Primech Holdings Ltd. Ordinary Shares (PMEC) F-1 16 Oct 24 Registration statement (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Mar. 31, 2024
Document Information Line Items
Entity Registrant Name	PRIMECH HOLDINGS LTD.
Document Type	F-1
Amendment Flag	false
Entity Central Index Key	0001891944
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	U0
Entity Address, Address Line One	23
Entity Address, City or Town	Ubi Crescent
Entity Address, Country	SG
Entity Address, Postal Zip Code	408579
City Area Code	+65
Local Phone Number	6286 1868
Business Contact
Document Information Line Items
Entity Address, Address Line One	122 East 42nd Street, 18th Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10168
City Area Code	+1-800
Local Phone Number	221-0102
Contact Personnel Name	COGENCY GLOBAL INC.
Entity Address, State or Province	NY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets
Cash and cash equivalents	$ 7,648	$ 9,072
Accounts receivable, net	18,452	15,364
Government subsidies receivable	1,368	1,684
Prepaid expenses and other current assets	3,810	1,175
Inventories	55	141
Total current assets	31,333	27,436
Non-current assets
Property and equipment, net	10,082	10,920
Right of use assets	3,406	3,128
Goodwill	667	693
Intangible assets, net	21	93
Deferred offering costs		553
Total assets	45,509	42,823
Current liabilities
Accounts payable and accrued expenses	9,406	10,899
Notes payable-current portion	11,277	11,905
Lease liabilities-current portion	2,059	1,718
Total current liabilities	22,742	24,522
Non-current liabilities
Notes payable-long term	5,705	7,114
Lease liabilities-long term	1,752	1,628
Deferred tax liability	251	726
Total liabilities	30,450	33,990
Commitments and contingencies
Shareholders’ Equity
Common Stock, 35,550,000 and 32,500,000 shares issued and outstanding as of March 31, 2024 and 2023, respectively,	22,193	12,720
Additional paid-in capital	924	924
Accumulated other comprehensive income	923	947
Accumulated deficit	(9,049)	(5,810)
Total Primech Holdings Limited shareholders’ equity	14,991	8,781
Non-controlling interests	68	52
Total shareholders’ equity	15,059	8,833
Total liabilities and shareholders’ equity	$ 45,509	$ 42,823

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - shares	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares issued	35,550,000	32,500,000
Common stock, shares outstanding	35,550,000	32,500,000

Consolidated Statements of Oper

Consolidated Statements of Operations and other Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Revenues, net	$ 72,524	$ 69,026
Operating costs and expenses
Cost of revenue (net of $2,550 and $4,220 of government subsidies)	59,915	58,410
General and administrative expenses (net of $68 and $170 of government subsidies)	13,160	12,304
Sales and marketing expenses	2,231	279
Goodwill impairment		138
Total operating costs and expenses	75,306	71,131
Loss from operations	(2,782)	(2,105)
Other operating income, net (includes $202 and $202 of government subsidies)	211	271
Interest expense	(1,145)	(723)
Loss before income taxes	(3,716)	(2,557)
Income tax benefit	493	10
Net loss	(3,223)	(2,547)
(Profit)/ loss attributable to non-controlling interests	(16)	15
Net loss attributable to PHL	(3,239)	(2,532)
Total foreign currency translation adjustment	(24)	138
Comprehensive loss	$ (3,263)	$ (2,394)
Earnings loss per share:
Basic (in Dollars per share)	$ (0.1)	$ (0.08)
Diluted (in Dollars per share)	$ (0.1)	$ (0.08)
Weighted average number of ordinary shares outstanding:
Basic (in Shares)	33,929,000	32,500,000
Diluted (in Shares)	33,929,000	32,500,000

Consolidated Statements of Op_2

Consolidated Statements of Operations and other Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Cost of revenue net of government subsidies	$ 2,550	$ 4,220
General and administrative expenses net of government subsidies	68	170
Other operating income, net of government subsidies	$ 202	$ 202

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Common stock	Additional paid in capital	Accumulated comprehensive income	Accumulated deficit	Non-controlling Interests	Total
Balance at Mar. 31, 2022	$ 12,720	$ 924	$ 809	$ (3,278)	$ 67	$ 11,242
Balance (in Shares) at Mar. 31, 2022	32,500,000
Net loss				(2,532)	(15)	(2,547)
Foreign currency Translation adjustment			138			138
Balance at Mar. 31, 2023	$ 12,720	924	947	(5,810)	52	$ 8,833
Balance (in Shares) at Mar. 31, 2023	32,500,000					32,500,000
Issuance of common shares upon closing of initial public offering, net of offering costs	$ 9,473					$ 9,473
Issuance of common shares upon closing of initial public offering, net of offering costs (in Shares)	3,050,000
Net loss				(3,239)	16	(3,223)
Foreign currency Translation adjustment			(24)			(24)
Balance at Mar. 31, 2024	$ 22,193	$ 924	$ 923	$ (9,049)	$ 68	$ 15,059
Balance (in Shares) at Mar. 31, 2024	35,550,000					35,550,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (3,223)	$ (2,547)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	1,640	1,637
Amortization of right of use assets	2,203	1,716
Gain on disposal of property and equipment	(13)	(186)
Amortization of intangible assets	29	303
Impairment of Goodwill		138
Change in operating assets and liabilities:
Deferred tax liability	(454)
Accounts receivable	(3,330)	(3,152)
Government subsidies receivables	290	(1,310)
Prepaid expenses & other current assets	(2,657)	152
Inventories	84	6
Accounts payable and accrued expenses	(1,329)	1,970
Operating lease liability	(2,322)	(1,683)
Tax payable		(228)
Net cash used in operating activities	(9,082)	(3,184)
Cash flows from investing activities:
Acquisition of property and equipment	(909)	(2,004)
Proceeds from sale of property and equipment	102	871
Net cash used in investing activities	(807)	(1,133)
Cash flows from financing activities:
Net Proceeds from issue of new shares	9,473
Deferred offering costs	545	236
Payment of finance lease liabilities	(86)	(524)
Repayment of bank loans	(3,163)	(1,293)
Proceeds from bank loans	1,412	9,908
Dividend paid		(317)
Net cash provided by financing activities	8,181	8,010
Net (decrease) increase in cash and cash equivalents	(1,708)	3,693
Effect of exchange rate changes on cash and cash equivalents	284	235
Cash and cash equivalents, beginning of year	9,072	5,144
Cash and cash equivalents, end of year	7,648	9,072
Supplemental disclosure of non-cash investing and financing transactions
Acquisition of equipment under finance leases	173	102
Recognition of Right of use assets and liabilities	$ 2,553	$ 3,380

