Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

v3.23.1
SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company historically operated as a single operating segment. With the planned restructuring of the Company's operations, coupled with the continued expansion, there was an election to reorganize operations geographically into five regional segments: Central Asia, Europe, United States, Middle East/Caucasus and Russia (planned to be divested). These operating segments are based on how our CODM will be making decisions about allocating resources and assessing performance.

The segment reporting has been recast to remove the Russian segment due to its presentation in the financial statements as discontinued operations. In addition, segment reporting was restated for the errors described in Note 4, and restated segment information was provided to CODM in their reports.
The following tables summarize the Company's Statement of operation by its geographic segments. Intercompany balances were eliminated for separate disclosure:
Year ended March 31, 2022 (Restated)
STATEMENTS OF OPERATIONS
 Central Asia Europe US Middle East/Caucasus Total
Fee and commission income $ 24,374  $ 306,525  $ 4,545  —  $ 335,444 
Net gain/(loss) on trading securities 11,604  142,195  2,546  —  156,345 
Interest income 75,130  14,540  483  —  90,153 
Net gain/(loss) on foreign exchange operations 6,012  (5,598) 1,565  —  1,979 
Net gain/(loss) on derivative 946  —  —  —  946 
TOTAL REVENUE, NET 118,066  457,662  9,139  —  584,867 
Interest expense $ 54,894  $ 8,747  $ 1,808  —  $ 65,449 
Fee and commission expense 7,945  64,518  780  —  73,243 
Operating expense 42,076  27,069  19,136  283  88,564 
Provision for impairment losses/(recoveries) 2,149  57  —  —  2,206 
Other expense/(income), net 489  7  819  (3) 1,312 
TOTAL EXPENSE 107,553  100,398  22,543  280  230,774 
NET INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 10,513  $ 357,264  $ (13,404) (280) $ 354,093 
Income tax (expense)/benefit 1,237  (26,786) (12,989) 9  (38,529)
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS $ 11,750  $ 330,478  $ (26,393) (271) $ 315,564 
Year ended March 31, 2021 (Restated)
STATEMENTS OF OPERATIONS
 Central Asia Europe US Middle East Caucasus Total
Fee and commission income $ 17,055  $ 197,844  $ 1,097  —  $ 215,996 
Net gain on financial instruments through profit and loss 18,414  8  7,489  —  25,911 
Interest income 18,498  3,635  682  —  22,815 
Net gain/(loss) on foreign exchange operations 1,658  (300) (215) —  1,143 
Net gain on derivative 86  —  —  —  86 
TOTAL REVENUE, NET $ 55,711  $ 201,187  $ 9,053  —  $ 265,951 
Interest expense $ 12,770  $ 3,663  $ 2,173  —  $ 18,606 
Fee and commission expense 1,211  64,521  246  —  65,978 
Operating expense 19,674  10,921  4,843  15  35,453 
Provision for impairment losses 1,014  108  395  —  1,517 
Other (expense)/income, net (88) (3) (15) —  (106)
TOTAL EXPENSE $ 34,581  $ 79,210  $ 7,642  15  $ 121,448 
NET INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 21,130  $ 121,977  $ 1,411  (15) $ 144,503 
Income tax (expense)/benefit 210  (14,013) (9,559) —  (23,362)
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS $ 21,340  $ 107,964  $ (8,148) (15) $ 121,141 
Year ended March 31, 2020 (Restated)
STATEMENTS OF OPERATIONS
 Central Asia Europe US Middle East Caucasus Total
Fee and commission income $ 2,810  $ 58,382  $ —  —  $ 61,192 
Net gain/(loss) on financial instruments through profit and loss 8,121  257  (46) —  8,332 
Interest income 7,932  5,451  198  —  13,581 
Net gain/(loss) on foreign exchange operations 517  (313) 84  —  288 
Net gain/(loss) on derivative —  —  —  —  — 
TOTAL REVENUE, NET $ 19,380  $ 63,777  $ 236  —  $ 83,393 
Interest expense $ 9,533  $ 343  $ 324  —  $ 10,200 
Fee and commission expense 629  18,600  186  —  19,415 
Operating expense 18,262  3,500  3,916  —  25,678 
Provision for impairment losses (1,254) —  —  —  (1,254)
Other (expense)/income, net 282  (11) (8) —  263 
TOTAL EXPENSE $ 27,452  $ 22,432  $ 4,418  —  $ 54,302 
NET INCOME BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ (8,072) $ 41,345  $ (4,182) —  $ 29,091 
Income tax (expense)/benefit (16) (4,467) (450) —  (4,933)
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS $ (8,088) $ 36,878  $ (4,632) —  $ 24,158 
The following tables summarize the Company's total asset and total liabilities by its geographic segments. Intercompany balances were eliminated for separate disclosure:
March 31, 2022 (recast)
Central Asia Europe US Middle East Caucasus Held for Sale Total
Total assets $ 1,207,149  $ 765,699  $ 172,661  $ 355  $ 825,419  $ 2,971,283 
Total liabilities $ 985,938  $ 489,899  $ 175,121  $ 172  $ 812,478  $ 2,463,608 
Net assets $ 221,211  $ 275,800  $ (2,460) $ 183  12,941  $ 507,675 
March 31, 2021 (recast)
Central Asia Europe US Middle East Caucasus Held for Sale Total
Total assets 714,380  591,072  46,682  140  748,048  2,100,322 
Total liabilities 557,747  530,227  60,106  3  676,568  1,824,651 
Net assets 156,633  60,845  (13,424) 137  71,480  275,671