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

3. Revision of Financial Statement (Tables)

12 Months Ended

Mar. 31, 2019

	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	48	2,410
Intangible assets, net	-	5,692	5,692
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 obligations	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 year ended March 31, 2018
STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME (RECAST)	As previously reported	Recast	As recasted

*Revenue:*
Fee and commission income	$ 10,796	$ 1,378	$ 12,174
Net gain on trading securities	33,746	481	34,227
Interest income	8,184	651	8,835
Net gain on derivatives	643	-	643
Net gain on sale of fixed assets	5	(5)	-
Net gain on foreign exchange operations	1,850	28	1,878

TOTAL REVENUE, NET	55,224	2,533	57,757

*Expense:*
Interest expense	14,244	491	14,735
Fee and commission expense	2,066	222	2,288
Operating expense	18,927	2,773	21,700
Provision for impairment losses	-	423	423
Other (income)/expense, net	275	(279)	(4)

TOTAL EXPENSE	35,512	3,630	39,142

NET INCOME BEFORE INCOME TAX	19,712	(1,097)	18,615

Income tax expense	(479)	61	(418)

NET INCOME	$ 19,233	$ (1,036)	$ 18,197

OTHER COMPREHENSIVE INCOME
Changes in unrealized gain on investments available-for-sale, net of tax effect	-	(76)	(76)
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect	-	54	54
Foreign currency translation adjustments, net of tax	(457)	(141)	(598)

COMPREHENSIVE INCOME	$ 18,776	$ (1,199)	$ 17,577