Other assets

12 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets

Other assets

The following is a summary of other assets (in thousands):

	As of March 31,
	2021		2022
Deferred commissions	$	3,687	$	4,135
Loans to external parties and other receivables	747		853
Total other assets	$	4,434	$	4,988

Deferred commissions

Deferred commissions arise from commissions paid to sales employees and external third parties to obtain contracts with customers, unless the amortization period is 12 months or less, in which instance it is expensed immediately. The following is a summary of the amortization expense (in thousands):

	As of March 31,
	2021		2022
Amortization recognized during the year:	$	(3,533)	$	(3,566)
–Cost of revenue (external commissions)	(2,552)		(2,602)
–Sales and marketing (internal commissions)	(981)		(964)

Loans to external parties

The loans to external parties relate to Broad-based Black Economic Empowerment transactions entered to in South Africa.

As of March 31, 2021 and March 31, 2022, the amortized cost of the loans to Black Industrialists Group Property Management Company (Pty) Ltd (“BIG”) and HSW Management services CC (“HSW”) amounted to $0.6 million and $0.7 million, respectively. All the loans were originated during fiscal year 2020, and are on off-market terms. No interest has been charged since origination. The imputed interest rate on the loans to BIG and HSW is 9.65% and 11.65%, respectively. Imputed interest rate represents the interest rate that results from a process of approximation required when the present value of a loan must be estimated because an established exchange price is not determinable and the loan has no ready market, while effective interest rate is the rate of return implicit in the loan, that is, contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination of the loan.