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2024
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Primech Holdings Limited (“PHL”) is a company incorporated in Singapore on December 29, 2020. PHL’s controlling shareholder is Sapphire Universe Holdings Limited (the “Parent”), which was formed in February 2018. In 2018 through 2020, the Parent acquired Primech Services & Engrg (“Primech”), A&P Maintenance (“A&P”), Acteef Cleaning Specialists Pte Ltd (“Acteef Cleaning”), and Maint-Kleen Pte. Ltd (“Maint-Kleen”) (collectively, the “Subsidiaries”, and with PHL, the “Company”). Each of these companies had, prior to their acquisitions, operated in Singapore between 20 and 38 years, and the acquisitions by the Parent established a group of companies that provides a wide spectrum of cleaning services. Subsequent to their acquisition by the Parent, Primech and A&P merged into one company known as Primech A&P Pte Ltd (“Primech A&P”). On April 1, 2021, the Company acquired 100% of interest of Princeston International (S) Pte. Ltd (“Princeston”) and 80% of interest of CSG Industries Pte Ltd (“CSG”). On March 28, 2024, the company incorporated Primech AI Holdings Limited (“Primech AI”) and Primech AI Investments Limited (“Primech AI Investments”). In May 2024, the Company transferred 49% of interest of Primech AI Investments to an independent third party. Effective November 22, 2022, the Parent restructured its holdings and transferred its ownership of the Subsidiaries to PHL. For the purposes of the presentation of these consolidated financial statements, the merger and consolidation of these entities with PHL has been reflected as if effective since the beginning of the entire period presented. On May 11, 2023, the Company changed its corporate name to Primech Holdings Ltd., so as to remove the designation “Pte.” which is used only for privately held companies under Singapore law, and adopted a constitution for a public company under Singapore law. COVID-19 Our consolidated financial statements for the years ended March 31, 2024 and 2023 was materially impacted by the effects of the global outbreak of novel strains of coronavirus, or COVID-19, as national and local authorities in Singapore, where we operate, placed significant restrictions on travel and other activities. In addition, governmental authorities in Singapore, like many governments and central banks worldwide, have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions (see liquidity discussion below). The long term effect of this pandemic on our business and financial performance will heavily depend on future developments, including outbreaks of COVID-19 variants, duration and severity of the outbreak, government policies such as travel restrictions and business closures, the financial and operational impact on our customer base, all of which are highly uncertain and unpredictable. We are closely monitoring developments in Singapore and will continually assess its effect on our business. Liquidity The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. For the fiscal year ended March 31, 2024, the Company recorded net loss of approximately $3,223 and cash used in operating activities of approximately $9,082. Included in these amounts are government subsidies of approximately $2,820 received. These government subsidies were received from government authorities in Singapore, and were primarily used to offset wage costs, and are recorded as a reduction to associated wage costs in cost of revenue and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Notwithstanding the receipt of the government subsidies, management believes that its March 31, 2024, balances of cash of approximately $7,648, working capital of approximately $8,591 and approximately $2,542 of available loans or overdraft facilities are sufficient to fund operations for at least one year from the date the Company’s March 31, 2024, financial statements are issued. The amount and timing of future cash requirements will depend, in part, on the Company’s operating profitability. The Company may seek to raise additional debt and/or equity capital to fund future operations and strategic initiatives, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms, or at all. The Ordinary Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “PMEC” on October 10, 2023. The amount and timing of future cash requirements will depend, in part, on the Company’s operating profitability. The Company may seek to raise additional debt and/or equity capital to fund future operations and strategic initiatives, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms, or at all. Basis of presentation and principles of consolidation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company’s consolidated financial statements includes the consolidated accounts of all of our subsidiaries. All intercompany accounts and transactions included in the consolidated financial statements have been eliminated. As of March 31, 2024, PHL has eight wholly-owned subsidiaries, Primech A&P, Acteef Cleaning, HomeHelpy Singapore Pte. Ltd, Maint-Kleen, My All Services Sdn Bhd, Princeston and Primech AI, Primech AI Investments and one 80% owned subsidiary, CSG. All intercompany amounts and transactions have been eliminated in consolidation. All subsidiaries are entities incorporated under the laws of Singapore, except for My All Services which was incorporated in Malaysia and Primech AI and Primech AI Investments which were incorporated in British Virgin Islands. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. Significant estimates include those related to assumptions used in valuing reserves of uncollectible accounts receivable, assumptions used in valuing assets acquired in business acquisitions, impairment testing of goodwill and other long-term assets, the valuation allowance for deferred tax assets, and accruals for potential liabilities. Revenue recognition The Company recognizes revenue in accordance with Financial Accounting Standard Board (FASB) Accounting Standards Codification (ASC) 606, Revenue from Contract with Customers For service contracts where the performance obligation is not completed, deferred revenue, if any, is recorded for any payments received in advance of the performance obligation. Cost of revenue Recurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs. Government subsidies Government subsidies are not recognized until there is reasonable assurance that the Company will comply with the conditions of the subsidy and the Company will receive the subsidy. Generally, government subsidies fall into two categories: subsidies related to income and subsidies related to assets. Subsidies related to income are recognized in the period that the recognition criteria are met, and are presented as a reduction of the related expense that they are intended to compensate within operating expenses in the consolidated statements of operations and comprehensive income. Subsidies related to assets are for the purchase, construction or other acquisition of long-lived assets and are recognized as reductions to the capitalized costs of the related assets. For the years ended March 31, 2024 and 2023, a total of approximately $2,820 and approximately $4,592 respectively of subsidies related to income were received that primarily offset various payroll and related costs. In addition, for the years ended March 31, 2024 and 2023 the Company received approximately $171 and approximately $129, respectively, of subsidies related to assets that offset purchases of certain equipment. At March 31, 2024 and 2023, government subsidies receivable totalled approximately $1,368 and approximately $1,684, respectively. There are no unfulfilled conditions or other contingencies related to these subsidies. Cash and cash equivalents Our cash and cash equivalents consist of funds held in bank accounts. Cash equivalents are highly-liquid investments with original maturities of three months or less, including money market funds. We maintain cash balances in Singapore dollars (“SGD”), U.S. Dollars (“USD”) and Malaysian Ringgit (“MYR”). The following table, reported in USD, disaggregates our cash balances by currency denomination: For the Years Ended 2024 2023 Cash denominated in: SGD $ 7,443 $ 8,966 USD 135 — MYR 70 106 Total $ 7,648 $ 9,072 Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Accounts receivable also includes unbilled amounts for which we have performed services for the customer but have not yet invoiced. Accounts receivable at March 31, 2024 and 2023 included unbilled receivables of approximately $4,068 and approximately $3,578, respectively. We regularly evaluate the collectability of trade receivable balances based on a combination of factors such as customer credit-worthiness, past transaction history with the customer, current economic industry trends and changes in customer payment patterns. If we determine that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific reserve for bad debt will be recorded to reduce the related receivable to the amount expected to be recovered. Reserve for uncollectible accounts were approximately $448 and approximately $454 as of March 31, 2024 and 2023, respectively. Property and equipment We state property and equipment at cost and depreciate such assets using the straight-line method over the estimated useful lives of each asset category. For leasehold improvements, we determine amortization using the straight-line method over the shorter of the lease term or estimated useful life of the asset. Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized and depreciated over the remaining useful life of the related asset. The estimated useful lives of property and equipment are as follows: Machinery 2 to 5 years Motor vehicles 5 years Furniture and fixtures 2 to 5 years Office equipment 2 to 5 years Leasehold improvements Shorter of useful life or lease term Office improvements 2 to 5 years Capitalized software 2 to 3 years Leasehold property 27 to 32 years Deferred offering costs Deferred offering costs consisted principally of legal, accounting, and underwriter’s fees incurred related to equity financings. These offering costs were deferred at March 31, 2023 and were charged against the gross proceeds received from our Initial Public Offering that occurred on October 12, 2023. Intangible assets Amortizable identifiable intangible assets are stated at cost less accumulated amortization, and represent customer relationships and customer backlog acquired in business combinations. Customer backlog represents the value of existing firm purchase orders in place at the time of acquisition and are amortized over 3 years. Customer relationships are amortized over 5 years. The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended March 31, 2024 and 2023, the Company determined there were no indicators of impairment of its amortizable identifiable intangible assets. Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting units on March 31, of each fiscal year. For the year ended March 31, 2023, the Company determined there was an impairment charge of approximately $138 related to the recorded Goodwill relating to its acquisition of Maint-Kleen. For the year ended March 31, 2024, the Company determined there was no impairment of its remaining recorded Goodwill. Impairment of long-lived assets Long-lived assets primarily include property and equipment and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. As of March 31, 2024 and 2023, the Company determined there were no indicators of impairment of its long-lived assets. Fair value of financial instruments Under ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs, other than the quoted prices in active markets, are observable either directly or indirectly. Level 3 — Unobservable inputs based on the Company’s assumptions. The Company is required to use observable market data if such data is available without undue cost and effort. The Company has no fair value items required to be disclosed as of March 31, 2024 or 2023 under these requirements. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans and accounts payable, approximate their fair values because of the short maturity of these instruments. The carrying values of capital lease obligations and notes payable approximate their fair values because interest rates on these obligations are based on prevailing market interest rates. Advertising Costs related to advertising and product promotion expenditures are charged to “Sales and marketing expenses” as incurred. Certain advertising costs are paid in advance and are expensed at the time the advertising occurs. Advertising costs aggregated $2,231 and $ 262 for the year ended March 31, 2024 and 2023, respectively. Income taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company conducts its businesses in Singapore and Malaysia and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Leases The Company accounts for leases under ASC 842, Leases Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. Earnings per share Basic earnings per ordinary share is computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary shares outstanding and of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For the years ended March 31, 2024 and 2023, the Company had no dilutive equity instruments. Translation of foreign currencies We report all currency amounts in USD. Our subsidiaries, however, maintain their books and records in their SGD functional currency, while My All Services maintains its books and records in their MYR functional currency. In general, when consolidating our subsidiaries with non-USD functional currencies, we translate the amounts of assets and liabilities into USD using the exchange rate on the balance sheet date, and the amounts of revenue and expense are translated at the average exchange rate prevailing during the period. The gains and losses resulting from translation of financial statement amounts into USD are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. We used the exchange rates in the following table to translate amounts denominated in non-USD currencies as of and for the periods noted: As of 2024 2023 Exchange rates at March 31: SGD:USD 0.74 0.75 RM:USD 0.21 0.23 For the Years Ended 2024 2023 Average exchange rate during the year ended March 31: SGD:USD 0.74 0.73 RM:USD 0.21 0.22 Concentration For the year ended March 31, 2024, one customer accounted for 10.0% of our total revenue and no customer accounted for more than 10% of our accounts receivable. For the year ended March 31, 2023, one customer accounted for 10.4% of our total revenue and one customer accounted for 12.1% of our accounts receivable. For the year ended March 31, 2024 and 2023, there were no vendors that accounted for more than 10% of our total operating costs and expenses. At March 31, 2024 and 2023, no vendors accounted for more than 10% of accounts payable. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s accumulated other comprehensive income consists of cumulative foreign currency translation adjustments. Segment reporting The Company operates in a single segment, commercial cleaning services, based on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations in making operational and strategic decisions and assessments of financial performance. The Company’s President has been identified as the CODM. Economic and political risks Our operations in Singapore are subject to significant risks not typically associated with companies in the United States of America, including risks associated with, among others, the political, economic and legal environment and foreign currency exchange. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Credit Losses — Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. This standard will be effective for the Company on April 1, 2024 and interim periods beginning in fiscal year 2025, with early adoption permitted. The updates required by this standard should be applied retrospectively to all periods presented in the financial statements. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Revenues

Revenues	12 Months Ended
	Mar. 31, 2024
Revenues [Abstract]
Revenues	2. Revenues The Company’s revenue is primarily from providing a wide variety of cleaning services, including facilities services, stewarding services, cleaning services to individual customers and other service revenues. Revenue from services is recognized as the services are provided. Service revenue is recognized based on the time incurred by our staff in performing cleaning services and is billed on a monthly basis. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contracts. Disaggregation of Revenue The following table presents a disaggregation of our revenue by major category For the Years Ended Revenue by service line 2024 2023 Facilities cleaning services $ 56,016 $ 55,755 Stewarding services 10,156 7,599 Cleaning services for commercial office tenants 5,870 4,899 Total service revenues from Singapore 72,042 68,253 Other cleaning service revenues from Malaysia 53 265 Sales of products 429 508 $ 72,524 $ 69,026 For the Years Ended Revenue by customer category 2024 2023 Facilities cleaning services Conservancy common areas 11,325 9,720 Commercial 10,305 11,369 Institutional 17,202 17,324 Multi-family residential 4,201 6,873 Hotel 4,649 5,182 Singapore Changi Airport 7,247 3,176 Industrial 516 1,046 Others 571 1,065 56,016 55,755 Stewarding services 10,156 7,599 Cleaning services for commercial office tenants 5,870 4,899 Total service revenues from Singapore 72,042 68,252 Other cleaning service revenues from Malaysia 53 265 Sales of products 429 508 $ 72,524 $ 69,026

Accounts Receivable

Accounts Receivable	12 Months Ended
	Mar. 31, 2024
Accounts Receivable [Abstract]
Accounts receivable	3. Accounts receivable The Company records revenues and costs on a net basis and the related Trade and other receivables and payables amounts on a gross basis. Trade and other receivables, net of provision for doubtful accounts consist of the following: As of 2024 2023 Accounts receivable $ 14,832 $ 12,240 Unbilled receivables 4,068 3,578 Less: provision for doubtful accounts (448 ) (454 ) Accounts receivable, net $ 18,452 $ 15,364 At March 31, 2024 and 2023, provisions for doubtful accounts receivables were approximately $448 and approximately $454, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2024
Property and Equipment [Abstract]
Property and Equipment	4. Property and Equipment At March 31, 2024 and 2023, property and equipment consisted of the following: As of 2024 2023 Machinery $ 6,837 $ 7,516 Motor vehicles 1,086 718 Office equipment 1,328 1,222 Furniture and fixtures 797 811 Leasehold improvements 805 787 Leasehold property 7,193 7,235 18,046 18,289 Less: accumulated depreciation (7,964 ) (7,369 ) Total $ 10,082 $ 10,920 Depreciation expense was approximately $1,640 and approximately $1,637 for the years ended March 31, 2024 and 2023, respectively. Primech A&P holds a sixty (60) year leasehold interest in 23 Ubi Crescent Singapore (expiring July 2057) and a sixty (60) year leasehold interest in 25 Ubi Crescent Singapore (expiring July 2057). CSG Industries holds a thirty (30) years interest (expiring in February 2038) in 50 Tuas Avenue 11 #01-22 Tuas Lot Singapore 639107.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Mar. 31, 2024
Prepaid Expenses and Other Current Assets [Abstract]
Prepaid expenses and other current assets	5. Prepaid expenses and other current assets Prepaid expenses and other current assets, net consisted of the following: As of 2024 2023 Prepaid advertising $ 1,019 $ - Deposits 1,816 542 Other prepaid amounts 975 633 Total $ 3,810 $ 1,175

Leases

Leases	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	6. Leases Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. As of March 31, 2024, the Company has operating lease agreements for certain of its office facilities, office equipment and workers’ accommodations with remaining lease terms of 1 to 44 months. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for the lease and non-lease components of its leases as a single lease component. Lease expense is recognized on a straight-line basis over the lease term. The following table sets forth the components of the Company’s lease cost for the year ended March 31, 2024 and 2023. March 31, 2024 2023 Finance lease cost: Depreciation of asset under finance lease $ 68 $ 106 Interest on lease liabilities (included in interest expense in the statements of operations) 34 54 Total finance lease cost $ 102 $ 160 Operating lease cost: Amortization of right of use asset (included in general and administrative expenses in the statements of operations) $ 2,203 $ 1,716 Rental expense (included in cost of revenue, and general and administrative expenses in the statement of operations) 504 7 Operating lease cost $ 2,707 $ 1,723 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,322 $ 1,683 Financing cash flows from finance leases 86 523 Total cash paid for amounts included in measurement of lease liabilities $ 2,408 $ 2,206 The following table sets forth the Company’s right of use assets and lease liabilities as of March 31, 2024 and 2023: March 31, 2024 2023 Finance lease assets (included in Property and equipment-see Note 4) $ 519 $ 402 Operating lease right of use assets $ 3,406 $ 3,128 Finance lease liabilities Non-current liabilities $ 251 $ 235 Current liabilities 70 78 Total Finance lease liabilities $ 321 $ 313 Operating lease liabilities Non-current liabilities $ 1,501 $ 1,393 Current liabilities 1,989 1,639 Total operating lease liabilities $ 3,490 $ 3,032 March 31, March 31, Weighted average lease term (Years) Finance leases 2.8 2.8 Operating leases 1.6 1.8 Weighted average discount rate Finance leases 4.4 % 3.9 % Operating leases 5.6 % 3.0 % Present value of the net minimum lease payments as of March 31, 2024: Future minimum lease payments Finance Leases Operating Leases 2025 $ 81 $ 2,104 2026 83 1,060 2027 75 336 2028 62 141 2029 12 18 Thereafter 58 — Total minimum lease payments 371 3,659 Less: amount representing interest (50 ) (169 ) Present value of net minimum lease payments $ 321 $ 3,490

