Freedom Holding Corp. Quarterly report pursuant to Section 13 or 15(d)

Revision of Financial Statement (Tables)

6 Months Ended

Sep. 30, 2018

	As of March 31, 2018
BALANCE SHEETS (RECAST)	As previously reported			Recast			As recasted

ASSETS
Cash and cash equivalents	$	64,531		$	1,200		$	65,731
Restricted cash		13,671			8,291			21,962
Trading securities		212,319			276			212,595
Available-for-sale securities, at fair value		2			238			240
Brokerage and other receivables, net		21,109			3,776			24,885
Loans issued		8,754			-			8,754
Deferred tax assets		1,046			(274	)		772
Fixed assets, net		2,362			209			2,571
Intangible assets, net		-			5,531			5,531
Goodwill		1,798			1,490			3,288
Other assets, net		4,494			79			4,573
TOTAL ASSETS	$	330,086		$	20,816		$	350,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Securities sold, not yet purchased - at fair value	$	1,135		$	-		$	1,135
Loans received		7,143			-			7,143
Debt securities issued		10,840			382			11,222
Customer liabilities		21,855			8,817			30,672
Trade payables		8,998			15			9,013
Deferred distribution payments		8,534			-			8,534
Securities repurchase agreement obligation		154,775			-			154,775
Deferred income tax liabilities		387			(387	)		-
Other liabilities		1,319			57			1,376
TOTAL LIABILITIES		214,986			8,884			223,870

STOCKHOLDERS’ EQUITY

Preferred stock		-			-			-
Common stock		58			-			58
Additional paid in capital		87,049			13,131			100,180
Retained earnings		35,387			(1,036	)		34,351
Accumulated other comprehensive loss		(7,394	)		(163	)		(7,557	)
TOTAL STOCKHOLDERS’ EQUITY		115,100			11,932			127,032

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	330,086		$	20,816		$	350,902

	For the three months ended September 30, 2017
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)	As previously reported			Recast			As recasted

*Revenue:*
Fee and commission income	$	1,548		$	467		$	2,015
Net gain on trading securities		32,134			251			32,385
Interest income		1,005			133			1,138
Net (loss) on derivatives		(670	)		-			(670	)
Net gain on foreign exchange operations		934			22			956

TOTAL REVENUE, NET		34,951			873			35,824

*Expense:*
Interest expense		3,022			161			3,183
Fee and commission expense		437			66			503
Operating expense		2,918			864			3,782
Other (income), net		(44	)		(10	)		(54	)

TOTAL EXPENSE		6,333			1,081			7,414

NET INCOME BEFORE INCOME TAX		28,618			(208	)		28,410

Income tax expense		(1,018	)		20			(998	)

NET INCOME	$	27,600		$	(188	)	$	27,412

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	$	-		$	106		$	106
Foreign currency translation adjustments, net of tax effect		(2,618	)		11,536			8,918

COMPREHENSIVE INCOME	$	24,982		$	11,454		$	36,436

	For the six months ended September 30, 2017
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)	As previously reported			Recast			As recasted

*Revenue:*
Fee and commission income	$	4,403		$	669		$	5,072
Net gain on trading securities		39,143			373			39,516
Interest income		3,589			196			3,785
Net (loss) on derivatives		(180	)		-			(180	)
Net gain on foreign exchange operations		1,551			64			1,615

TOTAL REVENUE, NET		48,506			1,302			49,808

*Expense:*
Interest expense		5,009			204			5,213
Fee and commission expense		675			117			792
Operating expense		5,829			1,617			7,446
Other expense/(income), net		34			(43	)		(9	)

TOTAL EXPENSE		11,547			1,895			13,442

NET INCOME BEFORE INCOME TAX		36,959			(593	)		36,366

Income tax expense		(987	)		22			(965	)

NET INCOME	$	35,972		$	(571	)	$	35,401

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	$	-		$	47		$	47
Foreign currency translation adjustments, net of tax effect		(4,376	)		11,126			6,750

COMPREHENSIVE INCOME	$	31,596		$	10,602		$	42,198