Quarterly report pursuant to Section 13 or 15(d)

Revision of Financial Statement (Details)

v3.10.0.1
Revision of Financial Statement (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Mar. 31, 2018
ASSETS          
Cash and cash equivalents $ 41,425   $ 41,425    
Restricted cash 27,103   27,103    
Trading securities 154,542   154,542    
Available-for-sale securities, at fair value 1   1    
Brokerage and other receivables, net 52,839   52,839    
Loans issued 2,337   2,337    
Deferred tax assets 878   878    
Fixed assets, net 5,033   5,033    
Intangible assets, net 4,212   4,212    
Goodwill 2,862   2,862    
Other assets, net 4,129   4,129    
TOTAL ASSETS 295,361   295,361    
LIABILITIES AND STOCKHOLDERS' EQUITY          
Securities sold, not yet purchased - at fair value 0   0    
Loans received 3,967   3,967    
Debt securities issued 26,573   26,573    
Customer liabilities 58,596   58,596    
Trade payables 16,351   16,351    
Deferred distribution payments 8,534   8,534    
Securities repurchase agreement obligation 68,181   68,181    
Current income tax liability 82   82    
Other liabilities 1,634   1,634    
TOTAL LIABILITIES 183,918   183,918    
STOCKHOLDERS' EQUITY          
Preferred stock 0   0    
Common stock 58   58    
Additional paid in capital 98,128   98,128    
Retained earnings 38,628   38,628    
Accumulated other comprehensive loss (25,371)   (25,371)    
TOTAL STOCKHOLDERS' EQUITY 111,443   111,443    
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 295,361   295,361    
Revenue:          
Fee and commission income 12,274   31,033    
Net gain on trading securities 11,641   12,669    
Interest income 2,976   11,823    
Net (loss) on derivatives 0   0    
Net gain/(loss) on sale of fixed assets     (31)    
Net gain/(loss) on foreign exchange operations (498)   (3,746)    
TOTAL REVENUE, NET 26,393   51,779    
Expense:          
Interest expense 3,180   11,471    
Fee and commission expense 1,422   3,155    
Operating expense 12,117   31,272    
Other expense, net 229   581    
Loss from disposal of subsidiary     15    
TOTAL EXPENSE 16,948   46,494    
NET INCOME BEFORE INCOME TAX 9,445   5,285    
Income tax benefit (545)   (1,009)    
NET INCOME 8,900   4,276    
OTHER COMPREHENSIVE INCOME/(LOSS)          
Change in unrealized gain on investments available-for-sale, net of tax effect 0   0    
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect     22    
Foreign currency translation adjustments, net of tax effect (5,596)   (17,836)    
COMPREHENSIVE INCOME $ 3,304   $ (13,538)    
BASIC NET INCOME/(LOSS) PER COMMON SHARE (In US Dollars) $ 0.15   $ 0.07    
DILUTED NET INCOME/(LOSS) PER COMMON SHARE (In US Dollars) $ 0.15   $ 0.07    
Weighted average number of shares (basic) 58,038,864   58,035,103    
Weighted average number of shares (diluted) 58,248,924   58,225,549    
As Previously Reported          
ASSETS          
Cash and cash equivalents         $ 64,531
Restricted cash         13,671
Trading securities         212,319
Available-for-sale securities, at fair value         2
Brokerage and other receivables, net         21,109
Loans issued         8,754
Deferred tax assets         1,046
Fixed assets, net         2,362
Intangible assets, net         0
Goodwill         1,798
Other assets, net         4,494
TOTAL ASSETS         330,086
LIABILITIES AND STOCKHOLDERS' EQUITY          
Securities sold, not yet purchased - at fair value         1,135
Loans received         7,143
Debt securities issued         10,840
Customer liabilities         21,855
Trade payables         8,998
Deferred distribution payments         8,534
Securities repurchase agreement obligation         154,775
Current income tax liability         387
Other liabilities         1,319
TOTAL LIABILITIES         214,986
STOCKHOLDERS' EQUITY          
Preferred stock         0
Common stock         58
Additional paid in capital         87,049
Retained earnings         35,387
Accumulated other comprehensive loss         (7,394)
TOTAL STOCKHOLDERS' EQUITY         115,100
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         330,086
Revenue:          
Fee and commission income   $ 1,999   $ 6,412  
Net gain on trading securities   (8,318)   30,825  
Interest income   2,853   6,442  
Net (loss) on derivatives   867   687  
Net gain/(loss) on sale of fixed assets   16   8  
Net gain/(loss) on foreign exchange operations   424   1,957  
TOTAL REVENUE, NET   (2,159)   46,331  
Expense:          
Interest expense   4,487   9,499  
Fee and commission expense   795   1,474  
Operating expense   5,983   12,113  
Other expense, net   105   131  
TOTAL EXPENSE   11,370   23,217  
NET INCOME BEFORE INCOME TAX   (13,529)   23,114  
Income tax benefit   403   (584)  
NET INCOME   (13,126)   22,530  
OTHER COMPREHENSIVE INCOME/(LOSS)          
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0  