Notes Payable

Notes Payable	12 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Notes Payable	7. Notes Payable As of 2024 2023 (A) HSBC – Bridge loan $ 1,855 $ 2,826 (B) HSBC – Overdraft facility 5,825 7,651 (C) HSBC – Factoring agreement with recourse 3,983 2,862 (D) HSBC – Term loans 837 973 (E) HSBC – Mortgage loan 4,482 4,707 16,982 19,019 Less: current portion (11,277 ) (11,905 ) Notes payable, net of current portion $ 5,705 $ 7,114 (A) In October 2020, the Company’s subsidiary Primech A&P obtained a loan in the principal amount of approximately $3,711 (SGD 5,000) from the Lender. The loan bears interest at the rate 2% per annum, is payable in monthly instalments of approximately $77 (SGD 104) each, and will mature in March, 2026. The loan is secured by all the assets of the Primech A&P and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $2,826 (SGD 3,750) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $929 (SGD 1,250). The balance of the loan was approximately $1,855 (SGD 2,500) at March 31, 2024. (B) In prior periods and through March 31, 2024, certain of the Company’s subsidiaries obtained overdraft facilities from HSBC with an aggregate credit limit of $5,819 (SGD 7,842). The credit facilities are subject to annual review and are due on demand. The bank granted a temporary increase in the credit limit of an additional $2,198 (SGD 3,000) from September 2023 through October 2023 and $742 (SGD1, 000 (C) In July 2018, Primech A&P, entered into with recourse receivables purchase (accounts receivable purchase agreement) with HSBC. Under the terms of the facility, Primech A&P agreed to sell to HSBC (“Factor”) certain customer accounts receivables due A&P. All amounts due under the terms of agreement is limited to approximately $2,968 (SGD 4,000), and is guaranteed by (a) security over receivables; (b) debentures (mortgages) over all present and future assets; and (c) an unlimited guarantee provided by certain directors. Primech A&P pays a discount charge calculated based on the SIBOR plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility was renewed in September, 2021, and increased to approximately $5,900 (SGD 8,000). Th facility was further renewed in August 2022 and subject to annual review, revising the discount chart rate to the Bank’s Cost of Funds plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility is subject to annual review and is due on demand. The applicable Bank’s Cost of Funds as of March 31, 2024 was 3.65%, and the total rate was 6.65%. The maturity of the each of the factored invoice is 60 days after the draw down. The bank has temporary reduced the facility limit of approximately $4,452 (SGD 6,000) in September 2023 through July 2024. In July 2020, Maint-Kleen entered into with recourse receivables purchase facility (accounts receivable purchase agreement) with HSBC. Under the terms of the facility, Maint-Kleen agreed to sell to HSBC (“Factor”) certain customer accounts receivables due A&P. All amounts due under the terms of agreement is limited to approximately $1,336 (SGD 1,800), and is guaranteed by (a) security over receivables; (b) debentures (mortgages) over all present and future assets; and (c) an unlimited guarantee provided by certain directors. Primech A&P and Maint-Kleen pays a discount charge calculated based on the SIBOR plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility was renewed in August 2022 and subject to annual review, revising the discount chart rate to the Bank’s Cost of Funds plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility is subject to annual review and is due on demand. The applicable Bank’s Cost of Funds as of March 31, 2024 was 3.65%, and the total rate was 6.65%. The maturity of the each of the factored invoice is 60 days after the draw down. Under the terms of the these facilities, all factored receivables are sold with recourse, which requires Primech A&P and Maint-Kleen to repurchase any receivables, if demanded, not paid on time. Accordingly, such receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. At March 31, 2024 and 2023, the Company had sold to HSBC with recourse accounts receivable of approximately $8,893 (SGD 11,985) and approximately $5,527 (SGD 7,334), which are included in accounts receivable on the accompanying consolidated balance sheets. At March 31, 2024, approximately $1,805 (SGD 2,433) was available under the recourse receivables purchase facility. (D) On April 1, 2021, the Company acquired 80% of interest of CSG Industries Pte Ltd and a term loan is among the liabilities assumed. The term loan facility was drawn down in December, 2011 amounting to approximately $346 (SGD 468). The loans bear interest at the rate 0.75% plus Commercial Financing Rate (“CFR”) (CFR was 6.11% and 6.30% at March 31, 2024 and 2023, total loan rate was 6.86% and 7.05%), payable in monthly instalments of approximately $3 (SGD 4) each, and mature in October 2026. The loan is secured by a mortgage over a property owned by CSG located in Singapore and a personal guarantee for a maximum amount of approximately $384 (SGD 530) by the minority shareholder of CSG. During the years ended March 31, 2024 and 2023, repayments of approximately $32 (SGD 43) and approximately $38 (SGD 52) was made on the term loan facility. At March 31, 2024 and 2023, approximately $61 (SGD 82) and $94 (SGD 125) was outstanding under the loan. In June 28, 2022 Primech A&P obtained one term loan facility for approximately $976 (SGD 1,400) from HSBC to finance the purchase of machinery and equipment and/or vehicles in relation to a project. The loan bears interest at the rate 3% plus Singapore Overnight Rate Average (“SORA”) per annum (SORA was 3.69% at March 31, 2024, total loan rate was 6.69%), are payable in monthly installments of approximately $20 (SGD 29) each, and mature in July 2026. The loan is secured by all present and future assets owned by Primech A&P and a joint and several guarantee for an unlimited amount by certain directors and the Parent. During the year ended March 31, 2023, approximately $976 (SGD 1,400) was drawn down, and repayments of approximately $170 (SGD 233) were made on the term loan facility. Net amount due at March 31, 2023 amounted to approximately $879 (SGD 1,167). During the year ended March 31, 2024, the Company paid down approximately $260 (SGD 350). Net amount due at March 31, 2024 amounted to approximately $606 (SGD 817). On December 28, 2022 Primech A&P obtained one term loan facility for approximately $293 (SGD 400) from HSBC to finance the purchase of machinery and equipment and/or vehicles in relation to a project. Approximately $242 (SGD 330) was drawdown on April 28, 2023. The loan bears interest at the rate 3% plus Singapore Overnight Rate Average (“SORA”) per annum (SORA was 3.69% at March 31, 2024, total loan rate was 6.69%), are payable in monthly installments of approximately $7 (SGD 9) each, and mature in April 2026. The loan is secured by all present and future assets owned by Primech A&P and a joint and several guarantee for an unlimited amount by certain directors and the Parent. Approximately $242 (SGD 330) was drawn down during the year ended March 31, 2024, and repayments of approximately $75 (SGD 101) were made on the term loan facility during the year ended March 31, 2024. Net amount due at March 31, 2024 amounted to approximately $170 (SGD 229). (E) On April 27, 2021, Primech A&P completed the acquisition of two office units (“properties”) located in Singapore for approximately $6,705 (SGD 9,035). The purchase price was made up of cash consideration of approximately $1,692 (SGD 2,280) and a loan obtained from HSBC of approximately $5,013 (SGD 6,755). The full amount of the loan was drawn down on April 1, 2021. The loans bear interest at the rate 1.30% plus 3 months SORA per annum (3 months SORA was 3.68% at March 31, 2024, total loan rate was 4.98%), and will mature in March, 2041. The loan is secured by the properties and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $4,707 (SGD 6,247) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $157 (SGD 211). The balance of the loan was approximately $4,482 (SGD 6,039) at March 31, 2024. Primech A&P has certain financial covenants prescribed in the financing agreements of bridge loan (A), overdraft facility (B), factoring agreement with recourse (C), and term loans (D). Primech A&P is required to maintain, during the term of the financing agreements relating to each of these facilities, a minimum adjusted tangible net worth of $7.0 million (SGD 10.0 million), and a gearing ratio, defined as to the ratio of total bank debt to tangible net worth (or adjusted tangible net worth, as the case may be), of not more than 1.5. As of March 31, 2024, we are in compliance of the financial covenants. At March 31, 2024 and 2023, the group’s executive officer, Mr. Yew Jin Sng, and beneficial owners Mr. Kin Wai Ho and Mr. Jin Ngee Vernon Kwek had executed guarantees in favor of HSBC to secure the Bridge loan, the Factoring agreement with recourse, the term loans, and the Overdraft facility. In addition, the Parent had executed a guarantee in favor of HSBC to secure the Factoring agreement with recourse, the term loans, the Overdraft facility and the mortgage loan. Future minimum principal payment obligations under the notes payable are as follows: For the Years Ended March 31, 2024 2025 $ 11,277 2026 1,470 2027 276 2028 193 2029 onward 3,766 Total minimum debt payments 16,982 Less: Current portion of long-term debt (11,277 ) Long-term debt $ 5,705

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Income Taxes	8. Income Taxes The Company’s subsidiaries (excluding its Malaysian and BVI subsidiaries) are incorporated in Singapore and are subject to Singapore Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The current and deferred portions of the income tax expense (benefit) included in the statements of operations and comprehensive income as determined in accordance with ASC 740 are as follows: For the Years Ended 2024 2023 Current $ (39 ) $ (8 ) Deferred (454 ) (2 ) Income tax benefit $ (493 ) $ (10 ) The following table presents a reconciliation between the theoretical income tax provision computed by applying the federal statutory rate and our actual income tax expense: Year Ended 2024 2023 Income tax provision at statutory rates $ (780 ) $ (537 ) Tax effects of Deferred tax assets not recognized 197 565 Reversal of temporary differences (452 ) - Income exempt from income taxes - (63 ) Expenses not deductible for income tax purposes 802 69 Foreign tax rates different than statutory rates - (47 ) Tax exemption and rebates (260 ) (21 ) Other - 24 Income tax provision (benefit) as reported $ (493 ) $ (10 ) Our 2024 and 2023 effective tax rates were significantly impacted by receipt of Government subsidies exempt from income taxes, book-tax adjustments in foreign jurisdictions, and taxation of our earnings generated in jurisdictions with rates that differ from the US federal statutory rate. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at March 31, 2024 and 2023 are as follows: March 31, 2024 2023 Deferred Tax Liabilities Accrued expenses $ 37 $ 38 Temporary difference on property and equipment 166 169 Basis difference of customer backlog from acquisitions (5 ) 251 Basis differences of customer relationships from acquisitions - 208 Basis difference of real estate held for investment - 37 Basis difference of property and equipment 74 34 Other (9 ) - 263 738 Deferred Tax Assets Net operating loss carryover (2,360 ) (1,274 ) Accrued expenses (10 ) (10 ) Other (2 ) (2 ) Valuation allowance 2,360 1,274 (12 ) (12 ) Net deferred tax liability $ 251 $ 726 We recognize deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) to account for the effects of temporary differences between the tax basis of an asset or liability and its amount as reported in our consolidated balance sheets, using enacted tax rates expected to apply to taxable income in the years in which we expect those temporary differences to be recovered or settled. Any effect on DTAs or DTLs resulting from a change in enacted tax rates is included in income during the period that includes the enactment date. We reduce the carrying amounts of DTAs by a valuation allowance if, based upon all available evidence (both positive and negative), we determine that it is more likely than not that such DTAs will not be realizable. The Company follows FASB guidelines that address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. At March 31, 2024 and 2023, the Company did not have a liability for unrecognized tax benefits.

