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Revenue | 6 Months Ended
--- | ---
Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 17. Revenue The following table summarizes revenue by the Company's service offerings:
| For the three months ended September 30, 2024 |  |  | For the three months ended September 30, 2023 |  |  | For the six months ended September 30, 2024 |  |  | For the six months ended September 30, 2023 |
Revenue from services |  |  |  |  |  |  |  |  |  |  |
Commission and Distribution Income |  | 5,917,433 |  |  |  | 8,381,753 |  |  |  | 9,000,085 |  |  |  | 9,459,946 |
Income from Insurance as a Service |  | 5,956,665 |  |  |  | 7,088,828 |  |  |  | 11,805,530 |  |  |  | 11,621,545 |
|  | 11,874,098 |  |  |  | 15,470,581 |  |  |  | 20,805,615 |  |  |  | 21,081,491 |
There were three customers that individually represented 25%, 12% and 10% of the Company’s revenue for the period ended September 30, 2024 and one customer that represented 13% of the Company's accounts receivable balance as of September 30, 2024. There was one customer that represented 45% of the Company’s revenue for the year ended March 31, 2024 and two customers that individually represented 28% and 18% of the Company’s accounts receivable balance as of March 31, 2024. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers:
|  |  |  |  | For the six months ended September 30, 2024 |  |  | For the six months ended September 30, 2023 |
Contract liabilities |  |  |  |  |  |  |  |  |
Deferred revenue |  |  |  |  |  | 1,327,123 |  |  |  | 1,787,252 |
Total contract liabilities |  |  |  |  |  | 1,327,123 |  |  |  | 1,787,252 |
Contract assets |  |  |  |  |  |  |  |  |
Unbilled revenue |  |  |  |  |  | 3,112,407 |  |  |  | 3,803,937 |
Total contract assets |  |  |  |  |  | 3,112,407 |  |  |  | 3,803,937 |
The Company records deferred revenues when cash payments are received or due in advance of Company's performance. Deferred revenues primarily relate to commission and distribution income and insurance as a service. The amount of revenue recognized for the period ended September 30, 2024 that was included in the deferred revenue balance as of March 31, 2024 was $656,968. The amount of revenue recognized in the year ended March 31, 2024 that was included in the deferred revenue balance as of March 31, 2023 was $108,442. Contract assets represent a conditional right to consideration for satisfied performance obligations that become a receivable when the conditions are satisfied. Contract assets are generated when contractual billing schedules differ from the timing of revenue recognition or cash collection and are included in "prepayments and other current assets" in the consolidated balance sheets which will be billed in the month subsequent to the period in which performance obligations were satisfied.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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