Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net income $ 19,233  
Adjustments to reconcile net income (used in)/from operating activities:    
Depreciation and amortization 233  
Gain on sale of fixed assets 0  
Change in deferred taxes 347  
Stock compensation expense 1,621  
Unrealized gain on trading securities (16,432)  
Net change in accrued interest 16  
Net gain on derivative 0  
Changes in operating assets and liabilities:    
Derivative liability (482)  
Trading securities (113,439)  
Brokerage and other receivables, net (19,669)  
Loans issued (8,627)  
Other assets, net (3,674)  
Securities sold, but not yet purchased – at fair value 1,135  
Customer liabilities 13,225  
Current income tax liability (145)  
Trade payables 8,762  
Securities repurchase agreement obligation 97,759  
Other liabilities 946  
Net cash flows (used)/from operating activities (19,191)  
Cash Flows From Investing Activities    
Purchase of fixed assets (1,980)  
Acquisition of Freedom UA, net of cash received 432  
Proceeds from sale of fixed assets 679  
Acquisition of FFIN Bank 0  
Proceeds on sale of investments available-for-sale 0  
Net cash flows used in investing activities (869)  
Cash Flows From Financing Activities    
Proceeds from issuance of debt securities 11,933  
Repurchase of debt securities (3,319)  
Proceeds from private placements 40,444  
Capital contributions 8,594  
Proceeds from loans received 7,127  
Repayment of loans received (2)  
Net cash flows from financing activities 64,777  
Effect of changes in foreign exchange rates on cash and cash equivalents (1,880)  
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 42,837  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 35,365  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 78,202 $ 35,365
Supplemental disclosure of cash flow information:    
Cash paid for interest (13,102)  
Income tax paid (536)  
Non-cash investing and financing activities:    
Common stock issued for acquisition of Freedom UA 1,485  
Assets received from acquisition of Freedom UA 1,652  
Liabilities assumed from acquisition of Freedom UA 999  
Debt forgiveness by shareholder in Freedom CY 293  
(Recast)    
Cash Flows From Operating Activities    
Net income [1]   6,296
Adjustments to reconcile net income (used in)/from operating activities:    
Depreciation and amortization [1]   199
Gain on sale of fixed assets [1]   (29)
Change in deferred taxes [1]   (1,075)
Stock compensation expense [1]   0
Unrealized gain on trading securities [1]   (5,484)
Net change in accrued interest   0
Net gain on derivative [1]   (1,905)
Changes in operating assets and liabilities:    
Derivative liability [1]   2,346
Trading securities [1]   (38,686)
Brokerage and other receivables, net [1]   (45)
Loans issued [1]   28
Other assets, net [1]   82
Securities sold, but not yet purchased – at fair value [1]   0
Customer liabilities [1]   4,168
Current income tax liability [1]   236
Trade payables [1]   8
Securities repurchase agreement obligation [1]   38,620
Other liabilities [1]   43
Net cash flows (used)/from operating activities [1]   4,802
Cash Flows From Investing Activities    
Purchase of fixed assets [1]   (112)
Acquisition of Freedom UA, net of cash received [1]   0
Proceeds from sale of fixed assets [1]   38
Acquisition of FFIN Bank [1]   (2,771)
Proceeds on sale of investments available-for-sale [1]   144
Net cash flows used in investing activities [1]   (2,701)
Cash Flows From Financing Activities    
Proceeds from issuance of debt securities   8,612
Repurchase of debt securities [1]   (5,524)
Proceeds from private placements [1]   0
Capital contributions [1]   8,679
Proceeds from loans received [1]   0
Repayment of loans received [1]   (1)
Net cash flows from financing activities [1]   11,766
Effect of changes in foreign exchange rates on cash and cash equivalents [1]   2,118
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH [1]   15,985
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD [1] $ 35,365 19,380
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD [1]   35,365
Supplemental disclosure of cash flow information:    
Cash paid for interest [1]   (3,724)
Income tax paid [1]   (356)
Non-cash investing and financing activities:    
Common stock issued for acquisition of Freedom UA [1]   0
Assets received from acquisition of Freedom UA [1]   0
Liabilities assumed from acquisition of Freedom UA [1]   0
Debt forgiveness by shareholder in Freedom CY [1]   $ 0
[1] See Notes 1 and 3 for information regarding recast amounts and basis of financial statement presentation.