0001829126-24-006977 | POS AM | XBRL Viewer

275

191

Other income/(expense), net

(147)

(123)

(462)

(185)

(6)

160

429

Total other income/(expense), net

(65)

16,140

435

Income/(loss) before income taxes

(16,408)

712

19,127

2,766

Income tax (expense) / benefit

1,091

(218)

(1,871)

(1,060)

Net income / (loss)

(15,317)

494

17,256

1,706

Less: Net income / (loss) attributable to noncontrolling interests

(506)

202

260

Less: Net income attributable to redeemable noncontrolling interests

1,397

Net income / (loss) attributable to shareholders’ of Aeries Technology, Inc.

$ (14,821)

$ 421

$ 15,657

$ 1,446

Weighted average shares outstanding of Class A ordinary shares, basic

37,852,036

^[1]

15,532,382

^[2]

Weighted average shares outstanding of Class A ordinary shares, diluted

^[1]

37,852,036

$ (0.39)

^[1]

$ 0.91

^[2]

[1]	Net loss per Class A ordinary share and weighted average Class A ordinary shares outstanding is not presented for the periods prior to the Business Combination, as defined in Note 1. For more information refer to Note 14.
[2]	For the year ended March 31, 2024, net income per Class A ordinary share and weighted average Class A ordinary shares outstanding is representative of the period from November 6, 2023 through March 31, 2024, the period following the Business Combination, as defined in Note 1. For more information refer to Note 21

Summary of Significant Accounting Policies (Details)	3 Months Ended		12 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Customer One [Member]
Concentration of credit risk, percentage	16.00%	15.00%	14.00%	16.00%
Customer Two [Member]
Concentration of credit risk, percentage	12.00%	12.00%	12.00%	16.00%
Customer Three [Member]
Concentration of credit risk, percentage	10.00%	12.00%		12.00%
Customer Four [Member]
Concentration of credit risk, percentage	10.00%			11.00%

Leases (Details 3) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Gross Operating lease liabilities		$ 9,248
Gross Finance lease liabilities		494
Gross lease liabilities		9,742
Less: Operating imputed interest		1,553
Less: Finance imputed interest		38
Less: imputed interest		1,591
Present value of Operating lease liabilities		7,695
Present value of Finance lease liabilities		456
Present value of lease liabilities		8,151
Less: current portion of Operating lease liabilities	$ 1,953	2,080	$ 1,648
Less: current portion of Finance lease liabilities		294	308
Less: current portion of lease liabilities		2,374
Total long-term Operating lease liabilities	$ 5,383	5,615	4,261
Total long-term Finance lease liabilities		162	$ 235
Total long-term lease liabilities		$ 5,777

Long-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$ 815	$ 955
Interest earned on investments	797	609
Held-to-maturity investments, net carrying amount	$ 1,612	$ 1,564

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 02, 2023	Aug. 01, 2020	Sep. 23, 2019	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of ordinary shares issued				200,000		200,000
Shares issued under ESOP		59,900	295,565		59,900		59,900
Stock based compensation expense				$ 12,746	$ 1,374	$ 1,626	$ 3,805
Unrecognized stock-based compensation cost				$ 0	$ 254	0	1,706
Capitalized internal-use software						$ 0	$ 0
Aeries Technology Inc. 2023 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of ordinary shares issued	9,031,027

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 11,550	$ 11,611
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	334	747
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	11,216	10,864
Forward Purchase Agreement Put Option Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	10,940	10,244
Forward Purchase Agreement Put Option Liability [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Forward Purchase Agreement Put Option Liability [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Forward Purchase Agreement Put Option Liability [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	10,940	10,244
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	334	747
Public Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	334	747
Public Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Public Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	276	620
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability
Private Placement Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 276	$ 620

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Commitments and contingencies (Note 10)

Commitments and Contingencies

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Commitments and Contingencies

Note 10 - Commitments and Contingencies

Corporate Guarantees

The Company had an outstanding guarantee of INR 200,000 (approximately $2,397 at the exchange rate in effect on June 30, 2024) as of March 31, 2023, which pertained to a fund-based and non-fund based revolving credit facility availed by an affiliate, Bhanix Finance and Investment Ltd (“the borrower”), from Kotak Mahindra Bank. The corporate guarantee required the Company to make payment in the event the borrower fails to perform any of its obligations under the credit facilities. The guarantee was withdrawn with effect from June 1, 2023, and the bank communicated the withdrawal on August 23, 2023. Subsequent to the withdrawal, the amount for expected credit loss recognized were reversed in entirety. Pursuant to the arrangement, beginning April 1, 2021, the Company charged a fee of 0.5% of the guarantee outstanding. In the three months ended June 30, 2024 and 2023, the Company recorded a guarantee fee income of Nil and $2 within “Other income, net” in the condensed consolidated statements of operations

Indemnification obligations

In the normal course of business, the Company is a party to a variety of agreements under which it may be obligated to indemnify the other party for certain matters. These obligations typically arise in contracts where the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations or covenants for certain matters, infringement of third-party intellectual property rights, data privacy violations, and certain tortious conduct in the course of providing services. The duration of these indemnifications varies, and in certain cases, is indefinite.

The Company is unable to reasonably estimate the maximum potential amount of future payments under these or similar agreements due to the unique facts and circumstances of each agreement and the fact that certain indemnifications provide for no limitation to the maximum potential future payments under the indemnification. Management is not aware of any such matters that would have a material effect on the condensed consolidated financial statements of the Company.

Legal Proceedings

From time to time, the Company may be involved in proceedings and litigation, claims and other legal matters arising in the ordinary course of business. Some of these claims, lawsuits, and other proceedings may involve highly complex issues that are subject to substantial uncertainties, and could result in damages, fines, penalties, nonmonetary sanctions, or relief. Management is not currently aware of any material pending legal proceedings, except for ordinary routine litigation incidental to the business, in which we or any of our subsidiaries are involved, or where our property is subject to such proceedings.

Exchange Agreements

Upon consummation of the Business Combination, the holders of AARK ordinary shares and ATGBA ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from and after the date of the Exchange Agreements and prior to April 1, 2024 and subject to certain exercise conditions, each holder of AARK ordinary shares and ATGBA ordinary shares may exchange up to 20% of the number of AARK ordinary shares and ATGBA ordinary shares, as applicable, held by such holder for Class A ordinary shares of the Company or cash, in each case as provided in the Exchange Agreements. From and after April 1, 2024 and subject to certain exercise conditions, the Company shall have the right to acquire all of the AARK or ATGBA ordinary Share for Class A ordinary shares or cash. In addition, after April 1, 2024 and subject to certain exercise condition, each shareholder of ATGBA and AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK or ATGBA ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company and each ATGBA ordinary share may be exchanged for 14.40 Class A ordinary shares of the Company, in each case subject to certain adjustments. The cash exchange payment may only be elected in the event approval from the Reserve Bank of India is not obtained for exchange of shares and provided that the Company has reasonable cash flow to be able to pay the cash exchange payment and such payment would not be prohibited by any then outstanding debt agreements or arrangements of the Company.

Class A ordinary shares issuance to certain vendors

As set out in the section on Derivative Financial Instruments and FPA Put Option Liability under Note 2, in December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.

This represents a derivative financial instrument, fair value of which as at June 30, 2024 has been assessed to be insignificant. Refer Note 13 for details on Fair Value Measurements.

Note 17 - Commitments and Contingencies

Corporate Guarantees

The Company has an outstanding guarantee of nil and INR 200,000 (or approximately $2,399 at the exchange rate in effect on March 31, 2024, and approximately $2,433 at the exchange rate in effect on March 31, 2023) as of March 31, 2024 and 2023, respectively, which pertains to a fund-based and non-fund based revolving credit facility availed by an affiliate, Bhanix Finance and Investment Ltd (“the borrower”), from Kotak Mahindra Bank. The corporate guarantee requires the Company to make payment in the event the borrower fails to perform any of its obligations under the credit facilities. The guarantee was withdrawn with effect from June 1, 2023, and the bank communicated the withdrawal on August 23, 2023. Subsequent to the withdrawal, the amount for expected credit loss recognized were reversed in entirety. Pursuant to the arrangement, beginning April 1, 2021, the Company charged a fee of 0.5% of the guarantee outstanding. In the year ended March 31, 2024 and 2023, the Company recorded a guarantee fee income of $2 and $12 within “Other income, net” in the consolidated statements of operations.

Indemnification obligations

Legal Proceedings

Exchange Agreements

Upon the consummation of the Business Combination, the holders of AARK ordinary shares and ATGBA ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from and after the date of the Exchange Agreements and prior to April 1, 2024 and subject to certain exercise conditions, each holder of AARK ordinary shares and ATGBA ordinary shares may exchange up to 20% of the number of AARK ordinary shares and ATGBA ordinary shares, as applicable, held by such holder for Class A ordinary shares of the Company or cash, in each case as provided in the Exchange Agreements. From and after April 1, 2024 and subject to certain exercise conditions, the Company shall have the right to acquire all of the AARK or ATGBA ordinary Share for Class A ordinary shares or cash. In addition, after April 1, 2024 and subject to certain exercise condition, each shareholder of ATGBA and AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK or ATGBA ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company and each ATGBA ordinary share may be exchanged for 14.40 Class A ordinary shares of the Company, in each case subject to certain adjustments. The cash exchange payment may only be elected in the event approval from the Reserve Bank of India (“RBI”) is not obtained for exchange of shares and provided that the Company has reasonable cash flow to be able to pay the cash exchange payment and such payment would not be prohibited by any then outstanding debt agreements or arrangements of the Company.

Class A ordinary shares issuance to certain vendors

As set out in the section on Derivative Financial Instruments and FPA Put Option Liability under Note 2, in December 2023 ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference. This represents a derivative financial instrument, fair value of which as at March 31, 2024 has been assessed to be insignificant. Refer Note 20 for details on Fair Value Measurements.

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 08, 2024	Apr. 05, 2024	Sep. 30, 2024	May 24, 2024	Jun. 30, 2024	Mar. 31, 2024	Jul. 10, 2024	Mar. 31, 2023
Common stock, shares issued						10,000		0
Number of shares issued					200,000	200,000
Class A Ordinary Shares [Member] \| Vendors [Member]
Number of shares issued			78,947
Class V Ordinary Shares [Member] \| Vendors [Member]
Number of shares issued			48,618
Subscription Agreement [Member]
Ordinary shares	2,261,778
Customary representations, warranties and covenants of the parties	The Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company intends to use the net proceeds of approximately $4.68 million from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.
Subscription Agreement [Member] \| Vendors [Member]
Number of shares issued				54,074
Subscription Agreement [Member] \| AARK [Member]
Exchange agreement description		the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).
Subscription Agreement [Member] \| Class A Ordinary Shares [Member]
Purchase price	$ 2.21
Number of shares issued	2,211,778
Stock reserved	320,820
Common stock, shares issued							270,820
Stock reserved	50,000
Subscription Agreement [Member] \| Class A Ordinary Shares [Member] \| AARK [Member]
Share exchanged	2,246
Subscription Agreement [Member] \| Class A Ordinary Shares [Member] \| Private Placement [Member]
Number of shares issued	1,940,958
Subscription Agreement [Member] \| Investor [Member]
Gross proceeds	$ 5,000,000
Purchase price	$ 2.21

Summary of Significant Accounting Policies (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 03, 2023

Dec. 31, 2023

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

Nov. 06, 2023

Mar. 31, 2022

Cash and cash equivalents

$ 4,197

$ 2,084

Number of shares issued

200,000

Redemption shares

288,333

Prepayment Amount

$ 42,760

Settlement of accounts payable through issuance of Class A ordinary shares to vendors

$ 855

Allowance for credit losses

15,257,666

^[1]

15,257,666,000

^[2]

$ 2,299

$ 1,263

$ 0

Allowance for credit losses

113

126

Shareholders equity deficit

$ (186)

$ (15,090)

1,914

(13,469)

$ (8,696)

Underlying consideration amount

39,678

Deferred transaction costs

1,921

$ 3,697

Capitalized cost

663

568

Impairment charges

Employee benefit plan

796

642

Compensated absences

$ 2,537

$ 1,910

Customer Three [Member]

10.00%

12.00%

Customer Four [Member]

10.00%

11.00%

Customer [Member]

10.00%

Customer Two [Member]

Revenue Benchmark [Member] | Customer Three [Member]

12.00%

16.00%

Revenue Benchmark [Member] | Customer Four [Member]

10.00%

Revenue Benchmark [Member] | Customer Two [Member]

10.00%

Forward Purchase Agreement [Member]

10.00%

Prepayment Amount

$ 10,244

Cash paid

$ 3,083

3,083

Derivative liability

25,009

Change in the fair value of derivative liability

14,765

Forward Purchase Agreement [Member] | Common Stock [Member]

Number of shares issued

4,000,000

Forward Purchase Agreement [Member] | A T I [Member]

Cash paid

$ 2

Weighted average price

$ 2.5

Common Class A [Member]

Common Class A [Member] | Forward Purchase Agreement [Member]

361,388

361,338

Number of shares issued

3,711,667

Number of share issued, value

$ 39,678

[1]

Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 10.

[2]

Does not include 10,000 AARK ordinary shares and 655,788 ordinary shares of Aeries Technology Group Business Accelerators Private Limited that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in ATI in connection with the Exchange Agreements, which is further discussed in Note 19.

Net loss per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Net income attributable to controlling interest for the period from November 6, 2023 through March 31, 2024

$ (14,821)

$ 14,154

Weighted average shares outstanding of Class A ordinary shares, basic

37,852,036

^[1]

15,532,382

^[2]

Weighted average shares outstanding of Class A ordinary shares, diluted

^[1]

37,852,036

Diluted

$ (0.39)

^[1]

$ 0.91

^[2]

Weighted average shares outstanding of Class A ordinary shares, basic and diluted

15,532,382

Basic

^[2]

$ 0.91

[1]	Net loss per Class A ordinary share and weighted average Class A ordinary shares outstanding is not presented for the periods prior to the Business Combination, as defined in Note 1. For more information refer to Note 14.
[2]	For the year ended March 31, 2024, net income per Class A ordinary share and weighted average Class A ordinary shares outstanding is representative of the period from November 6, 2023 through March 31, 2024, the period following the Business Combination, as defined in Note 1. For more information refer to Note 21

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Prepaids Expenses And Other Current Assets

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income / (loss)	$ (15,317)	$ 494
Adjustments to reconcile net income / (loss) to net cash (used in) / provided by operating activities:
Depreciation and amortization expense	374	327
Stock-based compensation expense	12,746	1,374
Deferred tax (benefit) / expense	(1,241)	100
Accrued income from long-term investments	(52)	(45)
Provision for expected credit loss	1,024	1
Profit on sale of property and equipment	(1)
Sundry balances written back		(5)
Change in fair value of forward purchase agreement put option liability	(757)
Change in fair value of derivative warrant liabilities	696
Loss on issuance of shares against accounts payable	78
Unrealized exchange (gain) / loss	(18)	5
Changes in operating assets and liabilities:
Accounts receivable	104	(463)
Prepaid expenses and other current assets	(231)	(1,607)
Operating right-of-use assets	326	(1,139)
Other assets	(217)	(250)
Accounts payable	105	(639)
Accrued compensation and related benefits, current	(940)	(834)
Other current liabilities	1,617	1,147
Operating lease liabilities	(321)	1,190
Other liabilities	305	445
Net cash (used in) / provided by operating activities	(1,720)	101
Cash flows from investing activities
Acquisition of property and equipment	(370)	(258)
Sale of property and equipment	2
Issuance of loans to affiliates	(276)	(682)
Payments received for loans to affiliates	36	374
Net cash used in investing activities	(608)	(566)
Cash flows from financing activities
Net proceeds from short term borrowings	(166)	1,244
Payment of insurance financing liability	(220)
Proceeds from long-term debt	240	490
Repayment of long-term debt	(4)	(186)
Payment of finance lease obligations	(123)	(86)
Payment of deferred transaction costs	(20)	(446)
Net changes in net shareholders’ investment		(10)
Proceeds from issuance of Class A ordinary shares, net of issuance cost	4,678
Net cash provided by financing activities	4,385	1,006
Effect of exchange rate changes on cash and cash equivalents	56	(8)
Net increase in cash and cash equivalents	2,113	533
Cash and cash equivalents at the beginning of the period	2,084	1,131
Cash and cash equivalents at the end of the period	4,197	1,644
Supplemental cash flow disclosure:
Cash paid for interest	118	121
Cash paid for income taxes, net of refunds	802	185
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred transaction costs included in accounts payable and other current liabilities	643	1,317
Equipment acquired under finance lease obligations	38	221
Property and equipment purchase included in accounts payable	$ 1	$ 37

Prepaids Expenses and Other Current Assets

12 Months Ended

Mar. 31, 2024

Prepaids Expenses and Other Current Assets

Note 4 - Prepaids Expenses and Other Current Assets

Prepaids and other current assets consists of the following:


	As of March 31,
	2024		2023
Advance non-income taxes^[1]	$	4,179	$	3,371
Prepaid expenses		878		405
Advance to vendors		728		119
Security deposits		424		29
Other		786		193
Prepaids and other current assets	$	6,995	$	4,117

^[1]

Advance non-income taxes consist of tax credits owed to the Company that were levied from taxing authorities.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net income	$ (15,317)	$ 494	$ 17,256	$ 1,706
Other comprehensive income / (loss), net of tax
Foreign currency translation adjustments	(62)	33	(185)	(709)
Unrecognized actuarial gain / (loss) on employee benefit plan obligations	(21)	(47)	12	(117)
Total other comprehensive loss, net of tax	(83)	(14)	(173)	(826)
Comprehensive income / (loss), net of tax	(15,400)	480	17,083	880
Less: Comprehensive income attributable to noncontrolling interests	(513)	71	180	139
Less: Comprehensive income attributable to redeemable noncontrolling interests	1		1,407
Total comprehensive income / (loss) attributable to shareholders’ of Aeries Technology, Inc.	$ (14,888)	$ 409	$ 15,496	$ 741

Restatement of Previously Issued Carve-out Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Net stockholder’s investment and additional paid-in capital	$ 26,895			$ 7,221
Accumulated deficit	(26,489)		(11,668)	6,318
Accumulated other comprehensive loss	(641)		(574)	(1,349)
Total Aark Singapore Pte. Ltd. stockholder’s equity	(231)		(12,240)	12,190
Noncontrolling interest	417		10,326	1,279
Total stockholder’s equity	186	$ 15,090	(1,914)	13,469	$ 8,696
Total liabilities and stockholder’s equity	51,768		49,407	34,397
Less: Net income attributable to noncontrolling interests	(506)	73	202	260
Net Income (Loss) Available to Common Stockholders, Basic	(14,821)	421	15,657	1,446
Comprehensive income attributable to noncontrolling interest	513	(71)	(180)	(139)
Total comprehensive income attributable to Aark Singapore Pte. Ltd.	$ (14,888)	$ 409	15,496	741
Previously Reported [Member]
Net stockholder’s investment and additional paid-in capital				7,311
Accumulated deficit			6,318	6,454
Accumulated other comprehensive loss				(1,385)
Total Aark Singapore Pte. Ltd. stockholder’s equity				12,380
Noncontrolling interest			1,279	1,089
Total stockholder’s equity				13,469
Total liabilities and stockholder’s equity				34,397
Less: Net income attributable to noncontrolling interests				221
Net Income (Loss) Available to Common Stockholders, Basic				1,485
Comprehensive income attributable to noncontrolling interest				118
Total comprehensive income attributable to Aark Singapore Pte. Ltd.				762
Revision of Prior Period, Adjustment [Member]
Net stockholder’s investment and additional paid-in capital				(90)
Accumulated deficit			(190)	(136)
Accumulated other comprehensive loss				36
Total Aark Singapore Pte. Ltd. stockholder’s equity				(190)
Noncontrolling interest			$ (33)	190
Total stockholder’s equity
Total liabilities and stockholder’s equity
Less: Net income attributable to noncontrolling interests				39
Net Income (Loss) Available to Common Stockholders, Basic				(39)
Comprehensive income attributable to noncontrolling interest				21
Total comprehensive income attributable to Aark Singapore Pte. Ltd.				(21)
As Adjusted Restateements No 1 [Member]
Net stockholder’s investment and additional paid-in capital				7,221
Accumulated deficit				6,318
Accumulated other comprehensive loss				(1,349)
Total Aark Singapore Pte. Ltd. stockholder’s equity				12,190
Noncontrolling interest				1,279
Total stockholder’s equity				13,469
Total liabilities and stockholder’s equity				34,397
Less: Net income attributable to noncontrolling interests				260
Net Income (Loss) Available to Common Stockholders, Basic				1,446
Comprehensive income attributable to noncontrolling interest				139
Total comprehensive income attributable to Aark Singapore Pte. Ltd.				$ 741

Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 16 - Leases

The Company has operating and finance leases for real estate, computer equipment, and furniture and fixtures. Assets acquired under finance leases are recorded in “Property and equipment, net” in the carve-out consolidated balance sheets and were $443 and $542 as of March 31, 2024 and March 31, 2023, respectively. Accumulated depreciation associated with finance lease assets was $1,127 and $971 as of March 31, 2024 and March 31, 2023, respectively.

Lease cost recognized in our carve-out consolidated statements of operations is summarized as follows:

Schedule of lease cost
	Year Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets (Nota a)	$	398		386
Interest on lease liabilities(Nota b)		70		65
Operating lease cost (Nota a)		2,795		2,273
Short-term and variable lease cost (Nota a)		-		8
Total lease cost	$	3,263		2,732

Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated carve-out Statement of comprehensive Income.

Included in “interest income (expense), net” in the Consolidated carve-out Statement of comprehensive Income.

Cash flows arising from lease transactions were as follows:


	Year Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,681		2,162
Operating cash flows from finance leases	$	70		65
Financing cash flows from finance leases	$	391		390

Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:


	Year Ended March 31,
	2024			2023
Weighted-average remaining lease term (years):
Operating lease		3.71			3.9
Finance lease		1.67			1.85
Weighted-average discount rate:
Operating lease		10.70	%		10.65	%
Finance lease		12.60	%		10.56	%

As of March 31, 2024, the Company’s lease liabilities were as follows:

Schedule of lease liabilities
	Operating		Finance		Total
Gross lease liabilities	$	9,248	$	494	$	9,742
Less: imputed interest		1,553		38		1,591
Present value of lease liabilities		7,695		456		8,151
Less: current portion of lease liabilities		2,080		294		2,374
Total long-term lease liabilities	$	5,615	$	162	$	5,777

Future minimum annual lease payments under the Company’s operating and finance leases as of March 31, 2024 are as follows:

Schedule of annual lease payments
	Operating		Finance
2025	$	2,743	$	324
2026		2,423		155
2027		1,944		15
2028		1,419		-
2029		719		-
Thereafter		-
Total lease payments	$	9,248	$	494
Less: Imputed interest		1,553		38
Total	$	7,695	$	456

Fair Value Measurements (Details 1) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Mar. 31, 2023

Class of Warrant or Right [Line Items]

Stock price at measurement date

$ 2.6

Forward Purchase Agreement Put Option Liability [Member]

Class of Warrant or Right [Line Items]

Expected Term (Years)

4 months 6 days

7 months 6 days

Risk-free interest rate

5.20%

5.10%

Volatility

45.00%

39.00%

Reference Price for one share of Class A common stock

$ 1.90

$ 10.69

$ 2.21

Weighted Average Fair Value

$ 10,244

Probability (Weight) - No Dilutive Offering Reset / With Dilutive Offering Reset due to PIPE transaction

^[1]

5.00%

95.00%

Fair Value of Forward Purchase Agreement Put Option Liability

$ 40,880

$ 8,631

[1]	The private placement announced and completed on April 8, 2024 (estimated probability of 95% as of March 31, 2024). Quoted share price of common stock of the Company when PIPE (Private Investment in Public Entity) transaction took place was $2.21 approx.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

Income Statement [Abstract]

Revenue, net

$ 16,667

$ 16,330

$ 72,509

$ 53,099

Cost of revenue

12,657

11,883

50,868

39,442

Gross profit

4,010

4,447

21,641

13,657

Operating expenses

Selling, general & administrative expenses

20,430

3,670

18,654

11,326

Total operating expenses

20,430

3,670

18,654

11,326

Income from operations

(16,420)

777

2,987

2,331

Other income/ (expense)

Change in fair value of forward purchase agreement put option liability

(696)

14,765

Change in fair value of derivative warrant liabilities

757

1,402

275

191

Other income/(expense), net

(147)

(123)

(462)

(185)

(6)

160

429

Total other income/(expense), net

(65)

16,140

435

Income/(loss) before income taxes

(16,408)

712

19,127

2,766

Income tax expense

1,091

(218)

(1,871)

(1,060)

Net income / (loss)

(15,317)

494

17,256

1,706

Less: Net income attributable to noncontrolling interests

(506)

202

260

Less: Net income attributable to redeemable noncontrolling interests

1,397

Net income / (loss) attributable to shareholders’ of Aeries Technology, Inc.

$ (14,821)

$ 421

$ 15,657

$ 1,446

Weighted average shares outstanding of Class A ordinary shares, basic and diluted

37,852,036

^[1]

15,532,382

^[2]

Basic net income per Class A ordinary share

^[2]

$ 0.91

Diluted net income per Class A ordinary share

$ (0.39)

^[1]

$ 0.91

^[2]

[1]	Net loss per Class A ordinary share and weighted average Class A ordinary shares outstanding is not presented for the periods prior to the Business Combination, as defined in Note 1. For more information refer to Note 14.
[2]	For the year ended March 31, 2024, net income per Class A ordinary share and weighted average Class A ordinary shares outstanding is representative of the period from November 6, 2023 through March 31, 2024, the period following the Business Combination, as defined in Note 1. For more information refer to Note 21

Income Taxes (Details 4) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
INDIA
Deferred tax assets:
Property and equipment	$ 271	$ 231
Gratuity	479	341
Deferred rent liability
Compensated absences	660	481
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961		12
Net operating losses	30	34
Finance lease		137
Intangible assets under development	4	4
Provision for expenses	288	122
Operating lease liabilities	1,879	1,487
Others	76	15
Deferred tax asset before valuation allowance	3,687	2,864
Valuation Allowance		(158)
Deferred tax asset, net of valuation allowance	3,687	2,706
Deferred tax liabilities:
Investments	(139)	(136)
Property and equipment		(29)
Operating right-of-use assets	(1,784)	(1,416)
Others	(33)	(54)
Deferred tax liability	(1,956)	(1,635)
Net deferred tax asset (liability)	1,731	1,071
SINGAPORE
Deferred tax assets:
Property and equipment
Gratuity
Deferred rent liability
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses		35
Finance lease
Intangible assets under development
Provision for expenses	61
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	61	35
Valuation Allowance		(35)
Deferred tax asset, net of valuation allowance	61
Deferred tax liabilities:
Investments
Property and equipment
Operating right-of-use assets
Others
Deferred tax liability
Net deferred tax asset (liability)	61
UNITED STATES
Deferred tax assets:
Property and equipment
Gratuity
Deferred rent liability
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses
Finance lease
Intangible assets under development
Provision for expenses	37
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	37
Valuation Allowance
Deferred tax asset, net of valuation allowance	37
Deferred tax liabilities:
Investments
Property and equipment	(3)	(2)
Operating right-of-use assets
Others
Deferred tax liability	(3)	(2)
Net deferred tax asset (liability)	34	(2)
MEXICO
Deferred tax assets:
Property and equipment	1
Gratuity
Deferred rent liability
Compensated absences
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961
Net operating losses
Finance lease
Intangible assets under development
Provision for expenses	90
Operating lease liabilities
Others
Deferred tax asset before valuation allowance	91
Valuation Allowance
Deferred tax asset, net of valuation allowance	91
Deferred tax liabilities:
Investments
Property and equipment
Operating right-of-use assets
Others	(76)
Deferred tax liability	(76)
Net deferred tax asset (liability)	$ 15

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Other Current Liabilities
Taxes payable		$ 3,584	$ 2,257
Finance lease obligations, current		294	308
Accrued expenses		4,892	1,319
Deferred revenue		261	193
Other		257	124
Other current liabilities	$ 10,744	$ 9,288	$ 4,201

Income Taxes (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Current tax provision			$ 2,589	$ 1,221
Deferred tax benefit	$ (1,241)	$ 100	(718)	(161)
Provision for Income Taxes	$ (1,091)	$ 218	$ 1,871	$ 1,060

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Restatement Of Previously Issued Carve-out Consolidated Financial Statements

Restatement of Previously Issued Carve-out Consolidated Financial Statements

12 Months Ended

Mar. 31, 2024

Restatement of Previously Issued Carve-out Consolidated Financial Statements

Note 3 - Restatement of Previously Issued Carve-out Consolidated Financial Statements

In connection with the preparation of the Company’s previously issued carve-out consolidated financial statements as of and for the year ended March 31, 2023, the Company’s management identified certain errors. The identified errors as described below resulted in a) an overstatement of the net income attributable to Aark Singapore Pte. Ltd., an understatement of net income attributable to noncontrolling interest and an overstatement of basic and diluted earnings per share, and b) an understatement of number of issued and paid-up common stock, and resultant overstatement of basic and diluted earnings per share. The Company’s carve-out consolidated financial statements for the year ended March 31, 2023 has been restated in accordance with ASC 250, Accounting Changes and Error Corrections.

an overstatement of the net income attributable to Aark Singapore Pte. Ltd., an understatement of net income attributable to noncontrolling interest and an overstatement of basic and diluted earnings per share (“Restatement no. 1”)

Net income attributable to Aark Singapore Pte. Ltd./ noncontrolling interest

The Company previously considered treasury shares of its subsidiary, in the calculation of the Company’s controlling shareholding and corresponding noncontrolling interest. However, it was subsequently determined that as these shares are not issued yet and available for issuance, they should be excluded from the calculations of share count for accounting purposes. The change resulted in a decrease in the allocation of net income to Aark Singapore Pte. Ltd. and a corresponding increase in the allocation of net income to noncontrolling interest. This resultant change is reflected in the following tables, which summarize the effect of the restatement on the affected financial statement line items within the previously reported carve-out consolidated financial statement for the years ended March 31, 2023 and 2022.


