Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
VIE, consolidated statements The carrying amounts of Freedom UA’s consolidated assets and liabilities were as follows as of March 31, 2023:
March 31, 2023
Cash and cash equivalents 26 
Restricted cash 1,936 
Trading securities 4,010 
Margin lending, brokerage and other receivables, net 1,616 
Fixed assets, net 782 
Intangible assets, net 131 
Right-of-use asset 135 
Other assets 56 
Total assets 8,692 
Customer liabilities 5,837 
Securities repurchase agreement obligations 12 
Trade payables 25 
Lease liability 159 
Other liabilities 298 
Total liabilities 6,331 
Schedule of changes in the carrying amount of goodwill
The changes in the carrying amount of goodwill for the three months ended June 30, 2023 and the year ended March 31, 2023, were as follows:
Central Asia and Eastern Europe
Europe, excluding Eastern Europe
 US Middle East/ Caucasus Total
Goodwill, gross
Balance as of March 31, 2022 $ 5,104  $ —  $ 1,626  $ —  $ 6,730 
Forex 34  —  —  —  34 
Balance as of June 30, 2022 5,138  —  1,626  —  6,764 
Balance as of March 31, 2023 $ 6,792  $ —  $ 7,400  $ —  $ 14,192 
Forex (1) —  —  —  (1)
Acquired 36,760  —  —  —  36,760 
Balance as of June 30, 2023 43,551  —  7,400  —  50,951 
Accumulated impairment
Balance as of March 31, 2022 $ 832  $ —  $ —  $ —  $ 832 
Impairment expense —  —  —  —  — 
Balance as of June 30, 2022 832  —  —  —  832 
Balance as of March 31, 2023 $ —  $ —  $ —  $ —  $ — 
Impairment expense —  —  —  —  — 
Balance as of June 30, 2023 —  —  —  —  — 
Goodwill, net of impairment
Balance as of June 30, 2022 $ 4,306  $ —  $ 1,626  $ —  $ 5,932 
Balance as of March 31, 2023 $ 6,792  $ —  $ 7,400  $ —  $ 14,192 
Balance as of June 30, 2023 $ 43,551  $ —  $ 7,400  $ —  $ 50,951 
Revision of prior period statements The following table illustrates the impact of ASC 326.
March 31, 2023 ASC 326 Adoption Impact April 1, 2023
Allowance for credit losses for loans
Mortgage loans $ 554  $ 2,216  $ 2,770 
Car loans $ 759  $ 6,462  $ 7,221 
Collateralized bank customer loans
 $ —  $ 35  $ 35 
Uncollateralized banks customer loans
 $ 233  $ 7,436  $ 7,669 
Right of claim for purchased retail loans 1,246  9,046  10,292 
Allowance for credit losses for other financial assets —  249  249 
Total allowance for credit losses $ 2,792  $ 25,444  $ 28,236 
Retained earnings
Total allowance increase $ 25,444 
Decrease to retained earnings, pre-tax $ 25,444 
Tax effect $ — 
Forex effect $ (1)
Decrease to retained earnings, net of tax effect $ 25,443