| RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
March 31, 2024 |
|
Related party balances |
|
Total category as per financial statements captions |
|
Related party balances |
|
Total category as per financial statements captions |
| ASSETS |
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
257
|
|
|
$ |
718,678
|
|
|
$ |
203
|
|
|
$ |
545,084
|
|
Companies controlled by management |
257 |
|
|
|
|
203 |
|
|
|
| Restricted cash |
$ |
1,121
|
|
|
$ |
1,179,510
|
|
|
$ |
—
|
|
|
$ |
462,637
|
|
| Management |
357 |
|
|
|
|
— |
|
|
|
Companies controlled by management |
576 |
|
|
|
|
— |
|
|
|
Other |
188 |
|
|
|
|
— |
|
|
|
| Trading securities |
$ |
1,256
|
|
|
$ |
3,393,936
|
|
|
$ |
1,326
|
|
|
$ |
3,688,620
|
|
Companies controlled by management |
1,256 |
|
|
|
|
1,326 |
|
|
|
Margin lending, brokerage and other receivables, net |
$ |
37,836
|
|
|
$ |
1,217,885
|
|
|
$ |
22,039
|
|
|
$ |
1,660,275
|
|
| Management |
9,037 |
|
|
|
|
8,849 |
|
|
|
Companies controlled by management |
28,799 |
|
|
|
|
13,190 |
|
|
|
| Loans issued |
$ |
136,558
|
|
|
$ |
1,314,552
|
|
|
$ |
147,440
|
|
|
$ |
1,381,715
|
|
| Management |
1,094 |
|
|
|
|
117 |
|
|
|
Companies controlled by management |
135,464 |
|
|
|
|
147,323 |
|
|
|
| Other assets, net |
$ |
23,057
|
|
|
$ |
139,584
|
|
|
$ |
5,257
|
|
|
$ |
102,414
|
|
| Management |
2 |
|
|
|
|
— |
|
|
|
Companies controlled by management |
23,055 |
|
|
|
|
5,257 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
| Customer liabilities |
$ |
84,970
|
|
|
$ |
2,699,912
|
|
|
$ |
44,127
|
|
|
$ |
2,273,830
|
|
| Management |
10,659 |
|
|
|
|
12,604 |
|
|
|
Companies controlled by management |
73,421 |
|
|
|
|
31,253 |
|
|
|
Other |
890 |
|
|
|
|
270 |
|
|
|
| Other liabilities |
$ |
8,349
|
|
|
$ |
68,040
|
|
|
$ |
9,854
|
|
|
$ |
81,560
|
|
| Management |
7,967 |
|
|
|
|
7,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Companies controlled by management |
380 |
|
|
|
|
1,907 |
|
|
|
Other |
2 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024 |
|
Three Months Ended June 30, 2023 |
|
Related party amounts |
|
Total category as per financial statements captions |
|
Related party amounts |
|
Total category as per financial statements captions |
| Revenue: |
|
|
|
|
|
|
|
| Fee and commission income |
$ |
866
|
|
|
$ |
115,489
|
|
|
$ |
15,896
|
|
|
$ |
98,703
|
|
| Management |
219 |
|
|
|
|
285 |
|
|
|
Companies controlled by management |
645 |
|
|
|
|
15,611 |
|
|
|
Other |
2 |
|
|
|
|
— |
|
|
|
| Interest income |
$ |
270
|
|
|
$ |
226,004
|
|
|
$ |
5,352
|
|
|
$ |
149,349
|
|
| Management |
205 |
|
|
|
|
72 |
|
|
|
Companies controlled by management |
65 |
|
|
|
|
5,280 |
|
|
|
|
|
|
|
|
|
|
|
| Expense: |
|
|
|
|
|
|
|
| General and administrative expenses |
$ |
2,725
|
|
|
$ |
45,105
|
|
|
$ |
478
|
|
|
$ |
24,475
|
|
| Management |
233 |
|
|
|
|
163 |
|
|
Companies controlled by management |
2,492 |
|
|
|
|
315 |
|
|
During the three months ended June 30, 2023, the Group engaged in various related party transactions, a substantial amount of which were conducted with FST Belize, a Belize company which is wholly owned personally by the Company’s chief executive officer, chairman and majority shareholder, Timur Turlov, and is not part of the FRHC group of companies. FST Belize has its own brokerage customers, which include individuals and market-maker institution and conducted business with the Group through a client omnibus accounts at Freedom EU. The Group has terminated these operations with FST Belize before the end of fiscal 2024, leading to a decrease in related party transactions during three months ended June 30, 2024 and projected to be the main reason for a decrease in related party transactions moving forward.
As of June 30, 2024, and March 31, 2024 the Group had loans issued which included uncollateralized bank customer loans purchased from a related party, FFIN Credit a company outside of the FRHC group which is controlled by Timur Turlov.
|