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

Revision of Financial Statement (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME/(LOSS) (RECAST)	As previously reported			Recast			As recasted

*Revenue:*
Fee and commission income	$	1,999		$	455		$	2,454
Net gain/(loss) on trading securities		(8,318	)		210			(8,108	)
Interest income		2,853			138			2,991
Net gain on derivatives		867			-			867
Net gain/(loss) on sale of fixed assets		16			(16	)		-
Net gain/(loss) on foreign exchange operations		424			(58	)		366

TOTAL REVENUE, NET		(2,159	)		729			(1,430	)

*Expense:*
Interest expense		4,487			123			4,610
Fee and commission expense		795			60			855
Operating expense		5,983			713			6,696
Other expense, net		105			185			290

TOTAL EXPENSE		11,370			1,081			12,451

NET LOSS BEFORE INCOME TAX		(13,529	)		(352	)		(13,881	)

Income tax benefit		403			10			413

NET LOSS	$	(13,126)		$	(342)		$	(13,468)

OTHER COMPREHENSIVE INCOME/(LOSS)
Change in unrealized gain on investments available-for-sale, net of tax effect	$	-		$	(168	)	$	(168	)
Foreign currency translation adjustments, net of tax effect		1,529			1,602			3,131

COMPREHENSIVE INCOME/(LOSS)	$	(11,597)		$	1,092		$	(10,505)

	For the nine months ended December 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)	As previously reported			Recast			As recasted

*Revenue:*
Fee and commission income	$	6,412		$	1,114		$	7,526
Net gain on trading securities		30,825			583			31,408
Interest income		6,442			336			6,778
Net gain on derivatives		687			-			687
Net gain on sale of fixed assets		8			(8	)		-
Net gain on foreign exchange operations		1,957			32			1,989

TOTAL REVENUE, NET		46,331			2,057			48,388

*Expense:*
Interest expense		9,499			326			9,825
Fee and commission expense		1,474			173			1,647
Operating expense		12,113			2,036			14,149
Other expense, net		131			150			281

TOTAL EXPENSE		23,217			2,685			25,902

NET INCOME BEFORE INCOME TAX		23,114			(628	)		22,486

Income tax expense		(584	)		32			(552	)

NET INCOME	$	22,530		$	(596	)	$	21,934

OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	$	-		$	(121	)	$	(121	)
Foreign currency translation adjustments, net of tax effect		(2,809	)		(441	)		(3,250	)

COMPREHENSIVE INCOME	$	19,721		$	(1,158	)	$	18,563