Common Stock

Common Stock	12 Months Ended
	Mar. 31, 2024
Common Stock [Abstract]
Common Stock	9. Common Stock Our ordinary common shares have no par value as there is no concept of authorized share capital under Singapore law. All shares presently issued are fully paid and existing shareholders are not subject to any calls on shares. Although Singapore law does not recognize the concept of “non-assessability” with respect to newly-issued shares, we note that any subscriber of our ordinary shares who has fully paid up all amounts due, with respect to such ordinary shares, will not be subject to Singapore law concerning any personal liability to contribute to our assets or liabilities in such subscriber’s capacity solely as a holder of such ordinary shares. We believe this interpretation is substantively consistent with the concept of “non-assessability” under most, if not all, U.S. state corporations laws. We cannot, except in the circumstances permitted by the Companies Act, grant any financial assistance for the acquisition or proposed acquisition of our own ordinary shares. Except as described in the Singapore Code on Take-Overs and Mergers (the “Singapore Take-over Code”), there are no limitations in our constitution or Singapore law on the rights of shareholders who are not resident in Singapore to hold or vote in respect of our ordinary shares. On October 9, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Spartan Capital Securities, LLC, the underwriter to the Underwriting Agreement (the “Underwriters”), relating to the Company’s initial public offering (the “IPO”) of 3,050,000 ordinary shares, no par value per share (the “Ordinary Shares”). On October 12, 2023, the Company closed the IPO. The Ordinary Shares were priced at $4.00 per share, resulting in net proceeds to the Company of approximately $9,473. The Ordinary Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “PMEC” on October 10, 2023.

Related Party Transactions and

Related Party Transactions and Balances	12 Months Ended
	Mar. 31, 2024
Related Party Transactions and Balances [Abstract]
Related Party Transactions and Balances	10. Related Party Transactions and Balances Remuneration to Directors and executive officers for the years ended March 31, 2024 and 2023 were: For the year ended Directors & Officers 2024 2023 Yew Jin Sng $ 116 $ 92 Ho Kin Wai 485 446 William Yuen 33 - William Mirecki 23 - Kai Yue Jason Chan 23 - Khazid Bin Omar 161 146 Loo Hansel 94 85 Kit Yu Lee 183 120 1,118 $ 889 In addition, remuneration to Directors of the Group’s subsidiaries for the ended March 31, 2024 and 2023 were: For the year ended Directors 2024 2023 Chiu Hsieh Hui 42 38 Wong Chee Kwok 9 112 Ong Thiam Teck - 55 $ 51 $ 205 In addition, for the years ended March 31, 2024 and 2023, the Company paid approximately $531 and approximately $684, respectively, to Mr. Jin Ngee Vernon Kwek, a beneficial owner of the Company, for his services to a subsidiary of the Company. As discussed in Note 7, loans in the aggregate principal amount of approximately $18,891 (SGD 22,884) are guaranteed by certain directors and shareholders of the Parent. As discussed in Note 11, the group’s executive officers, Mr. Yew Jin Sng and Mr. Hansel Loo; and Mr. Jin Ngee Vernon Kwek had executed guarantees in favor of the sureties for indemnities amounting to approximately $6,203 (SGD 8,359) and approximately $4,545 (SGD 6,031), at March 31, 2024 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Legal matters a) MOM Investigation in Relation to a Fatal Accident at Our Work Site In 2019, A&P Maintenance was under contract to provide, among others, external façade cleaning services for an office tower. We appointed a sub-contractor, which in turn appointed its own sub-contractor, to carry out the façade cleaning works. The façade cleaning works were performed using a gondola. When not in use, the gondola was stored in a pit underneath floor slabs. When required for use, the floor slabs would be removed and the gondola would be elevated from the pit. The façade cleaning works began in May 2019 and were expected to be completed by June 2019. In late May 2019, the works were halted due to an obstruction of the gondola tracks. During this time, the gondola was kept in the pit, however, part of the floor opening, around the gondola switch, was not covered. The gondola pit was located in a rooftop area, where an independently owned bar was also located. In the early hours of June 9, 2019, a security officer working at the bar fell into the uncovered area of the gondola pit. The security officer died from the fall. The circumstances surrounding the fall were as follows: the security officer had been assigned to ensure that patrons of the bar did not enter a barricaded area (which included the area with the gondola pit). Two guests had pushed aside the barricades and entered the restricted area. Upon seeing the guests enter the restricted area, the security officer ran towards them. During this, the security officer accidentally fell into the uncovered area of the gondola pit. Following the accident, the MOM commenced an investigation, which included interviews with certain of our management and employees. As a result of the said incident, two charges were brought against A&P Maintenance under Sections 20 read with Sections 14(3) and 14A(1)(b) of the WSHA, and one charge was brought against an employee of A&P Maintenance under Section 15(3A) of the WSHA. As of March 2, 2023, MOM has formally withdrawn its charge against the employee of A&P Maintenance. On 5 July 2023, A&P Maintenance pleaded guilty to the two charges. On August 18, 2023, a fine of $184 (S$245) was imposed on A&P Maintenance for the contraventions of the WSHA which has since been paid in full. b) Other Legal Matters In April 2024, the administrator and personal representative of a deceased person who had a fatal fall, brought a negligence claim against Jurong-Clementi Town Council, C&W Services Township Pte Ltd and Primech A&P. This claim which includes various heads of damage including but not limited to various expenses, loss of income and loss of dependency, is being handled by Primech A&P’s insurer, which has appointed an adjuster. In addition to the foregoing, from time to time, the Company has become or may become involved in various legal proceedings and receives claims, arising from the normal course of business activities. Performance bonds Certain contracts require us to provide a surety bond as a guarantee of performance. As of March 31, 2024 and 2023, we had performance bond commitments totalling to approximately $8,141 (SGD 10,971) and approximately $6,655 (SGD 8,831) under which the surety (insurance company or bank) guarantees that the Company will perform in accordance with contractual obligations. These bonds are typically renewed annually and remain in place until the contractual obligations are satisfied. In general, we would only be liable for the amount of these guarantees in the event of default in our performance of our obligations under each contract, the probability of which we believe is remote. At March 31, 2024 and 2023, the group’s executive officer, Mr. Yew Jin Sng and Mr. Hansel Loo; and Mr. Jin Ngee Vernon Kwek had executed guarantees in favor of the sureties for indemnities amounting to approximately $6,203 (SGD 8,359) and approximately $4,545 (SGD 6,031).