	As Previously Reported						As Adjusted – Restatement no. 1
	March 31, 2023			Restatement Adjustment			March 31, 2023
Carve-out Consolidated Balance Sheet
Net stockholder’s investment and additional paid-in capital	$	7,311		$	(90	)	$	7,221
Retained earnings		6,454			(136	)		6,318
Accumulated other comprehensive loss		(1,385	)		36			(1,349	)
Total Aark Singapore Pte. Ltd. stockholder’s equity	$	12,380		$	(190	)	$	12,190
Noncontrolling interest		1,089			190			1,279
Total stockholder’s equity	$	13,469		$	-		$	13,469
Total liabilities and stockholder’s equity	$	34,397		$	-		$	34,397

Carve-out Consolidated Statement of Operations
Less: Net income attributable to noncontrolling interest	$	221		$	39		$	260
Net income attributable to Aark Singapore Pte. Ltd.	$	1,485		$	(39	)	$	1,446

Carve-out Consolidated Statement of Comprehensive Income
Less: Comprehensive income attributable to noncontrolling interest	$	118		$	21		$	139
Total comprehensive income attributable to Aark Singapore Pte. Ltd.	$	762		$	(21	)	$	741

Earnings per share

The Company previously excluded the impact of subsidiary’s vested stock options exercisable for little to no cost for purpose of calculation of basic EPS and also excluded the dilutive impact of vested and unvested stock options of the subsidiary for purpose of calculation of dilutive EPS. The inclusion of these shares in computing the subsidiary’s earnings per share data resulted in a decrease in the consolidated basic and diluted EPS calculations for the years ended March 31, 2023. The following table summarizes the effect of the restatement on the affected financial statement line items within the previously reported carve-out consolidated financial statement for the years ended March 31, 2023.


	As Previously Reported					As Adjusted – Restatement no. 1
	March 31, 2023		Restatement Adjustment			March 31, 2023
Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders
Basic	$	148,422	$	(22,926	)	$	125,496
Diluted	$	148,422	$	(23,057	)	$	125,365

Weighted average common shares outstanding
Basic		10		-			10
Diluted		10		-			10

an understatement of number of issued and paid-up common stock, and resultant overstatement of basic and diluted earnings per share (“Restatement no. 2”)

The Company had approved a stock split of its issued and paid-up common stock at a ratio of 1,000-for-1 effective June 14, 2023 (‘Stock Split’), i.e., subsequent to the latest reported balance sheet but before the release of the carve-out consolidated financial statements. Whilst the total paid up value did not undergo a change; the number of shares, having no par value underwent a change pursuant to the stock split. The Company previously excluded the impact of Stock Split, which is described below.

Number of issued and paid-up common stock

The Stock Split resulted in conversion of 10 pre-split shares of common stock to 10,000 shares of common stock. Consequently, the total issued and paid-up capital of the Company did not undergo a change. As per ASC 505 Equity, Stock Split must be given retroactive effect in the carve-out consolidated balance sheet. As a result of the Stock Split, the Company’s shares and per share data as reflected in the carve-out consolidated financial statements were retroactively restated as if the transaction occurred at the beginning of the earliest periods presented.

Earnings per share

Impact of Stock Split was previously excluded for the purpose of calculation of basic and diluted EPS. As per ASC 260 Earnings per share, if the number of common shares outstanding increases as a result of a stock split, the computations of basic and diluted EPS shall be adjusted retroactively for all periods presented. Accordingly, the inclusion of this Stock Split in computing the earnings per share resulted in a decrease in the basic and diluted EPS calculations for the years ended March 31, 2023. The following table summarizes the effect of the restatement on the affected financial statements line items within the previously reported carve-out consolidated financial statements for the years ended March 31, 2023.

Schedule of financial statement
	As previously reported per Restatement no. 1					As Adjusted – Restatement no. 2
	March 31, 2023		Restatement Adjustment			March 31, 2023
Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders
Basic	$	125,496	$	(125,371	)	$	125
Diluted	$	125,365	$	(125,240	)	$	125

Weighted average common shares outstanding
Basic		10		9,990			10,000
Diluted		10		9,990			10,000

Stock-Based Compensation (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Schedule of Restricted Stock Units activity

Schedule of Restricted Stock Units activity
	Restricted Stock Units
	Number of Shares			Grant Date Fair Value
Unvested as of April 1, 2024		-			-
Granted		3,880,022		$	5,432
Vested		(3,880,022	)	$	5,432
Forfeited / Canceled		-			-
Unvested as of June 30, 2024		-			-

Schedule of stock option activity

Schedule of ESOP stock option activity
	Shares		Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at April 1, 2024		59,900	$	-		-	$	-
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options canceled, forfeited or expired		-		-		-		-
Options outstanding at June 30, 2024		59,900	$	0.12		4.07	$	2,303

Vested and exercisable at June 30, 2024		59,900	$	0.12		4.07	$	2,303

Schedule of stock option activity
	Shares		Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at March 31, 2023		59,900	$	-		-	$	-
Options granted		-	$	-		-	$	-
Options exercised		-		-		-		-
Options canceled, forfeited or expired		-		-		-		-
Options outstanding at March 31, 2024		59,900	$	0.12		4.32	$	2,425

Vested and exercisable at March 31, 2024		59,900	$	0.12		4.32	$	2,425

Schedule of stock option activity

Schedule of stock option activity
	Shares		Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at April 1, 2024		295,565	$	-		-	$	-
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options canceled, forfeited or expired		-		-		-		-
Options outstanding at June 30, 2024		295,565	$	0.12		1.42	$	11,362

Vested and exercisable at June 30, 2024		295,565	$	0.12		1.42	$	11,362

Schedule of stock option activity
	Shares		Weighted average exercise price		Weighted-average remaining contractual term (in years)		Aggregate intrinsic value
Options outstanding at March 31, 2023		295,565	$	-		-	$	-
Options granted		-		-		-		-
Options exercised		-		-		-		-
Options canceled, forfeited or expired		-		-		-		-
Options outstanding at March 31, 2024		295,565	$	0.12		1.67	$	11,964

Vested and exercisable at March 31, 2024		295,565	$	0.12		1.67	$	11,964

Schedule of weighted average assumptions


	2022 Grants
Expected term		3.5 years
Expected volatility		40.80	%
Risk free interest rate		3.01	%
Annual dividend yield		0.00	%


	2022 Grants
Expected term		3.5 years
Expected volatility		40.80	%
Risk free interest rate		3.01	%
Annual dividend yield		0.00	%

Leases (Details 2)	Mar. 31, 2024	Mar. 31, 2023
Weighted-average remaining lease term (years):
Operating lease	3 years 8 months 15 days	3 years 10 months 24 days
Finance lease	1 year 8 months 1 day	1 year 10 months 6 days
Weighted-average discount rate:
Operating lease	10.70%	10.65%
Finance lease	12.60%	10.56%

Short-term borrowings (Details Narrative) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Dec. 07, 2022	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Exchange rate	$ 137	$ 2,397		$ 2,399	$ 2,433
Debt instrument, interest rate during period	10.75%	0.80%	0.80%	0.80%	1.20%
Insurance for its directors		After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with maximum coverage of $5,000. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 is payable in ten equal monthly instalments of $73. The arrangement represents a financing transaction where the premium payable has been deferred. The interest rate under the arrangement is 9.2 % per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same would be recognized as part of the interest expense in the condensed consolidated statement of operations. During the three months ended June 30, 2024, the interest expense so recognized was $7. The balance premium payable as at June 30, 2024 is $219 and has been disclosed as a current liability since ATI has an unconditional obligation to settle it by September 2024.		After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with maximum coverage of $5,000. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 is payable in ten equal monthly instalments of $73. The arrangement represents a financing transaction where the premium payable has been deferred. The interest rate under the arrangement is 9.2 % per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same would be recognized as part of the interest expense in the consolidated statement of operations. During the year ended March 31, 2024, the interest expense so recognized was $22. The balance premium payable as at March 31, 2024 is $432 and has been disclosed as a current liability since ATI has an unconditional obligation to settle it by September 2024.
Interest expense		$ 7
Premium payable		219
Amended Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		160,000		$ 160,000
Exchange rate		1,917		1,919
Amended Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity		320,000		320,000
Exchange rate		3,834		3,838
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Fund drawdown amount		$ 3,662		$ 3,802	$ 1,364

Leases (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of lease cost

Schedule of lease cost
	Year Ended March 31,
	2024		2023
Finance lease cost:
Amortization of lease assets (Nota a)	$	398		386
Interest on lease liabilities(Nota b)		70		65
Operating lease cost (Nota a)		2,795		2,273
Short-term and variable lease cost (Nota a)		-		8
Total lease cost	$	3,263		2,732

Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated carve-out Statement of comprehensive Income.

Included in “interest income (expense), net” in the Consolidated carve-out Statement of comprehensive Income.

Schedule of cash flows arising lease transactions


	Year Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,681		2,162
Operating cash flows from finance leases	$	70		65
Financing cash flows from finance leases	$	391		390

Schedule of other information about lease amounts


	Year Ended March 31,
	2024			2023
Weighted-average remaining lease term (years):
Operating lease		3.71			3.9
Finance lease		1.67			1.85
Weighted-average discount rate:
Operating lease		10.70	%		10.65	%
Finance lease		12.60	%		10.56	%

Schedule of lease liabilities

Schedule of lease liabilities
	Operating		Finance		Total
Gross lease liabilities	$	9,248	$	494	$	9,742
Less: imputed interest		1,553		38		1,591
Present value of lease liabilities		7,695		456		8,151
Less: current portion of lease liabilities		2,080		294		2,374
Total long-term lease liabilities	$	5,615	$	162	$	5,777

Schedule of annual lease payments

Schedule of annual lease payments
	Operating		Finance
2025	$	2,743	$	324
2026		2,423		155
2027		1,944		15
2028		1,419		-
2029		719		-
Thereafter		-
Total lease payments	$	9,248	$	494
Less: Imputed interest		1,553		38
Total	$	7,695	$	456

Restatement of Previously Issued Carve-out Consolidated Financial Statements (Details 2) - $ / shares

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Mar. 31, 2023

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

^[1]

$ 0.91

$ (0.39)

^[2]

$ 0.91

^[1]

Weighted average common shares outstanding, Diluted

37,852,036

^[2]

15,532,382

^[1]

^[2]

37,852,036

Previously Reported Per Restatement No 1 [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ 125,496,000

$ 125,365,000

Weighted average common shares outstanding, Diluted

10,000

10,000

Restatement Adjustments [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ (125,371,000)

$ (125,240,000)

Weighted average common shares outstanding, Diluted

9,990,000

9,990

As Adjusted Restateements No 2 [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ 125

$ 125

Weighted average common shares outstanding, Diluted

10,000

10,000

[1]	For the year ended March 31, 2024, net income per Class A ordinary share and weighted average Class A ordinary shares outstanding is representative of the period from November 6, 2023 through March 31, 2024, the period following the Business Combination, as defined in Note 1. For more information refer to Note 21
[2]	Net loss per Class A ordinary share and weighted average Class A ordinary shares outstanding is not presented for the periods prior to the Business Combination, as defined in Note 1. For more information refer to Note 14.

Schedule of other comprehensive loss

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Employee Compensation and Benefits (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Retirement Benefits [Abstract]


	Three Months Ended June 30,
	2024			2023
Net actuarial loss	$	45		$	85
Amortization of net actuarial loss		(17	)		(22	)
Deferred tax benefit		(7	)		(16	)
Unrecognized actuarial loss on employee benefit plan obligations	$	21		$	47

Schedule of other comprehensive loss
	Year Ended March 31,
	2024			2023
Net actuarial loss / (gain)	$	68		$	218
Amortization of net actuarial (gain)		(85	)		(62	)
Deferred tax expense / (benefit)		5			(39	)
Unrecognized actuarial loss / (gain) on employee benefit plan obligations	$	(12	)	$	117

Schedule of net defined benefit plan costs


	Three Months Ended June 30,
	2024		2023
Service costs	$	124	$	113
Interest costs		39		25
Amortization of net actuarial loss		17		22
Net defined benefit plan costs	$	180	$	160


	Year Ended March 31,
	2024		2023
Service costs	$	449	$	338
Interest costs		98		52
Amortization of net actuarial loss		85		62
Net defined benefit plan costs	$	632	$	452

Schedule of defined benefit plans

Schedule of defined benefit plans
	Year Ended March 31,
	2024			2023
Changes in employee benefit plan obligations
Projected benefit obligation at the beginning of the year	$	1,357		$	908
Interest cost		98			52
Service cost		449			338
Actuarial gains		68			218
Benefits paid directly by employers		(47	)		(78	)
Effect of exchange rate fluctuation		(19	)		(81	)
Projected employee benefit plan at the end of the year	$	1,906		$	1,357

Amounts recognized in the Consolidated Balance Sheets
Recorded in accrued compensation and related benefits, current		(203	)		(120	)
Recorded in other liabilities		(1,701	)		(1,237	)
Total project benefit obligation	$	(1,904	)	$	(1,357	)

Schedule of accumulated other comprehensive income


	Year Ended March 31,
	2024			2023
Net actuarial loss	$	501		$	516
Deferred tax benefit		(126	)		(129	)
Total	$	375		$	387

Schedule of weighted average assumptions used to determine benefit obligations

	Year Ended March 31,
	2024			2023
Discount rate per annum		8.28	%		7.31	%
Rate of compensation increase per annum		10.00	%		10.00	%
Rate of employee turnover per annum		20.00	%		20.00	%

Schedule of expected benefit payments

Schedule of expected benefit payments
Expected benefit payments during	As of March 31, 2024
Year 1		203
Year 2		278
Year 3		376
Year 4		524
Year 5		634
Year 6 to Year 10		3,053

Long-Term Investments

12 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Long-Term Investments

Note 6 - Long-Term Investments

Common Stock

The Company holds 6,927 shares of common stock of Boston Systems Private Limited (previously known as Empays Payment Systems India Private Ltd). During the year ended March 31, 2023 the Company fully impaired this investment and recorded an impairment charge of $7. As of March 31, 2024 and 2023, the carrying value of this investment was $0.

10% Cumulative Redeemable Preference Securities

The Company holds 4,500,000 cumulative redeemable preference securities (“CRPS”) of a common control affiliate, Aeries Technology Products and Strategies Private Ltd. The CRPS carry a cumulative dividend of 10% per annum. 3,500,000 CRPS can be redeemed any time before 19 years from the date of issue i.e. June 27, 2017 by giving a 30-day redemption request and 1,000,000 CRPS can be redeemed any time before 20 years from the date of issue i.e. April 7, 2016 by giving a 30-day redemption request. As of March 31, 2024 and 2023, these CRPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $798 and $761, respectively.

0.001% Series-A Redeemable Preference Securities

The Company holds 349,173 Series-A cumulative redeemable preference securities (Series-A RPS) of a common control affiliate, Aeries Financial Technologies Private Ltd. and was recorded as a held-to-maturity investment at amortized cost. The Series-A RPS carries a dividend of 0.001 % per annum. Series-A RPS can be redeemed after 19 years from the date of original issuance with an annualized internal rate of return of 18%. As of March 31, 2024 and 2023, these Series-A RPS held by the Company were classified as a held-to-maturity investment and recorded at amortized cost of $814 and $803, respectively.

A reconciliation from amortized cost basis to net carrying amount is provided below for the Company’s held-to-maturity investments:

Schedule of long-term investments
	As of March 31,
	2024		2023
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$	815	$	955
Interest earned on investments		797		609
Held-to-maturity investments, net carrying amount	$	1,612	$	1,564

Nature of Operations (Details) - shares

Jun. 30, 2024

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares

3,157,469

^[1]

3,157,469,000

^[2]

Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders

2,750,000

^[3],[4]

2,750,000,000

^[5],[6]

Shares held by Innovo Consultancy DMCC

5,638,530

^[7]

5,638,530,000

^[8]

Shares held by FPA Holders

3,711,667

^[9]

3,711,667,000

^[10]

Total

15,257,666

^[11]

15,257,666,000

^[12]

[1]	Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement (“FPA”) holders in the open market or via redemption reversals prior to the consummation of the Business Combination.
[2]	Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement holders in the open market or via redemption reversals prior to the consummation of the Business Combination.
[3]	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
[4]	Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.
[5]	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
[6]	Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.
[7]	Includes (i) 3,000,000 Class A Shares reissued against 3,000,000 Class B Shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
[8]	Includes (i) 3,000,000 Class A Shares reissued against 3,000,000 Class B Shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
[9]	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
[10]	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
[11]	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 10.
[12]	Does not include 10,000 AARK ordinary shares and 655,788 ordinary shares of Aeries Technology Group Business Accelerators Private Limited that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in ATI in connection with the Exchange Agreements, which is further discussed in Note 19.

Related Party Transactions

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Related Party Transactions

Note 8 - Related Party Transactions

Schedule of related party transactions
Name of the related party		Relationship
Aark II Pte Limited		Affiliate entity
Aarx Singapore Pte Ltd		Affiliate entity
Aeries Technology Products And Strategies Private Limited (“ATPSPL”)		Affiliate entity
Aeries Financial Technologies Private Limited		Affiliate entity
Bhanix Finance And Investment Limited		Affiliate entity
Ralak Consulting LLP		Affiliate entity
TSLC Pte Limited		Affiliate entity
Venu Raman Kumar		Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao		Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery		Key managerial personnel

Summary of significant transactions and balances due to and from related parties are as follows:


	Three Months Ended June 30,
	2024		2023
Cost sharing arrangements
Aeries Financial Technologies Private Limited (b)		47		49
Bhanix Finance And Investment Limited (b)		26		35
Corporate guarantee commission
Bhanix Finance And Investment Limited		-		2
Corporate guarantee expense
Aeries Technology Products And Strategies Private Limited (j)		-		2
Interest expense
Aeries Technology Products And Strategies Private Limited (d)		20		4
Mr. Vaibhav Rao (g)		21		21
Interest income
Aeries Financial Technologies Private Limited (f), (h)		4		39
Aeries Technology Products And Strategies Private Limited (e), (h)		22		25
Legal and professional fees paid
Ralak Consulting LLP (c)		77		78
Management consultancy service
Aark II Pte Limited (a)		746		870
Office management and support services expense
Aeries Technology Products And Strategies Private Limited (i)		14		49

	June 30,		March 31,
	2024		2024
Accounts payable
Aeries Technology Products And Strategies Private Limited (i)	$	13	$	9
Accounts receivable
Aark II Pte Limited (a)		521		629
Aeries Financial Technologies Private Limited (b)		30		11
Bhanix Finance And Investment Limited (b)		48		17
TSLC Pte Limited (a)		128		128
Interest payable (classified under other current liabilities)
Aeries Technology Products And Strategies Private Limited (d)		18		-
Interest receivable (classified under prepaid expenses and other current assets)
Aeries Technology Products And Strategies Private Limited (e)		20		-
Investment in 0.001% Series-A Redeemable preference share
Aeries Financial Technologies Private Limited (h)		979		939
Investment in 10% Cumulative redeemable preference shares
Aeries Technology Products And Strategies Private Limited (h)		809		792
Loan from Members of immediate families of Venu Raman Kumar
Mr. Vaibhav Rao (g)		833		834
Loans from affiliates
Aeries Technology Products and Strategies Private Limited (d)		737		498
Loans to affiliates (classified under other assets)
Aeries Financial Technologies Private Limited (f)		105		105
Aeries Technology Products And Strategies Private Limited (e)		797		558

(a)	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.
(b)	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
(c)	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.
(d)	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
(e)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
(f)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
(g)	The Company obtained a loan at 10% interest rate from Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The principal amount of the loan was outstanding in entirety as of June 30, 2024.
(h)	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
(i)	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
(j)	ATPSPL gave corporate guarantee of INR 240,000 (or approximately $2,876 at the exchange rate in effect on June 30, 2024) on behalf of the Company towards the revolving credit facility availed. ATPSPL charges a corporate guarantee commission of 0.5% on the total corporate guarantee given. The guarantee was withdrawn during the year ended March 31, 2024.

The Company has also executed two Exchange Agreements: (1) with AARK and Mr. Raman Kumar in his capacity as a shareholder of AARK; and (2) with ATGBA and Mr. Sudhir Appukuttan Panikassery, Mr. Ajay Khare, and Mr. Unnikrishnan Balakrishnan Nambiar, key managerial personnel of ATGBA in their capacity as shareholders of ATGBA (together referred to as “counterparties”). Under the Exchange Agreements, the counterparties would have a right to exchange the shares held by them in AARK or ATGBA into shares of ATI or cash subject to the conditions specified in the Exchange Agreement. Refer Note 10 for details. Additionally, pursuant to the Business Combination, 5,638,530 Class A ordinary shares have been issued to Innovo Consultancy DMCC, which is wholly owned by Mr. Kumar.

Note 14 - Related Party Transactions

Schedule of related party transactions
Name of the related party		Relationship
Aark II Pte Limited		Affiliate entity
Aarx Singapore Pte Ltd		Affiliate entity
Aeries Technology Products And Strategies Private Limited (“ATPSPL”)		Affiliate entity
Aeries Financial Technologies Private Limited		Affiliate entity
Bhanix Finance And Investment Limited		Affiliate entity
Ralak Consulting LLP		Affiliate entity
TSLC Pte Limited		Affiliate entity
Nuegen Pte Ltd		Affiliate entity
Venu Raman Kumar		Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao		Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery		Key managerial personnel

Summary of significant transactions and balances due to and from related parties are as follows:


	Year ended March 31,
	2024		2023
Cost sharing arrangements
Aeries Financial Technologies Private Limited (b)		187		160
Bhanix Finance And Investment Limited (b)		115		187
Corporate guarantee commission
Bhanix Finance And Investment Limited		2		12
Corporate guarantee expense
Aeries Technology Products And Strategies Private Limited (j)		2		15
Interest expense
Aeries Technology Products And Strategies Private Limited (d)		30		1
Mr. Vaibhav Rao (g)		84		86
Interest income
Aeries Financial Technologies Private Limited (f), (h)		166		107
Aeries Technology Products And Strategies Private Limited (e), (h)		99		84
Legal and professional fees paid
Ralak Consulting LLP (c)		424		380
Management consultancy service
Aark II Pte Limited (a)		3,176		2,002
TSLC Pte Limited (a)		119		159
Office management and support services expense
Aeries Technology Products And Strategies Private Limited (i)		94		36

	As of March 31,
	2024		2023
Accounts payable
Aeries Technology Products And Strategies Private Limited (i)	$	9	$	29
Accounts receivable
Aark II Pte Limited (a)		629		1,084
Aeries Financial Technologies Private Limited (b)		11		9
Bhanix Finance And Investment Limited (b)		17		86
TSLC Pte Limited (a)		128		259
Interest payable (classified under other current liabilities)
Aeries Technology Products And Strategies Private Limited (d)		-		1
Interest receivable (classified under prepaid expenses and other current assets)
Aeries Technology Products And Strategies Private Limited (e)		-		57
Investment in 0.001% Series-A Redeemable preference share
Aeries Financial Technologies Private Limited (h)		939		803
Investment in 10% Cumulative redeemable preference shares
Aeries Technology Products And Strategies Private Limited (h)		792		761
Loan from Members of immediate families of Venu Raman Kumar
Mr. Vaibhav Rao (g)		834		845
Loans from affiliates
Aeries Technology Products and Strategies Private Limited (d)		498		-
Loans to affiliates (classified under other assets)
Aeries Financial Technologies Private Limited (f)		105		106
Aeries Technology Products And Strategies Private Limited (e)		558		335

(a)	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.

(b)	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
(c)	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP vide agreement dated April 01, 2022.
(d)	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
(e)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
(f)	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
(g)	The Company obtained a loan at 10% interest rate from Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The principal amount of the loan was outstanding in entirety as of the year ended March 31, 2024 and 2023.
(h)	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
(i)	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
(j)	ATPSPL gave corporate guarantee of INR 240,000 (or approximately $2,879 at the exchange rate in effect on March 31, 2024) on behalf of the Company towards the revolving credit facility availed. ATPSPL charges a corporate guarantee commission of 0.5% on the total corporate guarantee given. The guarantee was withdrawn during the year ended March 31, 2024.

The Company has also executed two Exchange Agreements: (1) with AARK and Mr. Raman Kumar (“Sole Shareholder”) in his capacity as a shareholder’ of AARK; and (2) with ATGBA and Mr. Sudhir Appukuttan Panikassery, Mr. Ajay Khare, and Mr. Unnikrishnan Balakrishnan Nambiar, key managerial personnel of ATGBA in their capacity as shareholders’ of ATGBA (together referred to as “counterparties”). Under the Exchange Agreements, the counterparties would have a right to exchange the shares held by them in AARK/ ATGBA against shares of ATI or cash subject to the conditions specified in the Exchange Agreement. Refer Note 17 for details. Additionally, pursuant to the Business Combination, 5,638,530 Class A ordinary shares have been issued to Innovo Consultancy DMCC, which is wholly owned by Sole Shareholder.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Schedule of other current liabilities

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Accounts receivable, net of allowance	$ 2,299	$ 1,263	$ 0
Prepaid expenses and other current assets, net of allowance	1	1	0
Long-term investments, net of allowance	113	126	0
Other assets, net of allowance	$ 1	$ 1	$ 0
Preferred stock, par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par or stated value per share		$ 0	$ 0
Common stock, shares issued		10,000	0
Common stock, shares outstanding		10,000	0
Common Class A [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	44,102,041	15,619,004
Common stock, shares outstanding	44,102,041	15,619,004
Common Class V [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	1	1	1
Common stock, shares issued	1	1	1
Common stock, shares outstanding	1	1	1

Other Current Liabilities (Tables)

12 Months Ended

Mar. 31, 2024

Other Current Liabilities

Schedule of other current liabilities
	As of March 31,
	2024		2023
Taxes payable	$	3,584	$	2,257
Finance lease obligations, current		294		308
Accrued expenses		4,892		1,319
Deferred revenue		261		193
Other		257		124
Other current liabilities	$	9,288	$	4,201

Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Long term debt	$ 1,675	$ 1,440	$ 969
Loan From Director [Member]
Debt Instrument [Line Items]
Long term debt	833	834	845
Loan From Affiliate [Member]
Debt Instrument [Line Items]
Long term debt	737	498
Vehicle Loan [Member]
Debt Instrument [Line Items]
Long term debt	$ 105	$ 108	$ 124

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued compensation and related benefits		$ 3,777	$ 2,764
Finance lease obligations, non-current		162	235
Other		9	9
Other liabilities	$ 4,233	$ 3,948	$ 3,008

Income Taxes

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 - Income Taxes

The Company determines its tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items, if any, that are considered in the relevant period. The Company updated its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company will be making a cumulative adjustment.

