Revenue

3 Months Ended

Jun. 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 June 30, 2024		For the three months ended June 30, 2023
Revenue from services
Commission and Distribution Income		3,082,652		1,078,193
Income from Insurance as a Service		5,848,865		4,532,717
		8,931,517		5,610,910

There were three customers that individually represented 16%, 12% and 12% of the Company’s revenue for the period ended June 30, 2024 and one customer represents 20% of the Company's accounts receivable balance as of June 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 three months ended June 30, 2024		For the three months ended June 30, 2023
Contract liabilities
Deferred revenue		1,404,368		1,982,494
Total contract liabilities		1,000,663		1,982,494
Contract assets
Unbilled revenue		3,021,839		645,296
Total contract assets		3,021,839		645,296

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 June 30, 2024 that was included in the deferred revenue balance as of March 31, 2024 was $1,384,821. 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.