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstarct]
Subsequent Events	12. Subsequent Events In June 2024, the Company entered into two consultancy contracts with two vendors, with compensation to the Vendors settled in total of 2,500,000 new shares of the Company, valued at $1,500.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Mar. 31, 2024
Organization and Summary of Significant Accounting Policies [Abstract]
COVID-19	COVID-19 Our consolidated financial statements for the years ended March 31, 2024 and 2023 was materially impacted by the effects of the global outbreak of novel strains of coronavirus, or COVID-19, as national and local authorities in Singapore, where we operate, placed significant restrictions on travel and other activities. In addition, governmental authorities in Singapore, like many governments and central banks worldwide, have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions (see liquidity discussion below). The long term effect of this pandemic on our business and financial performance will heavily depend on future developments, including outbreaks of COVID-19 variants, duration and severity of the outbreak, government policies such as travel restrictions and business closures, the financial and operational impact on our customer base, all of which are highly uncertain and unpredictable. We are closely monitoring developments in Singapore and will continually assess its effect on our business.
Liquidity	Liquidity The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. For the fiscal year ended March 31, 2024, the Company recorded net loss of approximately $3,223 and cash used in operating activities of approximately $9,082. Included in these amounts are government subsidies of approximately $2,820 received. These government subsidies were received from government authorities in Singapore, and were primarily used to offset wage costs, and are recorded as a reduction to associated wage costs in cost of revenue and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Notwithstanding the receipt of the government subsidies, management believes that its March 31, 2024, balances of cash of approximately $7,648, working capital of approximately $8,591 and approximately $2,542 of available loans or overdraft facilities are sufficient to fund operations for at least one year from the date the Company’s March 31, 2024, financial statements are issued. The amount and timing of future cash requirements will depend, in part, on the Company’s operating profitability. The Company may seek to raise additional debt and/or equity capital to fund future operations and strategic initiatives, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms, or at all. The Ordinary Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “PMEC” on October 10, 2023. The amount and timing of future cash requirements will depend, in part, on the Company’s operating profitability. The Company may seek to raise additional debt and/or equity capital to fund future operations and strategic initiatives, but there can be no assurances that the Company will be able to secure such additional financing in the amounts necessary to fully fund its operating requirements on acceptable terms, or at all.
Basis of presentation and principles of consolidation	Basis of presentation and principles of consolidation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company’s consolidated financial statements includes the consolidated accounts of all of our subsidiaries. All intercompany accounts and transactions included in the consolidated financial statements have been eliminated. As of March 31, 2024, PHL has eight wholly-owned subsidiaries, Primech A&P, Acteef Cleaning, HomeHelpy Singapore Pte. Ltd, Maint-Kleen, My All Services Sdn Bhd, Princeston and Primech AI, Primech AI Investments and one 80% owned subsidiary, CSG. All intercompany amounts and transactions have been eliminated in consolidation. All subsidiaries are entities incorporated under the laws of Singapore, except for My All Services which was incorporated in Malaysia and Primech AI and Primech AI Investments which were incorporated in British Virgin Islands.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. On an ongoing basis, management reviews its estimates and if deemed appropriate, those estimates are adjusted. Significant estimates include those related to assumptions used in valuing reserves of uncollectible accounts receivable, assumptions used in valuing assets acquired in business acquisitions, impairment testing of goodwill and other long-term assets, the valuation allowance for deferred tax assets, and accruals for potential liabilities.
Revenue recognition	Revenue recognition The Company recognizes revenue in accordance with Financial Accounting Standard Board (FASB) Accounting Standards Codification (ASC) 606, Revenue from Contract with Customers For service contracts where the performance obligation is not completed, deferred revenue, if any, is recorded for any payments received in advance of the performance obligation.
Cost of revenue	Cost of revenue Recurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs.
Government subsidies	Government subsidies Government subsidies are not recognized until there is reasonable assurance that the Company will comply with the conditions of the subsidy and the Company will receive the subsidy. Generally, government subsidies fall into two categories: subsidies related to income and subsidies related to assets. Subsidies related to income are recognized in the period that the recognition criteria are met, and are presented as a reduction of the related expense that they are intended to compensate within operating expenses in the consolidated statements of operations and comprehensive income. Subsidies related to assets are for the purchase, construction or other acquisition of long-lived assets and are recognized as reductions to the capitalized costs of the related assets. For the years ended March 31, 2024 and 2023, a total of approximately $2,820 and approximately $4,592 respectively of subsidies related to income were received that primarily offset various payroll and related costs. In addition, for the years ended March 31, 2024 and 2023 the Company received approximately $171 and approximately $129, respectively, of subsidies related to assets that offset purchases of certain equipment. At March 31, 2024 and 2023, government subsidies receivable totalled approximately $1,368 and approximately $1,684, respectively. There are no unfulfilled conditions or other contingencies related to these subsidies.
Cash and cash equivalents	Cash and cash equivalents Our cash and cash equivalents consist of funds held in bank accounts. Cash equivalents are highly-liquid investments with original maturities of three months or less, including money market funds. We maintain cash balances in Singapore dollars (“SGD”), U.S. Dollars (“USD”) and Malaysian Ringgit (“MYR”). The following table, reported in USD, disaggregates our cash balances by currency denomination: For the Years Ended 2024 2023 Cash denominated in: SGD $ 7,443 $ 8,966 USD 135 — MYR 70 106 Total $ 7,648 $ 9,072
Accounts receivable	Accounts receivable Accounts receivable are recorded at the invoiced amount less an allowance for any uncollectible accounts. Accounts receivable also includes unbilled amounts for which we have performed services for the customer but have not yet invoiced. Accounts receivable at March 31, 2024 and 2023 included unbilled receivables of approximately $4,068 and approximately $3,578, respectively. We regularly evaluate the collectability of trade receivable balances based on a combination of factors such as customer credit-worthiness, past transaction history with the customer, current economic industry trends and changes in customer payment patterns. If we determine that a customer will be unable to fully meet its financial obligation, such as in the case of a bankruptcy filing or other material events impacting its business, a specific reserve for bad debt will be recorded to reduce the related receivable to the amount expected to be recovered. Reserve for uncollectible accounts were approximately $448 and approximately $454 as of March 31, 2024 and 2023, respectively.
Property and equipment	Property and equipment We state property and equipment at cost and depreciate such assets using the straight-line method over the estimated useful lives of each asset category. For leasehold improvements, we determine amortization using the straight-line method over the shorter of the lease term or estimated useful life of the asset. Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized and depreciated over the remaining useful life of the related asset. The estimated useful lives of property and equipment are as follows: Machinery 2 to 5 years Motor vehicles 5 years Furniture and fixtures 2 to 5 years Office equipment 2 to 5 years Leasehold improvements Shorter of useful life or lease term Office improvements 2 to 5 years Capitalized software 2 to 3 years Leasehold property 27 to 32 years
Deferred offering costs	Deferred offering costs Deferred offering costs consisted principally of legal, accounting, and underwriter’s fees incurred related to equity financings. These offering costs were deferred at March 31, 2023 and were charged against the gross proceeds received from our Initial Public Offering that occurred on October 12, 2023.
Intangible assets	Intangible assets Amortizable identifiable intangible assets are stated at cost less accumulated amortization, and represent customer relationships and customer backlog acquired in business combinations. Customer backlog represents the value of existing firm purchase orders in place at the time of acquisition and are amortized over 3 years. Customer relationships are amortized over 5 years. The Company follows ASC 360 in accounting for intangible assets, which requires impairment losses to be recorded when indicators of impairment are present and the undiscounted cash flows estimated to be generated by the assets are less than the assets’ carrying amounts. For the years ended March 31, 2024 and 2023, the Company determined there were no indicators of impairment of its amortizable identifiable intangible assets.
Goodwill	Goodwill Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities assumed in a business combination. Under the guidance of ASC 350, goodwill is not amortized, rather it is tested for impairment annually, and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. An impairment loss generally would be recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit and would be measured as the excess carrying value of goodwill over the derived fair value of goodwill. The Company’s policy is to perform an annual impairment testing for its reporting units on March 31, of each fiscal year. For the year ended March 31, 2023, the Company determined there was an impairment charge of approximately $138 related to the recorded Goodwill relating to its acquisition of Maint-Kleen. For the year ended March 31, 2024, the Company determined there was no impairment of its remaining recorded Goodwill.
Impairment of long-lived assets	Impairment of long-lived assets Long-lived assets primarily include property and equipment and intangible assets. In accordance with the provision of ASC 360, the Company generally conducts its annual impairment evaluation to its long-lived assets, usually in the fourth quarter of each year, or more frequently if indicators of impairment exist, such as a significant sustained change in the business climate. The recoverability of long-lived assets is measured at the reporting unit level. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. As of March 31, 2024 and 2023, the Company determined there were no indicators of impairment of its long-lived assets.
Fair value of financial instruments	Fair value of financial instruments Under ASC 820, Fair Value Measurements and Disclosures Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs, other than the quoted prices in active markets, are observable either directly or indirectly. Level 3 — Unobservable inputs based on the Company’s assumptions. The Company is required to use observable market data if such data is available without undue cost and effort. The Company has no fair value items required to be disclosed as of March 31, 2024 or 2023 under these requirements. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, short-term bank loans and accounts payable, approximate their fair values because of the short maturity of these instruments. The carrying values of capital lease obligations and notes payable approximate their fair values because interest rates on these obligations are based on prevailing market interest rates.
Advertising	Advertising Costs related to advertising and product promotion expenditures are charged to “Sales and marketing expenses” as incurred. Certain advertising costs are paid in advance and are expensed at the time the advertising occurs. Advertising costs aggregated $2,231 and $ 262 for the year ended March 31, 2024 and 2023, respectively.
Income taxes	Income taxes The Company accounts for income taxes using an asset and liability approach which allows for the recognition and measurement of deferred tax assets based upon the likelihood of realization of tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain. The Company conducts its businesses in Singapore and Malaysia and is subject to tax in these jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities.
Leases	Leases The Company accounts for leases under ASC 842, Leases Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments.
Earnings per share	Earnings per share Basic earnings per ordinary share is computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary shares outstanding and of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For the years ended March 31, 2024 and 2023, the Company had no dilutive equity instruments.
Translation of foreign currencies	Translation of foreign currencies We report all currency amounts in USD. Our subsidiaries, however, maintain their books and records in their SGD functional currency, while My All Services maintains its books and records in their MYR functional currency. In general, when consolidating our subsidiaries with non-USD functional currencies, we translate the amounts of assets and liabilities into USD using the exchange rate on the balance sheet date, and the amounts of revenue and expense are translated at the average exchange rate prevailing during the period. The gains and losses resulting from translation of financial statement amounts into USD are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. We used the exchange rates in the following table to translate amounts denominated in non-USD currencies as of and for the periods noted: As of 2024 2023 Exchange rates at March 31: SGD:USD 0.74 0.75 RM:USD 0.21 0.23 For the Years Ended 2024 2023 Average exchange rate during the year ended March 31: SGD:USD 0.74 0.73 RM:USD 0.21 0.22
Concentration	Concentration For the year ended March 31, 2024, one customer accounted for 10.0% of our total revenue and no customer accounted for more than 10% of our accounts receivable. For the year ended March 31, 2023, one customer accounted for 10.4% of our total revenue and one customer accounted for 12.1% of our accounts receivable. For the year ended March 31, 2024 and 2023, there were no vendors that accounted for more than 10% of our total operating costs and expenses. At March 31, 2024 and 2023, no vendors accounted for more than 10% of accounts payable.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company’s accumulated other comprehensive income consists of cumulative foreign currency translation adjustments.
Segment reporting	Segment reporting The Company operates in a single segment, commercial cleaning services, based on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations in making operational and strategic decisions and assessments of financial performance. The Company’s President has been identified as the CODM.
Economic and political risks	Economic and political risks Our operations in Singapore are subject to significant risks not typically associated with companies in the United States of America, including risks associated with, among others, the political, economic and legal environment and foreign currency exchange. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Credit Losses — Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. This standard will be effective for the Company on April 1, 2024 and interim periods beginning in fiscal year 2025, with early adoption permitted. The updates required by this standard should be applied retrospectively to all periods presented in the financial statements. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2024
Organization and Summary of Significant Accounting Policies (Tables) [Line Items]
Schedule of Disaggregates Our Cash Balances by Currency Denomination	We maintain cash balances in Singapore dollars (“SGD”), U.S. Dollars (“USD”) and Malaysian Ringgit (“MYR”). The following table, reported in USD, disaggregates our cash balances by currency denomination: For the Years Ended 2024 2023 Cash denominated in: SGD $ 7,443 $ 8,966 USD 135 — MYR 70 106 Total $ 7,648 $ 9,072
Schedule of Property and Equipment	At March 31, 2024 and 2023, property and equipment consisted of the following: As of 2024 2023 Machinery $ 6,837 $ 7,516 Motor vehicles 1,086 718 Office equipment 1,328 1,222 Furniture and fixtures 797 811 Leasehold improvements 805 787 Leasehold property 7,193 7,235 18,046 18,289 Less: accumulated depreciation (7,964 ) (7,369 ) Total $ 10,082 $ 10,920
Schedule of Translate Amounts Denominated in Non-USD Currencies	We used the exchange rates in the following table to translate amounts denominated in non-USD currencies as of and for the periods noted: As of 2024 2023 Exchange rates at March 31: SGD:USD 0.74 0.75 RM:USD 0.21 0.23 For the Years Ended 2024 2023 Average exchange rate during the year ended March 31: SGD:USD 0.74 0.73 RM:USD 0.21 0.22
Property, Plant and Equipment [Member]
Organization and Summary of Significant Accounting Policies (Tables) [Line Items]
Schedule of Property and Equipment	The estimated useful lives of property and equipment are as follows: Machinery 2 to 5 years Motor vehicles 5 years Furniture and fixtures 2 to 5 years Office equipment 2 to 5 years Leasehold improvements Shorter of useful life or lease term Office improvements 2 to 5 years Capitalized software 2 to 3 years Leasehold property 27 to 32 years

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Mar. 31, 2024
Revenues [Abstract]
Schedule of Disaggregation of Our Revenue	The following table presents a disaggregation of our revenue by major category For the Years Ended Revenue by service line 2024 2023 Facilities cleaning services $ 56,016 $ 55,755 Stewarding services 10,156 7,599 Cleaning services for commercial office tenants 5,870 4,899 Total service revenues from Singapore 72,042 68,253 Other cleaning service revenues from Malaysia 53 265 Sales of products 429 508 $ 72,524 $ 69,026 For the Years Ended Revenue by customer category 2024 2023 Facilities cleaning services Conservancy common areas 11,325 9,720 Commercial 10,305 11,369 Institutional 17,202 17,324 Multi-family residential 4,201 6,873 Hotel 4,649 5,182 Singapore Changi Airport 7,247 3,176 Industrial 516 1,046 Others 571 1,065 56,016 55,755 Stewarding services 10,156 7,599 Cleaning services for commercial office tenants 5,870 4,899 Total service revenues from Singapore 72,042 68,252 Other cleaning service revenues from Malaysia 53 265 Sales of products 429 508 $ 72,524 $ 69,026

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Mar. 31, 2024
Accounts Receivable [Abstract]
Schedule of Trade and Other Receivables	Trade and other receivables, net of provision for doubtful accounts consist of the following: As of 2024 2023 Accounts receivable $ 14,832 $ 12,240 Unbilled receivables 4,068 3,578 Less: provision for doubtful accounts (448 ) (454 ) Accounts receivable, net $ 18,452 $ 15,364

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2024
Property and Equipment [Abstract]
Schedule of Property and Equipment	At March 31, 2024 and 2023, property and equipment consisted of the following: As of 2024 2023 Machinery $ 6,837 $ 7,516 Motor vehicles 1,086 718 Office equipment 1,328 1,222 Furniture and fixtures 797 811 Leasehold improvements 805 787 Leasehold property 7,193 7,235 18,046 18,289 Less: accumulated depreciation (7,964 ) (7,369 ) Total $ 10,082 $ 10,920

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Mar. 31, 2024
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, net consisted of the following: As of 2024 2023 Prepaid advertising $ 1,019 $ - Deposits 1,816 542 Other prepaid amounts 975 633 Total $ 3,810 $ 1,175