The Company’s effective tax rate (“ETR”) is 6.6% and 30.6% for the three months ended June 30, 2024, and 2023, respectively.

The change in ETR was primarily due to significant increase in recognition of deferred tax benefit on losses in certain subsidiaries having a lower jurisdictional tax rates along with a reduction in taxable income resulting in lower current tax during the three months ended June 30, 2024, as compared to the three months ended June 30, 2023.

Note 13 - Income Taxes

The Company’s income tax expense majorly pertains to the Indian jurisdiction. Income before income taxes for the year ended March 31, 2024 and 2023, are as follows:


	Year Ended March 31,
	2024			2023
United States	$	(309	)	$	267
India		3,095			2,508
Cayman Islands		13,330			-
UAE		(25	)		-
Singapore		2,957			(64	)
Mexico		79			55
Total	$	19,127		$	2,766

Provision for income taxes for the year ended March 31, 2024 and March 31, 2023, consisted of the following:

Schedule of provision for income taxes
	Year Ended March 31,
	2024			2023
Current tax provision	$	2,589		$	1,221
Deferred tax benefit		(718	)		(161	)
Provision for Income Taxes	$	1,871		$	1,060

Income tax expense for the years ended March 31, 2024 and, 2023 is allocated as follows:

Schedule of income tax expense
	Year Ended March 31,
	2024		2023
Income from operations	$	1,871	$	1,060
Other comprehensive income
Defined benefit plan		4		(39	)
Total	$	1,875	$	1,021

A reconciliation of the provision for income taxes, with the amount computed by applying the income tax rate for the Company to income before provision for income taxes for year ended March 31, 2024 and March 31, 2023, is as follows:

Schedule of income tax rate
	Year Ended March 31,
	2024			2023
Income before income tax expense	$	19,127		$	2,766

Income tax expense at tax rates applicable to the Company (i.e., 17%)		-			470

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		383			241
Non-taxable income		-			-
Reversal of deferred tax asset / liability		7			36
Valuation allowance		-			36
Tax of earlier year		221			9
True up /down		78			89
Loss / (income) taxed at different tax rate		2			(3	)
Adjustments for change in rates due to different tax jurisdiction		1,254			223
Set off against brought forward losses		(60	)		(60	)
GILTI inclusion		42			27
Others		(56	)		(8	)
Provision for income tax	$	1,871		$	1,060
Effective tax rate		9.78	%		38.33	%

Significant components of the Company’s deferred taxes as of March 31, 2024 and 2023, are as follows:

Schedule of deferred taxes
	As of March 31,
	2024								2023
	India		Singapore		USA		Mexico		India			Singapore			USA		Mexico
Deferred tax assets:
Property and equipment		271		-		-		1		231			-			-		-
Gratuity		479		-		-		-		341			-			-		-
Deferred rent liability		-		-		-		-		-			-			-		-
Compensated absences		660		-		-		-		481			-			-		-
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961		-		-		-		-		12			-			-		-
Net operating losses		30		-		-		-		34			35			-		-
Finance lease		-		-		-		-		137			-			-		-
Intangible assets under development		4		-		-		-		4			-			-		-
Provision for expenses		288		61		37		90		122			-			-		-
Operating lease liabilities		1,879		-		-		-		1,487			-			-		-
Others		76		-		-		-		15			-			-		-
Deferred tax asset before valuation allowance		3,687		61		37		91		2,864			35			-		-
Valuation Allowance		-		-		-		-		(158	)		(35	)		-		-
Deferred tax asset, net of valuation allowance		3,687		61		37		91		2,706			-			-		-

	As of March 31,
	2024											2023
	India			Singapore		USA			Mexico			India			Singapore		USA			Mexico
Deferred tax liabilities:
Investments		(139	)		-		-			-			(136	)		-		-			-
Property and equipment		-			-		(3	)		-			(29	)		-		(2	)		-
Operating right-of-use assets		(1,784	)		-		-			-			(1,416	)		-		-			-
Others		(33	)		-		-			(76	)		(54	)		-		-			-
Deferred tax liability		(1,956	)		-		(3	)		(76	)		(1,635	)		-		(2	)		-
Net deferred tax asset (liability)		1,731			61		34			15			1,071			-		(2	)		-

Components of deferred taxes
	As of March 31,
Classified as	2024		2023
Deferred tax assets non-current	$	1,933	$	1,237
Deferred tax liabilities non-current		92		168
	$	1,841	$	1,069

Net operating loss

The Company has carry forward losses of $40 and $79 in the Indian jurisdiction, which will get expired in financial years 2028-29 and 2029-30, respectively.

With certain immaterial exceptions, the Company is no longer subject to U.S. federal, state and local or other U.S. income tax examinations by taxing authorities for years prior to 2021. The Company’s subsidiaries in India are open to examination by relevant taxing authorities for tax years beginning on or after April 1, 2014. The Company regularly reviews the likelihood of additional tax assessments and adjusts its unrecognized tax benefits as additional information or events require.

Unrecognized tax benefits

The Company recognizes financial statement benefit of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. As of March 31, 2024 and March 31, 2023, the Company does not have any unrecognized tax benefits with a significant impact on its consolidated financial statements.

The Company’s major tax jurisdictions are Singapore, India, the United States, and Mexico. Generally accepted accounting principles requires the Company’s management to evaluate tax positions taken by the Company and recognize a tax liability for any uncertain positions that more likely than not would not be sustained upon examination by the Internal Revenue System (the “IRS”) or a foreign jurisdiction taxing authority. The Company is subject to routine audits by tax authorities.

Income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested outside the United States. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. The amount of such temporary differences totalled approximately $6,883, with an income tax impact of approximately $409 as of March 31, 2024.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Property, Plant and Equipment [Abstract]

Employee Compensation and Benefits (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Service costs	$ 124	$ 113	$ 449	$ 338
Interest costs	39	25	98	52
Amortization of net actuarial loss	17	22	85	62
Net defined benefit plan costs	$ 180	$ 160	632	452
Net actuarial loss			501	516
Deferred tax benefit			(126)	(129)
Total			$ 375	$ 387

Property and Equipment, net

12 Months Ended

Mar. 31, 2024

Property and Equipment, net

Note 5 - Property and Equipment, net

Property and equipment, net, consists of the following:

Schedule of property and equipment
	As of March 31,
	2024			2023
Software and computer equipment^[1]	$	5,009		$	3,481
Leasehold improvements^[1]		1,095			854
Office equipment^[1]		528			450
Internal-use software under development		769			875
Furniture and fixtures^[1]		110			130
Vehicles		247			250
Property and equipment, gross	$	7,758		$	6,040
Accumulated depreciation and amortization^[1]		(4,179	)		(2,915	)
Property and equipment, net	$	3,579		$	3,125

^[1]

Property and equipment held under finance lease arrangements amounted to $443 and $542 as of March 31, 2024 and 2023, respectively. Accumulated depreciation for property and equipment held under finance lease arrangements was $1,127 and $971 as of March 31, 2024 and March 31, 2023, respectively. Depreciation expense in respect to these assets was $401 and $386 for the years ended March 31, 2024 and 2023, respectively.

During the year ended March 31, 2024 and 2023, the Company sold property and equipment for the sale proceeds of $11 and $12, respectively. As a result of the sale, the Company recorded a loss of $12 and $54 in the year ended March 31, 2024 and 2023, respectively.

For the year ended March 31, 2024, and 2023 depreciation and amortization expense was $1,352 and $1,172, respectively.

Employee Compensation and Benefits (Details 5) $ in Thousands	Mar. 31, 2024 USD ($)
Other Liabilities Disclosure [Abstract]
Year 1	$ 203
Year 2	278
Year 3	376
Year 4	524
Year 5	634
Year 6 to Year 10	$ 3,053

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Accumulated retained earnings (deficit)	$ (26,489)	$ (11,668)	$ 6,318
Noncontrolling interests	417	10,326	1,279
Prepaid expenses and other current assets	7,196	6,995	4,117
Other current liabilities	$ 10,744	9,288	4,201
Previously Reported [Member]
Accumulated retained earnings (deficit)		6,318	6,454
Noncontrolling interests		1,279	1,089
Accounts receivable, net		13,416
Prepaid expenses and other current assets		4,117
Other current liabilities		4,201
Other assets		2,259
Long-term investments		1,564
Deferred tax asset		1,237
Revision of Prior Period, Adjustment [Member]
Accumulated retained earnings (deficit)		(190)	(136)
Noncontrolling interests		(33)	$ 190
Accounts receivable, net		(149)
Prepaid expenses and other current assets
Other current liabilities		21
Other assets		(1)
Long-term investments		(126)
Deferred tax asset		75
As Restated [Member]
Accumulated retained earnings (deficit)		6,128
Noncontrolling interests		1,246
Accounts receivable, net		13,267
Prepaid expenses and other current assets		4,117
Other current liabilities		4,222
Other assets		2,258
Long-term investments		1,438
Deferred tax asset		$ 1,312

Long-term debt (Details Narrative) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
Long-term debt (Details Narrative) - USD ($) $ in Thousands	Dec. 07, 2023	Dec. 07, 2022	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Exchange rate		$ 137	$ 2,397		$ 2,399	$ 2,433
Interest rate		10.75%	0.80%	0.80%	0.80%	1.20%
Debt instrument term	48 months

Related Party Transactions (Details)	3 Months Ended	12 Months Ended
Related Party Transactions (Details)	Jun. 30, 2024	Mar. 31, 2024
Aark II Pte Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Aark II Pte Limited	Aark II Pte Limited
Relationship	Affiliate entity	Affiliate entity
Aarx Singapore Pte Ltd [Member]
Related Party Transaction [Line Items]
Name of the related party	Aarx Singapore Pte Ltd	Aarx Singapore Pte Ltd
Relationship	Affiliate entity	Affiliate entity
Aeries Technology Products And Strategies Private Limited ATPSPL [Member]
Related Party Transaction [Line Items]
Name of the related party	Aeries Technology Products And Strategies Private Limited (“ATPSPL”)	Aeries Technology Products And Strategies Private Limited (“ATPSPL”)
Relationship	Affiliate entity	Affiliate entity
Aeries Financial Technologies Private Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Aeries Financial Technologies Private Limited	Aeries Financial Technologies Private Limited
Relationship	Affiliate entity	Affiliate entity
Bhanix Finance And Investment Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	Bhanix Finance And Investment Limited	Bhanix Finance And Investment Limited
Relationship	Affiliate entity	Affiliate entity
Ralak Consulting LLP [Member]
Related Party Transaction [Line Items]
Name of the related party	Ralak Consulting LLP	Ralak Consulting LLP
Relationship	Affiliate entity	Affiliate entity
TSLC Pte Limited [Member]
Related Party Transaction [Line Items]
Name of the related party	TSLC Pte Limited	TSLC Pte Limited
Relationship	Affiliate entity	Affiliate entity
Venu Raman Kumar [Member]
Related Party Transaction [Line Items]
Name of the related party	Venu Raman Kumar	Venu Raman Kumar
Relationship	Chairman of ATI’s Board and controlling shareholder	Chairman of ATI’s Board and controlling shareholder
Vaibhav Rao [Member]
Related Party Transaction [Line Items]
Name of the related party	Vaibhav Rao	Vaibhav Rao
Relationship	Members of immediate families of Venu Raman Kumar	Members of immediate families of Venu Raman Kumar
Sudhir Appukuttan Panikassery [Member]
Related Party Transaction [Line Items]
Name of the related party	Sudhir Appukuttan Panikassery	Sudhir Appukuttan Panikassery
Relationship	Key managerial personnel	Key managerial personnel
Nuegen Pte Ltd [Member]
Related Party Transaction [Line Items]
Name of the related party		Nuegen Pte Ltd
Relationship		Affiliate entity

Net income per Share

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Amortization of lease assets

Net income per Share

Note 14 - Net loss per Share

Basic consolidated net loss per share (“EPS”) is calculated using the Company’s share of its subsidiaries earnings/ net loss as well as ATI stand-alone earnings/ net loss and the weighted number of shares outstanding during the reporting period. Diluted consolidated EPS includes the dilutive effect of vested and unvested stock options of the Company’s subsidiaries.

The Company analyzed the calculation of net loss per share for periods prior to the Business Combination on November 6, 2023 and determined that it resulted in values that would not be meaningful to the users of the condensed consolidated financial statements, as the capital structure completely changed as a result of the Business Combination. Therefore, net loss per share information has not been presented for periods prior to the Business Combination.

The Company’s Class V ordinary share does not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net loss per Class V ordinary share under the two-class method has not been presented.

The following table sets forth the computation of basic and diluted net loss per share for the period from April 1, 2024 through June 30, 2024 (in thousands, except share and per share amounts):


Numerator:
Net Loss attributable to controlling interest for the period from April 1, 2024 through June 30, 2024	$	(14,821	)

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from April 1, 2024 through June 30, 2024		37,852,036

Net earnings per share Ordinary Shares – Basic and Diluted	$	(0.39	)

Note 21 - Net income per Share

The Company analyzed the calculation of net earnings per share for periods prior to the Business Combination on November 6, 2023 and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements, as the capital structure completely changed as a result of the Business Combination. Therefore, net earnings per share information has not been presented for periods prior to the Business Combination. The basic and diluted net loss per share attributable to Class A ordinary shareholders for the year ended March 31, 2024, as presented on the consolidated statements of operations, represents only the period after the Business Combination to March 31, 2024.

The Company’s Class V ordinary shares do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net earnings per Class V ordinary share under the two-class method has not been presented.

The following table sets forth the computation of basic and diluted net income/loss per share for the period from November 6, 2023 through March 31, 2024 (in thousands, except share and per share amounts):


Numerator:
Net income attributable to controlling interest for the period from November 6, 2023 through March 31, 2024	$	14,154

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from November 6, 2023 through March 31, 2024		15,532,382

Net earnings per share Ordinary Shares
Basic	$	0.91
Diluted	$	0.91

Leases (Details) - USD ($)
$ in Thousands

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Leases [Abstract]

^[1]

$ 398

$ 386

Interest on lease liabilities

^[2]

Operating lease cost

^[1]

2,795

2,273

Short-term and variable lease cost

^[1]

Total lease cost

$ 3,263

$ 2,732

^[1]

[1]	Included in “cost of revenue” and “selling, general and administrative expenses” in the Consolidated carve-out Statement of comprehensive Income.
[2]	Included in “interest income (expense), net” in the Consolidated carve-out Statement of comprehensive Income.

Subsequent Events

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 16 - Subsequent Events

Notice from The Nasdaq Stock Market LLC

On September 5, 2024, the Company received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, the Company did not comply with Nasdaq Listing Rule 5250(c)(1), because the Company had not filed its Form 10-K for the fiscal year ended March 31, 2024 (the “Form 10-K”) and Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”), respectively. The Company filed the Form 10-K on September 27, 2024, and thus the Company has partially regained compliance with the rule. Further, based on further review and the materials submitted on September 30, 2024 by the Company, Nasdaq has granted additional time until October 15, 2024, for the Company to file the Form 10-Q and regain full compliance with the rule.

Change of Auditors

On August 11, 2024, the Audit Committee of the Board of Directors of the Company approved the dismissal of, and dismissed, KNAV CPA LLP (“KNAV”) as the Company’s independent registered public accounting firm. KNAV was the independent registered public accounting firm of the Company since February 1, 2024. Prior to the completion of the Company’s business combination with AARK, KNAV had been the independent registered public accounting firm of AARK since 2022.

On the same day, the Audit Committee appointed Manohar Chowdhry & Associates (“MCA”) as the successor independent registered public accounting firm. MCA will serve as the Company’s independent registered public accounting firm for the fiscal years ended March 31, 2024 and 2023.

Equity financing

On April 8, 2024, the Company entered into a private placement transaction, pursuant to a Share Subscription Agreement with an institutional accredited investor for aggregate gross proceeds of $5,000,000. The Private Placement closed on April 23, 2024. As part of the Private Placement, the Company agreed to sell an aggregate of 2,261,778 Class A ordinary shares, $0.0001 par value per share, at a purchase price of $2.21 per share subject to the Beneficial Ownership Limitation.

As of the closing of the Private Placement, the Company issued an aggregate of 1,940,958 Class A ordinary shares at a purchase price of $2.21 per share. The Company reserved 320,820 Class A ordinary shares in adherence to the Beneficial Ownership Limitation. On July 10, 2024, the Company issued an additional 270,820 shares from the previously reserved 320,820 shares.

Shares issued to vendors

In September 2024, the Company issued 78,947 Class A ordinary shares and 48,618 Class A ordinary shares, each valued on the relevant dates of the respective agreements, to two separate vendors, as compensation for their respective services.

Note 22 - Subsequent Events

Equity financing

On April 08, 2024, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Share Subscription Agreement (the “Subscription Agreement”) with an institutional accredited investor (the “Investor”) for aggregate gross proceeds of $5,000,000. The Private Placement closed on April 23, 2024. As part of the Private Placement, the Company agreed to sell an aggregate of 2,261,778 Class A ordinary shares, $0.0001 par value per share, at a purchase price of $2.21 per share subject to Beneficial Ownership Limitation. The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of the Investor at the closing of the Private Placement, 9.99%) of the number of Class A ordinary shares outstanding immediately after giving effect to the issuance of the Class A ordinary shares to the Investor.

The Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company intends to use the net proceeds of approximately $4.68 million from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.

The company has issued an aggregate of 2,211,778 Class A ordinary shares at a purchase price of $2.21 per share. The Company reserved 50,000 Class A ordinary shares in adherence to the Beneficial Ownership Limitation.

Exchange Agreement

Upon consummation of the Business Combination, the holders of AARK ordinary shares and Aeries Technology Group Business Accelerators Pvt Ltd. (“ATGBA”) ordinary shares each entered into the Exchange Agreements. Pursuant to the Exchange Agreements, from the date of the Exchange Agreements and after April 1, 2024, and subject to certain exercise condition, each shareholder of AARK ordinary shares shall have the right to require the Company to provide Class A ordinary shares or cash in exchange for up to all of the AARK ordinary share. Each share of AARK may be exchanged for 2,246 Class A ordinary shares the Company subject to certain adjustments.

Pursuant to the Exchange agreement, on April 5, 2024, the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).

Shares issued to vendors

In December 2023, ATI settled the amounts owed to certain vendors by issuance of Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, ATI would need to issue additional Class A ordinary shares for the difference.

Pursuant to the abovementioned clause, the Company has issued in total 54,074 Class A ordinary shares to the vendors on May 24, 2024.

Aeries Technology, Inc. 2023 Equity Incentive Plan

Pursuant to the Aeries Technology, Inc. 2023 Equity Incentive Plan, Company granted Mr. Sudhir Appukuttan Panikassery an option to purchase on or prior to the expiration date, June 7, 2034, all or part of 5,151,005 Class A ordinary shares, par value $0.0001 per share. The option shall be fully vested and exercisable on the grant date, June 08, 2024. The entire option was exercised on June 21, 2024.

Notice from The Nasdaq Stock Market LLC

On September 5, 2024, the Company received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, because the Company is delinquent in filing its quarterly report on Form 10-Q and for the fiscal quarter ended June 30, 2024 and remains delinquent in filing its annual report on Form 10-K for the year ended March 31, 2024 (the “Fiscal 2024 Form 10-K”), the Company does not comply with Nasdaq Listing Rule 5250(c)(1), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company’s Class A ordinary shares or publicly traded warrants on the Nasdaq Capital Market.

In accordance with the Notice, the Company has until September 30, 2024 to submit a plan of compliance to Nasdaq addressing how the Company intends to regain compliance with Nasdaq’s listing rules with respect to the delinquent reports, and Nasdaq has the discretion to grant the Company up to 180 calendar days from the due date of the Fiscal 2024 Form 10-K, or January 13, 2025, to regain compliance.

Property and Equipment, net (Tables)

12 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Schedule of property and equipment
	As of March 31,
	2024			2023
Software and computer equipment^[1]	$	5,009		$	3,481
Leasehold improvements^[1]		1,095			854
Office equipment^[1]		528			450
Internal-use software under development		769			875
Furniture and fixtures^[1]		110			130
Vehicles		247			250
Property and equipment, gross	$	7,758		$	6,040
Accumulated depreciation and amortization^[1]		(4,179	)		(2,915	)
Property and equipment, net	$	3,579		$	3,125

^[1]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 17,256	$ 1,706
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities:
Depreciation and amortization expense	1,352	1,172
Stock-based compensation expense	1,626	3,805
Deferred tax (benefit) / expenses	(718)	(161)
Accrued income from long-term investments	(196)	(130)
Provision for expected credit loss	1,098
Gain on lease termination	(13)	(25)
Sundry balances written back	(48)	(36)
Unrealized exchange (gain) / loss	(26)	6
Impairment in value of investments		24
Loss on sale of property and equipment	12	54
Change in fair value of forward purchase agreement put option liability	(14,765)
Change in fair value of derivative warrant liabilities	(1,402)
Loss on issuance of shares against accounts payable	48
Changes in operating assets and liabilities:
Accounts receivable	(11,741)	(6,123)
Prepaid expenses and other current assets	(340)	(1,199)
Operating right-of-use assets	(1,839)	(6,113)
Other assets	312	(801)
Accounts payable	(568)	1,020
Accrued compensation and related benefits, current	323	898
Other current liabilities	2,378	838
Operating lease liabilities	1,953	6,425
Other liabilities	999	751
Net cash (used in) / provided by operating activities	(4,299)	2,111
Cash flows from investing activities
Acquisition of property and equipment	(1,520)	(1,600)
Sale of property and equipment	11	12
Issuance of loans to affiliates	(2,325)	(813)
Payments received for loans to affiliates	2,094	844
Net cash used in investing activities	(1,740)	(1,557)
Cash flows from financing activities
Net proceeds from short term borrowings	2,545	1,184
Payment of promissory note liability	(1,500)
Payment of insurance financing liability	(448)
Proceeds from long-term debt	882	368
Repayment of long-term debt	(391)	(229)
Payment of finance lease obligations	(391)	(390)
Payment of deferred transaction costs	(2,297)	(769)
Net changes in net shareholders’ investment	(10)	88
Proceeds from issuance of common stock and forward purchase agreement in connection with Business Combination, net	8,666
Net cash provided by financing activities	7,056	252
Effect of exchange rate changes on cash and cash equivalents	(64)	(26)
Net increase in cash and cash equivalents	953	780
Cash and cash equivalents at the beginning of the period	1,131	351
Cash and cash equivalents at the end of the period	2,084	1,131
Supplemental cash flow disclosure:
Cash paid for interest	465	273
Cash paid for income taxes, net of refunds	1,008	1,229
Supplemental disclosure of non-cash investing and financing activities:
Unpaid deferred transaction costs included in accounts payable and other current liabilities	663	1,189
Equipment acquired under finance lease obligations	313	164
Property and equipment purchase included in accounts payable	41	25
Settlement of accounts payable through issuance of Class A ordinary shares to vendors	855
Assumption of net liabilities from Business Combination	$ 38,994

Employee Compensation and Benefits (Details 2) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Net actuarial loss / (gain)	$ 45	$ 85	$ 68	$ 218
Amortization of net actuarial (gain)	(17)	(22)	(85)	(62)
Deferred tax expense / (benefit)	(7)	(16)	5	(39)
Unrecognized actuarial loss / (gain) on employee benefit plan obligations	$ 21	$ 47	$ (12)	$ 117

Warrant Liabilities

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Warrant Liabilities

Warrant Liabilities

Note 11 - Warrant Liabilities

On October 22, 2021, pursuant to the consummation of the Initial Public Offering, the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the Initial Public Offering, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).

The Company accounted for the Warrants in accordance with the guidance contained in ASC 815-40 given that certain provisions within the warrant agreement either preclude the warrants from being considered indexed to the ATI’s own stock or the fixed-for-fixed option criteria are not met. On this basis the Public and Private Placement Warrants are classified as a liability and are measured at fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s condensed consolidated statement of operations.

Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share, for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant. The Warrants will expire at 5:00 p.m. New York City time on November 6, 2028, or earlier upon redemption or liquidation. On the exercise of any Warrant, the Warrant exercise price will be paid directly to us.

the Company may redeem the outstanding Warrants:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption to each Warrant holder; and

●

if, and only if, the last reported sales price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders (the “Reference Value”) equals or exceeds $18.00 per Class A ordinary share (as adjusted); provided that the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

The Company may also redeem the outstanding Warrants:

●

in whole and not in part;

●

at $0.10 per warrant

●

upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary shares;

●

if, and only if, the Reference Value equals or exceeds $10.00 per Class A ordinary share (as adjusted); provided that if the Reference Value equals or exceeds $18.00 per Class A ordinary share (as adjusted), the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

No fractional Class A ordinary shares will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, the Company will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder.

Note 18 - Warrant Liabilities

On October 22, 2021, pursuant to the consummation of the Initial Public Offering (IPO), the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the IPO, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 Units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).

Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Warrants will not be able to exercise any fraction of a Warrant. The Warrants will expire at 5:00 p.m. New York City time on November 6, 2028, or earlier upon redemption or liquidation. On the exercise of any Warrant, the Warrant exercise price will be paid directly to us.

