Quarterly report pursuant to Section 13 or 15(d)

3. Revision of Financial Statement (Details)

v3.8.0.1
3. Revision of Financial Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Mar. 31, 2017
ASSETS          
Cash and cash equivalents $ 37,871   $ 37,871    
Restricted cash 15,255   15,255    
Trading securities 179,020   179,020    
Available-for-sale securities, at fair value 2   2    
Brokerage and other receivables 8,098   8,098    
Other assets 2,046   2,046    
Deferred tax assets 71   71    
Fixed assets 1,475   1,475    
Goodwill 953   953    
Loans issued 209   209    
TOTAL ASSETS 245,000   245,000    
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Derivative liability 0   0    
Debt securities issued 7,604   7,604    
Customer liabilities 14,488   14,488    
Current income tax liability 0   0    
Trade payables 230   230    
Deferred distribution payments 8,534   8,534    
Securities repurchase agreement obligation 130,211   130,211    
Other liabilities 407   407    
TOTAL LIABILITIES 161,704   161,704    
STOCKHOLDERS’ EQUITY          
Preferred stock 0   0    
Common stock 32   32    
Additional paid in capital 41,707   41,707    
Retained earnings 52,832   52,832    
Accumulated other comprehensive income (11,275)   (11,275)    
TOTAL STOCKHOLDERS’ EQUITY 83,296   83,296    
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 245,000   245,000    
Revenue:          
Fee and commission income 1,548   4,403    
Net gain on trading securities 32,134   39,143    
Interest income 1,005   3,589    
Net gain on sale of fixed assets (9)   (8)    
Net gain on foreign exchange operations 934   1,551    
TOTAL REVENUE 34,942   48,498    
Expense:          
Interest expense 3,022   5,009    
Fee and commission expense 437   675    
Operating expense 2,918   5,829    
Other expense, net (53)   26    
TOTAL EXPENSE 6,324   11,539    
NET (LOSS)/INCOME BEFORE INCOME TAX 28,618   36,959    
Income tax benefit (1,018)   (987)    
NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 27,600   35,972    
Less: Net income attributable to noncontrolling interest in subsidiary 0   0    
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 27,600   35,972    
OTHER COMPREHENSIVE INCOME          
Change in unrealized gain on investments available-for-sale, net of tax effect 0   0    
Foreign currency translation adjustments, net of tax $ (2,618)   $ (4,376)    
As Previously Reported          
ASSETS          
Cash and cash equivalents         $ 51
Restricted cash         8,534
Trading securities         0
Available-for-sale securities, at fair value         0
Brokerage and other receivables         0
Other assets         0
Deferred tax assets         0
Fixed assets         2
Goodwill         0
Loans issued         0
TOTAL ASSETS         8,587
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Derivative liability         0
Debt securities issued         0
Customer liabilities         0
Current income tax liability         0
Trade payables         206
Deferred distribution payments         8,534
Securities repurchase agreement obligation         0
Other liabilities         0
TOTAL LIABILITIES         8,740
STOCKHOLDERS’ EQUITY          
Preferred stock         0
Common stock         280
Additional paid in capital         776
Retained earnings         (1,209)
Accumulated other comprehensive income         0
TOTAL STOCKHOLDERS’ EQUITY         (153)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY         8,587
Revenue:          
Fee and commission income   $ 0   $ 0  
Net gain on trading securities   0   0  
Interest income   1   2  
Net gain on sale of fixed assets   0   0  
Net gain on foreign exchange operations   0   0  
TOTAL REVENUE   1   2  
Expense:          
Interest expense   0   0  
Fee and commission expense   0   0  
Operating expense   86   338  
Other expense, net   0   0  
TOTAL EXPENSE   86   338  
NET (LOSS)/INCOME BEFORE INCOME TAX   (85)   (336)  
Income tax benefit   0   0  
NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (85)   (336)  
Less: Net income attributable to noncontrolling interest in subsidiary       0  
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS       (336)  
OTHER COMPREHENSIVE INCOME          
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0  
Foreign currency translation adjustments, net of tax   0   0  
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (85)   (336)  
Revision          
ASSETS          
Cash and cash equivalents         21,780
