Freedom Holding Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

3. Revision of Financial Statement (Tables)

3. Revision of Financial Statement (Tables)

12 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

	As of March 31, 2017
BALANCE SHEETS (RECAST)	As previously reported			Recast			As recasted

ASSETS
Cash and cash equivalents	$	51		$	22,565		$	22,616
Restricted cash		8,534			4,215			12,749
Trading securities		-			81,575			81,575
Available-for-sale securities, at fair value		-			2			2
Brokerage and other receivables, net		-			481			481
Loans issued		-			65			65
Deferred tax assets		-			1,026			1,026
Fixed assets, net		2			1,094			1,096
Goodwill		-			981			981
Other assets, net		-			772			772
TOTAL ASSETS	$	8,587		$	112,776		$	121,363

LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT)

Derivative liability	$	-		$	495		$	495
Loans received		-			2			2
Debt securities issued		-			3,459			3,459
Customer liabilities		-			7,635			7,635
Current income tax liability		-			149			149
Trade payables		206			334			540
Deferred distribution payments		8,534			-			8,534
Securities repurchase agreement obligation		-			56,289			56,289
Other liabilities		-			373			373
TOTAL LIABILITIES		8,740			68,736			77,476

STOCKHOLDERS’ EQUITY/(DEFICIT)

Preferred stock		-			-			-
Common stock		280			(269	)		11
Additional paid in capital		776			33,883			34,659
Retained earnings/(Accumulated deficit)		(1,209	)		17,363			16,154
Accumulated other comprehensive loss		-			(6,937	)		(6,937	)
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT)		(153	)		44,040			43,887

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	8,587		$	112,776		$	121,363

	For the year ended March 31, 2017
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)	As previously reported			Recast			As recasted

*Revenue:*
Fee and commission income	$	-		$	4,090		$	4,090
Net gain on trading securities		-			10,806			10,806
Interest income		4			2,002			2,006
Net gain on derivatives		-			1,905			1,905
Net realized gain on investments available for sale		-			276			276
Net gain on sale of fixed assets		-			29			29
Net gain on foreign exchange operations		-			274			274

TOTAL REVENUE, NET	$	4		$	19,382		$	19,386

*Expense:*
Interest expense	$	-		$	3,807		$	3,807
Fee and commission expense		-			346			346
Operating expense		582			8,669			9,251
Other expense, net		-			210			210

TOTAL EXPENSE	$	582		$	13,032		$	13,614

NET INCOME/(LOSS) BEFORE INCOME TAX	$	(578	)	$	6,350		$	5,772

Income tax benefit		-			524			524

NET INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS	$	(578	)	$	6,874		$	6,296

Less: Net income attributable to noncontrolling interest in subsidiary		-			9			9
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(578	)	$	6,865		$	6,287

OTHER COMPREHENSIVE INCOME
Changes in unrealized gain on investments available-for-sale, net of tax effect	$	-		$	7		$	7
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect		-			(276	)		(276	)
Foreign currency translation adjustments, net of tax		-			4,465			4,465
COMPREHENSIVE INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS	$	(578	)	$	11,070		$	10,492

Less: Comprehensive income attributable to noncontrolling interest in subsidiary		-			9			9

COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(578	)	$	11,061		$	10,483