The Company may redeem the outstanding Warrants:

●

in whole and not in part;

●

at a price of $0.01 per Public Warrant;

●

upon not less than 30 days’ prior written notice of redemption to each Warrant holder; and

●

if, and only if, the last reported sales price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders (the “Reference Value”) equals or exceeds $18.00 per Ordinary Share (as adjusted); provided that the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

The Company may also redeem the outstanding Warrants:

●

in whole and not in part;

●

at $0.10 per warrant

●

if, and only if, the Reference Value equals or exceeds $10.00 per Ordinary Share (as adjusted); provided that if the Reference Value equals or exceeds $18.00 per Ordinary Share (as adjusted), the Private Placement Warrants will not be redeemable by the Company under this provision so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,084	$ 1,131
Accounts receivable, net of allowance of $1,263 and $0, as of March 31, 2024 and March 31, 2023, respectively	23,757	13,416
Prepaid expenses and other current assets, net of allowance of $1 and $0, as of March 31, 2024 and March 31, 2023, respectively	6,995	4,117
Deferred transaction costs		1,921
Total current assets	32,836	20,585
Property and equipment, net	3,579	3,125
Operating right-of-use assets	7,318	5,627
Deferred tax assets	1,933	1,237
Long-term investments, net of allowance of $126 and $0, as of March 31, 2024 and March 31, 2023, respectively	1,612	1,564
Other assets, net of allowance of $1 and $0, as of March 31, 2024 and March 31, 2023, respectively	2,129	2,259
Total assets	49,407	34,397
Current liabilities:
Accounts payable	6,616	2,474
Accrued compensation and related benefits, current	3,119	2,823
Operating lease liabilities, current	2,080	1,648
Short-term borrowings	6,778	1,376
Forward purchase agreement put option liability	10,244
Other current liabilities	9,288	4,201
Total current liabilities	38,125	12,522
Long term debt	1,440	969
Operating lease liabilities, noncurrent	5,615	4,261
Derivative warrant liabilities	1,367
Deferred tax liabilities	92	168
Other liabilities	3,948	3,008
Total liabilities	50,587	20,928
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	734
Shareholders’ equity (deficit)
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
Common Stock, Value, Issued
Net shareholders’ investment and additional paid-in capital		7,221
Accumulated other comprehensive loss	(574)	(1,349)
(Accumulated deficit) retained earnings	(11,668)	6,318
Total Aeries Technology, Inc. shareholders’ deficit	(12,240)	12,190
Noncontrolling interest	10,326	1,279
Total shareholders’ equity (deficit)	(1,914)	13,469
Total liabilities, redeemable noncontrolling interest and shareholders’ equity (deficit)	49,407	34,397
Common Class A [Member]
Shareholders’ equity (deficit)
Common Stock, Value, Issued	2
Common Class V [Member]
Shareholders’ equity (deficit)
Common Stock, Value, Issued

Long-term debt (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
2025	$ 10	$ 13
2026	848	849
2027	591	591
2028	240
Total future maturities of debt	$ 1,689	$ 1,453

Other Liabilities Disclosure [Abstract]

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stock-Based Compensation (Details 3)	3 Months Ended	12 Months Ended
Stock-Based Compensation (Details 3)	Jun. 30, 2024	Mar. 31, 2024
Compensation Related Costs [Abstract]
Expected term	3 years 6 months	3 years 6 months
Expected volatility	40.80%	40.80%
Risk free interest rate	3.01%	3.01%
Annual dividend yield	0.00%	0.00%

Other Liabilities

12 Months Ended

Mar. 31, 2024

Other Liabilities

Note 10 - Other Liabilities

Other liabilities consist of the following:

Schedule of other liabilities
	As of March 31,
	2024		2023
Accrued compensation and related benefits	$	3,777	$	2,764
Finance lease obligations, non-current		162		235
Other		9		9
Other liabilities	$	3,948	$	3,008

Short-term borrowings (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Short-term Borrowings

Schedule of short-term borrowings

Schedule of short-term borrowings
	June 30, 2024		March 31, 2024
Short-term borrowings	$	6,381	$	6,765
Current portion of vehicle loan		14		13
	$	6,395	$	6,778

Schedule of short-term borrowings
	As of March 31,
	2024		2023
Short-term borrowings	$	6,765	$	1,364
Current portion of vehicle loan		13		12
	$	6,778	$	1,376

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares unvested, at end
Grant date fair value unvested, at beginning
Options granted	3,880,022
Grant date fair value granted	$ 5,432
Number of shares vested	(3,880,022)
Grant date fair value vested	$ 5,432
Number of shares forfeited/ canceled
Grant date fair value forfeited/ canceled
Grant date fair value unvested, at end
ESOP Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted
Options outstanding, beginning	59,900	59,900
Options outstanding weighted average exercise price, beginning
Aggregate intrinsic value, beginning
Options granted weighted average exercise price
Options exercised
Options exercised weighted average exercise price
Aggregate intrinsic value, exercised
Options canceled, forfeited or expired
Options canceled, forfeited or expired weighted average exercise price
Options outstanding, ending	59,900	59,900
Options outstanding weighted average exercise price, ending		$ 0.12
Weighted average remaining contractual term	4 years 25 days	4 years 3 months 25 days
Aggregate intrinsic value, ending		$ 2,425
Vested and exercisable	59,900	59,900
Vested and exercisable weighted average exercise price	$ 0.12	$ 0.12
Weighted average remaining contractual term, vested and exercisable	4 years 25 days	4 years 3 months 25 days
Aggregate intrinsic value, Vested and exercisable	$ 2,303	$ 2,425

Restatement of Previously Issued Carve-out Consolidated Financial Statements (Details 1) - $ / shares

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Mar. 31, 2023

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

^[1]

$ 0.91

$ (0.39)

^[2]

$ 0.91

^[1]

Weighted average common shares outstanding, Diluted

37,852,036

^[2]

15,532,382

^[1]

^[2]

37,852,036

Previously Reported [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ 148,422

$ 148,422

Weighted average common shares outstanding, Diluted

Revision of Prior Period, Adjustment [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ (22,926)

$ (23,057)

Weighted average common shares outstanding, Diluted

As Adjusted Restateements No 1 [Member]

Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders, Basic

$ 125,496

$ 125,365

Weighted average common shares outstanding, Diluted

[1]	For the year ended March 31, 2024, net income per Class A ordinary share and weighted average Class A ordinary shares outstanding is representative of the period from November 6, 2023 through March 31, 2024, the period following the Business Combination, as defined in Note 1. For more information refer to Note 21
[2]	Net loss per Class A ordinary share and weighted average Class A ordinary shares outstanding is not presented for the periods prior to the Business Combination, as defined in Note 1. For more information refer to Note 14.

Schedule of long-term debt

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Long-term debt (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt
	June 30, 2024		March 31, 2024
Loan from the director of ATGBA	$	833	$	834
Loan from an affiliate		737		498
Non-current portion of vehicle loan		105		108
	$	1,675	$	1,440

Schedule of long-term debt
	As of March 31,
	2024		2023
Loan from the director of ATGBA	$	834	$	845
Loan from an affiliate		498		-
Non-current portion of vehicle loan		108		124
	$	1,440	$	969

Schedule of future maturities of debt

Schedule of future maturities of debt
2025	$	10
2026		848
2027		591
2028		240
Total future maturities of debt	$	1,689

Schedule of future maturities of debt
2025	$	13
2026		849
2027		591
Total future maturities of debt	$	1,453

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 16,667	$ 16,330	$ 72,509	$ 53,099
North America [Member]
Disaggregation of Revenue [Line Items]
Total revenue	15,507	12,487	56,958	48,204
Asia Pacific [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,160	$ 3,843	$ 15,551	$ 4,895

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Stock-Based Compensation (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	3 years 6 months	3 years 6 months
Expected volatility	40.80%	40.80%
Risk free interest rate	3.01%	3.01%
Annual dividend yield	0.00%	0.00%
MSOP Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning	295,565	295,565
Options outstanding weighted average exercise price, beginning
Aggregate intrinsic value, beginning
Options outstanding, ending	295,565	295,565
Options outstanding weighted average exercise price, ending	$ 0.12
Weighted average remaining contractual term	1 year 5 months 1 day	1 year 8 months 1 day
Aggregate intrinsic value, ending	$ 11,362
Vested and exercisable	295,565	295,565
Vested and exercisable weighted average exercise price	$ 0.12	$ 0.12
Weighted average remaining contractual term, vested and exercisable	1 year 5 months 1 day	1 year 8 months 1 day
Aggregate intrinsic value, Vested and exercisable	$ 11,362	$ 11,964

Warrant Liabilities (Details Narrative) - $ / shares	3 Months Ended	12 Months Ended
Warrant Liabilities (Details Narrative) - $ / shares	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Initial public offering description	the consummation of the Initial Public Offering, the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the Initial Public Offering, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).	the consummation of the Initial Public Offering (IPO), the Company issued 11,499,991 Public Warrants. Simultaneously with the closing of the IPO, WWAC issued 8,900,000 warrants in a private placement (the “Private Placement Warrants”), at a purchase price of $1.00 per Private Placement Warrant, which included 900,000 Units as a result of the underwriter’s full exercise of its option to purchase up to 900,000 additional warrants, at a purchase price of $1.00 per Private Placement Warrant. On November 6, 2023, WWAC issued 627,810 other Private Placement Warrants to the Sponsor pursuant to the conversion of a promissory note payable to the Sponsor. Upon consummation of the Business Combination, the Company assumed 11,499,991 Public Warrants and 9,527,810 Private Placement Warrants (collectively the “Warrants”).
Sale price	$ 18.00	$ 18.00	$ 18.00	$ 18.00
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights	$ 11.50	$ 11.50

Long-term debt

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term debt

Note 4 - Long-term debt

Long-term debt consists of the following:

Schedule of long-term debt
	June 30, 2024		March 31, 2024
Loan from the director of ATGBA	$	833	$	834
Loan from an affiliate		737		498
Non-current portion of vehicle loan		105		108
	$	1,675	$	1,440

For additional information on the loan from the director of ATGBA, Mr. Vaibhav Rao, to a subsidiary company and loan from an affiliate, see Note 8 – Related Party Transactions - point (g) and (d), respectively.

Vehicle loan

On December 7, 2022, the Company entered into a vehicle loan, secured by the vehicle, for INR 11,450 (or approximately $137 at the exchange rate in effect on June 30, 2024) at 10.75% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning January 4, 2023.

As of June 30, 2024, the future maturities of debt by fiscal year are as follows:

Schedule of future maturities of debt
2025	$	10
2026		848
2027		591
2028		240
Total future maturities of debt	$	1,689

Note 9 - Long-term debt

Long-term debt consists of the following:

Schedule of long-term debt
	As of March 31,
	2024		2023
Loan from the director of ATGBA	$	834	$	845
Loan from an affiliate		498		-
Non-current portion of vehicle loan		108		124
	$	1,440	$	969

For additional information on the loan from the director of ATGBA, Mr. Vaibhav Rao, to a subsidiary company and loan from an affiliate, see Note 14 – Related Party Transactions - point (g) and (d), respectively.

Vehicle loan

On December 7, 2022, the Company entered into a vehicle loan, secured by the vehicle, for INR 11,450 (or approximately $137 at the exchange rate in effect on March 31, 2024) at 10.75% from Mercedes-Benz Financial Services India Pvt. Ltd. The Company is required to repay the loan in 48 monthly instalments beginning January 4, 2023.

As of March 31, 2024, the future maturities of debt by fiscal year are as follows:

Schedule of future maturities of debt
2025	$	13
2026		849
2027		591
Total future maturities of debt	$	1,453

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Income from operations	$ 1,871	$ 1,060
Other comprehensive income
Defined benefit plan	4	(39)
Total	$ 1,875	$ 1,021

Amount after tax of income (loss) from continuing operations attributable to the parent.

Periods prior to demerger transactions

Summary of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Preparation

Basis of Preparation

The information presented below supplements the Significant Accounting Policies information presented in the annual report on Form 10-K for the year ended March 31, 2024. There have been no changes in accounting policies during the three months ended June 30, 2024, from those disclosed in the annual consolidated financial statements and related notes for the year ended March 31, 2024, except for those described below and also as described in “Recently Adopted Accounting Pronouncements” below.

All intercompany balances and transactions have been eliminated in consolidation.

Basis of Preparation

The Company’s accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements are audited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating results, statement of changes in redeemable noncontrolling interest and stockholders’ equity (deficit), and cash flows for the periods presented. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. The results for the year ended March 31, 2024 are not necessarily indicative of the results to be expected for any future periods.

The consolidated balance sheet as of March 31, 2023 included herein was derived from the audited consolidated carve-out financial statements (restated) of Aark Singapore Pte Ltd. and its subsidiaries as of that date. As such, the information included herein should be read in conjunction with the consolidated carve-out financial statements and accompanying notes of AARK as of and for the year ended March 31, 2023, filed as an exhibit to Amendment No. 2 to Current Report on Form 8-K originally filed on November 13, 2023 as amended on November 30, 2023 and December 13, 2023, which provides a more complete discussion of the Company’s accounting policies and certain other information. There have been no changes in accounting policies during the year ended March 31, 2024 from those disclosed in the annual consolidated carve-out financial statements and related notes for the year ended March 31, 2023, except for those described below and also as described in “Recently Adopted Accounting Pronouncements” below.

All intercompany balances and transactions have been eliminated in consolidation.

Periods prior to demerger transactions

These condensed consolidated financial statements were extracted from the accounting records of AARK on a carve-out basis prior to May 24, 2023, including interim period ended December 31, 2022, i.e., these condensed consolidated financial statements exclude the financial results of the fintech and investing businesses that are unrelated to the merger with ATI pursuant to the Merger Agreement. The condensed consolidated financial statements have been derived from the historical accounting records of Aark Singapore Pte. Ltd., Aeries Technology Group Business Accelerators Pvt Ltd. (“ATGBA”), its subsidiaries and controlled trust. Only those assets and liabilities that are specifically identifiable to the management consultancy business activities are included in the Company’s condensed consolidated balance sheets. The Company’s condensed consolidated statements of operations and comprehensive income consist of all the revenue and expenses of the management consultancy business activities, excluding allocations of certain expenses of the excluded fintech and investing business activities. These allocations were based on methodologies that management believes to be reasonable; however, amounts derecognized by the Carve-out Entity are not necessarily representative of the amounts that would have been reflected in the condensed consolidated financial statements had the excluded businesses operated independently of the Carve-out Entity.

The condensed consolidated financial statements for the period prior to the Demerger Transactions exclude the following: (a) cash and cash equivalents that were utilized solely to fund activities undertaken by the investing business of AARK, (b) long-term debt and related interest payable/expense that were solely related to financing of the fintech and investing businesses, (c) amounts due from related parties related to the fintech and investing businesses, (d) investments made by the investing business, (e) trade and other receivables of the fintech business, and (f) revenue, cost of sales, other income, advisory fees, bank charges and withholding taxes attributable to the fintech and investing businesses and allocations of certain expenses of the excluded businesses; these allocations were based on methodologies that management believes to be reasonable; however, amounts derecognized by AARK are not necessarily representative of the amounts that would have been reflected in the condensed consolidated financial statements had the excluded businesses operated independently of AARK.

Differences between allocations in the condensed consolidated statements of operations and condensed consolidated balance sheets are reflected in equity as a part of “Net shareholders’ investment and additional paid-in-capital” in the condensed consolidated financial statements.

Non-controlling interests represent the equity interest not owned by the Company and are recorded for condensed consolidated entities in which the Company owns less than 100% of the interests. Changes in a parent’s ownership interest while the parent retains its controlling interest are accounted for as equity transactions.

Periods prior to demerger transactions

These consolidated financial statements were extracted from the accounting records of AARK on a carve-out basis prior to May 24, 2023, including comparative period ended March 31, 2023, i.e., these consolidated financial statements exclude the financial results of the fintech and investing businesses that are unrelated to the merger with WWAC pursuant to the Merger Agreement. The consolidated financial statements have been derived from the historical accounting records of Aark Singapore Pte. Ltd., Aeries Technology Group Business Accelerators Pvt Ltd., its subsidiaries (“ATGBA”) and controlled trust. Only those assets and liabilities that are specifically identifiable to the management consultancy business activities are included in the Company’s consolidated balance sheets. The Company’s consolidated statements of operations and comprehensive income consist of all the revenue and expenses of the management consultancy business activities, excluding allocations of certain expenses of the excluded fintech and investing business activities. These allocations were based on methodologies that management believes to be reasonable; however, amounts derecognized by the Carve-out Entity are not necessarily representative of the amounts that would have been reflected in the consolidated financial statements had the excluded businesses operated independently of the Carve-out Entity.

The consolidated financial statements for the period prior to the Demerger Transactions exclude the following: (a) cash and cash equivalents that were utilized solely to fund activities undertaken by the investing business of AARK, (b) long-term debt and related interest payable/expense that were solely related to financing of the fintech and investing businesses, (c) amounts due from related parties related to the fintech and investing businesses, (d) investments made by the investing business, (e) trade and other receivables of the fintech business, and (f) revenue, cost of sales, other income, advisory fees, bank charges and withholding taxes attributable to the fintech and investing businesses and allocations of certain expenses of the excluded businesses; these allocations were based on methodologies that management believes to be reasonable; however, amounts derecognized by AARK are not necessarily representative of the amounts that would have been reflected in the consolidated financial statements had the excluded businesses operated independently of AARK.

Differences between allocations in the consolidated statements of operations and consolidated balance sheets are reflected in equity as a part of “Net shareholders’ investment and additional paid-in-capital” in the consolidated financial statements.

Non-controlling interests represent the equity interest not owned by the Company and are recorded for consolidated entities in which the Company owns less than 100% of the interests. Changes in a parent’s ownership interest while the parent retains its controlling interest are accounted for as equity transactions.

Periods after the Demerger Transactions

Periods after the Demerger Transactions

Beginning May 25, 2023 and for the interim period ended June 30, 2024, following the demerger of the fintech and investing businesses, the condensed consolidated financial statements of ATI have been prepared from the financial records of Aark Singapore Pte. Ltd., ATGBA, its subsidiaries and controlled trust on a condensed consolidated basis.

Periods after the Demerger Transactions

Beginning May 25, 2023 and for the year ended March 31, 2024, following the demerger of the fintech and investing businesses, the consolidated financial statements of ATI have been prepared from the financial records of Aark Singapore Pte. Ltd., Aeries Technology Group Business Accelerators Pvt Ltd. (“ATGBA”), its subsidiaries and controlled trust on a consolidated basis.

Emerging Growth Company

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Emerging Growth Company

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Going Concern

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

For the three months ended June 30, 2024, the Company has reported a net loss. This may raise a substantial doubt regarding the Company’s ability to continue as a going concern for at least 12 months from the date when these financial statements are available to be filed with the SEC. As at June 30, 2024 the Company had a balance of $4,197 in cash and cash equivalents and also generated positive cash flows for the three months ended June 30, 2024.

The Company has historically financed its operations and expansions with cash generated from operations, a revolving credit facility from Kotak Mahindra Bank, and loans from related parties. Management expects to have sufficient cash from the operations, cash reserves and debt capacity for the next 12 months and for the foreseeable future to finance our operations, our growth, expansion plans.

The Company’s ability to continue as a going concern is dependent upon, among other things, successfully executing our mitigation plan, which includes, (i) raising additional funds from existing or new credit facilities, (ii) raising funds through FPAs or private placements, and (iii) restructure the current liabilities into equity or long-term liabilities. The Company is hopeful of accomplishing its objectives through these measures in the anticipated time frame and also expects that the funds available through the above-mentioned arrangements will be sufficient to alleviate the doubts about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary if the Company is unable to continue as a going concern.

These financial statements have been prepared on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.

Going Concern

In accordance with ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its obligations as they become due within one year after the date that the financial statements are issued.

The accompanying consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

For the year ended March 31, 2024, the Company has reported negative operating cash flow. The shareholders’ equity as at March 31, 2024 also has a deficit of $(1,914). These factors may raise a doubt regarding the Company’s ability to continue as a going concern for at least 12 months from the date when these financial statements are available to be filed with the SEC. As at March 31, 2024 the Company had a balance of $2,084 in cash and cash equivalents and also generated overall positive cash flows for the year ended March 31, 2024.

The Company has generated operating profits in current and preceding year. The Company’s ability to continue as a going concern is dependent upon, among other things, the mitigation plan to (i) raise additional funds from existing or new credit facilities (ii) receive funds through Forward Purchase Agreements (FPAs) or Private Placements. The Company has undertaken multiple initiatives i.e. (i) restructure the current liabilities into equity or long-term liabilities, and (ii) execute term sheets for infusion of additional cash totalling around $5 million in gross proceeds. The Company is hopeful of accomplishing its objectives through these measures in the anticipated time frame and also expects that the funds available through the above-mentioned arrangements will be sufficient to alleviate the doubts about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary if the Company is unable to continue as a going concern.

Use of Estimates

Use of Estimates

The preparation of condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, revenue recognition, allowance for credit losses, stock-based compensation, fair valuation of FPA put option liabilities and private warrant liabilities, useful lives of property and equipment, accounting for income taxes, determination of incremental borrowing rates used for operating lease liabilities and right-of-use assets, obligations related to employee benefits and carve-out of financial statements, including the allocation of assets, liabilities and expenses. Management believes that the estimates and judgments upon which it relies, are reasonable based upon information available to the Company at the time that these estimates and judgments were made. Actual results could differ from those estimates.

Use of Estimates

The preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, revenue recognition, allowance for credit losses, stock-based compensation, fair valuation of Forward Purchase Agreements (“FPAs”) put option liabilities and private warrant liabilities, useful lives of property and equipment, accounting for income taxes, determination of incremental borrowing rates used for operating lease liabilities and right-of-use assets, obligations related to employee benefits and carve-out of financial statements, including the allocation of assets, liabilities and expenses. Management believes that the estimates and judgments upon which it relies, are reasonable based upon information available to the Company at the time that these estimates and judgments were made. Actual results could differ from those estimates.

Segment Reporting

Segment Reporting

The Company operates as one operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.

Segment Reporting

Forward Purchase Agreements

Forward Purchase Agreement

On November 3, 2023, and November 5, 2023, WWAC entered into Forward Purchase Agreements with Sandia Investment Management LP, Sea Otter Trading, LLC, YA II PN, Ltd and Meteora Capital Partners, LP (collectively known as “FPA holders”) for an over-the-counter (OTC) Equity Prepaid Forward Transaction. A Subscription Agreement (the “Subscription Agreement”) was also executed alongside the FPA for subscription of the underlying FPA shares by the FPA holders either through a new issuance or purchase of shares from existing holders (“Recycled Shares”). The FPAs and Subscription Agreements have been accounted for separately as discussed subsequently.

The FPAs stipulate a new issuance of 3,711,667 Class A ordinary shares to the FPA holders at the redemption price (i.e., $10.69 per share) and, purchase of 288,333 Recycled Shares through redemption reversals. The amount to be received by ATI from the FPA holders on such issuance of around 3,711,667, shares, are held with the FPA holders as prepaid with respect to the forward transaction. Pursuant to the FPA, ATI was obligated to pay a prepayment amount of $42,760 which was settled as below:

●

$39,678 against the consideration receivable by ATI for a new issuance of Class A ordinary shares to the FPA holders; and

●

$3,083 representing the cash paid by ATI to the FPA holders to fund the purchase price of the Recycled Shares.

At the end of the contract period of one year, for each unsold share held by the FPA holders, ATI is obligated to pay FPA holders an amount of $2 in cash or a variable number of ATI’s Class A ordinary shares in order to provide a return of $2.5 per FPA share determined based on the 30-day volume weighted average price of ATI’s Class A ordinary shares (“Maturity Consideration”). The FPA holders have the option to select the form of Maturity Consideration.

The Optional Termination Right held by the FPA holders economically results in the prepaid forward contract being akin to a written put option with the FPA holders’ right to sell all or a portion of the 4,000,000 Class A ordinary shares to ATI. ATI is entitled over the 12-month maturity period to either a return of the prepayment or the underlying shares, which the FPA holders will determine at their sole discretion depending on the movement in ATI’s stock price.

On April 8, 2024, the Company completed a Private Investment in Public Equity (“PIPE”) transaction, with the Class A ordinary shares quoted at approximately $2.21 per share at that time. The Company has Forward Purchase Agreements with Sandia Investment Management LP, Sea Otter Trading, LLC, YA II PN, Ltd, and Meteora Capital Partners, LP (collectively, the “FPA Holders”). These agreements contain a price reset feature that allows for adjustments to the share price based on certain predefined conditions, including those triggered by the PIPE transaction. As of the reporting date, this price reset feature was activated, resulting in a new share price of $2.21 per share for the over-the-counter (OTC) Equity Prepaid Forward Transaction.

This adjustment has implications for the fair value of the derivative liability initially recorded on the balance sheet. Future fluctuations in this fair value will be recognized in earnings. For more details, please refer to Note 13: Fair Value Measurement

The FPAs consist of two freestanding financial instruments that are accounted for as follows:

The total prepayment of $42,760 (“Prepayment Amount”) which includes a net cash outflow of $3,083 as discussed above. The Prepayment Amount has been accounted for as a reduction to equity to reflect the substance of the overall arrangement as a net repurchase of the Recycled Shares and sale of newly issued shares to the FPA holders pursuant to a subscription agreement without receipt of the underlying consideration of $39,678.

Forward Purchase Agreements

On November 3, 2023, and November 5, 2023, WWAC entered into Forward Purchase Agreements (the “FPAs”) with Sandia Investment Management LP, Sea Otter Trading, LLC, YA II PN, Ltd and Meteora Capital Partners, LP (collectively, the “FPA holders”) for an over-the-counter (“OTC”) Equity Prepaid Forward Transaction. A Subscription Agreement (the “Subscription Agreement”) was also executed alongside each FPA for subscription of the underlying FPA shares by the FPA holders either through a new issuance or purchase of shares from existing holders (“Recycled Shares”). The FPAs and Subscription Agreements have been accounted for separately as discussed subsequently.

	●	$39,678 against the consideration receivable by ATI for a new issuance of class A ordinary shares to the FPA holders; and

	●	$3,083 representing the cash paid by ATI to the FPA holders to fund the purchase price of the Recycled Shares.

At the end of the contract period of one year, for each unsold share held by the FPA holders, ATI is obligated to pay FPA holders an amount of $2 in cash or a variable number of ATI’s Class A ordinary shares in order to provide a return of $2.5 per FPA share determined based on the 30-day volume weighted average price (“VWAP”) of ATI’s Class A ordinary shares (“Maturity Consideration”). The FPA holders have the option to select the form of Maturity Consideration.

The Optional Termination Right held by the FPA holders economically results in the prepaid forward contract being akin to a written put option with the Purchaser’s right to sell all or a portion of the 4,000,000 common shares to ATI. ATI is entitled over the 12-month maturity period to either a return of the prepayment or the underlying shares, which the FPA holders will determine at their sole discretion depending on the movement in ATI’s stock price.

The FPAs consist of two freestanding financial instruments that are accounted for as follows:

The “FPA Put Option” includes both the in-substance written put option and the expected Maturity Consideration. The FPA Put Option is a derivative instrument that the Company has recorded as a liability and measured at fair value in accordance with ASC 480-10. The instrument is subject to remeasurement at each balance sheet date, with changes in fair value recognized in the consolidated statements of operations. The initial fair value of the FPA put option liability at the Closing Date was $25,009, and the fair value as on March 31, 2024 was $10,244, which is reported as a FPA put option liability in our consolidated balance sheet. The change in the fair value of the FPA put option liability of $14,765 for the year ended March 31, 2024 has been recorded to change in fair value of forward purchase agreement put option liability in the Company’s consolidated statements of operations. See Note 20.

Derivative Financial Instruments and FPA Put Option Liability

Derivative Financial Instruments and FPA Put Option Liability

The Company accounts for the Warrants (defined below) in accordance with the guidance contained in ASC 815-40 under which the Instruments (as defined below) do not meet the criteria for equity treatment and must be recorded as liabilities. The Company accounts for the FPA put option liability as a financial liability in accordance with the guidance in ASC 480-10. Warrants and FPA are collectively referred as the “Instruments”. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s condensed consolidated statement of operations. See Note 11 for further discussion of the pertinent terms of the Warrants and Note 13 for further discussion of the methodology used to determine the value of the Warrants and FPA.

In December 2023, the Company settled vendor balances mounting to $855 owed to certain vendors by issuing 361,388 Class A ordinary shares. If the volume weighted average price (“VWAP”) of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, additional Class A ordinary shares of ATI would need to be issued for the difference. This represents a derivative financial instrument written by the Company which has been accounted for in accordance with the guidance contained in ASC 815-40 including subsequent re-measurement at fair value with the changes being recognized in Company’s condensed consolidated statement of operations.

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value at inception and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the condensed consolidated balance sheets as current or noncurrent based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Derivative Financial Instruments and FPA Put Option Liability

The Company accounts for the Warrants (defined below) in accordance with the guidance contained in ASC 815-40 under which the Instruments (as defined below) do not meet the criteria for equity treatment and must be recorded as liabilities. The Company accounts for the FPA put option liability as a financial liability in accordance with the guidance in ASC 480-10. Warrants and FPA are collectively referred as the “Instruments”. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statement of operations. See Note 18 for further discussion of the pertinent terms of the Warrants and Note 20 for further discussion of the methodology used to determine the value of the instruments.

