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RECAST
 9 Months Ended
Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]  
Recast RECAST
When preparing the condensed consolidated financial statements as of September 30, 2022 and for the three and six months ended September 30, 2022, management determined that certain amounts included in the Company’s condensed consolidated financial statements as of December 31, 2021, and 2020, required revision, because the assets and liabilities to be disposed of in connection with the planned sale of Freedom RU and Freedom Bank RU met the held for sale criteria, such subsidiaries are presented as discontinued operations in accordance with ASC 205 and 360 in the condensed consolidated financial statements as of December 31, 2021 and for the three and nine months ended December 31, 2021 and in the corresponding periods of 2020 for comparative purposes. For additional information see Note 22 Assets and Liabilities held for sale to the condensed consolidated financial statements.

The previously issued Condensed Consolidated Balance Sheets as of December 31, 2021, and March 31, 2021 and Condensed Consolidated Statement of Operations and Statements of Other Comprehensive Income for the three and nine months ended December 31, 2021, and 2020 have been revised as follows:
As of December 31, 2021
As previously reportedRecast discontinued operationsAs recasted
ASSETS
Cash and cash equivalents$493,263 $(346,905)$146,358 
Trading securities1,348,656 (400,823)947,833 
Restricted cash404,718 12,025 416,743 
Brokerage and other receivables, net302,403 (108,245)194,158 
Loans issued44,995 (2,556)42,439 
Other assets30,321 (6,291)24,030 
Fixed assets, net21,221 (3,822)17,399 
Right-of-use asset17,830 (10,904)6,926 
Intangible assets, net8,703 (5,031)3,672 
Goodwill7,840 — 7,840 
Available-for-sale securities, at fair value1 — 1 
Assets held for sale— 919,592 919,592 
TOTAL ASSETS$2,679,951 $47,040 $2,726,991 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$710,284 $(82,791)$627,493 
Customer liabilities1,145,070 (592,055)553,015 
Trade payables51,031 (656)50,375 
Current income tax liability20,620 (41)20,579 
Securities sold, not yet purchased – at fair value15,167 — 15,167 
Loans received3,497 — 3,497 
Debt securities issued105,363 (71,716)33,647 
Lease liability17,573 (10,542)7,031 
Deferred income tax liabilities1 1,485 1,486 
Deferred distribution payments8,534 — 8,534 
Liabilities held for sale— 809,727 809,727 
Other liabilities11,321 (6,371)4,950 
TOTAL LIABILITIES2,088,461 47,040 2,135,501 
Commitments and Contingent Liabilities (Note 30)— — — 
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 capital115,278 — 115,278 
Retained earnings516,149 — 516,149 
Accumulated other comprehensive loss(39,152)— (39,152)
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY592,334 — 592,334 
Non-controlling interest(844)— (844)
TOTAL SHAREHOLDERS’ EQUITY591,490 — 591,490 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,679,951 $47,040 $2,726,991 
As of March 31, 2021
As previously reportedRecast discontinued operationsAs recasted
ASSETS
Cash and cash equivalents$698,828 $(530,811)$168,017 
Trading securities736,188 (148,642)587,546 
Restricted cash437,958 52,733 490,691 
Brokerage and other receivables, net64,801 (15,283)49,518 
Loans issued11,667 (2,041)9,626 
Other assets19,902 (4,263)15,639 
Fixed assets, net18,385 (2,814)15,571 
Right-of-use asset13,262 (8,636)4,626 
Intangible assets, net9,785 (5,883)3,902 
Goodwill7,868 (731)7,137 
Available-for-sale securities, at fair value1 — 1 
Assets held for sale— 748,048 748,048 
TOTAL ASSETS$2,018,645 $81,677 $2,100,322 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Securities repurchase agreement obligations$426,715 $(51,997)$374,718 
Customer liabilities1,163,697 (491,872)671,825 
Trade payables22,304 (302)22,002 
Current income tax liability14,843 (644)14,199 
Securities sold, not yet purchased – at fair value8,592 (23)8,569 
Loans received3,373 — 3,373 
Debt securities issued68,443 (37,094)31,349 
Lease liability13,249 (8,438)4,811 
Deferred income tax liabilities4,385 (378)4,007 
Deferred distribution payments8,534 — 8,534 
Liabilities held for sale— 676,568 676,568 
