Discontinued Operations

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Assets Held for Sale

In the fourth quarter of fiscal 2020 the Company moved its corporate headquarters from properties it owned outright in Greenville, South Carolina to leased office space in downtown Greenville, South Carolina. Under ASC 360-10, the properties met the criteria for classification as held for sale as of March 31, 2020.

During the second quarter of fiscal 2021 the Company completed the sale of two of the three buildings held for sale, resulting in an aggregate loss of $37,579. The loss on sale of assets held for sale is included as a component of insurance income, net and other income in the Company's Consolidated Statement of Operations. The Company expects to complete the sale of the third, and final, building held for sale within the next twelve months.

The following table reconciles the major classes of assets held for sale to the amounts presented in the Consolidated Balance Sheets:

	March 31, 2020		March 31, 2020
Assets held for sale:
Property and equipment, net	$	1,143,528	$	3,991,498
Total assets held for sale	$	1,143,528	$	3,991,498

Discontinued Operations

On August 3, 2018 the Company and its affiliates completed the sale of the Company's Mexico operating segment in its entirety. The Company sold all of the issued and outstanding capital stock and equity interest of WAC de Mexico and SWAC to the Purchasers, effective as of July 1, 2018, for a purchase price of approximately $44.4 million. Under the terms of the stock purchase agreement, we are obligated to indemnify the Purchasers for claims and liabilities relating to certain investigations of WAC de Mexico, SWAC, or the Sellers by the DOJ or the SEC that commenced prior to July 1, 2018. Additionally, the Company has provided limited ParaData systems and software training to the Purchasers, as requested. The Company has not and will not have any other involvement with the Mexico operating segment subsequent to the sale's effective date.

The following table reconciles the major classes of line items constituting pre-tax income of discontinued operations to the amounts presented in the Consolidated Statements of Operations:

	Year ended March 31,
	2021		2020		2019
Revenues	$	—	$	—	$	9,693,367
Provision for loan losses	—		—		1,809,059
General and administrative expenses	—		—		5,542,483
Income from discontinued operations before disposal of discontinued operations and income taxes	—		—		2,341,825
Loss on disposal of discontinued operations	—		—		(38,377,623)
Income taxes	—		—		626,583
Loss from discontinued operations	$	—	$	—	$	(36,662,381)

The following table presents operating, investing and financing cash flows for the Company’s discontinued operations:

	Year ended March 31,
	2021		2020		2019
Cash provided by operating activities:	$	—	$	—	$	3,553,854
Cash provided by (used in) investing activities:	—		—		1,138,084
Cash provided by (used in) financing activities:	$	—	$	—	$	(17,126,000)