| Schedule of net gain on foreign exchange operations |
As of June 30, 2022, and March 31, 2022, the major classes of assets and liabilities from discontinued operations included the following:
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|
|
|
|
|
|
|
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June 30, 2022 |
|
March 31, 2022 |
| Cash and cash equivalents |
$ |
698,021 |
|
|
$ |
428,480 |
|
| Restricted cash |
6,343 |
|
|
28,406 |
|
| Trading securities |
122,079 |
|
|
122,497 |
|
| Brokerage and other receivables, net |
278,957 |
|
|
210,087 |
|
| Loans issued |
11,430 |
|
|
2,395 |
|
| Other assets |
51,862 |
|
|
33,554 |
|
|
|
|
|
| Total assets held for sale |
$ |
1,168,692
|
|
|
$ |
825,419
|
|
|
|
|
|
| Customer liabilities |
$ |
983,303 |
|
|
$ |
701,584 |
|
| Debt securities issued |
64,637 |
|
|
64,637 |
|
| Securities repurchase agreement obligations |
34,264 |
|
|
32,469 |
|
| Other liabilities |
37,451 |
|
|
13,788 |
|
|
|
|
|
| Total liabilities held for sale |
$ |
1,119,655
|
|
|
$ |
812,478
|
|
The results of operations for discontinued operations for the three months ended June 30, 2022 and 2021, consist of the following:
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For The Three Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
| Fee and commission income |
$ |
30,664 |
|
|
$ |
17,018 |
|
| Net gain on trading securities |
11,148 |
|
|
2,059 |
|
| Interest income |
12,421 |
|
|
4,674 |
|
| Net gain/(loss) on foreign exchange operations |
425 |
|
|
(2,232) |
|
|
|
|
|
| Total revenue |
54,658
|
|
|
21,519
|
|
|
|
|
|
| Fee and commission expense |
1,926 |
|
|
2,067 |
|
| Interest expense |
5,758 |
|
|
2,249 |
|
| Operating expense |
27,468 |
|
|
13,823 |
|
| Provision for impairment losses |
370 |
|
|
26 |
|
| Other income net |
34 |
|
|
117 |
|
|
|
|
|
| Total expense |
35,556
|
|
|
18,282
|
|
|
|
|
|
| Profit before income tax |
$ |
19,102
|
|
|
$ |
3,237
|
|
The net cash flows from/(used in) operating and investing activities from discontinued operations for the three months ended June 30, 2022 and 2021, consist of the following:
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Three Months Ended
June 30, |
|
2022 |
|
2021 |
| Cash Flows (Used In)/From Operating Activities |
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|
|
|
|
|
|
| Net income from discontinued operations |
$ |
15,946
|
|
|
$ |
2,700
|
|
|
|
|
|
| Adjustments to reconcile net income from operating activities: |
|
|
|
| Depreciation and amortization |
563 |
|
|
475 |
|
| Noncash lease expense |
1,588 |
|
|
1,091 |
|
| Change in deferred taxes |
3,082 |
|
|
(174) |
|
| Stock compensation expense |
1,821 |
|
|
1,068 |
|
| Unrealized (gain)/loss on trading securities |
(19,611) |
|
|
540 |
|
| Net change in accrued interest |
2,193 |
|
|
851 |
|
| Allowances/(recovery) for receivables |
370 |
|
|
(26) |
|
| Changes in operating assets and liabilities: |
|
|
|
| Trading securities |
78,727 |
|
|
(23,211) |
|
| Brokerage and other receivables |
54,061 |
|
|
(43,962) |
|
| Other assets |
393 |
|
|
(503) |
|
| Securities sold, not yet purchased – at fair value |
98 |
|
|
(23) |
|
| Customer liabilities |
(161,483) |
|
|
(11,029) |
|
| Current income tax liability |
— |
|
|
(611) |
|
| Trade payables |
11,332 |
|
|
(54) |
|
| Lease liabilities |
(1,716) |
|
|
(1,319) |
|
| Other liabilities |
(211) |
|
|
(13) |
|
| Net cash flows (used in)/from operating activities from discontinued operations |
(12,847) |
|
|
(74,200) |
|
|
|
|
|
| Cash Flows (Used In)/From Investing Activities |
|
|
|
| Purchase of fixed assets |
(1,325) |
|
|
(801) |
|
| Proceeds from sale of fixed assets |
— |
|
|
178 |
|
| Net change in loans issued to customers |
(5,754) |
|
|
1,022 |
|
| Net cash flows (used in)/from investing activities from discontinued operations |
$ |
(7,079) |
|
|
$ |
399
|
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|