In December 2023, the Company settled vendor balances amounting to $855 owed to certain vendors by issuing 361,338 Class A ordinary shares. If the VWAP of the Class A ordinary shares over the three trading days immediately preceding the agreement date is higher than the VWAP over the three trading days immediately preceding the six-month anniversary from the agreement date, additional Class A ordinary shares of ATI would need to be issued for the difference. This represents a derivative financial instrument written by the Company which has been accounted for in accordance with the guidance contained in ASC 815-40 including subsequent re-measurement at fair value with the changes being recognized in Company’s consolidated statement of operations.

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value at inception and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or noncurrent based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 – Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets but corroborated by market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Except for the Warrants and FPA as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the condensed consolidated balance sheets.

Fair Value of Financial Instruments

Except for the Warrants and FPAs as described above, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the consolidated balance sheets.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans to affiliates, and investments. The Company holds cash at financial institutions that the Company believes are high credit quality financial institutions and limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the banks with which it does business. As of June 30, 2024 and March 31, 2024, there was one customer that represented 10% or greater of the Company’s accounts receivable balance. The Company expects limited credit risk arising from its long-term investments as these primarily entail investments in the Company’s affiliates that have a credit rating that is above the minimum allowable credit rating defined in the Company’s investment policy. As a part of its risk management process, the Company limits its credit risk with respect to long-term investments by performing periodic evaluations of the credit standing of counterparties to its investments.

In respect of the Company’s revenue, there were four and three customers that each accounted for more than 10% of total revenue for the three months ended June 30, 2024 and 2023, respectively. The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue during the three months ended June 30, 2024 and 2023:


	Three Months Ended June 30,
	2024			2023
Customer 1		16	%		15	%
Customer 2		12	%		12	%
Customer 3		10	%		12	%
Customer 4		10	%		n/a

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans to affiliates, and investments. The Company holds cash at financial institutions that the Company believes are high credit quality financial institutions and limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the banks with which it does business. As of March 31, 2024 and March 31, 2023, there were one and four customers, respectively, that represented 10% or greater of the Company’s accounts receivable balance. The Company expects limited credit risk arising from its long-term investments as these primarily entail investments in the Company’s affiliates that have a credit rating that is above the minimum allowable credit rating defined in the Company’s investment policy. As a part of its risk management process, the Company limits its credit risk with respect to long-term investments by performing periodic evaluations of the credit standing of counterparties to its investments.

In respect of the Company’s revenue, there were two and four customers that each accounted for more than 10% of total revenue for the year ended March 31, 2024 and 2023, respectively. The following table shows the amount of revenue derived from each customer exceeding 10% of the Company’s revenue during the year ended March 31, 2024 and 2023:


	Year Ended March 31,
	2024			2023
Customer 1		14	%		16	%
Customer 2		12	%		16	%
Customer 3		n/a			12	%
Customer 4		n/a			11	%

Accounts receivable, net

Accounts receivable, net

The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s condensed consolidated balance sheets.

Prior to the Company’s adoption of ASU 2016-13, Topic 326 Financial Instruments – Credit Losses (“Topic 326”), the accounts receivable balance was reduced by an allowance for doubtful accounts that was determined based on the Company’s assessment of the collectability of customer accounts. Under Topic 326, accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company regularly reviews the adequacy of the allowance for credit losses based on a combination of factors. In establishing any required allowance, management considers historical losses adjusted for current market conditions, the current receivables aging, current payment terms and expectations of forward-looking loss estimates. Allowance for credit losses was $2,299 as of June 30, 2024 and $1,263 as of March 31, 2024, and is classified within “Accounts Receivable, net” in the condensed consolidated balance sheets. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of Topic 326.

The following tables provides details of the Company’s allowance for credit losses (in thousands):

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024		2023
Opening balance as of April 1	$	1,263	$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		-		149
Adjusted balance as of April 1	$	1,263	$	149
Additions charged to cost and expense		1,036		16
Closing balance as of June 30	$	2,299	$	165

Accounts receivable, net

Prior to the Company’s adoption of ASU 2016-13, Topic 326 Financial Instruments – Credit Losses (“Topic 326”), the accounts receivable balance was reduced by an allowance for doubtful accounts that was determined based on the Company’s assessment of the collectability of customer accounts. Under Topic 326, accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company regularly reviews the adequacy of the allowance for credit losses based on a combination of factors. In establishing any required allowance, management considers historical losses adjusted for current market conditions, the current receivables aging, current payment terms and expectations of forward-looking loss estimates. Allowance for credit losses was $1,263 as of March 31, 2024 and allowance for doubtful accounts was $0 as of March 31, 2023, and is classified within “Accounts Receivable, net” in the consolidated balance sheets. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of Topic 326.

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Year Ended March 31,
	2024			2023
Opening balance as of March 31, 2023	$	-		$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		149			-
Adjusted balance as of April 1, 2023	$	149		$	-
Additions charged to cost and expense		1,538			-
Write-off charged against the allowance		(424	)		-
Closing balance as of March 31, 2024	$	1,263		$	-

Long-Term Investments

Long-Term Investments

The Company’s long-term investments consist of debt and non-marketable equity investments in privately held companies in which the Company does not have a controlling interest or significant influence, which have maturities in excess of one year and the Company does not intend to sell.

Debt investments of mandatorily redeemable preference shares, which are classified as held-to-maturity since the Company has the intent and contractual ability to hold these securities to maturity. These investments are reported at amortized cost and are subject to an ongoing impairment evaluation. Income from these investments is recorded in “Interest income” in the condensed consolidated statements of operations.

Under Topic 326, expected credit losses are recorded and reduced from the amortized cost of the held-to-maturity securities. Expected credit losses for long-term investments are calculated using a probability of default method. Credit losses are recorded within “Selling, general & administrative expenses” in the condensed consolidated statements of operations when an event or circumstance indicates a decline in value has occurred. Allowance for credit losses was $113 as of June 30, 2024 and $126 as of March 31, 2024. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024			2023
Opening balance as of April 1	$	126		$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		-			126
Adjusted balance as of April 1	$	126		$	126
Additions charged to change in provision for credit losses		(13	)		6
Closing balance as of June 30	$	113		$	132

The Company includes these long-term investments in “Long-term investments” on the condensed consolidated balance sheets.

Long-Term Investments

Under Topic 326, expected credit losses are recorded and reduced from the amortized cost of the held-to-maturity securities. Expected credit losses for long-term investments are calculated using a probability of default method. Credit losses are recorded within “Selling, general & administrative expenses” in the consolidated statements of operations when an event or circumstance indicates a decline in value has occurred. Allowance for credit losses was $126 as of March 31, 2024. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Year Ended March 31,
	2024		2023
Opening balance as of March 31, 2023	$	-	$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		126		-
Adjusted balance as of April 1, 2023	$	126	$	-
Additions charged to change in provision for credit losses		-		-
Closing balance as of March 31, 2024	$	126	$	-

The Company includes these long-term investments in “Long-term investments” on the consolidated balance sheets.

Net income per Share

Net Loss per Share

Basic net loss per share is computed by dividing income/(loss) available to ordinary shareholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common and potential dilutive common shares outstanding during the period. The Company has not considered the effect of the Warrants sold in its initial public offering (the “Initial Public Offering”) and private placement to purchase ordinary shares, and impact of FPA put option liability in the calculation of diluted net loss per share, since the instruments are not dilutive.

Net income per Share

Basic net income per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and potential dilutive common shares outstanding during the period. The Company has not considered the effect of the Warrants sold in its initial public offering (the “Initial Public Offering”) and private placement to purchase ATI ordinary shares, and impact of FPA put option liability in the calculation of diluted net earnings per share, since the instruments are not dilutive.

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments. Topic 326 requires measurement and recognition of expected credit losses for financial assets measured at amortized cost as well as certain off balance sheet commitments (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The Company had an off-balance sheet guarantee at the April 1, 2023 adoption date (see Note 10 – Commitment and Contingencies). The expected credit loss for this guarantee was estimated using the probability of default method. The Company adopted ASU 2016-13 on April 1, 2023 using a modified retrospective approach. Results for reporting periods beginning April 1, 2023 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable US GAAP.

Expense related to credit losses is classified within “Selling, general & administrative expenses” in the condensed consolidated statements of operations.

Recent Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments. Topic 326 requires measurement and recognition of expected credit losses for financial assets measured at amortized cost as well as certain off balance sheet commitments (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The Company had an off-balance sheet guarantee at the April 1, 2023 adoption date (see Note 17 – Commitment and Contingencies). The expected credit loss for this guarantee was estimated using the probability of default method. The Company adopted ASU 2016-13 on April 1, 2023 using a modified retrospective approach. Results for reporting periods beginning April 1, 2023 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable US GAAP.

The adoption of ASU 2016-13 resulted in an after-tax cumulative-effect reduction to opening retained earnings and noncontrolling interest of $223 as of April 1, 2023. The following table summarizes the impact of the Company’s adoption of ASU 2016-13:


	As Reported March 31, 2023		Impact of Adoption			Balance as of April 1, 2023
Accumulated retained earnings (deficit)		6,318		(190	)		6,128
Noncontrolling interests		1,279		(33	)		1,246
Accounts receivable, net		13,416		(149	)		13,267
Prepaid expenses and other current assets		4,117		-			4,117
Other current liabilities		4,201		21			4,222
Other assets		2,259		(1	)		2,258
Long-term investments		1,564		(126	)		1,438
Deferred tax asset		1,237		75			1,312

Expense related to credit losses is classified within “Selling, general & administrative expenses” in the consolidated statements of operations.

Recent Accounting Pronouncements not yet Adopted

Recent Accounting Pronouncements not yet Adopted

In August 2020, the FASB issued a new standard (ASU 2020-06) to reduce the complexity of accounting for convertible debt and other equity-linked instruments. For certain convertible debt instruments with a cash conversion feature, the changes are a trade-off between simplifications in the accounting model (no separation of an “equity” component to impute a market interest rate, and simpler analysis of embedded equity features) and a potentially adverse impact to diluted EPS by requiring the use of the if-converted method. The new standard will also impact other financial instruments commonly issued by both public and private companies. For example, the separation model for beneficial conversion features is eliminated simplifying the analysis for issuers of convertible debt and convertible preferred stock. Also, certain specific requirements to achieve equity classification and/ or qualify for the derivative scope exception for contracts indexed to an entity’s own equity are removed, enabling more freestanding instruments and embedded features to avoid mark-to-market accounting. The new standard is effective for companies that are SEC filers (except for Smaller Reporting Companies) for fiscal years beginning after December 31, 2021 and interim periods within that year, and two years later for other companies. Companies can early adopt the standard at the start of a fiscal year beginning after December 15, 2020. The standard can either be adopted on a modified retrospective or a full retrospective basis. The Company is currently reviewing the issued standard and does not believe it will materially impact the Company.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is in the process of evaluating the Impact of the amendments this ASU will have on the financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for the Company for the fiscal year ended March 31, 2025. The Company is currently evaluating the effect of the update.

In March 2024, FASB issued ASU No. 2024-01, Compensation-Stock Compensation (“ASC Topic 718”) Scope Application of Profits Interests and Similar Awards was issued to address diversity in practice in determining whether profits interests and similar awards should be accounted for in accordance with Topic 718 or Topic 710. The update doesn’t change the scope for either Topic 718 or Topic 710; however, it provides implementation guidance and examples to assist entities in determining if profits interests or similar awards are within the scope of Topic 718. The ASU will be effective for annual periods beginning from April 1, 2025, including interim periods within those years. The Company is currently evaluating the impact of this ASU on its unaudited consolidated financial statements.

The Company is currently evaluating the effect of the updates.

Recent Accounting Pronouncements not yet Adopted

The Company is currently evaluating the effect of the updates.

Revenue Recognition

Revenue Recognition

The Company determines revenue recognition through the application of the following five step model in accordance with ASC 606: (1) identification of the contract, or contracts, with a customer; (2) identification of the performance obligations in a contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, performance obligations are satisfied.

Nature of Services

The Company derives revenues from contracts for management consultancy services, which entail providing customized and integrated advisory and operational management services, each of which constitute a separate performance obligation. These contracts have different terms based on the scope, performance obligations and complexity of the engagement, which frequently requires the Company to make judgments and estimates in recognizing revenues.

The Company’s advisory services entail the provision of strategic consulting services at the onset and during the contractual term and are billed on a time-and materials basis. Operational management services entail provision of tailored offshoring services in respect of customers’ business operations and are billed on a cost-plus basis. Revenue on time and material arrangements is recognized based on the actual hours performed at the contracted billable rates for services provided, plus costs incurred on behalf of the customer. Revenue on cost-plus arrangements is recognized to the extent of costs incurred, plus the contractually agreed-upon margin earned. The Company’s performance obligations are satisfied over time and since contractual billings correspond with the value provided to a customer, the Company recognizes revenue in the amount of consideration for which it has the right to invoice using the as-invoiced practical expedient. If there is an uncertainty about the receipt of payment for the services, revenue is recognized to the extent that a significant reversal of revenue would not be probable.

If there is an uncertainty about the receipt of payment for the services, revenue recognition is deferred until the uncertainty is sufficiently resolved. The Company applies a practical expedient and does not assess the existence of a significant financing component if the period between transfer of the service to a customer and when the customer pays for that service is one year or less.

All revenues earned from contracts are presented net of discounts, allowances, and applicable taxes. Reimbursements of out-of-pocket expenses received from customers have been included as part of revenues.

Unbilled Receivables

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer.

Cost of Revenue

Cost of Revenue

Cost of revenue primarily consists of personnel-related costs directly associated with the Company’s professional services, including salaries, benefits, bonuses, the costs of contracted third-party partners, travel expenses, depreciation related to the Company’s infrastructure and equipment dedicated for customer use, and other overhead.

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses

Selling, general and administrative expenses include compensation for executive management, sales and marketing employees, advertising costs, finance administration and human resources, facility costs, personnel-related expenses directly associated with the Company’s IT staff, bad debt expenses, professional service fees, depreciation, and other general overhead costs to support the Company’s operations.

Deferred Transaction Costs

Deferred Transaction Costs

Deferred transaction costs, which consist of direct incremental legal, consulting and accounting fees related to the Business Combination, are capitalized. On November 6, 2023, $3,697 of deferred transaction costs were recorded against additional paid-in capital upon the consummation of the Business Combination. The Company had recorded $0 and $1,921 of deferred transaction costs on the consolidated balance sheet as of March 31, 2024 and 2023, respectively.

Stock-Based Compensation

Stock-Based Compensation

In 2020, Aeries Technology Group Business Accelerators Pvt Ltd. established a controlled trust called the Aeries Employee Stock Option Trust (“ESOP Trust”). The ESOP Trust purchased shares of Aeries Technology Group Business Accelerators Pvt Ltd. from funds borrowed from the entity. The entity’s Board of Directors recommends to the ESOP Trust certain employees, officers and key management personnel, to whom the ESOP Trust will be required to grant shares from its holdings at the exercise price. Such shares granted to employees are subject to the vesting conditions of the plans described below.

The Company measures compensation expense for all stock-based awards based on the estimated fair value of the awards on the date of grant. Stock-based awards include stock options with service-based and/or performance-based vesting conditions. For awards that vest based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. For awards with performance-based vesting conditions, stock-based compensation expense is recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.

The fair value of employee stock options are determined using the Black-Scholes Merton (“BSM”) model using various inputs, including estimates of expected volatility, term, risk-free rate, and future dividends. The Company recognizes compensation costs on a straight-line basis over the requisite service period of the employee which is generally the option vesting term. The Company accounts for forfeitures as they occur.

Fair Value of Common Stock – Given the absence of a public trading market for shares of ATGBA, the Company considers numerous objective and subjective factors to determine the fair value of common stock at each meeting at which awards are approved. These factors include, but are not limited to, contemporaneous valuations of common stock performed by an independent valuation specialist; developments in the Company’s business and stage of development; the Company’s operational and financial performance and condition; current condition of capital markets and the likelihood of achieving a liquidity event, such as sale of the Company; and the lack of marketability of the Company’s common stock.

Dividend Yield – The Company bases the assumed dividend yield on its expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero.

Expected Volatility – The volatility is derived from the average historical stock volatilities of a peer group of public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the share-based grants. The peer group is periodically re-evaluated to properly align to the changes and developments of the Company’s business.

Risk-free Interest Rate – The risk-free interest rate assumption is based upon observed interest rates on U.S. Treasury bonds whose maturity period is appropriate for the term of the options.

Expected Term – The Company calculates the expected term using the simplified method based on the options vesting term and contractual terms as the Company did not have sufficient relevant historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Income Taxes

Income Taxes

The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company nets the deferred tax assets and deferred tax liabilities from temporary differences arising from a particular tax-paying component of the Company within the same tax jurisdiction and presents the net asset or liability as long term. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period that includes the enactment date. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. We have elected to account for the tax effects of the global intangible low tax Income provision as a current period expense.

The Company recognizes tax benefits from uncertain tax positions if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company believes that it has adequately reserved for uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustment to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and results of operations.

The Company elects to record interest accrued and penalties related to unrecognized tax benefits in the consolidated statements of operations as a component of provision for income taxes.

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of changes, net of taxes, in the cumulative foreign currency translation adjustments and actuarial gains and losses on defined benefit plans.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization, subject to review of impairment. Expenditures for replacements and improvements are capitalized, whereas the costs of maintenance and repairs are charged to earnings as incurred. Property and equipment include assets that the Company owns and finance lease arrangements. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets as follows:

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Internal Use Software Costs

Internal Use Software Costs

The Company capitalizes certain costs related to internal use software acquired, modified, or developed related to the Company’s platform. These capitalized costs are primarily related to salaries and other personnel costs. Costs incurred in the preliminary stages of development are expensed as incurred. Once the application development stage has been reached, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. Maintenance and training costs are expensed as incurred. For the years ended March 31, 2024 and 2023, the Company capitalized $663 and $568, respectively, of technology development costs. The amortization expense is recorded in “Cost of revenue” and “Selling, general and administrative expenses” on the consolidated statements of operations.

Software costs that are expensed are recorded in “Selling, general and administrative expenses” on the consolidated statements of operations.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The Company periodically reviews the carrying amounts of long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company measures the recoverability of these assets by comparing the carrying amount of each asset to the future undiscounted cash flows we expect the asset to generate. If any of these assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the asset exceeds its fair value. In addition, we periodically evaluate the estimated remaining useful lives of long-lived assets to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation or amortization. No impairment charges have been recorded during the years ended March 31, 2024 and 2023.

Leases

Leases

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset.

Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, (5) the leased asset is so specialized that the asset will have little to no value at the end of the lease term. A lease is classified as an operating lease if it does not meet any one of the above criteria. Assets acquired under finance leases are recorded in property and equipment, net.

Lease liabilities are recognized at the present value of the fixed lease payments, reduced by landlord incentives using a discount rate based on similarly secured borrowings available to us. Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives, plus any direct costs from executing the leases. Lease assets are tested for impairment in the same manner as long-lived assets used in operations. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease term.

Upon the adoption of ASC 842, the Company elected the package of practical expedients to not (i) reassess whether any expired or existing contracts are or contain a lease, (ii) reassess historical lease classifications for existing leases, and (iii) reassess initial direct costs for existing leases.

The Company also elected the practical expedient to account for lease and non-lease components as a single lease component. Accordingly, the Company shall include non-lease components with lease payments for the purpose of calculating lease assets and liabilities to the extent that they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company does not record leases on the consolidated balance sheet that have a term of 12 months or less at the lease commencement date.

Costs associated with operating lease assets are recognized on a straight-line basis within “Cost of revenue” and “Selling, general and administrative” expenses over the term of the lease. Finance lease assets are amortized within operating expenses on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term.

Commitments and Contingencies

Commitments and Contingencies

Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. The Company monitors the arrangements that are subject to guarantees in order to identify if the obligor who is responsible for making the payments fails to do so. If the Company determines it is probable that a loss has occurred, then any such estimable loss would be recognized under those guarantees. The methodology used to estimate potential loss related to guarantees considers the guarantee amount and a variety of factors, which include, depending on the counterparty, latest financial position of counterparty, actual defaults, historical defaults, and other economic conditions. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

The Company’s consolidated financial statements are reported in U.S. dollars. The functional currency of the Company is the U.S. dollars. The functional currency for the Company’s subsidiaries organized in India, Mexico and the United States are their respective local currencies. The Company translates the assets and liabilities of its non-U.S. Dollar functional currency subsidiaries into U.S. Dollars using exchange rates in effect at the end of each period. Amounts classified in stockholder’s equity are translated at historical exchange rates. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized in cumulative translation adjustment included in “Accumulated other comprehensive loss” on the consolidated balance sheets.

The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates prevailing at the date of the transaction. Monetary items denominated in foreign currency remaining unsettled at the end of the year are translated at the closing rates as of the last day of the year. Gains and losses from these remeasurements are recognized within “Other income (expense), net” in the consolidated statements of operations and were $21 and $391 for the years ending March 31, 2024 and 2023, respectively.

Employee Benefit Plan

Employee Benefit Plan

Defined Contribution Plan: This comprises of contributions to the employees’ provident fund for employees in India, which is a defined contribution plan set up in accordance with local labor and tax laws and 401(k) savings and supplemental retirement plans for employees in the United States. Both the employee and the employer make monthly contributions to the plan at a predetermined rate of the employees’ basic salary. The Company’s monthly contributions to all of these plans are charged to the consolidated statement of operations in the year they are incurred and there are no further obligations under these plans beyond those monthly contributions. The obligation is recognized in other, which is included in “Other current liabilities” on the consolidated balance sheets. The Company contributed $796 and $642 towards both of these defined contribution plans during the fiscal years ended March 31, 2024 and 2023, respectively. This balance is recognized in either “Cost of revenue” or “Selling, general, and administrative expenses”, on an employee-by-employee basis.

Defined Benefit Plan: The Company provides for a gratuity obligation through a defined benefit retirement plan (the “Gratuity Plan”) covering eligible employees in India under Payments of Gratuity Act, 1972. The plan provides for lump sum payment to vested employees at retirement, death, incapacitation, or termination of employment, of an amount equivalent to 15 days (15 days / 26 days) of salary payable to the respective employee for each completed year of service, with a maximum limit prescribed per employee. As of March 31, 2024 and 2023, the entire gratuity plan of the Company was unfunded. The cost of providing benefits under this plan is determined based on actuarial valuation at each year end. Actuarial valuation is carried out for gratuity using the projected unit credit method. These costs primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. Changes in fair value of the obligation are recorded in “Other comprehensive loss” in the consolidated statements of other comprehensive income and generally amortized over the average remaining service period of the active employees expected to receive benefits under the plan.

Compensated Absences: The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable. The obligation is included in “Accrued compensation and related benefits, current” while the long-term portion is included in “Other liabilities” on the consolidated balance sheets. The Company’s total obligation with respect to compensated absences was $2,537 and $1,910 for the years ended March 31, 2024 and 2023, respectively.

Income Taxes (Details 5) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Deferred tax assets non-current	$ 1,933	$ 1,237
Deferred tax liabilities non-current	92	168
Net deferred tax asset (liability)	$ 1,841	$ 1,069

Revenue

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 5 - Revenue

Disaggregation of Revenue

The Company presents and discusses revenues by customer location. The Company believes this disaggregation best depicts how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factors.

The following table shows the disaggregation of the Company’s revenues by major customer location. Revenues are attributed to geographic regions based upon billed client location. Substantially all of the revenue in our North America region relates to operations in the United States.

Schedule of disaggregation of revenue
	Three Months Ended June 30,
	2024		2023
North America	$	15,507	$	12,487
Asia Pacific and Other		1,160		3,843
Total revenue	$	16,667	$	16,330

Contract balances

Contract assets comprise amounts where the Company’s right to bill is contingent on something other than the passage of time. As of June 30, 2024 and March 31, 2024, the Company’s contract assets were $470 and $255, respectively, and were recorded within “Prepaid expenses and other current assets”, net of allowance for credit losses, on the condensed consolidated balance sheets.

Contract liabilities, or deferred revenue, comprise amounts collected from the Company’s customers for revenues not yet earned and amounts which are anticipated to be recorded as revenues when services are performed. The amount of revenue recognized in the three months ended June 30, 2024 and 2023 that was included in deferred revenue at the beginning of each period was $60 and $101, respectively.

As of June 30, 2024 and March 31, 2024 the Company’s deferred revenue was $223 and $261, respectively, and was recorded within “Other current liabilities” on the condensed consolidated balance sheets. There was no deferred revenue classified as non-current as of June 30, 2024 and March 31, 2024.

Note 11 - Revenue

Disaggregation of Revenue

Schedule of disaggregation of revenue
	Year Ended March 31,
	2024		2023
North America	$	56,958	$	48,204
Asia Pacific and Other		15,551		4,895
Total revenue	$	72,509	$	53,099

Contract balances

Contract assets comprise amounts where the Company’s right to bill is contingent on something other than the passage of time. As of March 31, 2024 and March 31, 2023, the Company’s contract assets were $255 and $0, respectively, and were recorded within “Prepaid expenses and other current assets”, net of allowance for credit losses, on the consolidated balance sheets.

Contract liabilities, or deferred revenue, comprise amounts collected from the Company’s customers for revenues not yet earned and amounts which are anticipated to be recorded as revenues when services are performed. The amount of revenue recognized for the year ended March 31, 2024 and 2023 that was included in deferred revenue at the beginning of each period was $193 and $228, respectively.

As of March 31, 2024 and March 31, 2023 the Company’s deferred revenue was $261 and $193, respectively, and was recorded within “Other current liabilities” on the consolidated balance sheets. There was no deferred revenue classified as non-current as of March 31, 2024 and March 31, 2023.

