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Intangible Assets, Net
 6 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
9.
Intangible assets, net

 

 

 

 

 

 

As of
September 30,
2023

 

 

As of
March 31,
2023

 

Software for internal use

 

 

 

 

 

9,358,312

 

 

 

7,292,101

 

Customer contracts - (refer note 19)

 

 

 

 

 

2,681,713

 

 

 

682,399

 

Distribution Network - (refer note 19)

 

 

 

 

 

804,411

 

 

 

-

 

Intangible assets under development

 

 

 

 

 

290,211

 

 

 

196,174

 

Intellectual property

 

 

 

 

 

111,031

 

 

 

112,176

 

Trademark

 

 

 

 

 

54

 

 

 

55

 

Total

 

 

 

 

 

13,245,732

 

 

 

8,282,905

 

Less: accumulated depreciation and amortization

 

 

 

 

 

(8,270,569

)

 

 

(5,569,048

)

Less: Impairment loss

 

 

 

 

 

(242,200

)

 

 

(244,699

)

Intangible assets, net

 

 

 

 

 

4,732,963

 

 

 

2,469,158

 

 

In the coming years, the Company has decided to shift its focus more on insurance distribution services rather than engaging into insurance support services. Due to the change in the business strategy, it was more likely than not that the carrying value of the distribution entities exceeded its fair value. As a result, the Company performed an impairment assessment by comparing the fair value of the affected entities (FA Events and Media Private Limited, Peoplebay Consultancy Services Private Limited, Kintsugi Innovation Labs Private Limited) to its carrying value. Fair value was determined by using DCF (discounted cashflow method) which is a level 3 measurement. The carrying value of the affected entities exceeded its fair value and as a result, an impairment charge of $254,614 (including CTA impact of $9,915) was recorded in consolidated statements of operations under the head "Impairment of goodwill and intangibles with definite life" for the year ended March 31, 2023.

The Company performed qualitative assessment for other intangible assets and indicated that it was more likely than not that the fair value of the acquired entities exceeded its carrying value, therefore, did not result in an impairment.

The estimated amortization schedule for the Company’s intangible assets for future periods is set out below:

 

For Period Ended September 30:

 

 

 

 

 

 

Amount

 

2024

 

 

 

 

 

 

 

1,703,535

 

2025

 

 

 

 

 

 

 

1,260,208

 

2026

 

 

 

 

 

 

 

1,258,312

 

2027

 

 

 

 

 

 

 

220,697