Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

v3.23.2
SEGMENT REPORTING (Tables)
 12 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize the Company's Statement of operation by its geographic segments. There are no revenues from transactions between the segments and intercompany balances were eliminated for separate:
Year ended March 31, 2023
STATEMENTS OF OPERATIONS
Central Asia and Eastern Europe
 Europe, excluding Eastern Europe US Middle East/Caucasus Total
Fee and commission income(1)
$ 106,982  $ 215,408  $ 4,825  $ —  $ 327,215 
Net gain/(loss) on trading securities 92,330  (22,693) 1,447  —  71,084 
Interest income 257,285  26,090  11,289  31  294,695 
Insurance underwriting income 115,371  —  —  —  115,371 
Net gain/(loss) on foreign exchange operations 58,908  (2,287) (4,479) 12  52,154 
Net loss on derivative (64,826) —  —  —  (64,826)
TOTAL REVENUE, NET 566,050  216,518  13,082  43  795,693 
Fee and commission expense $ 34,939  $ 29,426  $ 1,238  $ 57  $ 65,660 
Interest expense 172,326  22,042  14,579  —  208,947 
Insurance claims incurred, net of reinsurance 77,329  —  —  —  77,329 
Payroll and bonuses 56,774  16,090  7,818  1,137  81,819 
Professional services 1,594  7,397  7,875  140  17,006 
Stock compensation expense 6,582  550  2,161  —  9,293 
Advertising expense 7,847  5,900  186  126  14,059 
General and administrative expense 34,754  20,496  4,095  626  59,971 
Provision for impairment losses 12,522  15,070  1,527  —  29,119 
Other (income)/expense, net (4,485) 1,101  (14) (50) (3,448)
TOTAL EXPENSE 400,182  118,072  39,465  2,036  559,755 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 165,868  $ 98,446  $ (26,383) (1,993) $ 235,938 
Income tax expense (625) (21,813) (20,278) (60) (42,776)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 165,243  $ 76,633  $ (46,661) (2,053) $ 193,162 
Year ended March 31, 2022 (Recasted)
STATEMENTS OF OPERATIONS
Central Asia and Eastern Europe
 Europe, excluding Eastern Europe US Middle East/Caucasus Total
Fee and commission income(1)
$ 23,652  $ 307,014  $ 4,545  $ —  $ 335,211 
Net gain on trading securities 10,511  142,195  2,546  —  155,252 
Interest income 107,075  14,051  483  —  121,609 
Insurance underwriting income 72,981  —  —  —  72,981 
Net gain/(loss) on foreign exchange operations 7,824  (5,598) 1,565  —  3,791 
Net gain on derivative 946  —  —  —  946 
TOTAL REVENUE, NET 222,989  457,662  9,139  —  689,790 
Fee and commission expense 20,610  64,519  780  —  85,909 
Interest expense 66,392  8,747  1,808  —  76,947 
Insurance claims incurred, net of reinsurance 54,447  —  —  —  54,447 
Payroll and bonuses 32,562  9,419  4,224  83  46,288 
Professional services 1,773  5,540  5,295  74  12,682 
Stock compensation expense 4,768  677  2,414  —  7,859 
Advertising expense 4,684  7,217  9  6  11,916 
General and administrative expense 16,770  4,894  1,749  120  23,533 
Provision for impairment losses 2,441  61  —  —  2,502 
Other expense/(income), net 3,138  7  872  (3) 4,014 
TOTAL EXPENSE 207,585  101,081  17,151  280  326,097 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 15,404  $ 356,581  $ (8,012) (280) $ 363,693 
Income tax (expense)/benefit 1,195  (26,786) (12,988) 9  (38,570)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 16,599  $ 329,795  $ (21,000) (271) $ 325,123 
Year ended March 31, 2021 (Recasted)
STATEMENTS OF OPERATIONS
Central Asia and Eastern Europe
 Europe, excluding Eastern Europe US Middle East/Caucasus Total
Fee and commission income(1)
$ 20,567  $ 194,311  $ 1,130  $ —  $ 216,008 
Net gain on trading securities 21,310  8  7,489  —  28,807 
Interest income 34,158  3,634  682  —  38,474 
Insurance underwriting income 62,951  —  —  —  62,951 
Net gain/(loss) on foreign exchange operations 1,072  (300) (215) —  557 
Net gain on derivative 86  —  —  —  86 
TOTAL REVENUE, NET 140,144  197,653  9,086  —  346,883 
Fee and commission expense 7,412  62,430  695  —  70,537 
Interest expense 16,608  3,663  2,173  —  22,444 
Insurance claims incurred, net of reinsurance 52,405  —  —  —  52,405 
Payroll and bonuses 16,878  5,398  1,156  3  23,435 
Professional services 685  769  2,975  1  4,430 
Stock compensation expense —  56  58  —  114 
Advertising expense 3,566  3,386  19  —  6,971 
General and administrative expense 8,036  2,518  553  11  11,118 
Provision for impairment losses 1,086  108  396  —  1,590 
Other expense/(income), net 2,052  (3) (15) —  2,034 
TOTAL EXPENSE 108,728  78,325  8,010  15  195,078 
INCOME/(LOSS) BEFORE INCOME TAX FROM CONTINUING OPERATIONS $ 31,416  $ 119,328  $ 1,076  (15) $ 151,805 
Income tax (expense)/benefit 111  (13,859) (9,559) —  (23,307)
NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $ 31,527  $ 105,469  $ (8,483) (15) $ 128,498 
(1) All trading of U.S. and European exchange traded and OTC securities by all Freedom securities brokerage firms, excluding PrimeEx, are routed to and executed through Freedom EU and all fee and commission income for those transactions is recognized at subsidiary received the initial order from external client.
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, 2023
Central Asia and Eastern Europe
 Europe, excluding Eastern Europe US Middle East/ Caucasus Held for sale Total
Total assets $ 4,303,126  $ 677,425  $ 101,365  $ 2,642  $ 5,084,558 
Total liabilities 3,868,326  384,921  60,198  377  4,313,822 
Net assets $ 434,800  $ 292,504  $ 41,167  $ 2,265  $ 770,736 
March 31, 2022 (Recasted)
Central Asia and Eastern Europe
 Europe, excluding Eastern Europe US Middle East/ Caucasus Held for sale Total
Total assets $ 1,466,214  $ 765,698  $ 172,661  $ 355  $ 825,419  $ 3,230,347 
Total liabilities 1,206,084  489,884  175,121  172  812,478  2,683,739 
Net assets $ 260,130  $ 275,814  $ (2,460) $ 183  $ 12,941  $ 546,608