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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.