Quarterly report pursuant to Section 13 or 15(d)

3. Revision of Financial Statement (Details)

v3.7.0.1
3. Revision of Financial Statement (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Jun. 30, 2016
ASSETS      
Cash and cash equivalents $ 34,161 $ 21,831  
Restricted cash 14,544 12,619  
Trading securities 91,228 81,575  
Available-for-sale securities, at fair value 2 2  
Brokerage and other receivables 19,806 481  
Other assets 1,445 691  
Deferred tax assets 801 1,026  
Fixed assets 1,461 1,041  
Goodwill 936 981  
Loans issued 212 65  
TOTAL ASSETS 164,596 120,312  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Derivative liability 0 495  
Debt securities issued 3,956 3,459  
Customer liabilities 15,714 7,543  
Current income tax liability 0 149  
Trade payables 7,016 235  
Deferred distribution payments 8,534 8,534  
Securities repurchase agreement obligation 70,833 56,289  
Other liabilities 529 372  
TOTAL LIABILITIES 106,582 77,076  
STOCKHOLDERS’ EQUITY      
Common stock - $0.001 par value; 500,000,000 shares authorized; 490,000,000 shares outstanding as of June 30, 2017 and March 31, 2017, respectively 490 490  
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding 0 0  
Additional paid in capital 40,949 32,785  
Retained earnings 25,232 16,860  
Accumulated other comprehensive loss (8,657) (6,899)  
TOTAL STOCKHOLDERS’ EQUITY 58,014 43,236  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 164,596 120,312  
Revenue:      
Fee and commission income 2,855 495 $ 495
Interest income 2,584 737 737
Net gain/(loss) on trading securities 7,009 (281) (281)
Net gain on derivative 490   0
Net gain on foreign exchange operations 617 90 90
TOTAL REVENUE 13,555 1,041 1,041
Expense:      
Interest expense 1,987 570 570
Fee and commission expense 238 64 64
Operating expense 2,911 2,057 2,057
Other expense, net 78 48 48
TOTAL EXPENSE 5,214 2,739 2,739
NET INCOME/(LOSS) BEFORE INCOME TAX 8,341 (1,698) (1,698)
Income tax benefit 31 463 463
NET INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS 8,372 (1,235) (1,235)
Less: Net income attributable to noncontrolling interest in subsidiary 0 7 7
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS 8,372 (1,242) (1,242)
OTHER COMPREHENSIVE INCOME/(LOSS)      
Change in unrealized gain on investments available-for-sale, net of tax effect 0 3 3
Foreign currency translation adjustments, net of tax (1,758) 1,038 1,038
COMPREHENSIVE INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS 6,614 (201) (201)
Less: Comprehensive income attributable to noncontrolling interest in subsidiary 0 7 7
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 6,614 (208) $ (208)
As Previously Reported      
ASSETS      
Cash and cash equivalents   51  
Restricted cash   8,534  
Trading securities   0  
Available-for-sale securities, at fair value   0  
Brokerage and other receivables   0  
Other assets   0  
Deferred tax assets   0  
Fixed assets   2  
Goodwill   0  
Loans issued   0  
TOTAL ASSETS   8,587  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Derivative liability   0  
Debt securities issued   0  
Customer liabilities   0  
Current income tax liability   0  
Trade payables   206  
Deferred distribution payments   8,534  
Securities repurchase agreement obligation   0  
Other liabilities   0  
TOTAL LIABILITIES   8,740  
STOCKHOLDERS’ EQUITY      
Common stock - $0.001 par value; 500,000,000 shares authorized; 490,000,000 shares outstanding as of June 30, 2017 and March 31, 2017, respectively   280  
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding   0  
Additional paid in capital   776  
Retained earnings   (1,209)  
Accumulated other comprehensive loss   0  
TOTAL STOCKHOLDERS’ EQUITY   (153)  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   8,587  
Revenue:      
Fee and commission income   0  
Interest income   1  
Net gain/(loss) on trading securities   0  
Net gain on foreign exchange operations   0  
TOTAL REVENUE   1  
Expense:      
Interest expense   0  
Fee and commission expense   0  
Operating expense   251  
Other expense, net   0  
TOTAL EXPENSE   251  
NET INCOME/(LOSS) BEFORE INCOME TAX   (250)  
Income tax benefit   0  
NET INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   (250)  
Less: Net income attributable to noncontrolling interest in subsidiary   0  
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS   (250)  
OTHER COMPREHENSIVE INCOME/(LOSS)      
Change in unrealized gain on investments available-for-sale, net of tax effect   0  
Foreign currency translation adjustments, net of tax   0  
COMPREHENSIVE INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   (250)  
Less: Comprehensive income attributable to noncontrolling interest in subsidiary   0  
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS   (250)  
Revision      
ASSETS      
Cash and cash equivalents   21,780  
Restricted cash   4,085  
Trading securities   81,575  
Available-for-sale securities, at fair value   2  
Brokerage and other receivables   481  
Other assets   691  
Deferred tax assets   1,026  
Fixed assets   1,039  
Goodwill   981  
Loans issued   65  
TOTAL ASSETS   111,725  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Derivative liability   495  
Debt securities issued   3,459  
Customer liabilities   7,543  
Current income tax liability   149  
Trade payables   29  
Deferred distribution payments   0  
Securities repurchase agreement obligation   56,289  
Other liabilities   372  
TOTAL LIABILITIES   68,336  
STOCKHOLDERS’ EQUITY      
Common stock - $0.001 par value; 500,000,000 shares authorized; 490,000,000 shares outstanding as of June 30, 2017 and March 31, 2017, respectively   210  
Preferred stock - $0.001 par value; 20,000,000 shares authorized, no shares issued or outstanding   0  
Additional paid in capital   32,009  
Retained earnings   18,069  
Accumulated other comprehensive loss   (6,899)  
TOTAL STOCKHOLDERS’ EQUITY   43,389  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   111,725  
Revenue:      
Fee and commission income   495  
Interest income   736  
Net gain/(loss) on trading securities   (281)  
Net gain on foreign exchange operations   90  
TOTAL REVENUE   1,040  
Expense:      
Interest expense   570  
Fee and commission expense   64  
Operating expense   1,806  
Other expense, net   48  
TOTAL EXPENSE   2,488  
NET INCOME/(LOSS) BEFORE INCOME TAX   (1,448)  
Income tax benefit   463  
NET INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   (985)  
Less: Net income attributable to noncontrolling interest in subsidiary   7  
NET INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS   (992)  
OTHER COMPREHENSIVE INCOME/(LOSS)      
Change in unrealized gain on investments available-for-sale, net of tax effect   3  
Foreign currency translation adjustments, net of tax   1,038  
COMPREHENSIVE INCOME/(LOSS) BEFORE NONCONTROLLING INTERESTS   49  
Less: Comprehensive income attributable to noncontrolling interest in subsidiary   7  
COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 42