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Revenue | 9 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2023 | Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |  |
Revenue | 18. Revenue The following table summarizes revenue by the Company’s service offerings:
|  | For the three months ended December 31, 2023 |  |  | For the three months ended December 31, 2022 |  |  | For the nine months ended December 31, 2023 |  |  | For the nine months ended December 31, 2022 |
Revenue from services |  |  |  |  |  |  |  |  |  |  |  |
Commission and Distribution Income |  |  | 8,157,336 |  |  |  | 2,785,167 |  |  |  | 17,617,282 |  |  |  | 6,804,247 |
Income from Insurance as a Service |  |  | 7,484,105 |  |  |  | 531,478 |  |  |  | 19,105,650 |  |  |  | 1,750,146 |
|  |  | 15,641,441 |  |  |  | 3,316,645 |  |  |  | 36,722,932 |  |  |  | 8,554,393 |
There was one customer that individually represented 33% of the Company’s revenue for the three months ended December 31, 2023 and one customer that individually represented 30% of the Company’s revenue for the three months ended December 31, 2022 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers:
|  | As of December 31, 2023 |  |  | As of March 31, 2023 |
Contract liabilities |  |  |  |  |  |
Deferred revenue |  |  | 1,423,827 |  |  |  | 108,442 |
Total contract liabilities |  |  | 1,423,827 |  |  |  | 108,442 |
Contract assets |  |  |  |  |  |
Unbilled revenue |  |  | 2,134,765 |  |  |  | 868,382 |
Total contract assets |  |  | 2,134,765 |  |  |  | 868,382 |
The Company records deferred revenue when cash payments are received or due in advance of Company’s performance. Deferred revenue primarily relate to commission and distribution income and insurance as a service. The amount of revenue recognized for the period ended December 31, 2023 that was included in the deferred revenue balance as of March 31, 2023 was $108,442. The amount of revenue recognized in the year ended March 31, 2023 that was included in the deferred revenue balance as of March 31, 2022 was $292,031. The Company’s remaining performance obligations in contracts with customers will be completed within 12 months from the reporting date. 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. | 15. Revenue The following table summarizes revenue by the Company’s service offerings:
|  | For the year ended March 31, 2023 |  |  | For the year ended March 31, 2022 |
Revenue from services |  |  |  |  |  |
Commission and Distribution Income |  |  | 9,173,671 |  |  |  | 7,002,438 |
Income from Insurance as a Service |  |  | 4,386,827 |  |  |  | 2,986,290 |
|  |  | 13,560,498 |  |  |  | 9,988,728 |
There were two customers that individually represented 23.98% and 15% of the Company’s revenue for the year ended March 31, 2023 and two customers that individually represented 25 % and 14 % of the Company’s accounts receivable balance as of March 31, 2023. There was one customer that individually represented 10.00% of the Company’s revenue for the year ended March 31, 2022 and four customers that individually represented 21.18%, 17.72%, 15.11% and 14.62% of the Company’s accounts receivable balance as of March 31, 2022. Contract balances The following table provides information about receivables and contract liabilities from contracts with customers Contract liabilities
|  | As of March 31, 2023 |  |  | As of March 31, 2022 |
Deferred revenue |  |  | 108,442 |  |  |  | 292,031 |
Total contract liabilities |  |  | 108,442 |  |  |  | 292,031 |
Contract assets |  |  |  |  |  |
Unbilled revenue |  |  | 868,382 |  |  |  | 1,264,837 |
Total contract assets |  |  | 868,382 |  |  |  | 1,264,837 |
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 year ended March 31, 2023 that was included in the deferred revenue balance as of March 31, 2022 was $292,031. The amount of revenue recognized in the year ended March 31, 2022 that was included in the deferred revenue balance as of March 31, 2021 was $175,142. The Company’s remaining performance obligations in contracts with customers will be completed within 12 months from the reporting date. 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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