Contract Acquisition Costs

Direct and incremental costs incurred for acquiring contracts, such as sales commissions are contract acquisition costs and thereby classified under “Other current assets” and “Other assets” in the consolidated balance sheets. Such costs are amortized over the expected duration of the relationship with customers and recorded under Selling and marketing expenses in the consolidated statements of income.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (14,653)	$ 494	$ 1,706

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Other Liabilities Disclosure [Abstract]

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,197	$ 2,084		$ 1,131
Accounts receivable, net of allowance of $2,299 and $1,263 as of June 30, 2024 and March 31, 2024, respectively	22,406	23,757		13,416
Prepaid expenses and other current assets, net of allowance of $1 and $1, as of June 30, 2024 and March 31, 2024, respectively	7,196	6,995		4,117
Total current assets	33,799	32,836		20,585
Property and equipment, net	3,552	3,579		3,125
Operating right-of-use assets	6,953	7,318		5,627
Deferred tax assets	3,203	1,933		1,237
Long-term investments, net of allowance of $113 and $126, as of June 30, 2024 and March 31, 2024, respectively	1,677	1,612		1,564
Other assets, net of allowance of $1 and $1, as of June 30, 2024 and March 31, 2024, respectively	2,584	2,129		2,259
Total assets	51,768	49,407		34,397
Current liabilities:
Accounts payable	6,633	6,616		2,474
Accrued compensation and related benefits, current	2,163	3,119		2,823
Operating lease liabilities, current	1,953	2,080		1,648
Short-term borrowings	6,395	6,778		1,376
Forward purchase agreement put option liability	10,940	10,244
Other current liabilities	10,744	9,288		4,201
Total current liabilities	38,828	38,125		12,522
Long term debt	1,675	1,440		969
Operating lease liabilities, noncurrent	5,383	5,615		4,261
Derivative warrant liabilities	610	1,367
Deferred tax liabilities	118	92		168
Other liabilities	4,233	3,948		3,008
Total liabilities	50,847	50,587		20,928
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest	735	734
Shareholders’ equity (deficit)
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
Common stock, value issued
Net shareholders’ investment and additional paid-in capital	26,895			7,221
Accumulated other comprehensive loss	(641)	(574)		(1,349)
Accumulated deficit	(26,489)	(11,668)		6,318
Total Aeries Technology, Inc. shareholders’ deficit	(231)	(12,240)		12,190
Noncontrolling interest	417	10,326		1,279
Total shareholders’ equity (deficit)	186	(1,914)	$ 15,090	13,469	$ 8,696
Total liabilities, redeemable noncontrolling interest and shareholders’ equity (deficit)	51,768	49,407		34,397
Common Class A [Member]
Shareholders’ equity (deficit)
Common stock, value issued	4	2
Common Class V [Member]
Shareholders’ equity (deficit)
Common stock, value issued

Employee Compensation and Benefits (Details 4)	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Discount rate per annum	8.28%	7.31%
Rate of compensation increase per annum	10.00%	10.00%
Rate of employee turnover per annum	20.00%	20.00%

Revenue (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Revenue (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 470		$ 255	$ 0
Deferred revenue recognized	60	$ 101	193	228
Deferred revenue	223		261	193
Deferred revenue, non current	$ 0		$ 0	$ 0

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Opening balance as of March 31, 2023	$ 1,263	$ 0	$ 0
Closing balance as of March 31, 2024	2,299		1,263	$ 0
Accounts Receivable [Member]
Product Information [Line Items]
Opening balance as of March 31, 2023	1,263
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		149	149
Adjusted balance as of April 1, 2023	1,263	149	149
Additions charged to cost and expense	1,036	16	1,538
Closing balance as of March 31, 2024	$ 2,299	$ 165	1,263
Write-off charged against the allowance			$ (424)

Long-Term Investments (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Held-to-maturity investments, amortized cost basis	$ 815	$ 955
Common Stock [Member]
Impairment charge	7
Investments	$ 0	0
Common Stock [Member] \| Boston Systems Private Limited [Member]
Stock held	6,927
Cumulative Redeemable Preference Securities [Member]
Held-to-maturity investments, amortized cost basis	$ 798	761
Cumulative Redeemable Preference Securities [Member] \| Aeries Technology Products And Strategies Private Ltd [Member]
Stock held	4,500,000
Series A Redeemable Preference Securities [Member]
Held-to-maturity investments, amortized cost basis	$ 814	$ 803
Series A Redeemable Preference Securities [Member] \| Aeries Financial Technologies Private Ltd [Member]
Stock held	349,173

Short-term borrowings

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Short-term Borrowings

Short-term borrowings

Note 3 - Short-term borrowings

Schedule of short-term borrowings
	June 30, 2024		March 31, 2024
Short-term borrowings	$	6,381	$	6,765
Current portion of vehicle loan		14		13
	$	6,395	$	6,778

In May 2023, the Company amended its revolving credit facility (“Amended Credit Facility”), whereby the total borrowing capacity was increased from INR 160,000 (or approximately $1,917 at the exchange rate in effect on June 30, 2024) to INR 320,000 (or approximately $3,834 at the exchange rate in effect on June 30, 2024), with Kotak Mahindra Bank. The revolving facility is available for the Company’s operational requirements. The funded drawdown amount under the Company’s revolving facility as of June 30, 2024 and March 31, 2024, is $3,662 and $3,802, respectively. The corresponding interest rate at each of these dates was six months Marginal Cost of Funds based Lending Rate plus a margin of 0.80%.

Prior to the Closing Date, WWAC modified the terms of payment owed to Shearman & Sterling LLP, a multinational law firm providing legal consultancy services to WWAC. This resulted in a reduction in the total amount owed by WWAC to Shearman & Sterling LLP from $4,800 of accounts payable to $4,000 promissory note, payable in four equal tranches. Subsequently, the promissory note was amended upon payment of $1,500, wherein the balance $2,500 was promised to be paid in two equal tranches. $2,500 owed to Sherman & Sterling LLP has been disclosed as short-term debt, as ATI has an unconditional obligation to settle it within a period of less than twelve months from June 30, 2024.

After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with maximum coverage of $5,000. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 is payable in ten equal monthly instalments of $73. The arrangement represents a financing transaction where the premium payable has been deferred. The interest rate under the arrangement is 9.2 % per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same would be recognized as part of the interest expense in the condensed consolidated statement of operations. During the three months ended June 30, 2024, the interest expense so recognized was $7. The balance premium payable as at June 30, 2024 is $219 and has been disclosed as a current liability since ATI has an unconditional obligation to settle it by September 2024.

For additional information on the vehicle loan see Note 4 – Long-term debt.

Note 8 - Short-term borrowings

Schedule of short-term borrowings
	As of March 31,
	2024		2023
Short-term borrowings	$	6,765	$	1,364
Current portion of vehicle loan		13		12
	$	6,778	$	1,376

In May 2023, the Company amended its revolving credit facility (“Amended Credit Facility”), whereby the total borrowing capacity was increased from INR 160,000 (or approximately $1,919 at the exchange rate in effect on March 31, 2024) to INR 320,000 (or approximately $3,838 at the exchange rate in effect on March 31, 2024), with Kotak Mahindra Bank. The revolving facility is available for the Company’s operational requirements. The funded drawdown amount under the Company’s revolving facility as of March 31, 2024 and March 31, 2023, is $3,802 and $1,364 respectively. The corresponding interest rate at each of these dates was six months Marginal Cost of Funds based Lending Rate plus a margin of 0.80% and 1.20%, respectively.

Prior to the closing date, ATI modified the terms of payment owed to Shearman & Sterling LLP, a multinational law firm providing legal consultancy services to ATI. This resulted in the total amount owed by ATI to Shearman & Sterling LLP reducing from $4.8 million of accounts payable to $4 million of promissory note, payable in four equal tranches. Subsequently, the promissory note was amended upon payment of $1.5 million, wherein the balance $2.5 million was promised to be paid in two equal tranches. $2.5 million owed to Sherman & Sterling LLP has been disclosed as short-term debt, as ATI has an unconditional obligation to settle it within twelve months from March 31, 2024.

After the Closing Date, ATI obtained an insurance policy for its directors and senior officers with maximum coverage of $5,000. The total premium payable in relation to this was $880 out of which $176 was paid upfront and balance $704 is payable in ten equal monthly instalments of $73. The arrangement represents a financing transaction where the premium payable has been deferred. The interest rate under the arrangement is 9.2 % per annum. The cumulative interest payable throughout the tenure under the arrangement amounts to $30 and the same would be recognized as part of the interest expense in the consolidated statement of operations. During the year ended March 31, 2024, the interest expense so recognized was $22. The balance premium payable as at March 31, 2024 is $432 and has been disclosed as a current liability since ATI has an unconditional obligation to settle it by September 2024.

For additional information on the vehicle loan see Note 9 – Long-term debt.

Other Liabilities (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of other liabilities

Schedule of other liabilities
	As of March 31,
	2024		2023
Accrued compensation and related benefits	$	3,777	$	2,764
Finance lease obligations, non-current		162		235
Other		9		9
Other liabilities	$	3,948	$	3,008

Schedule of income taxes majorly pertains


	Year Ended March 31,
	2024			2023
United States	$	(309	)	$	267
India		3,095			2,508
Cayman Islands		13,330			-
UAE		(25	)		-
Singapore		2,957			(64	)
Mexico		79			55
Total	$	19,127		$	2,766

Schedule of provision for income taxes

Schedule of provision for income taxes
	Year Ended March 31,
	2024			2023
Current tax provision	$	2,589		$	1,221
Deferred tax benefit		(718	)		(161	)
Provision for Income Taxes	$	1,871		$	1,060

Schedule of income tax expense

Schedule of income tax expense
	Year Ended March 31,
	2024		2023
Income from operations	$	1,871	$	1,060
Other comprehensive income
Defined benefit plan		4		(39	)
Total	$	1,875	$	1,021

Schedule of income tax rate

Schedule of income tax rate
	Year Ended March 31,
	2024			2023
Income before income tax expense	$	19,127		$	2,766

Income tax expense at tax rates applicable to the Company (i.e., 17%)		-			470

Increase (decrease) in income taxes resulting from:
Non-deductible expenses		383			241
Non-taxable income		-			-
Reversal of deferred tax asset / liability		7			36
Valuation allowance		-			36
Tax of earlier year		221			9
True up /down		78			89
Loss / (income) taxed at different tax rate		2			(3	)
Adjustments for change in rates due to different tax jurisdiction		1,254			223
Set off against brought forward losses		(60	)		(60	)
GILTI inclusion		42			27
Others		(56	)		(8	)
Provision for income tax	$	1,871		$	1,060
Effective tax rate		9.78	%		38.33	%

Schedule of deferred taxes

Schedule of deferred taxes
	As of March 31,
	2024								2023
	India		Singapore		USA		Mexico		India			Singapore			USA		Mexico
Deferred tax assets:
Property and equipment		271		-		-		1		231			-			-		-
Gratuity		479		-		-		-		341			-			-		-
Deferred rent liability		-		-		-		-		-			-			-		-
Compensated absences		660		-		-		-		481			-			-		-
Expenses allowed on payment basis / upon deposit of withholding taxes under section 43B / 40(a)(ia) of Indian Income Tax Act, 1961		-		-		-		-		12			-			-		-
Net operating losses		30		-		-		-		34			35			-		-
Finance lease		-		-		-		-		137			-			-		-
Intangible assets under development		4		-		-		-		4			-			-		-
Provision for expenses		288		61		37		90		122			-			-		-
Operating lease liabilities		1,879		-		-		-		1,487			-			-		-
Others		76		-		-		-		15			-			-		-
Deferred tax asset before valuation allowance		3,687		61		37		91		2,864			35			-		-
Valuation Allowance		-		-		-		-		(158	)		(35	)		-		-
Deferred tax asset, net of valuation allowance		3,687		61		37		91		2,706			-			-		-

	As of March 31,
	2024											2023
	India			Singapore		USA			Mexico			India			Singapore		USA			Mexico
Deferred tax liabilities:
Investments		(139	)		-		-			-			(136	)		-		-			-
Property and equipment		-			-		(3	)		-			(29	)		-		(2	)		-
Operating right-of-use assets		(1,784	)		-		-			-			(1,416	)		-		-			-
Others		(33	)		-		-			(76	)		(54	)		-		-			-
Deferred tax liability		(1,956	)		-		(3	)		(76	)		(1,635	)		-		(2	)		-
Net deferred tax asset (liability)		1,731			61		34			15			1,071			-		(2	)		-

Components of deferred taxes

Components of deferred taxes
	As of March 31,
Classified as	2024		2023
Deferred tax assets non-current	$	1,933	$	1,237
Deferred tax liabilities non-current		92		168
	$	1,841	$	1,069

Leases (Details 1) - USD ($) $ in Thousands	12 Months Ended
Leases (Details 1) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,681	$ 2,162
Operating cash flows from finance leases	70	65
Financing cash flows from finance leases	$ 391	$ 390

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Accounts receivable, net of allowance	$ 2,299	$ 1,263	$ 0
Prepaid expenses and other current assets, net of allowance	1	1	0
Long-term investments, net of allowance	113	126	0
Other assets, net of allowance	$ 1	$ 1	$ 0
Preferred stock, Par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, Shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, Shares issued	0	0	0
Preferred stock, Shares outstanding	0	0	0
Common stock, Par or stated value per share		$ 0	$ 0
Common stock, Shares issued		10,000	0
Common stock, Shares outstanding		10,000	0
Common Class A [Member]
Common stock, Par or stated value per share	$ 0.0001	$ 0.0001
Common stock, Shares authorized	500,000,000	500,000,000
Common stock, Shares issued	44,102,041	15,619,004
Common stock, Shares outstanding	44,102,041	15,619,004
Common Class V [Member]
Common stock, Par or stated value per share	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, Shares authorized	1	1	1
Common stock, Shares issued	1	1	1
Common stock, Shares outstanding	1	1	1

Employee Compensation and Benefits

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Compensation and Benefits

Note 6 - Employee Compensation and Benefits

The Company has employee benefit plans in the form of certain statutory and other programs covering its employees.

Defined Benefit Plan - Gratuity

The Company’s subsidiaries in India have defined benefit plans comprising of gratuity under Payments of Gratuity Act, 1972 covering eligible employees in India. The present value of the defined benefit obligations and other long-term employee benefits is determined based on actuarial valuation using the projected unit credit method. The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet date on Indian government bonds for the estimated term of obligations.

Actuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are initially recognized in the condensed consolidated statements of comprehensive income, and the unrecognized actuarial loss is amortized to the condensed consolidated statements of operations over the average remaining service period of the active employees expected to receive benefits under the plan.

Changes in “Other comprehensive income/ (loss)” during the three months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,
	2024			2023
Net actuarial loss	$	45		$	85
Amortization of net actuarial loss		(17	)		(22	)
Deferred tax benefit		(7	)		(16	)
Unrecognized actuarial loss on employee benefit plan obligations	$	21		$	47

Net defined benefit plan costs for the three months ended June 30, 2024 and 2023 include the following components:


	Three Months Ended June 30,
	2024		2023
Service costs	$	124	$	113
Interest costs		39		25
Amortization of net actuarial loss		17		22
Net defined benefit plan costs	$	180	$	160

Note 12 - Employee Compensation and Benefits

The Company has employee benefit plans in the form of certain statutory and other programs covering its employees.

Defined Benefit Plan - Gratuity

Actuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are initially recognized in the consolidated statements of comprehensive income, and the unrecognized actuarial loss is amortized to the consolidated statements of operations over the average remaining service period of the active employees expected to receive benefits under the plan.

The following table provides the status of the defined benefit plans and the amounts recognized in the Company’s consolidated financial statements based on actuarial valuations carried out for the periods ending March 31, 2024 and March 31, 2023, respectively:

Schedule of defined benefit plans
	Year Ended March 31,
	2024			2023
Changes in employee benefit plan obligations
Projected benefit obligation at the beginning of the year	$	1,357		$	908
Interest cost		98			52
Service cost		449			338
Actuarial gains		68			218
Benefits paid directly by employers		(47	)		(78	)
Effect of exchange rate fluctuation		(19	)		(81	)
Projected employee benefit plan at the end of the year	$	1,906		$	1,357

Amounts recognized in the Consolidated Balance Sheets
Recorded in accrued compensation and related benefits, current		(203	)		(120	)
Recorded in other liabilities		(1,701	)		(1,237	)
Total project benefit obligation	$	(1,904	)	$	(1,357	)

The change in defined benefit obligation for the years ended March 31, 2024 and 2023 is largely due to changes in actuarial assumptions pertaining to demographics and financial assumptions.

Amounts included in the accumulated other comprehensive income as of March 31, 2024 and 2023 were as follows:


	Year Ended March 31,
	2024			2023
Net actuarial loss	$	501		$	516
Deferred tax benefit		(126	)		(129	)
Total	$	375		$	387

Changes in “Other comprehensive income/ (loss)” during the year ended March 31, 2024 and 2023 were as follows:

Schedule of other comprehensive loss
	Year Ended March 31,
	2024			2023
Net actuarial loss / (gain)	$	68		$	218
Amortization of net actuarial (gain)		(85	)		(62	)
Deferred tax expense / (benefit)		5			(39	)
Unrecognized actuarial loss / (gain) on employee benefit plan obligations	$	(12	)	$	117

Net defined benefit plan costs for the year ended March 31, 2024 and 2023 include the following components:


	Year Ended March 31,
	2024		2023
Service costs	$	449	$	338
Interest costs		98		52
Amortization of net actuarial loss		85		62
Net defined benefit plan costs	$	632	$	452

Assumptions

The Company uses the Projected Unit Credit Method to measure liabilities and interest costs for defined benefit obligations. Under this method, accrued benefit amount is projected to calculate future expected cashflows, which is in turn discounted back at applicable discount rate assumption to arrive at present value of benefit obligation.

The rate used to discount benefit obligations (both funded and unfunded) is determined by reference to market yields on government bonds at the balance sheet date. The currency and term of the government bonds should be consistent with the currency and estimated term of the benefit obligations.

The weighted average assumptions used to determine the benefit obligations of the defined benefit plans as of March 31, 2024 and 2023 are presented below:

	Year Ended March 31,
	2024			2023
Discount rate per annum		8.28	%		7.31	%
Rate of compensation increase per annum		10.00	%		10.00	%
Rate of employee turnover per annum		20.00	%		20.00	%

The table below shows the expected benefit plan payments to the current employees of the plan based on the employee’s past service up to the valuation date plus employee’s future service up to the date of payment:

Schedule of expected benefit payments
Expected benefit payments during	As of March 31, 2024
Year 1		203
Year 2		278
Year 3		376
Year 4		524
Year 5		634
Year 6 to Year 10		3,053

The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of March 31, 2023.

Summary of Significant Accounting Policies

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Preparation

All intercompany balances and transactions have been eliminated in consolidation.

Periods prior to demerger transactions

Periods after the Demerger Transactions

Emerging Growth Company

Going Concern

Use of Estimates

Segment Reporting

Forward Purchase Agreement

●

$39,678 against the consideration receivable by ATI for a new issuance of Class A ordinary shares to the FPA holders; and

●

$3,083 representing the cash paid by ATI to the FPA holders to fund the purchase price of the Recycled Shares.

The FPAs consist of two freestanding financial instruments that are accounted for as follows:

Derivative Financial Instruments and FPA Put Option Liability

Fair Value Measurements

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Concentration of Credit Risk


	Three Months Ended June 30,
	2024			2023
Customer 1		16	%		15	%
Customer 2		12	%		12	%
Customer 3		10	%		12	%
Customer 4		10	%		n/a

Accounts receivable, net

The following tables provides details of the Company’s allowance for credit losses (in thousands):

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024		2023
Opening balance as of April 1	$	1,263	$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		-		149
Adjusted balance as of April 1	$	1,263	$	149
Additions charged to cost and expense		1,036		16
Closing balance as of June 30	$	2,299	$	165

Long-Term Investments

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024			2023
Opening balance as of April 1	$	126		$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		-			126
Adjusted balance as of April 1	$	126		$	126
Additions charged to change in provision for credit losses		(13	)		6
Closing balance as of June 30	$	113		$	132

The Company includes these long-term investments in “Long-term investments” on the condensed consolidated balance sheets.

Net Loss per Share

Recent Accounting Pronouncements Adopted

Expense related to credit losses is classified within “Selling, general & administrative expenses” in the condensed consolidated statements of operations.

Recent Accounting Pronouncements not yet Adopted

The Company is currently evaluating the effect of the updates.

Note 2 - Summary of Significant Accounting Policies

Basis of Preparation

All intercompany balances and transactions have been eliminated in consolidation.

Periods prior to demerger transactions

Periods after the Demerger Transactions

Emerging Growth Company

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Going Concern

Use of Estimates

Segment Reporting

Forward Purchase Agreements

	●	$39,678 against the consideration receivable by ATI for a new issuance of class A ordinary shares to the FPA holders; and

	●	$3,083 representing the cash paid by ATI to the FPA holders to fund the purchase price of the Recycled Shares.

At the end of the contract period of one year, for each unsold share held by the FPA holders, ATI is obligated to pay FPA holders an amount of $2 in cash or a variable number of ATI’s Class A ordinary shares in order to provide a return of $2.5 per FPA share determined based on the 30-day volume weighted average price (“VWAP”) of ATI’s Class A ordinary shares (“Maturity Consideration”). The FPA holders have the option to select the form of Maturity Consideration.

The FPAs consist of two freestanding financial instruments that are accounted for as follows:

Derivative Financial Instruments and FPA Put Option Liability

The Company accounts for the Warrants (defined below) in accordance with the guidance contained in ASC 815-40 under which the Instruments (as defined below) do not meet the criteria for equity treatment and must be recorded as liabilities. The Company accounts for the FPA put option liability as a financial liability in accordance with the guidance in ASC 480-10. Warrants and FPA are collectively referred as the “Instruments”. The Instruments are subjected to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s consolidated statement of operations. See Note 18 for further discussion of the pertinent terms of the Warrants and Note 20 for further discussion of the methodology used to determine the value of the instruments.

For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value at inception and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the consolidated balance sheets as current or noncurrent based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value.

Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Fair Value of Financial Instruments

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, loans to affiliates, and investments. The Company holds cash at financial institutions that the Company believes are high credit quality financial institutions and limits the amount of credit exposure with any one bank and conducts ongoing evaluations of the creditworthiness of the banks with which it does business. As of March 31, 2024 and March 31, 2023, there were one and four customers, respectively, that represented 10% or greater of the Company’s accounts receivable balance. The Company expects limited credit risk arising from its long-term investments as these primarily entail investments in the Company’s affiliates that have a credit rating that is above the minimum allowable credit rating defined in the Company’s investment policy. As a part of its risk management process, the Company limits its credit risk with respect to long-term investments by performing periodic evaluations of the credit standing of counterparties to its investments.


	Year Ended March 31,
	2024			2023
Customer 1		14	%		16	%
Customer 2		12	%		16	%
Customer 3		n/a			12	%
Customer 4		n/a			11	%

Accounts receivable, net

Prior to the Company’s adoption of ASU 2016-13, Topic 326 Financial Instruments – Credit Losses (“Topic 326”), the accounts receivable balance was reduced by an allowance for doubtful accounts that was determined based on the Company’s assessment of the collectability of customer accounts. Under Topic 326, accounts receivable are recorded at the invoiced amount, net of allowance for credit losses. The Company regularly reviews the adequacy of the allowance for credit losses based on a combination of factors. In establishing any required allowance, management considers historical losses adjusted for current market conditions, the current receivables aging, current payment terms and expectations of forward-looking loss estimates. Allowance for credit losses was $1,263 as of March 31, 2024 and allowance for doubtful accounts was $0 as of March 31, 2023, and is classified within “Accounts Receivable, net” in the consolidated balance sheets. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of Topic 326.

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Year Ended March 31,
	2024			2023
Opening balance as of March 31, 2023	$	-		$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		149			-
Adjusted balance as of April 1, 2023	$	149		$	-
Additions charged to cost and expense		1,538			-
Write-off charged against the allowance		(424	)		-
Closing balance as of March 31, 2024	$	1,263		$	-

Long-Term Investments

Under Topic 326, expected credit losses are recorded and reduced from the amortized cost of the held-to-maturity securities. Expected credit losses for long-term investments are calculated using a probability of default method. Credit losses are recorded within “Selling, general & administrative expenses” in the consolidated statements of operations when an event or circumstance indicates a decline in value has occurred. Allowance for credit losses was $126 as of March 31, 2024. See “Recent accounting pronouncements adopted” section below for information pertaining to the adoption of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.

The following tables provides details of the Company’s allowance for credit losses:

Schedule of allowance for credit losses
	Year Ended March 31,
	2024		2023
Opening balance as of March 31, 2023	$	-	$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		126		-
Adjusted balance as of April 1, 2023	$	126	$	-
Additions charged to change in provision for credit losses		-		-
Closing balance as of March 31, 2024	$	126	$	-

The Company includes these long-term investments in “Long-term investments” on the consolidated balance sheets.

Revenue Recognition

Nature of Services

Unbilled Receivables

Unbilled receivables represent balances recognized as revenue that have not been billed to the customer.

Cost of Revenue

Selling, General and Administrative Expenses

Deferred Transaction Costs

Stock-Based Compensation

Dividend Yield – The Company bases the assumed dividend yield on its expectation of not paying dividends in the foreseeable future. Consequently, the expected dividend yield used is zero.

Risk-free Interest Rate – The risk-free interest rate assumption is based upon observed interest rates on U.S. Treasury bonds whose maturity period is appropriate for the term of the options.

Income Taxes

The Company elects to record interest accrued and penalties related to unrecognized tax benefits in the consolidated statements of operations as a component of provision for income taxes.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of changes, net of taxes, in the cumulative foreign currency translation adjustments and actuarial gains and losses on defined benefit plans.

Cash and Cash Equivalents

Cash consists of the Company’s cash and bank balances. The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less.

Property and Equipment

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Internal Use Software Costs

Software costs that are expensed are recorded in “Selling, general and administrative expenses” on the consolidated statements of operations.

Impairment of Long-Lived Assets

Leases

Commitments and Contingencies

Foreign Currency Transactions and Translation

Employee Benefit Plan

Net income per Share

Recent Accounting Pronouncements Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments. Topic 326 requires measurement and recognition of expected credit losses for financial assets measured at amortized cost as well as certain off balance sheet commitments (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). The Company had an off-balance sheet guarantee at the April 1, 2023 adoption date (see Note 17 – Commitment and Contingencies). The expected credit loss for this guarantee was estimated using the probability of default method. The Company adopted ASU 2016-13 on April 1, 2023 using a modified retrospective approach. Results for reporting periods beginning April 1, 2023 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable US GAAP.


	As Reported March 31, 2023		Impact of Adoption			Balance as of April 1, 2023
Accumulated retained earnings (deficit)		6,318		(190	)		6,128
Noncontrolling interests		1,279		(33	)		1,246
Accounts receivable, net		13,416		(149	)		13,267
Prepaid expenses and other current assets		4,117		-			4,117
Other current liabilities		4,201		21			4,222
Other assets		2,259		(1	)		2,258
Long-term investments		1,564		(126	)		1,438
Deferred tax asset		1,237		75			1,312

Expense related to credit losses is classified within “Selling, general & administrative expenses” in the consolidated statements of operations.

Recent Accounting Pronouncements not yet Adopted

The Company is currently evaluating the effect of the updates.

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	6.60%	30.60%	9.78%	38.33%
Net operating loss			$ 40	$ 79
Unrecognized tax benefits			$ 0	$ 0

Related Party Transactions (Details 1) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

$ 147

$ 123

$ 462

$ 185

Accounts payable

6,633

6,616

2,474

Interest payable (classified under other current liabilities)

22,406

23,757

13,416

4,892

1,319

Aeries Financial Technologies Private Limited [Member]

Cost sharing arrangements

^[1]

187

^[2]

160

^[2]

^[3],[4]

166

^[5],[6]

107

^[5],[6]

Investment in 0.001% Series-A Redeemable preference share

^[1]

^[2]

979

^[4]

939

^[4]

803

^[6]

Loans to affiliates (classified under other assets)

105

^[3]

105

^[3]

106

^[5]

Bhanix Finance And Investment Limited [Member]

Cost sharing arrangements

^[1]

115

^[2]

187

^[2]

Corporate guarantee commission

Aeries Technology Products And Strategies Private Limited [Member]

^[1]

^[2]

Corporate guarantee expense

^[7]

^[8]

^[9]

^[10]

Office management and support services expense

^[4],[11]

^[6],[12]

^[13]

^[14]

Accounts payable

^[13]

^[14]

Interest payable (classified under other current liabilities)

^[9]

^[2],[9]

^[2]

Interest receivable (classified under prepaid expenses and other current assets)

^[11]

^[12]

Investment in 10% Cumulative redeemable preference shares

809

^[4]

792

^[4]

761

^[6]

Loans from affiliates

737

^[9]

498

^[9]

^[10]

Loans to affiliates (classified under other assets)

797

^[11]

558

^[11]

335

^[12]

Mr Vaibhav Rao [Member]

Loan from Members of immediate families of Venu Raman Kumar

^[15]

^[16]

833

^[15]

834

^[15],[16]

845

^[16]

Ralak Consulting LLP [Member]

Legal and professional fees paid

^[17]

424

^[18]

380

^[18]

Aark II Pte Limited [Member]

Management consultancy service

746

^[19]

$ 870

^[19]

3,176

^[20]

2,002

^[20]

TSLC Pte Limited [Member]

521

^[19]

629

^[19]

1,084

^[20]

Management consultancy service

^[20]

119

159

$ 128

^[19]

$ 128

^[19]

$ 259

^[20]

[1]	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
[2]	The Company was in a cost sharing arrangement with Aeries Financial Technologies Private Ltd and Bhanix Finance and Investment Ltd under separate agreements dated April 1, 2020. The cost sharing arrangement included costs in the areas of office management, IT and operations. The agreements are for a 36-month term with auto renewals after the original term.
[3]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
[4]	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
[5]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 15-17% per annum.
[6]	This amount represents investments in affiliates. The Company earned interest income on its investments in affiliates.
[7]	ATPSPL gave corporate guarantee of INR 240,000 (or approximately $2,876 at the exchange rate in effect on June 30, 2024) on behalf of the Company towards the revolving credit facility availed. ATPSPL charges a corporate guarantee commission of 0.5% on the total corporate guarantee given. The guarantee was withdrawn during the year ended March 31, 2024.
[8]	ATPSPL gave corporate guarantee of INR 240,000 (or approximately $2,879 at the exchange rate in effect on March 31, 2024) on behalf of the Company towards the revolving credit facility availed. ATPSPL charges a corporate guarantee commission of 0.5% on the total corporate guarantee given. The guarantee was withdrawn during the year ended March 31, 2024.
[9]	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
[10]	The Company incurred interest expense in relation to loans taken from ATPSPL, which were borrowed to meet working capital requirements. The loans were for a 3-year term and were issued at an interest rate of 12% per annum.
[11]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
[12]	The Company received interest income in relation to loans given to affiliates to support their working capital requirements. The loans were for a 3-year term and issued at an interest rate of 12% per annum.
[13]	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
[14]	The Company availed management consulting services from ATPSPL under agreements dated March 20, 2020 and April 1, 2021.
[15]	The Company obtained a loan at 10% interest rate from Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The principal amount of the loan was outstanding in entirety as of June 30, 2024.
[16]	The Company obtained a loan at 10% interest rate from Vaibhav Rao for business purposes. The agreement shall remain valid until the principal amount along with interest is fully repaid. The principal amount of the loan was outstanding in entirety as of the year ended March 31, 2024 and 2023.
[17]	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP via agreement dated April 1, 2022.
[18]	The Company availed consulting services including implementation services in business restructuring, risk management, feasibility studies, mergers & acquisitions etc. from Ralak Consulting LLP vide agreement dated April 01, 2022.
[19]	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.
[20]	The Company provided management consulting services to Aark II Pte Ltd under an agreement dated June 21, 2021 and its amendments thereof and to TSLC Pte Ltd under an agreement dated July 12, 2021.