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Lease Cost	The following table sets forth the components of the Company’s lease cost for the year ended March 31, 2024 and 2023. March 31, 2024 2023 Finance lease cost: Depreciation of asset under finance lease $ 68 $ 106 Interest on lease liabilities (included in interest expense in the statements of operations) 34 54 Total finance lease cost $ 102 $ 160 Operating lease cost: Amortization of right of use asset (included in general and administrative expenses in the statements of operations) $ 2,203 $ 1,716 Rental expense (included in cost of revenue, and general and administrative expenses in the statement of operations) 504 7 Operating lease cost $ 2,707 $ 1,723 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,322 $ 1,683 Financing cash flows from finance leases 86 523 Total cash paid for amounts included in measurement of lease liabilities $ 2,408 $ 2,206
Schedule of Right of Use Assets and Lease Liabilities	The following table sets forth the Company’s right of use assets and lease liabilities as of March 31, 2024 and 2023: March 31, 2024 2023 Finance lease assets (included in Property and equipment-see Note 4) $ 519 $ 402 Operating lease right of use assets $ 3,406 $ 3,128 Finance lease liabilities Non-current liabilities $ 251 $ 235 Current liabilities 70 78 Total Finance lease liabilities $ 321 $ 313 Operating lease liabilities Non-current liabilities $ 1,501 $ 1,393 Current liabilities 1,989 1,639 Total operating lease liabilities $ 3,490 $ 3,032
Schedule of Leases	March 31, March 31, Weighted average lease term (Years) Finance leases 2.8 2.8 Operating leases 1.6 1.8 Weighted average discount rate Finance leases 4.4 % 3.9 % Operating leases 5.6 % 3.0 %
Schedule of Net Minimum Lease Payments	Present value of the net minimum lease payments as of March 31, 2024: Future minimum lease payments Finance Leases Operating Leases 2025 $ 81 $ 2,104 2026 83 1,060 2027 75 336 2028 62 141 2029 12 18 Thereafter 58 — Total minimum lease payments 371 3,659 Less: amount representing interest (50 ) (169 ) Present value of net minimum lease payments $ 321 $ 3,490

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Mar. 31, 2024
Notes Payable [Abstract]
Schedule of Notes Payable	As of 2024 2023 (A) HSBC – Bridge loan $ 1,855 $ 2,826 (B) HSBC – Overdraft facility 5,825 7,651 (C) HSBC – Factoring agreement with recourse 3,983 2,862 (D) HSBC – Term loans 837 973 (E) HSBC – Mortgage loan 4,482 4,707 16,982 19,019 Less: current portion (11,277 ) (11,905 ) Notes payable, net of current portion $ 5,705 $ 7,114 (A) In October 2020, the Company’s subsidiary Primech A&P obtained a loan in the principal amount of approximately $3,711 (SGD 5,000) from the Lender. The loan bears interest at the rate 2% per annum, is payable in monthly instalments of approximately $77 (SGD 104) each, and will mature in March, 2026. The loan is secured by all the assets of the Primech A&P and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $2,826 (SGD 3,750) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $929 (SGD 1,250). The balance of the loan was approximately $1,855 (SGD 2,500) at March 31, 2024. (B) In prior periods and through March 31, 2024, certain of the Company’s subsidiaries obtained overdraft facilities from HSBC with an aggregate credit limit of $5,819 (SGD 7,842). The credit facilities are subject to annual review and are due on demand. The bank granted a temporary increase in the credit limit of an additional $2,198 (SGD 3,000) from September 2023 through October 2023 and $742 (SGD1, 000 (C) In July 2018, Primech A&P, entered into with recourse receivables purchase (accounts receivable purchase agreement) with HSBC. Under the terms of the facility, Primech A&P agreed to sell to HSBC (“Factor”) certain customer accounts receivables due A&P. All amounts due under the terms of agreement is limited to approximately $2,968 (SGD 4,000), and is guaranteed by (a) security over receivables; (b) debentures (mortgages) over all present and future assets; and (c) an unlimited guarantee provided by certain directors. Primech A&P pays a discount charge calculated based on the SIBOR plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility was renewed in September, 2021, and increased to approximately $5,900 (SGD 8,000). Th facility was further renewed in August 2022 and subject to annual review, revising the discount chart rate to the Bank’s Cost of Funds plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility is subject to annual review and is due on demand. The applicable Bank’s Cost of Funds as of March 31, 2024 was 3.65%, and the total rate was 6.65%. The maturity of the each of the factored invoice is 60 days after the draw down. The bank has temporary reduced the facility limit of approximately $4,452 (SGD 6,000) in September 2023 through July 2024. In July 2020, Maint-Kleen entered into with recourse receivables purchase facility (accounts receivable purchase agreement) with HSBC. Under the terms of the facility, Maint-Kleen agreed to sell to HSBC (“Factor”) certain customer accounts receivables due A&P. All amounts due under the terms of agreement is limited to approximately $1,336 (SGD 1,800), and is guaranteed by (a) security over receivables; (b) debentures (mortgages) over all present and future assets; and (c) an unlimited guarantee provided by certain directors. Primech A&P and Maint-Kleen pays a discount charge calculated based on the SIBOR plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility was renewed in August 2022 and subject to annual review, revising the discount chart rate to the Bank’s Cost of Funds plus 3%, which charge is based on the outstanding gross amount of accounts receivable factored. The facility is subject to annual review and is due on demand. The applicable Bank’s Cost of Funds as of March 31, 2024 was 3.65%, and the total rate was 6.65%. The maturity of the each of the factored invoice is 60 days after the draw down. Under the terms of the these facilities, all factored receivables are sold with recourse, which requires Primech A&P and Maint-Kleen to repurchase any receivables, if demanded, not paid on time. Accordingly, such receivables are accounted for as a secured financing arrangement and not as a sale of financial assets. At March 31, 2024 and 2023, the Company had sold to HSBC with recourse accounts receivable of approximately $8,893 (SGD 11,985) and approximately $5,527 (SGD 7,334), which are included in accounts receivable on the accompanying consolidated balance sheets. At March 31, 2024, approximately $1,805 (SGD 2,433) was available under the recourse receivables purchase facility. (D) On April 1, 2021, the Company acquired 80% of interest of CSG Industries Pte Ltd and a term loan is among the liabilities assumed. The term loan facility was drawn down in December, 2011 amounting to approximately $346 (SGD 468). The loans bear interest at the rate 0.75% plus Commercial Financing Rate (“CFR”) (CFR was 6.11% and 6.30% at March 31, 2024 and 2023, total loan rate was 6.86% and 7.05%), payable in monthly instalments of approximately $3 (SGD 4) each, and mature in October 2026. The loan is secured by a mortgage over a property owned by CSG located in Singapore and a personal guarantee for a maximum amount of approximately $384 (SGD 530) by the minority shareholder of CSG. During the years ended March 31, 2024 and 2023, repayments of approximately $32 (SGD 43) and approximately $38 (SGD 52) was made on the term loan facility. At March 31, 2024 and 2023, approximately $61 (SGD 82) and $94 (SGD 125) was outstanding under the loan. In June 28, 2022 Primech A&P obtained one term loan facility for approximately $976 (SGD 1,400) from HSBC to finance the purchase of machinery and equipment and/or vehicles in relation to a project. The loan bears interest at the rate 3% plus Singapore Overnight Rate Average (“SORA”) per annum (SORA was 3.69% at March 31, 2024, total loan rate was 6.69%), are payable in monthly installments of approximately $20 (SGD 29) each, and mature in July 2026. The loan is secured by all present and future assets owned by Primech A&P and a joint and several guarantee for an unlimited amount by certain directors and the Parent. During the year ended March 31, 2023, approximately $976 (SGD 1,400) was drawn down, and repayments of approximately $170 (SGD 233) were made on the term loan facility. Net amount due at March 31, 2023 amounted to approximately $879 (SGD 1,167). During the year ended March 31, 2024, the Company paid down approximately $260 (SGD 350). Net amount due at March 31, 2024 amounted to approximately $606 (SGD 817). On December 28, 2022 Primech A&P obtained one term loan facility for approximately $293 (SGD 400) from HSBC to finance the purchase of machinery and equipment and/or vehicles in relation to a project. Approximately $242 (SGD 330) was drawdown on April 28, 2023. The loan bears interest at the rate 3% plus Singapore Overnight Rate Average (“SORA”) per annum (SORA was 3.69% at March 31, 2024, total loan rate was 6.69%), are payable in monthly installments of approximately $7 (SGD 9) each, and mature in April 2026. The loan is secured by all present and future assets owned by Primech A&P and a joint and several guarantee for an unlimited amount by certain directors and the Parent. Approximately $242 (SGD 330) was drawn down during the year ended March 31, 2024, and repayments of approximately $75 (SGD 101) were made on the term loan facility during the year ended March 31, 2024. Net amount due at March 31, 2024 amounted to approximately $170 (SGD 229). (E) On April 27, 2021, Primech A&P completed the acquisition of two office units (“properties”) located in Singapore for approximately $6,705 (SGD 9,035). The purchase price was made up of cash consideration of approximately $1,692 (SGD 2,280) and a loan obtained from HSBC of approximately $5,013 (SGD 6,755). The full amount of the loan was drawn down on April 1, 2021. The loans bear interest at the rate 1.30% plus 3 months SORA per annum (3 months SORA was 3.68% at March 31, 2024, total loan rate was 4.98%), and will mature in March, 2041. The loan is secured by the properties and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $4,707 (SGD 6,247) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $157 (SGD 211). The balance of the loan was approximately $4,482 (SGD 6,039) at March 31, 2024.
Schedule of Future Minimum Principal Payment Obligations Under the Notes Payable	Future minimum principal payment obligations under the notes payable are as follows: For the Years Ended March 31, 2024 2025 $ 11,277 2026 1,470 2027 276 2028 193 2029 onward 3,766 Total minimum debt payments 16,982 Less: Current portion of long-term debt (11,277 ) Long-term debt $ 5,705

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Income Taxes [Abstract]
Schedule of Income Tax Expense (Benefit)	The current and deferred portions of the income tax expense (benefit) included in the statements of operations and comprehensive income as determined in accordance with ASC 740 are as follows: For the Years Ended 2024 2023 Current $ (39 ) $ (8 ) Deferred (454 ) (2 ) Income tax benefit $ (493 ) $ (10 )
Schedule of Income Tax Reconciliation	The following table presents a reconciliation between the theoretical income tax provision computed by applying the federal statutory rate and our actual income tax expense: Year Ended 2024 2023 Income tax provision at statutory rates $ (780 ) $ (537 ) Tax effects of Deferred tax assets not recognized 197 565 Reversal of temporary differences (452 ) - Income exempt from income taxes - (63 ) Expenses not deductible for income tax purposes 802 69 Foreign tax rates different than statutory rates - (47 ) Tax exemption and rebates (260 ) (21 ) Other - 24 Income tax provision (benefit) as reported $ (493 ) $ (10 )
Schedule of Deferred Income taxes	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at March 31, 2024 and 2023 are as follows: March 31, 2024 2023 Deferred Tax Liabilities Accrued expenses $ 37 $ 38 Temporary difference on property and equipment 166 169 Basis difference of customer backlog from acquisitions (5 ) 251 Basis differences of customer relationships from acquisitions - 208 Basis difference of real estate held for investment - 37 Basis difference of property and equipment 74 34 Other (9 ) - 263 738 Deferred Tax Assets Net operating loss carryover (2,360 ) (1,274 ) Accrued expenses (10 ) (10 ) Other (2 ) (2 ) Valuation allowance 2,360 1,274 (12 ) (12 ) Net deferred tax liability $ 251 $ 726

