823		148,642
Brokerage and other receivables, net	108,245		15,575
Loans issued	2,557		2,041
Other assets	28,243		22,405
Total assets held for sale	$	919,592	$	748,048
Customer liabilities	$	636,898	$	573,181
Debt securities issued	71,716		37,095
Securities repurchase agreement obligations	82,791		51,997
Other liabilities	18,322		14,295
Total liabilities held for sale	$	809,727	$	676,568

The results of operations for discontinued operations for the three and nine months ended December 31, 2021 and 2020, consist of the following:

	Three months ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Fee and commission income	$	23,147	$	13,571	$	59,596	$	30,810
Net (loss)/gain on trading securities	(6,611)		4,972		(9,716)		17,087
Interest income	5,786		4,813		15,574		9,961
Net gain/(loss) on foreign exchange operations	(655)		(1,516)		(2,889)		1,217
Net gain/(loss) on derivative	—		49		—		88
Total revenue	21,667		21,889		62,565		59,163
Fee and commission expense	2,075		1,983		6,300		4,298
Interest expense	2,365		3,426		6,824		6,289
Operating expense	22,253		11,583		53,841		29,979
Provision for impairment losses	13		156		89		200
Other (income)/expense, net	28		230		120		207
Total expense	26,734		17,378		67,174		40,973
Profit before income tax	$	(5,067)	$	4,511	$	(4,609)	$	18,190

The net cash flows from/(used in) operating and investing activities from discontinued operations for the nine months ended December 31, 2021 and 2020, consist of the following:

	Nine Months Ended December 31,
	2021		2020
Cash Flows (Used In)/From Operating Activities
Net income from discontinued operations	$	(3,656)	$	12,988
Adjustments to reconcile net income from operating activities:
Depreciation and amortization	1,637		439
Noncash lease expense	3,785		2,847
Impairment of Freedom Bank RU goodwill	—		—
Impairment of Zerich goodwill	—		—
Loss on sale of fixed assets	—		—
Client base write-off	—		—
Change in deferred taxes	(1,892)		1,406
Stock compensation expense	5,647		1,033
Unrealized (gain)/loss on trading securities	9,082		(1,988)
Net change in accrued interest	1,436		567
Allowances/(recovery) for receivables	89		203
Changes in operating assets and liabilities:
Trading securities	(262,438)		(81,345)
Brokerage and other receivables	(93,717)		5,444
Other assets	(1,948)		(1,792)
Securities sold, not yet purchased – at fair value	(24)		—
Customer liabilities	121,173		217,034
Current income tax liability	(623)		990
Trade payables	319		219
Lease liabilities	(3,947)		(2,988)
Other liabilities	2,176		1,426
Net cash flows (used in)/from operating activities from discontinued operations	(222,901)		156,483
Cash Flows (Used In)/From Investing Activities
Purchase of fixed assets	(2,918)		(985)
Proceeds from sale of fixed assets	699		—
Purchase of intangible assets	—		—
Loans issued	(571)		(117)
Net cash flows (used in)/from investing activities from discontinued operations	$	(2,790)	$	(1,102)