Property and Equipment, net (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Mar. 31, 2024

Mar. 31, 2023

$ 7,758

$ 6,040

Property and equipment, net

^[1]

(4,179)

(2,915)

$ 3,552

3,579

3,125

Computer Equipment [Member]

Leasehold Improvements [Member]

^[1]

5,009

3,481

Office Equipment [Member]

^[1]

1,095

854

Internal Use Software Under Development [Member]

^[1]

528

450

Furniture and Fixtures [Member]

769

875

^[1]

110

130

Vehicles [Member]

Restatement Of Previously Issued Carve-out Consolidated Financial Statements

$ 247

$ 250

[1]

Restatement of Previously Issued Carve-out Consolidated Financial Statements (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of unaudited consolidated financial information


	As Previously Reported						As Adjusted – Restatement no. 1
	March 31, 2023			Restatement Adjustment			March 31, 2023
Carve-out Consolidated Balance Sheet
Net stockholder’s investment and additional paid-in capital	$	7,311		$	(90	)	$	7,221
Retained earnings		6,454			(136	)		6,318
Accumulated other comprehensive loss		(1,385	)		36			(1,349	)
Total Aark Singapore Pte. Ltd. stockholder’s equity	$	12,380		$	(190	)	$	12,190
Noncontrolling interest		1,089			190			1,279
Total stockholder’s equity	$	13,469		$	-		$	13,469
Total liabilities and stockholder’s equity	$	34,397		$	-		$	34,397

Carve-out Consolidated Statement of Operations
Less: Net income attributable to noncontrolling interest	$	221		$	39		$	260
Net income attributable to Aark Singapore Pte. Ltd.	$	1,485		$	(39	)	$	1,446

Carve-out Consolidated Statement of Comprehensive Income
Less: Comprehensive income attributable to noncontrolling interest	$	118		$	21		$	139
Total comprehensive income attributable to Aark Singapore Pte. Ltd.	$	762		$	(21	)	$	741

Schedule of quarterly financial statement


	As Previously Reported					As Adjusted – Restatement no. 1
	March 31, 2023		Restatement Adjustment			March 31, 2023
Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders
Basic	$	148,422	$	(22,926	)	$	125,496
Diluted	$	148,422	$	(23,057	)	$	125,365

Weighted average common shares outstanding
Basic		10		-			10
Diluted		10		-			10

Schedule of financial statement

Schedule of financial statement
	As previously reported per Restatement no. 1					As Adjusted – Restatement no. 2
	March 31, 2023		Restatement Adjustment			March 31, 2023
Earnings per share attributable to Aark Singapore Pte. Ltd. common stockholders
Basic	$	125,496	$	(125,371	)	$	125
Diluted	$	125,365	$	(125,240	)	$	125

Weighted average common shares outstanding
Basic		10		9,990			10,000
Diluted		10		9,990			10,000

Stock-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
ESOP Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning	59,900	59,900
Options outstanding weighted average exercise price, beginning
Aggregate intrinsic value, beginning
Options granted weighted average exercise price
Options exercised weighted average exercise price
Aggregate intrinsic value, exercised
Options canceled, forfeited or expired weighted average exercise price
Options outstanding, ending	59,900	59,900
Options outstanding weighted average exercise price, ending	$ 0.12
Weighted average remaining contractual term	4 years 25 days	4 years 3 months 25 days
Aggregate intrinsic value, ending	$ 2,303
Vested and exercisable	59,900	59,900
Vested and exercisable weighted average exercise price	$ 0.12	$ 0.12
Weighted average remaining contractual term, vested and exercisable	4 years 25 days	4 years 3 months 25 days
Aggregate intrinsic value, Vested and exercisable	$ 2,303	$ 2,425
Options granted
Options exercised
Options canceled, forfeited or expired
Options outstanding weighted average exercise price, ending		$ 0.12
Aggregate intrinsic value, ending		$ 2,425
MSOP Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning	295,565	295,565
Options outstanding weighted average exercise price, beginning
Aggregate intrinsic value, beginning
Options granted weighted average exercise price
Options exercised weighted average exercise price
Aggregate intrinsic value, exercised
Options canceled, forfeited or expired weighted average exercise price
Options outstanding, ending	295,565	295,565
Options outstanding weighted average exercise price, ending	$ 0.12
Weighted average remaining contractual term	1 year 5 months 1 day	1 year 8 months 1 day
Aggregate intrinsic value, ending	$ 11,362
Vested and exercisable	295,565	295,565
Vested and exercisable weighted average exercise price	$ 0.12	$ 0.12
Weighted average remaining contractual term, vested and exercisable	1 year 5 months 1 day	1 year 8 months 1 day
Aggregate intrinsic value, Vested and exercisable	$ 11,362	$ 11,964
Options granted
Options exercised
Options canceled, forfeited or expired
Options outstanding weighted average exercise price, ending		$ 0.12
Aggregate intrinsic value, ending		$ 11,964

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	$ 11,611
Change in fair value (gain) / loss	(61)	(16,167)
Fair value as of Ending balance	11,550	11,611
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination		27,778
Forward Purchase Agreement Derivative Liabilities [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	10,244
Change in fair value (gain) / loss	696	(14,765)
Fair value as of Ending balance	10,940	10,244
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination		25,009
Public Warrants Liability [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	747
Change in fair value (gain) / loss	(413)
Fair value as of Ending balance	334	747
Private Placement Liability [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	620
Change in fair value (gain) / loss	(344)
Fair value as of Ending balance	276	620
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	747
Change in fair value (gain) / loss		(766)
Fair value as of Ending balance		747
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination		1,513
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Fair value at Beginning balance	$ 620
Change in fair value (gain) / loss		(636)
Fair value as of Ending balance		620
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination		$ 1,256

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 07, 2022
Commitments and contingencies (Note 10)
Stock issued during period shares	200,000		200,000
Exchange rate	$ 2,397		$ 2,399	$ 2,433	$ 137
Other income, net		$ 2	$ 2	$ 12

Fair Value Measurements

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 13 - Fair Value Measurements

As of June 30, 2024, the Company had financial instruments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Significant changes in the inputs could result in a significant change in the fair value measurements. See each respective footnote for information on the assumptions used in calculating the fair value of financial instruments.

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and March 31, 2024, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

Summary of Liabilities Measured at Fair Value on a Recurring Basis


June 30, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,940	$	10,940
Public Warrants		334		-		-		334
Private Placement Warrants		-		-		276		276
Total liabilities	$	334	$	-	$	11,216	$	11,550

March 31, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,244	$	10,244
Public Warrants		747		-		-		747
Private Placement Warrants		-		-		620		620
Total liabilities	$	747	$	-	$	10,864	$	11,611

The change in the fair value of the forward purchase agreement put option liability of $696 has been recorded to change in fair value of forward purchase agreement put option liability for the period three month ended June 30, 2024 and in the Company’s condensed consolidated statements of operations. The forward purchase agreement put option liability was classified as a current liability, as its liquidation is reasonably expected to use or require current assets or the creation of current liabilities. See also Notes 2 and 11. The estimated fair value of the forward purchase agreement put option liability was calculated using a Monte Carlo model and used significant assumptions including the risk-free rate and volatility. The change in fair value of the forward purchase agreement put option liability is primarily driven by a decrease in the price per share of the Company.

The valuation of the forward purchase agreement put option liability was made using the following assumptions as of June 30, 2024:

Schedule of purchase agreement
Expected Term (Years)		0.35
Risk free Interest Rate		5.20	%
Volatility		45.0	%
Reference Price for one Class A ordinary share	$	1.90

Note:

The private placement announced and completed on April 8, 2024. Quoted share price of Class A ordinary shares of the Company when PIPE (Private Investment in Public Entity) transaction took place was $2.21 approx.

Given that the Public Warrants have a listed price available, the Company classified them as Level 1. The Company has classified the privately placed warrants within Level 3 of the hierarchy as the fair value derived using the Black-Scholes option pricing model, which uses a combination of observable (Level 2) and unobservable (Level 3) inputs. There were no transfers between fair value levels during the three months ended June 30, 2024.

The valuation of the liability for the Private Placement Warrants was made using the following assumptions as of June 30, 2024:


Term (years)		4.36
Risk-free interest rate		5.20	%
Stock price at measurement date	$	1.90

The following table presents a summary of the changes in the fair value of Derivative Liabilities:


	Forward Purchase Agreement Put Option Liability		Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2024	$	10,244	$	747		$	620		$	11,611
Change in fair value (gain) / loss		696		(413	)		(344	)		(61	)
Fair value as of June 30, 2024	$	10,940	$	334		$	276		$	11,550

Based on the expected VWAP as at inception as well as June 30, 2024 it is not expected that ATI would be required to issue additional Class A ordinary shares to certain vendors. On this basis, fair value of the derivative financial instrument representing ATI’s obligation to issue additional Class A ordinary shares has been determined to be insignificant on initial recognition as well as at June 30, 2024 and accordingly the quantitative disclosures in relation to the fair value have not been provided.

Note 20 - Fair Value Measurements

As of March 31, 2024, the Company had financial instruments which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Significant changes in the inputs could result in a significant change in the fair value measurements. See each respective footnote for information on the assumptions used in calculating the fair value of financial instruments.

The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and March 31, 2023, including the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

Summary of Liabilities Measured at Fair Value on a Recurring Basis


March 31, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,244	$	10,244
Public Warrants		747		-		-		747
Private Placement Warrants		-		-		620		620
Total liabilities	$	747	$		$	10,864	$	11,611

March 31, 2023

Level 1

Level 2

Level 3

Total

Liabilities:

Forward Purchase Agreement put option liability

Public Warrants

Private Placement Warrants

Total liabilities

The initial fair value of the FPA put option liability at the Closing Date was $25,009, which is reported as a forward purchase agreement put option liability in our consolidated balance sheet. The change in the fair value of the forward purchase agreement put option liability of $14,765 has been recorded to change in fair value of forward purchase agreement put option liability for the year ended March 31, 2024, in the Company’s consolidated statements of operations. The forward purchase agreement put option liability was classified as a current liability, as its liquidation is reasonably expected to use or require current assets or the creation of current liabilities. See also Notes 2 and 18. The estimated fair value of the forward purchase agreement put option liability was calculated using a Monte Carlo model and used significant assumptions including the risk-free rate and volatility. The change in fair value of the forward purchase agreement put option liability is primarily driven by a decrease in the price per share of the Company.

The valuation of the forward purchase agreement put option liability was made using the following assumptions as of March 31, 2024:

Schedule of purchase agreement
	Year Ended March 31,
	2024			2024
Weighted Average Fair Value	10,244
Expected Term (Years)		0.60			0.60
Risk free Interest Rate		5.10	%		5.10	%
Volatility		39.0	%		39.0	%
Reference Price for one share of Class A common stock	$	10.69			2.21
Probability (Weight) - No Dilutive Offering Reset / With Dilutive Offering Reset due to PIPE transaction*		5	%		95	%
Fair Value of Forward Purchase Agreement Put Option Liability [in thousands]	$	40,880			8,631
Stock price at measurement date	$	2.6			2.6

*Note:

The private placement announced and completed on April 8, 2024 (estimated probability of 95% as of March 31, 2024). Quoted share price of common stock of the Company when PIPE (Private Investment in Public Entity) transaction took place was $2.21 approx.

The valuation of the liability for the Private Placement Warrants was made using the following assumptions as of March 31, 2024:


Term (years)		4.61
Risk-free interest rate		5.10	%
Volatility		33.0	%
Stock price at measurement date	$	2.6

The following table presents a summary of the changes in the fair value of Derivative Liabilities:


	Forward Purchase Agreement Put Option Liability			Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2023	$	-		$	-		$	-		$	-
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination as at November 6, 2023		25,009			1,513			1,256			27,778
Change in fair value (gain) / loss		(14,765	)		(766	)		(636	)		(16,167	)
Fair value as of March 31, 2024	$	10,244		$	747		$	620		$	11,611

Based on the expected VWAP as at inception as well as March 31, 2024 it is not expected that ATI would be required to issue additional Class A ordinary shares to certain vendors. On this basis, Fair value of the derivative financial instrument representing ATI’s obligation to issue additional Class A ordinary shares has been determined to be insignificant on initial recognition as well as at March 31, 2024 and accordingly the quantitative disclosures in relation to the fair value have not been provided.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Lessee, Lease, Description [Line Items]

Fair Value Measurements (Details 2) - Private Warrants Liability [Member] - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Class of Warrant or Right [Line Items]
Term (years)	4 years 4 months 9 days	4 years 7 months 9 days
Risk-free interest rate	5.20%	5.10%
Stock price at measurement date	$ 1.90	$ 2.6
Volatility		33.00%

Leases (Details Narrative) - USD ($)
$ in Thousands

Mar. 31, 2024

Mar. 31, 2023

$ 7,758

$ 6,040

Finance Lease Arrangements [Member]

^[1]

4,179

2,915

Lessee, Lease, Description [Line Items]

443

542

$ 1,127

$ 971

[1]

Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 08, 2024	Apr. 05, 2024	May 24, 2024	Jun. 30, 2024	Mar. 31, 2024	Jul. 10, 2024	Nov. 06, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized				5,000,000	5,000,000			5,000,000
Preferred stock, par or stated value per share				$ 0.0001	$ 0.0001			$ 0.0001
Common stock, Par or stated value per share					$ 0			$ 0
Common stock, Shares issued					10,000			0
Common stock, Shares outstanding					10,000			0
Number of shares of common stock outstanding after stock split				10,000	10,000
Preferred stock, shares issued				0	0			0
Preferred stock, shares outstanding				0	0			0
AARK [Member]
Class of Stock [Line Items]
Ownership percentage				3.09%			38.24%
ATGBA [Member]
Class of Stock [Line Items]
Ownership percentage				14.69%	14.69%
Subscription Agreement [Member]
Class of Stock [Line Items]
Ordinary shares	2,261,778
Customary representations, warranties and covenants of the parties	The Subscription Agreement contains customary representations, warranties and covenants of the parties, and the closing was subject to customary closing conditions. The Company intends to use the net proceeds of approximately $4.68 million from the Private Placement, following a deduction of a 6.5% commission paid to a placement agent, for general corporate and working capital purposes.
Subscription Agreement [Member] \| AARK [Member]
Class of Stock [Line Items]
Exchange agreement description		the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e. 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).
Subscription Agreement [Member] \| Vendors [Member]
Class of Stock [Line Items]
Number of shares issued			54,074
Subscription Agreement [Member] \| Investor [Member]
Class of Stock [Line Items]
Gross proceeds	$ 5,000,000
Purchase price	$ 2.21
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized				500,000,000	500,000,000
Common stock, Par or stated value per share				$ 0.0001	$ 0.0001
Common stock, Shares issued				44,102,041	15,619,004
Common stock, Shares outstanding				44,102,041	15,619,004
Temporary equity, Shares outstanding				4,000,000	4,000,000
Common Class V [Member]
Class of Stock [Line Items]
Common stock, shares authorized				1	1			1
Common stock, Par or stated value per share				$ 0.0001	$ 0.0001			$ 0.0001
Common stock, Shares issued				1	1			1
Common stock, Shares outstanding				1	1			1
Class A Ordinary Shares [Member] \| Subscription Agreement [Member]
Class of Stock [Line Items]
Common stock, Shares issued						270,820
Purchase price	$ 2.21
Number of shares issued	2,211,778
Stock reserved	320,820
Class A Ordinary Shares [Member] \| Subscription Agreement [Member] \| AARK [Member]
Class of Stock [Line Items]
Share exchanged	2,246
Class A Ordinary Shares [Member] \| Subscription Agreement [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Number of shares issued	1,940,958

Property and Equipment, net (Details Narrative) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Mar. 31, 2024

Mar. 31, 2023

$ 7,758

$ 6,040

Proceeds from sale of property and equipment

^[1]

4,179

2,915

$ 2

Loss on sale of property and equipment

(1)

Depreciation and amortization expense

$ 374

$ 327

1,352

1,172

Finance Lease Arrangements [Member]

443

542

Prepaids Expenses And Other Current Assets

1,127

971

Depreciation expense

$ 401

$ 386

[1]

Prepaids Expenses and Other Current Assets (Tables)

12 Months Ended

Mar. 31, 2024

Schedule of prepaids and other current assets


	As of March 31,
	2024		2023
Advance non-income taxes^[1]	$	4,179	$	3,371
Prepaid expenses		878		405
Advance to vendors		728		119
Security deposits		424		29
Other		786		193
Prepaids and other current assets	$	6,995	$	4,117

^[1]

Advance non-income taxes consist of tax credits owed to the Company that were levied from taxing authorities.

Revenue (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

Schedule of disaggregation of revenue
	Three Months Ended June 30,
	2024		2023
North America	$	15,507	$	12,487
Asia Pacific and Other		1,160		3,843
Total revenue	$	16,667	$	16,330

Schedule of disaggregation of revenue
	Year Ended March 31,
	2024		2023
North America	$	56,958	$	48,204
Asia Pacific and Other		15,551		4,895
Total revenue	$	72,509	$	53,099

Prepaids Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Mar. 31, 2024

Mar. 31, 2023

Prepaids Expenses And Other Current Assets

Advance non-income taxes

^[1]

$ 4,179

$ 3,371

Prepaid expenses

878

405

Advance to vendors

728

119

Security deposits

424

Other

786

193

Prepaids and other current assets

$ 7,196

$ 6,995

$ 4,117

[1]	Advance non-income taxes consist of tax credits owed to the Company that were levied from taxing authorities.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Total	$ (16,408)	$ 712	$ 19,127	$ 2,766
UNITED STATES
Total			(309)	267
INDIA
Total			3,095	2,508
CAYMAN ISLANDS
Total			13,330
UNITED ARAB EMIRATES
Total			(25)
SINGAPORE
Total			2,957	(64)
MEXICO
Total			$ 79	$ 55

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Schedule of concentration of credit risk

Leases (Details 4) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 2,743
2025	324
2026	2,423
2026	155
2027	1,944
2027	15
2028	1,419
2028
2029	719
2029
Thereafter
Total lease payments	9,248
Total lease payments	494
Less: Imputed interest	1,553
Less: Imputed interest	38
Total	7,695
Total	$ 456

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Ordinary Shares Class A [Member]	Ordinary Shares Class V [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total Stockholders Equitydeficit [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Mar. 31, 2022		$ 0		$ 3,328	$ 4,872	$ (644)	$ 7,556	$ 1,140	$ 8,696
Beginning balance, shares at Mar. 31, 2022		10,000
Other comprehensive loss						(705)	(705)	(121)	(826)
Stock-based compensation				3,805			3,805		3,805
Net income for the period					1,446		1,446	260	1,706
Net changes in net stockholders’ investment				88			88		88
Ending balance, value at Mar. 31, 2023	(0)	$ (0)	$ (0)	7,221	6,318	(1,349)	12,190	1,279	13,469
Ending balance, shares at Mar. 31, 2023		10,000
Transition period adjustment pursuant to ASC 326, net of tax					(190)		(190)	(33)	(223)
Adjusted Balance, value				7,221	6,128	(1,349)	12,000	1,246	13,246
Adjusted Balance, shares		10,000
Other comprehensive loss						(12)	(12)	(2)	(14)
Stock-based compensation				1,374			1,374		1,374
Net income for the period					421		421	73	494
Net changes in net stockholders’ investment				(10)			(10)		(10)
Ending balance, value at Jun. 30, 2023				8,585	6,549	(1,361)	13,773	1,317	15,090
Ending balance, shares at Jun. 30, 2023		10,000
Beginning balance, value at Mar. 31, 2023	(0)	$ (0)	$ (0)	7,221	6,318	(1,349)	12,190	1,279	13,469
Beginning balance, shares at Mar. 31, 2023		10,000
Transition period adjustment pursuant to ASC 326, net of tax					(190)		(190)	(33)	(223)
Adjusted Balance, value				7,221	6,128	(1,349)	12,000	1,246	13,246
Adjusted Balance, shares		10,000
Stock-based compensation				1,626			1,626		1,626
Net changes in net stockholders’ investment				(10)			(10)		(10)
Ending balance, value at Mar. 31, 2024	734	$ 2	$ 0		(11,668)	(574)	(12,240)	10,326	(1,914)
Ending balance, shares at Mar. 31, 2024		15,619,004	1
Net loss for the period prior to share exchange	0				(430)		(430)	(244)	(674)
Other comprehensive loss for the period prior to share exchange	0					(1)	(1)	(2)	(3)
Issuance of Class A ordinary shares with respect to share exchange agreement		$ 2		9,396			9,398	(9,396)	2
Issuance of Class A ordinary shares with respect to share exchange agreement, shares		21,337,000
Issuance of Class A ordinary shares in connection with private placement		$ 0		4,675			4,675		4,675
Issuance of Class A ordinary shares in connection with private placement, shares		1,940,958
Settlement of accounts payable through issuance of Class A ordinary shares		$ 0		78			78		78
Settlement of accounts payable through issuance of Class A ordinary shares, shares		54,074
Stock-based compensation		$ 0		12,746			12,746		12,746
Stock based compensation, shares		5,151,005
Net income for the period	10				(14,391)		(14,391)	(262)	(14,653)
Other comprehensive loss for the period post share exchange	(9)					(66)	(66)	(5)	(71)
Ending balance, value at Jun. 30, 2024	$ 735	$ 4	$ 0	$ 26,895	$ (26,489)	$ (641)	$ (231)	$ 417	$ 186
Ending balance, shares at Jun. 30, 2024		44,102,041	1

Summary of Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Accounting Policies [Abstract]


	Three Months Ended June 30,
	2024			2023
Customer 1		16	%		15	%
Customer 2		12	%		12	%
Customer 3		10	%		12	%
Customer 4		10	%		n/a


	Year Ended March 31,
	2024			2023
Customer 1		14	%		16	%
Customer 2		12	%		16	%
Customer 3		n/a			12	%
Customer 4		n/a			11	%

Schedule of allowance for credit losses

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024		2023
Opening balance as of April 1	$	1,263	$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		-		149
Adjusted balance as of April 1	$	1,263	$	149
Additions charged to cost and expense		1,036		16
Closing balance as of June 30	$	2,299	$	165

Schedule of allowance for credit losses
	Year Ended March 31,
	2024			2023
Opening balance as of March 31, 2023	$	-		$	-
Transition period adjustment on accounts receivables (through retained earnings) pursuant to ASC 326		149			-
Adjusted balance as of April 1, 2023	$	149		$	-
Additions charged to cost and expense		1,538			-
Write-off charged against the allowance		(424	)		-
Closing balance as of March 31, 2024	$	1,263		$	-

Schedule of allowance for credit losses

Schedule of allowance for credit losses
	Three months Ended June 30,
	2024			2023
Opening balance as of April 1	$	126		$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		-			126
Adjusted balance as of April 1	$	126		$	126
Additions charged to change in provision for credit losses		(13	)		6
Closing balance as of June 30	$	113		$	132

Schedule of allowance for credit losses
	Year Ended March 31,
	2024		2023
Opening balance as of March 31, 2023	$	-	$	-
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		126		-
Adjusted balance as of April 1, 2023	$	126	$	-
Additions charged to change in provision for credit losses		-		-
Closing balance as of March 31, 2024	$	126	$	-

Schedule of estimated useful lives

Schedule of estimated useful lives
Software and computer equipment		3-6 years
Office equipment		5 years
Furniture and fixtures		10 years
Vehicle		8-10 years
Internal-use software		5 years
Leasehold improvements		Shorter of lease term or estimated useful life

Schedule of impact of the company adoption


	As Reported March 31, 2023		Impact of Adoption			Balance as of April 1, 2023
Accumulated retained earnings (deficit)		6,318		(190	)		6,128
Noncontrolling interests		1,279		(33	)		1,246
Accounts receivable, net		13,416		(149	)		13,267
Prepaid expenses and other current assets		4,117		-			4,117
Other current liabilities		4,201		21			4,222
Other assets		2,259		(1	)		2,258
Long-term investments		1,564		(126	)		1,438
Deferred tax asset		1,237		75			1,312

Short-term borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Extinguishment of Debt [Line Items]
Short-term borrowings	$ 6,395	$ 6,778	$ 1,376
Short-Term Debt [Member]
Extinguishment of Debt [Line Items]
Short-term borrowings	6,381	6,765	1,364
Current Portion Of Vehicle Loan [Member]
Extinguishment of Debt [Line Items]
Short-term borrowings	$ 14	$ 13	$ 12

Employee Compensation and Benefits (Details 3) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Service costs	$ 124	$ 113	$ 449	$ 338
Interest costs	39	25	98	52
Amortization of net actuarial loss	17	22	85	62
Net defined benefit plan costs	$ 180	$ 160	$ 632	$ 452

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Class of Warrant or Right [Line Items]
Change in fair value (gain)	$ (61)	$ (16,167)
Change in fair value (gain)	61	16,167
Forward Purchase Agreement Derivative Liabilities [Member]
Class of Warrant or Right [Line Items]
Change in fair value (gain)	696	(14,765)
Forward purchase contract derivative liability		25,009
Change in fair value (gain)	$ (696)	$ 14,765

Net income per Share (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Schedule of reconciliation of net income per share


Numerator:
Net Loss attributable to controlling interest for the period from April 1, 2024 through June 30, 2024	$	(14,821	)

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from April 1, 2024 through June 30, 2024		37,852,036

Net earnings per share Ordinary Shares – Basic and Diluted	$	(0.39	)


Numerator:
Net income attributable to controlling interest for the period from November 6, 2023 through March 31, 2024	$	14,154

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from November 6, 2023 through March 31, 2024		15,532,382

Net earnings per share Ordinary Shares
Basic	$	0.91
Diluted	$	0.91

Nature of Operations (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Nov. 06, 2023

Mar. 31, 2023

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Common stock, par value

$ 0

Warrants outstanding

21,027,801

Transaction costs relating to business combination

15,257,666

^[1]

15,257,666,000

^[2]

$ 3,697

Private Placement Warrants [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Purchase of additional shares

9,527,810

Public Warrants [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Purchase of additional shares

11,499,991

Common Stock [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Shares Outstanding