Restricted cash         4,085
Trading securities         81,575
Available-for-sale securities, at fair value         2
Brokerage and other receivables         481
Other assets         691
Deferred tax assets         1,026
Fixed assets         1,039
Goodwill         981
Loans issued         65
TOTAL ASSETS         111,725
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Derivative liability         495
Debt securities issued         3,459
Customer liabilities         7,543
Current income tax liability         149
Trade payables         29
Deferred distribution payments         0
Securities repurchase agreement obligation         56,289
Other liabilities         372
TOTAL LIABILITIES         68,336
STOCKHOLDERS’ EQUITY          
Preferred stock         0
Common stock         (269)
Additional paid in capital         32,448
Retained earnings         18,069
Accumulated other comprehensive income         (6,899)
TOTAL STOCKHOLDERS’ EQUITY         43,389
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY         111,725
Revenue:          
Fee and commission income   898   1,393  
Net gain on trading securities   3,700   3,419  
Interest income   248   984  
Net gain on sale of fixed assets   28   28  
Net gain on foreign exchange operations   344   434  
TOTAL REVENUE   5,218   6,258  
Expense:          
Interest expense   782   1,352  
Fee and commission expense   70   134  
Operating expense   1,948   3,753  
Other expense, net   79   127  
TOTAL EXPENSE   2,879   5,366  
NET (LOSS)/INCOME BEFORE INCOME TAX   2,339   892  
Income tax benefit   84   547  
NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,423   1,439  
Less: Net income attributable to noncontrolling interest in subsidiary       7  
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS       1,432  
OTHER COMPREHENSIVE INCOME          
Change in unrealized gain on investments available-for-sale, net of tax effect   3   6  
Foreign currency translation adjustments, net of tax   434   1,481  
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,860   2,919  
(Recast)          
ASSETS          
Cash and cash equivalents         21,831
Restricted cash         12,619
Trading securities [1]         81,575
Available-for-sale securities, at fair value [1]         2
Brokerage and other receivables [1]         481
Other assets [1]         691
Deferred tax assets [1]         1,026
Fixed assets [1]         1,041
Goodwill [1]         981
Loans issued [1]         65
TOTAL ASSETS [1]         120,312
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Derivative liability [1]         495
Debt securities issued [1]         3,459
Customer liabilities [1]         7,543
Current income tax liability         149
Trade payables [1]         235
Deferred distribution payments         8,534
Securities repurchase agreement obligation [1]         56,289
Other liabilities [1]         372
TOTAL LIABILITIES [1]         77,076
STOCKHOLDERS’ EQUITY          
Preferred stock [1]         0
Common stock [1]         11
Additional paid in capital [1]         33,264
Retained earnings [1]         16,860
Accumulated other comprehensive income [1]         (6,899)
TOTAL STOCKHOLDERS’ EQUITY [1]         43,236
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY [1]         $ 120,312
Revenue:          
Fee and commission income [1]   898   1,393  
Net gain on trading securities [1]   3,700   3,419  
Interest income [1]   249   986  
Net gain on sale of fixed assets [1]   28   28  
Net gain on foreign exchange operations [1]   344   434  
TOTAL REVENUE [1]   5,219   6,260  
Expense:          
Interest expense [1]   782   1,352  
Fee and commission expense [1]   70   134  
Operating expense [1]   2,034   4,091  
Other expense, net [1]   79   127  
TOTAL EXPENSE [1]   2,965   5,704  
NET (LOSS)/INCOME BEFORE INCOME TAX [1]   2,254   556  
Income tax benefit [1]   84   547  
NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,338   1,103  
Less: Net income attributable to noncontrolling interest in subsidiary [1]   0   7  
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS [1]   2,338   1,096  
OTHER COMPREHENSIVE INCOME          
Change in unrealized gain on investments available-for-sale, net of tax effect [1]   3   6  
Foreign currency translation adjustments, net of tax [1]   434   1,481  
COMPREHENSIVE (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 2,775   $ 2,583  
[1] See Notes 1 and 3 for information regarding recast amounts and basis of financial statement presentation.