Related Party Transactions an_2

Related Party Transactions and Balances (Tables)	12 Months Ended
	Mar. 31, 2024
Related Party Transactions and Balances [Abstract]
Schedule of Remuneration to Directors	Remuneration to Directors and executive officers for the years ended March 31, 2024 and 2023 were: For the year ended Directors & Officers 2024 2023 Yew Jin Sng $ 116 $ 92 Ho Kin Wai 485 446 William Yuen 33 - William Mirecki 23 - Kai Yue Jason Chan 23 - Khazid Bin Omar 161 146 Loo Hansel 94 85 Kit Yu Lee 183 120 1,118 $ 889 For the year ended Directors 2024 2023 Chiu Hsieh Hui 42 38 Wong Chee Kwok 9 112 Ong Thiam Teck - 55 $ 51 $ 205

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 01, 2021
Organization and Summary of Significant Accounting Policies [Line Items]
Date of incorporation	Dec. 29, 2020
Net loss	$ (3,223)	$ (2,547)
Cash used in operating activities	(9,082)	(3,184)
Government subsidies	2,820
Cash	7,648	9,072
Working capital	$ 8,591
Percentage of owned subsidiary	80%
Government subsidies related to income	$ 2,820	4,592
Subsidies related to assets	171	129
Government subsidies receivable	1,368	1,684
Accounts receivable	4,068	3,578
Reserve for uncollectible amount	$ 448	454
Amortization years	5 years
Goodwill impairment charges		138
Advertising cost	2,231	$ 262
Liquidity [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Working capital	2,542
Series of Individually Immaterial Business Acquisitions [Member] | Princeston International (S) Pte. Ltd [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Acquired interest			100%
Series of Individually Immaterial Business Acquisitions [Member] | CSG Industries Pte Ltd [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Acquired interest			80%
Series of Individually Immaterial Business Acquisitions [Member] | Third Party [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Percentage of interest transfer			49%
Cash [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Cash used in operating activities	$ 9,082
One Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration percentage		10.40%
One Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration percentage		12.10%
Other Intangible Assets [Member]
Organization and Summary of Significant Accounting Policies [Line Items]
Amortization years	3 years

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Details) - Schedule of Disaggregates Our Cash Balances by Currency Denomination - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Cash and Cash Equivalents [Line Items]
Currency denominated	$ 7,648	$ 9,072
SGD [Member]
Cash and Cash Equivalents [Line Items]
Currency denominated	7,443	8,966
USD [Member]
Cash and Cash Equivalents [Line Items]
Currency denominated	135
MYR [Member]
Cash and Cash Equivalents [Line Items]
Currency denominated	$ 70	$ 106

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Details) - Schedule of Property and Equipment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Motor vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	5 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment	Shorter of useful life or lease term
Minimum [Member] | Machinery [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		2 years
Minimum [Member] | Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		2 years
Minimum [Member] | Office equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		2 years
Minimum [Member] | Office improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		2 years
Minimum [Member] | Capitalized software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		2 years
Minimum [Member] | Leasehold property [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		27 years
Maximum [Member] | Machinery [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		5 years
Maximum [Member] | Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		5 years
Maximum [Member] | Office equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		5 years
Maximum [Member] | Office improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		5 years
Maximum [Member] | Capitalized software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		3 years
Maximum [Member] | Leasehold property [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives of property and equipment		32 years

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies (Details) - Schedule of Translate Amounts Denominated in Non-USD Currencies	Mar. 31, 2024	Mar. 31, 2023
SGD:USD [Member]
Organization and Summary of Significant Accounting Policies (Details) - Schedule of Translate Amounts Denominated in Non-USD Currencies [Line Items]
Exchange rates	0.74	0.75
Average exchange rate	0.74	0.73
RM:USD [Member]
Organization and Summary of Significant Accounting Policies (Details) - Schedule of Translate Amounts Denominated in Non-USD Currencies [Line Items]
Exchange rates	0.21	0.23
Average exchange rate	0.21	0.22

Revenues (Details) - Schedule o

Revenues (Details) - Schedule of Disaggregation of Our Revenue - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue	$ 72,524	$ 69,026
Stewarding Services [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	10,156	7,599
Cleaning Services for Commercial Office Tenants [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	5,870	4,899
Service Revenues from Singapore [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	72,042	68,253
Other cleaning service revenues from Malaysia [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	53	265
Sales of products [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	429	508
Revenue by service line [Member] | Facilities cleaning services [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	56,016	55,755
Revenue by customer category [Member] | Facilities cleaning services [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	56,016	55,755
Revenue by customer category [Member] | Cleaning Services for Commercial Office Tenants [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	5,870	4,899
Revenue by customer category [Member] | Service Revenues from Singapore [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	72,042	68,252
Revenue by customer category [Member] | Other cleaning service revenues from Malaysia [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	53	265
Revenue by customer category [Member] | Sales of products [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	429	508
Revenue by customer category [Member] | Conservancy common areas [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	11,325	9,720
Revenue by customer category [Member] | Commercial [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	10,305	11,369
Revenue by customer category [Member] | Institutional [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	17,202	17,324
Revenue by customer category [Member] | Multi-family residential [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	4,201	6,873
Revenue by customer category [Member] | Hotel [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	4,649	5,182
Revenue by customer category [Member] | Singapore Changi Airport [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	7,247	3,176
Revenue by customer category [Member] | Industrial [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	516	1,046
Revenue by customer category [Member] | Others [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	571	1,065
Revenue by customer category [Member] | Stewarding Services [Member]
Schedule of Disaggregation of Our Revenue [Line Items]
Revenue by customer and service	$ 10,156	$ 7,599

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable [Abstract]
Provisions for doubtful accounts receivables	$ 448	$ 454

Accounts Receivable (Details) -

Accounts Receivable (Details) - Schedule of Trade and Other Receivables - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Trade and Other Receivables [Abstract]
Accounts receivable	$ 14,832	$ 12,240
Unbilled receivables	4,068	3,578
Less: provision for doubtful accounts	(448)	(454)
Accounts receivable, net	$ 18,452	$ 15,364

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property and Equipment [Abstract]
Depreciation expense	$ 1,640	$ 1,637

Property and Equipment (Detai_2

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 18,046	$ 18,289
Less: accumulated depreciation	(7,964)	(7,369)
Total	10,082	10,920
Machinery [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	6,837	7,516
Motor vehicles [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	1,086	718
Office equipment [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	1,328	1,222
Furniture and fixtures [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	797	811
Leasehold improvements [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	805	787
Leasehold property [Member]
Schedule of Property and Equipment [Line Items]
Property and equipment, gross	$ 7,193	$ 7,235

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
Prepaid advertising	$ 1,019
Deposits	1,816	542
Other prepaid amounts	975	633
Total	$ 3,810	$ 1,175

Leases (Details) - Schedule of

Leases (Details) - Schedule of Components of Lease Cost - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance lease cost:
Depreciation of asset under finance lease	$ 68	$ 106
Interest on lease liabilities (included in interest expense in the statements of operations)	34	54
Total finance lease cost	102	160
Operating lease cost:
Amortization of right of use asset (included in general and administrative expenses in the statements of operations)	2,203	1,716
Rental expense (included in cost of revenue, and general and administrative expenses in the statement of operations)	504	7
Operating lease cost	2,707	1,723
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	2,322	1,683
Financing cash flows from finance leases	86	523
Total cash paid for amounts included in measurement of lease liabilities	$ 2,408	$ 2,206

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Right of Use Assets and Lease Liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Right of Use Assets and Lease Liabilities [Abstract]
Finance lease assets (included in Property and equipment-see Note 4)	$ 519	$ 402
Operating lease right of use assets	3,406	3,128
Finance lease liabilities
Non-current liabilities	251	235
Current liabilities	70	78
Total Finance lease liabilities	321	313
Operating lease liabilities
Non-current liabilities	1,501	1,393
Current liabilities	1,989	1,639
Total operating lease liabilities	$ 3,490	$ 3,032

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of Leases	Mar. 31, 2024	Mar. 31, 2023
Weighted average lease term (Years)
Finance leases	2 years 9 months 18 days	2 years 9 months 18 days
Operating leases	1 year 7 months 6 days	1 year 9 months 18 days
Weighted average discount rate
Finance leases	4.40%	3.90%
Operating leases	5.60%	3%

Leases (Details) - Schedule o_4

Leases (Details) - Schedule of Net Minimum Lease Payments - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Net Minimum Lease Payments [Abstract]
Operating Leases, 2025	$ 2,104
Finance Leases, 2025	81
Operating Leases, 2026	1,060
Finance Leases, 2026	83
Operating Leases, 2027	336
Finance Leases, 2027	75
Operating Leases, 2028	141
Finance Leases, 2028	62
Operating Leases, 2029	18
Finance Leases, 2029	12
Operating Leases, Thereafter
Finance Leases, Thereafter	58
Operating Leases, Total minimum lease payments	3,659
Finance Leases, Total minimum lease payments	371
Operating Leases, Less: amount representing interest	(169)
Finance Leases, Less: amount representing interest	(50)
Operating Leases, Present value of net minimum lease payments	3,490	$ 3,032
Finance Leases, Present value of net minimum lease payments	$ 321	$ 313

Notes Payable (Details)