Other liabilities8,850 (4,143)4,707 
TOTAL LIABILITIES1,742,985 81,677 1,824,662 
Commitments and Contingent Liabilities (Note 30)— — — 
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;
58 — 58 
Additional paid in capital104,672 — 104,672 
Retained earnings208,617 — 208,617 
Accumulated other comprehensive loss(36,046)— (36,046)
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY277,301 — 277,301 
Non-controlling interest(1,641)— (1,641)
TOTAL SHAREHOLDERS’ EQUITY275,660 — 275,660 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,018,645 $81,677 $2,100,322 
Three months ended December 31, 2021
As previously reported*Recast discontinued operationsAs recasted
Revenue:
Fee and commission income$117,316 $(25,905)$91,411 
Net gain on trading securities403 6,611 7,014 
Interest income27,828 (3,029)24,799 
Net (loss)/gain on foreign exchange operations451 655 1,106 
Net loss on derivative(314)— (314)
TOTAL REVENUE, NET145,684 (21,668)124,016 
Expense:
Fee and commission expense22,716 (2,076)20,640 
Interest expense20,799 (2,365)18,434 
Operating expense50,496 (22,253)28,243 
Provision for impairment losses45 (13)32 
Other expense, net(64)(30)(94)
TOTAL EXPENSE93,992 (26,737)67,255 
INCOME BEFORE INCOME TAX51,692 5,069 56,761 
Income tax expense(806)(962)(1,768)
INCOME FROM CONTINUING OPERATIONS50,886 4,107 54,993 
Income/(loss) before income tax (expense)/benefit of discontinued operations— (5,067)(5,067)
Income tax (expense)/benefit of discontinued operations— 962 962 
Income/(loss) from discontinued operation— (4,105)(4,105)
NET INCOME50,886 2 50,888 
Less: Net loss attributable to non-controlling interest in subsidiary(343)— (343)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$51,229 $2 $51,231 
OTHER COMPREHENSIVE INCOME
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect— — — 
Foreign currency translation adjustments, net of tax effect(7,336)2,672 (4,664)
OTHER COMPREHENSIVE INCOME/(LOSS)(7,336)2,672 (4,664)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$43,550 $2,674 $46,224 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(343)— (343)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$43,893 $2,674 $46,567 
For the three months ended December 31, 2021, the Company’s EPS as reported was 0.86 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.93, (0.07), and 0.86 for basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively.
Three months ended December 31, 2020
As previously reported*Recast discontinued operationsAs recasted
Revenue:
Fee and commission income$72,484 $(14,385)$58,099 
Net gain on trading securities18,944 (4,972)13,972 
Interest income9,223 (3,999)5,224 
Net (loss)/gain on foreign exchange operations(1,413)1,516 103 
Net gain on derivative995 (49)946 
TOTAL REVENUE, NET100,233 (21,889)78,344 
Expense:
Fee and commission expense20,278 (1,983)18,295 
Interest expense6,649 (3,426)3,223 
Operating expense21,921 (11,583)10,338 
Provision for impairment losses1,109 (157)952 
Other expense, net244 (229)15 
TOTAL EXPENSE50,201 (17,378)32,823 
INCOME BEFORE INCOME TAX50,032 (4,511)45,521 
Income tax expense(7,711)1,112 (6,599)
INCOME FROM CONTINUING OPERATIONS42,321 (3,399)38,922 
Income before income tax expense of discontinued operations— 4,511 4,511 
Income tax expense of discontinued operations— (1,112)(1,112)
Income from discontinued operations— 3,399 3,399 
NET INCOME42,321 — 42,321 
Less: Net loss attributable to non-controlling interest in subsidiary(53)— (53)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$42,374 $— $42,374 
OTHER COMPREHENSIVE INCOME
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect— — — 
Foreign currency translation adjustments, net of tax effect6,851 — 6,851 
OTHER COMPREHENSIVE INCOME6,851 — 6,851 
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$49,172 $— $49,172 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(53)— (53)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$49,225 $— $49,225 
For the three months ended December 31, 2020, the Company’s EPS as reported was 0.73 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 0.67, 0.06, and for basic and diluted EPS for continuing operations, discontinued operations, and 0.73, 0.72 for basic and diluted total EPS, respectively.
