
	As of March 31, 2024			As of March 31, 2023
Software for internal use		8,583,145			7,292,101
Customer contracts - (refer note 21)		2,299,835			682,399
Intangible assets under development		439,374			196,174
Intellectual property		153,487			112,176
Trademark		54			55
Total		11,475,895			8,282,905
Less: accumulated depreciation and amortization		(8,442,649	)		(5,569,048	)
Less: impairment loss		(43,642	)		(244,699	)
Intangible assets, net		2,989,604			2,469,158

During the year ended March 31, 2024, the Company acquired intangible assets worth $4,955,565 related to FA Premium Insurance Broking Pvt. Ltd., Global Insurance Management Limited and National Automobile Club. The Company ceases to hold board control over Peoplebay Consultancy Services Private Limited and FA Events & Media Private Limited with effect from October 1, 2023 and FA Premium Insurance Private Limited with effect from January 1, 2024, as a result intangible assets worth $2,017,117 have been derecognized and impairment on customer contract of $335,185 has been reversed.

Further during the year ended March 31, 2024, the Company performed qualitative assessment for intangible assets and indicated that it was more likely than not that the carrying value of the acquired entities exceeded its fair value, therefore, it did not result in an impairment.

During the year ended March 31,2023, 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 estimated amortization schedule for the Company’s intangible assets for future periods is set out below:


For Period Ended March 31:	Amount
2025		1,606,872
2026		748,473
2027 and thereafter		194,885