Notes Payable (Details)																1 Months Ended	2 Months Ended		9 Months Ended		11 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SGD ($)	Dec. 28, 2022 USD ($)	Dec. 28, 2022 SGD ($)	Jun. 28, 2022 USD ($)	Jun. 28, 2022 SGD ($)	Apr. 27, 2021 USD ($)	Apr. 27, 2021 SGD ($)	Apr. 01, 2021 USD ($)	Apr. 01, 2021 SGD ($)	Oct. 31, 2020 SGD ($)	Jul. 31, 2018 USD ($)	Jul. 31, 2018 SGD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2011 SGD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 SGD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2024 SGD ($)	Jul. 31, 2024 USD ($)	Jul. 31, 2024 SGD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SGD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 SGD ($)	Mar. 31, 2024 SGD ($)	Mar. 31, 2023 SGD ($)	Aug. 31, 2022	Oct. 31, 2020 SGD ($)	Jul. 31, 2020 USD ($)	Jul. 31, 2020 SGD ($)	Jul. 31, 2018 SGD ($)
Notes Payable (Details) [Line Items]
Bears interest rate per annum																$ 2
Recourse accounts receivable	$ 8,893,000	$ 11,985																							$ 5,527,000	$ 7,334
Recourse receivables purchase	1,805,000	$ 2,433
Loan																							$ 1,412,000		9,908,000
Lender [Member]
Notes Payable (Details) [Line Items]
Principal amount																3,711,000														$ 5,000
Lender [Member]
Notes Payable (Details) [Line Items]
Monthly instalments of loan payable											$ 104					$ 77,000							929,000	$ 1,250
Outstanding loan amount																							1,855,000	2,500	2,826,000	3,750
HSBC [Member]
Notes Payable (Details) [Line Items]
Aggregate credit limit	$ 5,819,000																						$ 5,819,000				$ 7,842
Net amount due																	$ 2,198,000	$ 3,000	$ 742,000	$ 1,000
Bears interest rate per annum	0.50%	0.50%
Total interest rate	5.50%																						5.50%				5.50%
Balance of overdraft facilities	$ 5,825,000																						$ 5,825,000				$ 7,849
Unutilized under the overdraft facility	$ 737,000																						$ 737,000				$ 993
Primech A&P [Member]
Notes Payable (Details) [Line Items]
Net amount due												$ 5,900,000	$ 8,000
Terms of agreement												$ 2,968,000																					$ 4,000
Discount charge based on SIBOR												3%																					3%
Revising discount charge based on Singapore Interbank Offered Rate																													3%
Reduced facility limit																					$ 4,452,000	$ 6,000
Primech A&P [Member] | Minimum [Member]
Notes Payable (Details) [Line Items]
Bank’s cost funds rate	3.65%	3.65%
Primech A&P [Member] | Maximum [Member]
Notes Payable (Details) [Line Items]
Bank’s cost funds total rate	6.65%																						6.65%				6.65%
Maint Kleen [Member]
Notes Payable (Details) [Line Items]
Terms of agreement																															$ 1,336,000	$ 1,800
Discount charge based on SIBOR																															3%	3%
Revising discount charge based on Singapore Interbank Offered Rate																													3%
Bank’s cost funds rate	3.65%	3.65%
Bank’s cost funds total rate	6.65%																						6.65%				6.65%
CSG Industries Pte Ltd [Member]
Notes Payable (Details) [Line Items]
Interest acquired									80%	80%
Loan paid														$ 346,000	$ 468
Bear interest rate	0.75%																						0.75%				0.75%
Instalments									$ 3,000	$ 4
Aggregate credit limit									$ 384,000	$ 530
Loan outstanding	$ 61,000																						$ 61,000		$ 94,000		$ 82	$ 125
CSG Industries Pte Ltd [Member] | Minimum [Member]
Notes Payable (Details) [Line Items]
Total interest rate									6.86%	6.86%
Repayments									$ 32,000	$ 43
CSG Industries Pte Ltd [Member] | Minimum [Member] | Commercial Financing Rate [Member]
Notes Payable (Details) [Line Items]
Bear interest rate	6.11%																						6.11%				6.11%
CSG Industries Pte Ltd [Member] | Maximum [Member]
Notes Payable (Details) [Line Items]
Total interest rate									7.05%	7.05%
Repayments									$ 38,000	$ 52
CSG Industries Pte Ltd [Member] | Maximum [Member] | Commercial Financing Rate [Member]
Notes Payable (Details) [Line Items]
Bear interest rate																									6.30%			6.30%
Bridge Loan [Member]
Notes Payable (Details) [Line Items]
Tangible net	$ 7,000,000																						$ 7,000,000				$ 10,000,000
One Term Loan Facility [Member] | HSBC [Member]
Notes Payable (Details) [Line Items]
Net amount due	606,000	$ 817																							$ 879,000	1,167
Bears interest rate per annum					6.69%	6.69%
Loan paid		350																					260,000
Instalments					$ 20,000	$ 29
Repayments																									976,000	1,400
Term loan facility					$ 976,000	$ 1,400
Bears interest at the rate					3%	3%
Repayments of Lines of Credit																									170,000	$ 233
Two Term Loan Facility [Member] | HSBC [Member]
Notes Payable (Details) [Line Items]
Net amount due	$ 170,000	$ 229
Bears interest rate per annum	6.69%	6.69%
Loan paid	$ 242,000	$ 330	$ 242,000	$ 330
Instalments	7,000	9
Repayments	$ 75,000	$ 101
Term loan facility			$ 293,000	$ 400
Bears interest at the rate			3%	3%
Two Office Units [Member]
Notes Payable (Details) [Line Items]
Bears interest rate per annum	4.98%	4.98%
Loan paid																							157,000	$ 211
Loan outstanding	$ 4,482,000																						$ 4,482,000		$ 4,707,000		$ 6,039	$ 6,247
Acquisition amount							$ 6,705,000	$ 9,035
Cash consideration							1,692,000	2,280
Loan								$ 6,755
Two Office Units [Member] | HSBC [Member]
Notes Payable (Details) [Line Items]
Loan							$ 5,013,000
Two Office Units [Member] | Primech A&P [Member]
Notes Payable (Details) [Line Items]
Interest rate, percentage							1.30%	1.30%
SORA [Member] | One Term Loan Facility [Member] | HSBC [Member]
Notes Payable (Details) [Line Items]
Average rate percentage					3.69%	3.69%
SORA [Member] | Two Term Loan Facility [Member] | HSBC [Member]
Notes Payable (Details) [Line Items]
Average rate percentage			3.69%	3.69%
SORA [Member] | Two Office Units [Member]
Notes Payable (Details) [Line Items]
Average rate percentage	3.68%																						3.68%				3.68%

Notes Payable (Details) - Sched

Notes Payable (Details) - Schedule of Notes Payable - USD ($) $ in Thousands		Mar. 31, 2024	Mar. 31, 2023
Schedule of Notes Payable [Line Items]
Notes payable, Gross		$ 16,982	$ 19,019
Less: current portion		(11,277)	(11,905)
Notes payable, net of current portion		5,705	7,114
Bridge loan [Member]
Schedule of Notes Payable [Line Items]
Notes payable, Gross	[1]	1,855	2,826
Overdraft facility [Member]
Schedule of Notes Payable [Line Items]
Notes payable, Gross	[2]	5,825	7,651
Factoring agreement with recourse [Member]
Schedule of Notes Payable [Line Items]
Notes payable, Gross	[3]	3,983	2,862
Term loans [Member]
Schedule of Notes Payable [Line Items]
Notes payable, Gross	[4]	837	973
Mortgage loan [Member]
Schedule of Notes Payable [Line Items]
Notes payable, Gross	[5]	$ 4,482	$ 4,707
[1] In October 2020, the Company’s subsidiary Primech A&P obtained a loan in the principal amount of approximately $3,711 (SGD 5,000) from the Lender. The loan bears interest at the rate 2% per annum, is payable in monthly instalments of approximately $77 (SGD 104) each, and will mature in March, 2026. The loan is secured by all the assets of the Primech A&P and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $2,826 (SGD 3,750) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $929 (SGD 1,250). The balance of the loan was approximately $1,855 (SGD 2,500) at March 31, 2024. In prior periods and through March 31, 2024, certain of the Company’s subsidiaries obtained overdraft facilities from HSBC with an aggregate credit limit of $5,819 (SGD 7,842). The credit facilities are subject to annual review and are due on demand. The bank granted a temporary increase in the credit limit of an additional $2,198 (SGD 3,000) from September 2023 through October 2023 and $742 (SGD1, 000 On April 27, 2021, Primech A&P completed the acquisition of two office units (“properties”) located in Singapore for approximately $6,705 (SGD 9,035). The purchase price was made up of cash consideration of approximately $1,692 (SGD 2,280) and a loan obtained from HSBC of approximately $5,013 (SGD 6,755). The full amount of the loan was drawn down on April 1, 2021. The loans bear interest at the rate 1.30% plus 3 months SORA per annum (3 months SORA was 3.68% at March 31, 2024, total loan rate was 4.98%), and will mature in March, 2041. The loan is secured by the properties and is guaranteed by the shareholders of the Parent. The balance of the loan was approximately $4,707 (SGD 6,247) at March 31, 2023. During the year ended March 31, 2024, the Company paid down approximately $157 (SGD 211). The balance of the loan was approximately $4,482 (SGD 6,039) at March 31, 2024.

Notes Payable (Details) - Sch_2

Notes Payable (Details) - Schedule of Future Minimum Principal Payment Obligations Under the Notes Payable $ in Thousands	Mar. 31, 2024 USD ($)
Schedule of Future Minimum Principal Payment Obligations Under the Notes Payable [Abstract]
2025	$ 11,277
2026	1,470
2027	276
2028	193
2029 onward	3,766
Total minimum debt payments	16,982
Less: Current portion of long-term debt	(11,277)
Long-term debt	$ 5,705

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Income Tax Expense (Benefit) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Income Tax Expense (Benefit) [Abstract]
Current	$ (39)	$ (8)
Deferred	(454)	(2)
Income tax benefit	$ (493)	$ (10)

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Income Tax Reconciliation - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Income Tax Reconciliation [Abstract]
Income tax provision at statutory rates	$ (780)	$ (537)
Tax effects of
Deferred tax assets not recognized	197	565
Reversal of temporary differences	(452)
Income exempt from income taxes		(63)
Expenses not deductible for income tax purposes	802	69
Foreign tax rates different than statutory rates		(47)
Tax exemption and rebates	(260)	(21)
Other		24
Income tax benefit	$ (493)	$ (10)

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of Deferred Income Taxes - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred Tax Liabilities
Accrued expenses	$ 37	$ 38
Temporary difference on property and equipment	166	169
Basis difference of customer backlog from acquisitions	(5)	251
Basis differences of customer relationships from acquisitions		208
Basis difference of real estate held for investment		37
Basis difference of property and equipment	74	34
Other	(9)
Deferred tax liabilities, Total	263	738
Deferred Tax Assets
Net operating loss carryover	(2,360)	(1,274)
Accrued expenses	(10)	(10)
Other	(2)	(2)
Valuation allowance	2,360	1,274
Deferred tax assets, Total	(12)	(12)
Net deferred tax liability	$ 251	$ 726

Common Stock (Details)

Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 12, 2023	Oct. 09, 2023	Mar. 31, 2024
Common Stock [Abstract]
Ordinary shares		3,050,000
Shares priced	$ 4
Net proceeds	$ 9,473		$ 9,473

Related Party Transactions an_3

Related Party Transactions and Balances (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SGD ($)	Mar. 31, 2023 SGD ($)	Mar. 31, 2023 USD ($)
Related Party Transactions and Balances [Line Items]
Cash paid	$ 531			$ 684
Loans aggregate principal amount	18,891	$ 22,884
Mr. Yew Jin Sng and Mr. Hansel Loo [Member]
Related Party Transactions and Balances [Line Items]
Sureties for indemnities amount	6,203		$ 8,359
Mr. Jin Ngee Vernon Kwek [Member]
Related Party Transactions and Balances [Line Items]
Sureties for indemnities amount	$ 4,545		$ 6,031

Related Party Transactions an_4

Related Party Transactions and Balances (Details) - Schedule of Remuneration to Directors - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Directors and Executive Officers [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	$ 1,118	$ 889
Directors and Executive Officers [Member] | Yew Jin Sng [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	116	92
Directors and Executive Officers [Member] | Ho Kin Wai [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	485	446
Directors and Executive Officers [Member] | William Yuen [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	33
Directors and Executive Officers [Member] | William Mirecki [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	23
Directors and Executive Officers [Member] | Kai Yue Jason Chan [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	23
Directors and Executive Officers [Member] | Khazid Bin Omar [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	161	146
Directors and Executive Officers [Member] | Loo Hansel [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	94	85
Directors and Executive Officers [Member] | Kit Yu Lee [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	183	120
Director [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	51	205
Director [Member] | Chiu Hsieh Hui [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	42	38
Director [Member] | Wong Chee Kwok [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers	9	112
Director [Member] | Ong Thiam Teck [Member]
Related Party Transaction [Line Items]
Remuneration to Directors and executive officers		$ 55

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Aug. 18, 2023 USD ($)	Aug. 18, 2023 SGD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 SGD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 SGD ($)
Commitments and Contingencies [Line Items]
Maintenance amount	$ 184	$ 245
Commitments totaling			$ 8,141	$ 10,971	$ 6,655	$ 8,831
Mr. Jin Ngee Vernon Kwek [Member]
Commitments and Contingencies [Line Items]
Indemnities amounting			$ 6,203	$ 8,359	$ 4,545	$ 6,031

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands	Jun. 30, 2024 USD ($) shares
Subsequent Event [Line Items]
Consultancy contracts	2
Number of vendors	2
Compensation Vendors settled total new shares (in Shares) | shares	2,500,000
Compensation Vendors settled total new shares value (in Dollars) | $	$ 1,500