Nine months ended December 31, 2021
As previously reported*Recast discontinued operationsAs recasted
Revenue:
Fee and commission income$327,966 $(65,251)$262,715 
Net gain on trading securities185,554 9,716 195,270 
Interest income69,259 (9,920)59,339 
Net (loss)/gain on foreign exchange operations885 2,888 3,773 
Net loss on derivative(1,028)— (1,028)
TOTAL REVENUE, NET582,636 (62,567)520,069 
Expense:
Fee and commission expense67,547 (6,301)61,246 
Interest expense51,256 (6,824)44,432 
Operating expense117,384 (53,840)63,544 
Provision for impairment losses704 (90)614 
Other expense, net600 (120)480 
TOTAL EXPENSE237,491 (67,175)170,316 
INCOME BEFORE INCOME TAX345,145 4,608 349,753 
Income tax expense(38,037)(943)(38,980)
INCOME FROM CONTINUING OPERATIONS307,108 3,665 310,773 
Income/(loss) before income tax (expense)/benefit of discontinued operations— (4,609)(4,609)
Income tax (expense)/benefit of discontinued operations— 953 953 
Income/(loss) from discontinued operations— (3,656)(3,656)
NET INCOME307,108 9 307,117 
Less: Net loss attributable to non-controlling interest in subsidiary(415)— (415)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$307,523 $9 $307,532 
OTHER COMPREHENSIVE INCOME
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect— — — 
Foreign currency translation adjustments, net of tax effect(3,106)2,574 (532)
OTHER COMPREHENSIVE INCOME/(LOSS)(3,106)2,574 (532)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$304,002 $2,583 $306,585 
Less: Comprehensive loss attributable to non-controlling interest in subsidiary(415)— (415)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS304,417 2,583 307,000 
For the nine months ended December 31, 2021, the Company’s EPS as reported was 5.18 for basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 5.25, (0.06), and 5.18 for basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively.
Nine months ended December 31, 2020
As previously reported*Recast discontinued operationsAs recasted
Revenue:
Fee and commission income$169,590 $(33,603)$135,987 
Net gain on trading securities36,330 (17,087)19,243 
Interest income18,930 (7,168)11,762 
Net gain on foreign exchange operations1,359 (1,217)142 
Net gain on derivative149 (88)61 
TOTAL REVENUE, NET226,358 (59,163)167,195 
Expense:
Fee and commission expense50,068 (4,297)45,771 
Interest expense15,092 (6,290)8,802 
Operating expense52,214 (29,978)22,236 
Provision for impairment losses1,775 (202)1,573 
Other expense/(income), net149 (206)(57)
TOTAL EXPENSE119,298 (40,973)78,325 
INCOME BEFORE INCOME TAX107,060 (18,190)88,870 
Income tax expense(16,900)5,202 (11,698)
INCOME FROM CONTINUING OPERATIONS90,160 (12,988)77,172 
Income before income tax expense of discontinued operations— 18,190 18,190 
Income tax expense of discontinued operations— (5,202)(5,202)
Income from discontinued operations— 12,988 12,988 
NET INCOME90,160 — 90,160 
Less: Net income attributable to non-controlling interest in subsidiary243 — 243 
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$89,917 $— $89,917 
OTHER COMPREHENSIVE INCOME
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect71 — 71 
Foreign currency translation adjustments, net of tax effect4,565 — 4,565 
OTHER COMPREHENSIVE INCOME4,636 — 4,636 
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS$94,796 $— $94,796 
Less: Comprehensive income attributable to non-controlling interest in subsidiary243 — 243 
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$94,553 $— $94,553 
For the nine months ended December 31, 2020, the Company’s EPS as reported was 1.54 for both basic and diluted EPS. Due to the items noted above, the Company’s EPS has been recast to 1.32, 0.22, and 1.54 for both basic and diluted EPS for continuing operations, discontinued operations, and total EPS, respectively.
*amounts with restatement in fee and commission income and interest income, for more information please see Note 4 Restatement.