Annual report pursuant to Section 13 and 15(d)

ASSETS AND LIABILITIES HELD FOR SALE (Tables)

v3.23.1
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
 12 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of net gain on foreign exchange operations
As of March 31, 2022 and 2021, the major classes of assets and liabilities from discontinued operations included the following:
March 31, 2022 March 31, 2021
Cash and cash equivalents 428,480  531,791 
Restricted cash 28,406  27,594 
Trading securities 122,497  148,642 
Brokerage and other receivables, net 210,087  15,575 
Loans issued 2,395  2,041 
Other assets 33,554  22,405 
Total assets held for sale 825,419  748,048 
Customer liabilities 701,584  573,181 
Debt securities issued 64,637  37,095 
Securities repurchase agreement obligations 32,469  51,997 
Other liabilities 13,788  14,295 
Total liabilities held for sale 812,478  676,568 
The results of operations for discontinued operations for the years ended March 31, 2022, 2021 and 2020, consist of the following:
Year ended
March 31, 2022
Year ended
March 31, 2021
Year ended
March 31, 2020
Fee and commission income 69,742  52,780  24,390 
Net (loss)/gain on trading securities (78,674) 20,275  6,591 
Interest income 28,399  11,221  5,639 
Net gain/(loss) on foreign exchange operations (39,672) 2,285  2,027 
Net gain/(loss) on derivative —  39  (138)
Total revenue, net (20,205) 86,600  38,509 
Fee and commission expense 7,988  7,122  2,521 
Interest expense 10,450  8,760  2,199 
Operating expense 73,029  41,981  34,312 
Provision for impairment losses 779  45  90 
Other (income)/expense, net 4,748  174  345 
Total expense 96,994  58,082  39,467 
(Loss)/Income before income tax (117,199) 28,518  (958)
The net cash flows from/(used in) operating and investing activities from discontinued operations for years ended March 31, 2022, 2021 and 2020, consist of the following:
For The Years Ended
March 31, 2022 March 31, 2021 March 31, 2020
Cash Flows (Used In)/From Operating Activities
Net (loss)/income from discontinued operations $ (104,195) $ 21,783  $ (2,028)
Adjustments to reconcile net income from operating activities:
Depreciation and amortization 2,035  1,745  1,553 
Noncash lease expense 4,932  3,826  3,570 
Impairment of Freedom Bank RU goodwill 723  —  — 
Impairment of Zerich goodwill 810  —  — 
Loss on sale of fixed assets —  —  201 
Client base write-off 3,125  —  — 
Change in deferred taxes (12,634) 1,170  371 
Stock compensation expense 7,887  1,033  2,202 
Unrealized (gain)/loss on trading securities 51,652  (425) (2,705)
Net change in accrued interest 354  (1,921) 396 
Allowances/(recovery) for receivables 771  41  96 
Changes in operating assets and liabilities:
Trading securities (39,354) (100,133) (2,159)
Brokerage and other receivables (218,852) 28,845  (30,967)
Other assets (3,684) (1,292) (442)
Securities sold, not yet purchased – at fair value 239  23  — 
Brokerage customer liabilities 198,608  392,855  70,146 
Current income tax liability (637) 658  — 
Trade payables (370) 230  (2,311)
Lease liabilities (5,166) (3,854) (3,768)
Other liabilities 1,256  2,433  (10)
Net cash flows (used in)/from operating activities from discontinued operations (112,500) 347,017  34,145 
Cash Flows (Used In)/From Investing Activities
Purchase of fixed assets (2,881) (2,137) (2,766)
Proceeds from sale of fixed assets —  76  284 
Purchase of intangible assets (557) —  — 
Net change in loans issued to customers (945) (171) (977)
Net cash flows (used in)/from investing activities from discontinued operations (4,383) (2,232) (3,459)