Foreign currency translation adjustments, net of tax effect   1,529   (2,809)  
COMPREHENSIVE INCOME   (11,597)   19,721  
Revision          
ASSETS          
Cash and cash equivalents         1,200
Restricted cash         8,291
Trading securities         276
Available-for-sale securities, at fair value         238
Brokerage and other receivables, net         3,776
Loans issued         0
Deferred tax assets         (274)
Fixed assets, net         209
Intangible assets, net         5,531
Goodwill         1,490
Other assets, net         79
TOTAL ASSETS         20,816
LIABILITIES AND STOCKHOLDERS' EQUITY          
Securities sold, not yet purchased - at fair value         0
Loans received         0
Debt securities issued         382
Customer liabilities         8,817
Trade payables         15
Deferred distribution payments         0
Securities repurchase agreement obligation         0
Current income tax liability         (387)
Other liabilities         57
TOTAL LIABILITIES         8,884
STOCKHOLDERS' EQUITY          
Preferred stock         0
Common stock         0
Additional paid in capital         13,131
Retained earnings         (1,036)
Accumulated other comprehensive loss         (163)
TOTAL STOCKHOLDERS' EQUITY         11,932
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         20,816
Revenue:          
Fee and commission income   455   1,114  
Net gain on trading securities   210   583  
Interest income   138   336  
Net (loss) on derivatives   0   0  
Net gain/(loss) on sale of fixed assets   (16)   (8)  
Net gain/(loss) on foreign exchange operations   (58)   32  
TOTAL REVENUE, NET   729   2,057  
Expense:          
Interest expense   123   326  
Fee and commission expense   60   173  
Operating expense   713   2,036  
Other expense, net   185   150  
TOTAL EXPENSE   1,081   2,685  
NET INCOME BEFORE INCOME TAX   (352)   (628)  
Income tax benefit   10   32  
NET INCOME   (342)   (596)  
OTHER COMPREHENSIVE INCOME/(LOSS)          
Change in unrealized gain on investments available-for-sale, net of tax effect   (168)   (121)  
Foreign currency translation adjustments, net of tax effect   1,602   (441)  
COMPREHENSIVE INCOME   1,092   (1,158)  
(Recast)          
ASSETS          
Cash and cash equivalents [1]         65,731
Restricted cash [1]         21,962
Trading securities [1]         212,595
Available-for-sale securities, at fair value [1]         240
Brokerage and other receivables, net [1]         24,885
Loans issued         8,754
Deferred tax assets [1]         772
Fixed assets, net [1]         2,571
Intangible assets, net [1]         5,531
Goodwill [1]         3,288
Other assets, net [1]         4,573
TOTAL ASSETS [1]         350,902
LIABILITIES AND STOCKHOLDERS' EQUITY          
Securities sold, not yet purchased - at fair value [1]         1,135
Loans received [1]         7,143
Debt securities issued [1]         11,222
Customer liabilities [1]         30,672
Trade payables [1]         9,013
Deferred distribution payments         8,534
Securities repurchase agreement obligation [1]         154,775
Current income tax liability [1]         0
Other liabilities [1]         1,376
TOTAL LIABILITIES [1]         223,870
STOCKHOLDERS' EQUITY          
Preferred stock [1]         0
Common stock [1]         58
Additional paid in capital [1]         100,180
Retained earnings [1]         34,351
Accumulated other comprehensive loss [1]         (7,557)
TOTAL STOCKHOLDERS' EQUITY [1]         127,032
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY [1]         $ 350,902
Revenue:          
Fee and commission income   2,454   7,526  
Net gain on trading securities   (8,108)   31,408  
Interest income   2,991   6,778  
Net (loss) on derivatives   867   687  
Net gain/(loss) on sale of fixed assets   0   (202)  
Net gain/(loss) on foreign exchange operations   366   1,989  
TOTAL REVENUE, NET   (1,430)   48,388  
Expense:          
Interest expense   4,610   9,825  
Fee and commission expense   855   1,647  
Operating expense   6,696   14,149  
Other expense, net   290   281  
TOTAL EXPENSE   12,451   25,902  
NET INCOME BEFORE INCOME TAX   (13,881)   22,486  
Income tax benefit   413   (552)  
NET INCOME   (13,468)   21,934  
OTHER COMPREHENSIVE INCOME/(LOSS)          
Change in unrealized gain on investments available-for-sale, net of tax effect   (168)   (121)  
Foreign currency translation adjustments, net of tax effect   3,131   (3,250)  
COMPREHENSIVE INCOME   $ (10,505)   $ 18,563  
BASIC NET INCOME/(LOSS) PER COMMON SHARE (In US Dollars)   $ (0.30)   $ 0.83  
DILUTED NET INCOME/(LOSS) PER COMMON SHARE (In US Dollars)   $ (0.30)   $ 0.83  
Weighted average number of shares (basic)   45,018,578   26,341,542  
Weighted average number of shares (diluted)   45,018,578   26,434,930  
[1] See Notes 2 and 3 for information regarding recast amounts and basis of financial statement presentation.