15,257,666

Common stock, par value

$ 0.0001

Redemption of shares

2,697,052

Class A Ordinary Shares [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Shares Outstanding

15,257,666

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

15,257,666

AARK [Member]

Ownership, percentage

3.09%

38.24%

AARK Shareholders [Member]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Ownership, percentage

61.76%

[1]

[2]

Employee Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Net actuarial loss	$ 45	$ 85	$ 68	$ 218
Amortization of net actuarial loss	(17)	(22)	(85)	(62)
Deferred tax benefit	(7)	(16)	5	(39)
Unrecognized actuarial loss on employee benefit plan obligations	21	47	(12)	117
Projected benefit obligation at the beginning of the year	1,906	1,357	1,357	908
Interest cost	39	25	98	52
Service cost	$ 124	$ 113	449	338
Actuarial gains			68	218
Benefits paid directly by employers			(47)	(78)
Effect of exchange rate fluctuation			(19)	(81)
Projected employee benefit plan at the end of the year			1,906	1,357
Recorded in accrued compensation and related benefits, current			(203)	(120)
Recorded in other liabilities			(1,701)	(1,237)
Total project benefit obligation			$ (1,904)	$ (1,357)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Redeemable Noncontrolling Interest [Member]	Ordinary Shares Class A [Member]	Ordinary Shares Class V [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total Stockholders Equitydeficit [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Mar. 31, 2022		$ 0		$ 3,328	$ 4,872	$ (644)	$ 7,556	$ 1,140	$ 8,696
Beginning balance, shares at Mar. 31, 2022		10,000
Stock-based compensation				3,805			3,805		3,805
Net changes in net stockholders’ investment				88			88		88
Net income for the period					1,446		1,446	260	1,706
Other comprehensive loss						(705)	(705)	(121)	(826)
Ending balance, value at Mar. 31, 2023	(0)	$ (0)	$ (0)	7,221	6,318	(1,349)	12,190	1,279	13,469
Ending balance, shares at Mar. 31, 2023		10,000
Transition period adjustment pursuant to ASC 326, net of tax					(190)		(190)	(33)	(223)
Adjusted Balance, value				7,221	6,128	(1,349)	12,000	1,246	13,246
Adjusted Balance, shares		10,000
Stock-based compensation				1,374			1,374		1,374
Net changes in net stockholders’ investment				(10)			(10)		(10)
Net income for the period					421		421	73	494
Other comprehensive loss						(12)	(12)	(2)	(14)
Ending balance, value at Jun. 30, 2023				8,585	6,549	(1,361)	13,773	1,317	15,090
Ending balance, shares at Jun. 30, 2023		10,000
Beginning balance, value at Mar. 31, 2023	(0)	$ (0)	$ (0)	7,221	6,318	(1,349)	12,190	1,279	13,469
Beginning balance, shares at Mar. 31, 2023		10,000
Transition period adjustment pursuant to ASC 326, net of tax					(190)		(190)	(33)	(223)
Adjusted Balance, value				7,221	6,128	(1,349)	12,000	1,246	13,246
Adjusted Balance, shares		10,000
Stock-based compensation				1,626			1,626		1,626
Net changes in net stockholders’ investment				(10)			(10)		(10)
Share in Pre-Merger net income					1,479		1,479	137	1,616
Share in Pre-Merger other comprehensive income						(169)	(169)	(22)	(191)
Impact of reverse recapitalization (Refer note 1)	9,581	$ 2	$ 0	(38,492)	(4,701)	936	(42,255)	(1,354)	(43,609)
Impact of reverse recapitalization (Refer note 2), shares		15,247,666	1
Settlement of accounts payable through issuance of shares				903			903		903
Settlement of accounts payable through issuance of shares, shares		361,338
Net income for the period post Business Combination upto redeemable noncontrolling interest reclass	1,391				12,484		12,484		12,484
Other comprehensive loss post Business Combination upto redeemable noncontrolling interest reclass	10					7	7		7
Reclassification of redeemable noncontrolling interest to noncontrolling interest	(10,254)							10,254	10,254
Net income for the period post Business Combination post redeemable noncontrolling interest reclass	6				1,694		1,694	65	1,759
Other comprehensive loss post Business Combination post redeemable noncontrolling interest reclass						1	1		1
Reclassification of negative additional paid-in capital				28,752	(28,752)
Ending balance, value at Mar. 31, 2024	734	$ 2	$ 0		(11,668)	(574)	(12,240)	10,326	(1,914)
Ending balance, shares at Mar. 31, 2024		15,619,004	1
Stock-based compensation		$ 0		12,746			12,746		12,746
Net income for the period	10				(14,391)		(14,391)	(262)	(14,653)
Ending balance, value at Jun. 30, 2024	$ 735	$ 4	$ 0	$ 26,895	$ (26,489)	$ (641)	$ (231)	$ 417	$ 186
Ending balance, shares at Jun. 30, 2024		44,102,041	1

Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Equity [Abstract]

Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit)

Note 12 - Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit)

The condensed consolidated statements of changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) reflect the reverse recapitalization and Business Combination as mentioned in Note 1, on Demerger and Business Combination, and Reverse Recapitalization. As AARK was deemed to be the acquirer in the Business Combination, all periods prior to the completion of the Business Combination reflect the balances and activity of AARK. The consolidated balances as of March 31, 2023 from the audited financial statements of AARK as of that date, share activity (Class A ordinary shares) and per share amounts in the condensed consolidated statement of change in shareholders’ equity (deficit) were not retroactively adjusted given that the exchange of all the shares held by the owners of AARK as contemplated under the Exchange Agreements as set out in Note 10 has not been completed.

Preference shares

The Company is authorized to issue 5,000,000 shares of preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2024, there were no shares of preference shares issued or outstanding.

Class A ordinary shares

The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of June 30, 2024, there were 44,102,041 Class A ordinary shares issued and outstanding, including 4,000,000 Class A ordinary shares subject to the FPAs. Each Class A ordinary share carries one vote and entitles the shareholders’ to ratable rights in dividends and distributions as well as in the event of liquidation.

Class V ordinary shares

The Company is authorized to issue 1 Class V ordinary share with a par value of $0.0001 per share. As of June 30, 2024, there was 1 Class V ordinary share issued and outstanding. The Class V share does not carry any direct economic rights in dividends and other distributions or in an event of liquidation. It does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of “extraordinary events” at the ATI level.

Common stock

Pre-combination AARK had only one class of ordinary shares having no par value. Holders of ordinary shares were entitled to one vote per share held. As of June 14, 2023 (immediately prior to the effective date of a stock split), there were 10 ordinary shares outstanding, and the number of ordinary shares outstanding after a stock split was 10,000. As a result of stock split, AARK’s shares were retroactively restated as if the transaction occurred at the beginning of the earliest periods presented. Consequently, as of April 1 2023 and 2022, the AARK’s ordinary shares consisted of 10,000 shares, all of which were issued and fully paid. Upon the liquidation, dissolution or winding up of AARK, ordinary shareholders were entitled to receive a ratable share of the available net assets of AARK after payment of all debts and other liabilities. The ordinary shares had no preemptive, subscription, redemption or conversion rights.

Equity financing

On April 8, 2024, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Share Subscription Agreement (the “Subscription Agreement”) with an institutional accredited investor (the “Investor”) for aggregate gross proceeds of $5,000,000. The Private Placement closed on April 23, 2024. As part of the Private Placement, the Company agreed to sell an aggregate of 2,261,778 Class A ordinary shares, $0.0001 par value per share, at a purchase price of $2.21 per share subject to the Beneficial Ownership Limitation. The “Beneficial Ownership Limitation” shall be 4.99% (or, at the election of the Investor at the closing of the Private Placement, 9.99%) of the number of Class A ordinary shares outstanding immediately after giving effect to the issuance of the Class A ordinary shares to the Investor.

As of the closing of the Private Placement, the Company issued an aggregate of 1,940,958 Class A ordinary shares at a purchase price of $2.21 per share and reserved 320,820 Class A ordinary shares in adherence to the Beneficial Ownership Limitation. On July 10, 2024, the Company issued an additional 270,820 shares from the previously reserved 320,820 shares.

Exchange Pursuant to Exchange Agreement

Pursuant to the Exchange Agreements, on April 5, 2024, the prior investor of AARK has exchanged 9,500 ordinary shares of AARK for 21,337,000 Class A ordinary shares of the Company (i.e. 2,246 Class A ordinary shares of the Company for 1 ordinary share of AARK).

Shares issued to vendors

Pursuant to the abovementioned clause, the Company has issued in total 54,074 Class A ordinary shares to the vendors on May 24, 2024.

Redeemable noncontrolling interest

As of June 30, 2024, the prior investors of AARK owns 3.09% of the ordinary shares of AARK, and prior investors of ATGBA owned 14.69% of the ordinary shares of ATGBA. The prior investors of AARK and ATGBA have the right to exchange their AARK or ATGBA ordinary shares for Class A ordinary shares of the Company based on the exchange ratio as set out in the Exchange Agreements details of which are set out in Note 10 or cash proceeds based on the VWAP for each of the five consecutive trading days ending on the exchange date, but only if the approval from the Reserve Bank of India or other regulatory approvals are not obtained and subject to other conditions specified in the Exchange Agreements. The exchange is also subject to certain other specified conditions being met, including achieving certain financial and stock price milestones. Given that this is not solely in control of ATI, the noncontrolling interests have been accounted for in accordance with ASC 480-10-S99-1. The redeemable noncontrolling interest has initially been measured at the proportionate share in the net assets of AARK and its subsidiaries in accordance with ASC 805-40-30-3. The cash redemption is not considered to be probable on June 30, 2024 because the specified conditions in relation to EBITDA and revenue have already been met and the Reserve Bank of India and / or applicable regulatory approvals are expected to be received. On this basis the redeemable noncontrolling interest has subsequently been measured by attributing the net income/ loss of AARK pursuant to ASC 810-10.

Note 19 - Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit)

The consolidated statements of changes in Redeemable Noncontrolling Interest and Shareholders’ Equity (Deficit) reflect the reverse recapitalization and Business Combination as mentioned in Note 1, on Demerger and Business Combination, and Reverse Recapitalization. As AARK was deemed to be the acquirer in the Business Combination, all periods prior to the completion of the Business Combination reflect the balances and activity of AARK. The consolidated balances as of March 31, 2023 from the audited financial statements of AARK as of that date, share activity (Class A ordinary shares) and per share amounts in the consolidated statement of change in shareholders’ equity (deficit) were not retroactively adjusted given that the exchange of all the shares held by the owners of AARK as contemplated under the Exchange agreements as set out in Note 17 has not been completed.

Preference shares

The Company is authorized to issue 5,000,000 shares of preference shares, par value $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2024, there were no shares of preference shares issued or outstanding.

Class A ordinary shares

The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of March 31, 2024, there were 15,619,004 Class A ordinary shares issued and outstanding, including 4,000,000 Class A ordinary shares subject to the FPAs. Each Class A ordinary share carries one vote and entitles the shareholders’ to ratable rights in dividends and distributions as well as in the event of liquidation.

Class V ordinary shares

The Company is authorized to issue 1 Class V ordinary share with a par value of $0.0001 per share. As of March 31, 2024, there was 1 Class V ordinary share issued and outstanding. The Class V share does not carry any direct economic rights in dividends and other distributions or in an event of liquidation. It does carry voting rights equal to 26% which will ratchet up to 51% voting rights upon occurrence of “extraordinary events” at the ATI level.

Common stock

Pre-combination AARK had only one class of ordinary shares having no par value. Holders of ordinary shares were entitled to one vote per share held. As of June 14, 2023 (immediately prior to the effective date of a stock split), there were 10 ordinary shares outstanding, and the number of ordinary shares outstanding after a stock split was 10,000. As a result of stock split, AARK’s shares were retroactively restated as if the transaction occurred at the beginning of the earliest periods presented. Consequently, as of April 1, 2023 and 2022, the AARK’s ordinary shares consisted of 10,000 shares, all of which were issued and fully paid. Upon the liquidation, dissolution or winding up of AARK, ordinary shareholders were entitled to receive a ratable share of the available net assets of AARK after payment of all debts and other liabilities. The ordinary shares had no preemptive, subscription, redemption or conversion rights.

Redeemable noncontrolling interest

As of March 31, 2024, the prior investor of AARK owned 61.76% of the ordinary shares of AARK, and the prior investors of ATGBA owned 14.69% of the ordinary shares of ATGBA. The prior investors of AARK and ATGBA have the right to exchange their AARK /ATGBA ordinary shares for Class A ordinary shares of the Company based on the exchange ratio as set out in the Exchange Agreements, details of which are set out in Note 17 or cash proceeds based on the VWAP for each of the five consecutive trading days ending on the exchange date, but only if the approval from the Reserve Bank of India or other regulatory approvals are not obtained and subject to other conditions specified in the Exchange Agreement. The exchange is also subject to certain other specified conditions being met, including achieving certain financial and stock price milestones. Given that this is not solely in control of ATI, the noncontrolling interests have been accounted for in accordance with ASC 480-10-S99-1. The redeemable noncontrolling interest has initially been measured at the proportionate share in the net assets of AARK and its subsidiaries in accordance with ASC 805-40-30-3. The cash redemption is not considered to be probable on March 31, 2024 because the specified conditions in relation to EBITDA and revenue have already been met and the RBI and / or applicable regulatory approvals are expected to be received. On this basis the redeemable noncontrolling interest has subsequently been measured by attributing the net income/ loss of AARK pursuant to ASC 810-10. On March 26, 2024, the audit committee of the board of directors of the Company determined that the exercise conditions in the Exchange Agreements with respect to Mr. Kumar and one of the Exchanging Aeries Holders, Bhisham Khare, had been satisfied.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Summary of liabilities measured at fair value on a recurring basis

Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Fair Value Disclosures [Abstract]


June 30, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,940	$	10,940
Public Warrants		334		-		-		334
Private Placement Warrants		-		-		276		276
Total liabilities	$	334	$	-	$	11,216	$	11,550

March 31, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,244	$	10,244
Public Warrants		747		-		-		747
Private Placement Warrants		-		-		620		620
Total liabilities	$	747	$	-	$	10,864	$	11,611


March 31, 2024	Level 1		Level 2		Level 3		Total
Liabilities:
Forward Purchase Agreement put option liability	$	-	$	-	$	10,244	$	10,244
Public Warrants		747		-		-		747
Private Placement Warrants		-		-		620		620
Total liabilities	$	747	$		$	10,864	$	11,611

March 31, 2023

Level 1

Level 2

Level 3

Total

Liabilities:

Forward Purchase Agreement put option liability

Public Warrants

Private Placement Warrants

Total liabilities

Schedule of purchase agreement

Schedule of purchase agreement
Expected Term (Years)		0.35
Risk free Interest Rate		5.20	%
Volatility		45.0	%
Reference Price for one Class A ordinary share	$	1.90

Schedule of purchase agreement
	Year Ended March 31,
	2024			2024
Weighted Average Fair Value	10,244
Expected Term (Years)		0.60			0.60
Risk free Interest Rate		5.10	%		5.10	%
Volatility		39.0	%		39.0	%
Reference Price for one share of Class A common stock	$	10.69			2.21
Probability (Weight) - No Dilutive Offering Reset / With Dilutive Offering Reset due to PIPE transaction*		5	%		95	%
Fair Value of Forward Purchase Agreement Put Option Liability [in thousands]	$	40,880			8,631
Stock price at measurement date	$	2.6			2.6

*Note:

Schedule of derivative contract assumptions


Term (years)		4.36
Risk-free interest rate		5.20	%
Stock price at measurement date	$	1.90


Term (years)		4.61
Risk-free interest rate		5.10	%
Volatility		33.0	%
Stock price at measurement date	$	2.6

Summary of the changes in the fair value of derivative warrant liabilities


	Forward Purchase Agreement Put Option Liability		Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2024	$	10,244	$	747		$	620		$	11,611
Change in fair value (gain) / loss		696		(413	)		(344	)		(61	)
Fair value as of June 30, 2024	$	10,940	$	334		$	276		$	11,550


	Forward Purchase Agreement Put Option Liability			Public Warrant Liability			Private Placement Liability			Total
Fair value at April 1, 2023	$	-		$	-		$	-		$	-
Warrants and Forward Purchase Agreement put option liability acquired as part of Business Combination as at November 6, 2023		25,009			1,513			1,256			27,778
Change in fair value (gain) / loss		(14,765	)		(766	)		(636	)		(16,167	)
Fair value as of March 31, 2024	$	10,244		$	747		$	620		$	11,611

Cover	3 Months Ended
Cover	Jun. 30, 2024
Entity Addresses [Line Items]
Document Type	POS AM
Amendment Flag	true
Amendment Description	Post-Effective Amendment No. 1
Entity Registrant Name	Aeries Technology, Inc.
Entity Central Index Key	0001853044
Entity Tax Identification Number	98-1587626
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	60 Paya Lebar Road
Entity Address, Address Line Two	#08-13
Entity Address, Address Line Three	Paya Lebar Square
Entity Address, City or Town	Singapore
Entity Address, Postal Zip Code	409051
City Area Code	919
Local Phone Number	228-6404
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	P.O. Box 309
Entity Address, City or Town	George Town
Entity Address, Country	KY
Entity Address, Postal Zip Code	1-1104
City Area Code	919
Local Phone Number	228-6404

Net loss per Share (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Schedule of reconciliation of net income per share


Numerator:
Net Loss attributable to controlling interest for the period from April 1, 2024 through June 30, 2024	$	(14,821	)

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from April 1, 2024 through June 30, 2024		37,852,036

Net earnings per share Ordinary Shares – Basic and Diluted	$	(0.39	)


Numerator:
Net income attributable to controlling interest for the period from November 6, 2023 through March 31, 2024	$	14,154

Denominator:
Weighted average shares outstanding of Class A ordinary shares, basic and diluted for the period from November 6, 2023 through March 31, 2024		15,532,382

Net earnings per share Ordinary Shares
Basic	$	0.91
Diluted	$	0.91

Nature of Operations (Tables)

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of consummation of business combination


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾			3,157,469
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA (as defined below) Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,666

(1)

Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement (“FPA”) holders in the open market or via redemption reversals prior to the consummation of the Business Combination.

(2)

Includes 1,500,000 Class A ordinary shares issued to the Sponsor and 1,250,000 Class A ordinary shares issued to certain anchor investors upon conversion of Class B ordinary shares concurrently with the consummation of the Business Combination. 3,000,000 Class B ordinary shares were forfeited by the Sponsor upon the consummation of the Business Combination.

(3)	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
(4)	Includes (i) 3,000,000 Class A Shares reissued against 3,000,000 Class B Shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
(5)	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
(6)	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 10.


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾			3,157,469
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,666

(1)

Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement holders in the open market or via redemption reversals prior to the consummation of the Business Combination.

(2)

(3)

Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.

(4)

Includes (i) 3,000,000 Class A Shares reissued against 3,000,000 Class B Shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.

(5)

Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.

(6)

Schedule of reconciles of business combination


Schedule of cash and net liabilities assumed pursuant to Business Combination	Amount
Balance in Company trust account		40,402
Less: Outflow on account of redemption payments		(18,795	)
Less: Prepayment for recycle share under forward purchase agreement		(3,083	)
Less: Payments under Non-redemption agreements		(9,672	)
Less: Payment to Continental Stock Transfer for services provided in relation to the Business Combination		(186	)
Net cash acquired in Business Combination		8,666
Less: Assumed net liabilities of ATI on Closing Date⁽¹⁾		(38,994	)
Less: Pre-combination transaction costs		(3,697	)
Less: Transferred to Redeemable Noncontrolling Interest (“NCI”) pursuant to Business Combination		(4,465	)
Less: Par value of Class A ordinary shares issued		(2	)
Net charge to Additional paid-in-capital as a result of the Business Combination reported in Shareholders’ equity (deficit)		(38,492	)

(1)

Includes liability pursuant to warrants and Forward Purchase Agreements. Refer Note 20 for details

Other Current Liabilities

12 Months Ended

Mar. 31, 2024

Other Current Liabilities

Other Current Liabilities

Note 7 - Other Current Liabilities

Other current liabilities consists of the following:

Schedule of other current liabilities
	As of March 31,
	2024		2023
Taxes payable	$	3,584	$	2,257
Finance lease obligations, current		294		308
Accrued expenses		4,892		1,319
Deferred revenue		261		193
Other		257		124
Other current liabilities	$	9,288	$	4,201

Income Taxes (Details 3) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Income before income tax expense	$ (16,408)	$ 712	$ 19,127	$ 2,766
Income tax expense at tax rates applicable to the Company (i.e., 17%)				470
Increase (decrease) in income taxes resulting from:
Non-deductible expenses			383	241
Non-taxable income
Reversal of deferred tax asset / liability			7	36
Valuation allowance				36
Tax of earlier year			221	9
True up /down			78	89
Loss / (income) taxed at different tax rate			2	(3)
Adjustments for change in rates due to different tax jurisdiction			1,254	223
Set off against brought forward losses			(60)	(60)
GILTI inclusion			42	27
Others			(56)	(8)
Provision for Income Taxes	$ (1,091)	$ 218	$ 1,871	$ 1,060
Effective tax rate	6.60%	30.60%	9.78%	38.33%

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Product Information [Line Items]
Opening balance as of March 31, 2023	$ 1,263	$ 0	$ 0
Closing balance as of March 31, 2024	2,299		1,263	$ 0
Long Term Investment [Member]
Product Information [Line Items]
Opening balance as of March 31, 2023	126
Transition period adjustment on long term investments (through retained earnings) pursuant to ASC 326		126	126
Adjusted balance as of April 1, 2023	126	126	126
Additions charged to change in provision for credit losses	(13)	6
Closing balance as of March 31, 2024	$ 113	$ 132	$ 126

Summary of Significant Accounting Policies (Details 3)	12 Months Ended
Summary of Significant Accounting Policies (Details 3)	Mar. 31, 2024
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	6 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Vehicles [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	8 years
Vehicles [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	10 years
Internal Use Software [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment useful life	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	Shorter of lease term or estimated useful life

Nature of Operations

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Note 1- Nature of Operations

Unless the context otherwise requires, Aeries Technology, Inc. (formerly Worldwide Webb Acquisition Corp. (“WWAC”), formed in the Cayman Islands on March 5, 2021) and its subsidiaries, excluding the fintech and investing business activities, is herein referred to as the “Company”, “ATI”, the “registrant”, “us,” “we” and “our” in these consolidated financial statements. Aark Singapore Pte. Ltd., a Singapore private company limited by shares (“AARK”) and its subsidiaries, excluding the fintech and investing business activities, is herein referred to as the “Carve-out Entity”. The Company is a global provider of professional and management services and technology consulting, specializing in the establishment and management of dedicated delivery centers known as “Global Capability Centers” (“GCCs”) for portfolio companies of private equity firms and mid-market enterprises. Our engagement models are designed to provide a mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations. The Company has subsidiaries in India, Mexico, Singapore, UAE and the United States.

Demerger and Business Combination

On March 11, 2023, WWAC entered into a Business Combination Agreement (as amended, the “Merger Agreement”) with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of WWAC (“Amalgamation Sub”), and AARK. Pursuant to the Merger Agreement, Amalgamation Sub and AARK amalgamated and continued as one company, with AARK being the surviving entity, and as a result thereof, Aeries Technology Group Business Accelerators Pvt. Ltd., an Indian private company limited by shares became an indirect subsidiary of WWAC (the “Amalgamation” and, together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). Following the closing of the Business Combination, WWAC changed its corporate name to Aeries Technology, Inc.

AARK was engaged in management consulting, fintech and investing business. However, only the management consulting business was subject to the Merger Agreement and therefore in connection with the Business Combination, AARK entered into a Demerger Agreement with Aarx Singapore Pte. Ltd. and their respective shareholders on March 25, 2023 to spin off the fintech business which was a part of AARK but not subject to the Merger Agreement. Subsequently, the board of directors of AARK ratified two resolutions on May 24, 2023. These resolutions effectively spun off the investing business which was part of AARK but not subject to the Merger Agreement. These transactions will collectively be referred to as “Demerger Transactions”.

Pursuant to the Merger Agreement, all AARK ordinary shares that were issued and outstanding prior to the effective time of the Amalgamation remained issued and outstanding following the Amalgamation and continued to be held by the former sole shareholder of AARK. The Company issued a Class V ordinary share to NewGen Advisors and Consultants DWC-LLC (“NewGen”). NewGen is a business associate of Mr. Raman Kumar (the “Former AARK Sole Shareholder”). NewGen has agreed to hold the Class V ordinary share to protect the interest of the Former AARK Sole Shareholder, in the event of certain extraordinary events as described in ATI’s amended and restated memorandum and articles of association, including a hostile takeover or the appointment or removal of directors at ATI level. While the Class V ordinary share does not carry any direct economic rights, it does carry voting rights equal to 1.3% which will ratchet up to 51% voting rights upon occurrence of the extraordinary events described above at the ATI level. All of the shares of Amalgamation Sub that were issued and outstanding as of the transaction date were converted into a number of newly issued AARK ordinary shares. In accordance with principles of Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”) and based on the economic interest held by the shareholders post the transaction as well as the underlying rights, it was assessed that AARK is the accounting acquirer and WWAC is the accounting acquiree. The Business Combination closed on November 6, 2023 (“Closing Date”) and resulted in ATI owning 38.24% of the issued and outstanding shares of AARK and the Former AARK Sole Shareholder of AARK owning the balance 61.76%. Pursuant to the Business Combination, ATI has a right to appoint two out of the three directors on the board of directors of AARK and therefore has an ability to control the activities undertaken by AARK in ordinary course of business, resulting in AARK being classified as a subsidiary of ATI. Finally, the Business Combination has been accounted for as reverse recapitalization. Refer to the section “Reverse Recapitalization” below for details.

Reverse Recapitalization

As mentioned above – Demerger and Business Combination, the Business Combination was closed on November 6, 2023 and has been accounted for as a reverse recapitalization because AARK has been determined to be the accounting acquirer under ASC 805 based on the evaluation of the following facts and circumstances taken into consideration:

●

The Former AARK Sole Shareholder, who controlled AARK prior to the Business Combination, will retain a majority of the outstanding shares of ATI after giving effect to the Exchange Agreements. The Exchange Agreements are further discussed in Note 10;

●

AARK has the ability to elect a majority of the members of ATI’s governing body;

●

AARK’s executive team makes up the executive team of ATI;

●

AARK represents an operating entity (group) with operating assets, revenues, and earnings significantly larger than WWAC.

Under a reverse recapitalization, while ATI was the legal acquirer, it has been treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of pre-combination AARK issuing stock for the net assets of ATI, accompanied by a recapitalization. The net assets of ATI have been stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of pre-combination AARK and relate to the management consulting business.

Immediately following the Business Combination, there were 15,257,666 Class A ordinary shares outstanding with a par value of $0.0001. Additionally, there were 9,527,810 Private Placement Warrants (defined below) and 11,499,991 Public Warrants (defined below) outstanding with a right to purchase 21,027,801 Class A ordinary shares.

Upon closing of the Business Combination, the total number of ATI’s Class A ordinary shares issued and outstanding was 15,257,666. Further, certain Class A ordinary shareholders entered into non-redemption agreements executed on November 3, 2023 and November 5, 2023, to reverse redemptions for an aggregate of 1,652,892 Class A ordinary shares while waiving their right to receive any “Bonus Shares” issued under the Merger Agreement. In connection with the closing, holders of 2,697,052 Class A ordinary shares of ATI were redeemed at a price per share of approximately $10.69. AARK incurred approximately $3,697 in transaction costs relating to the Business Combination and recorded those costs against additional paid-in capital in the condensed consolidated balance sheet.

The number of Class A ordinary shares issued and outstanding immediately following the consummation of the Business Combination were:


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾			3,157,469
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA (as defined below) Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,666

(1)

(2)

(3)	Does not include (i) 1,500,000 Class B ordinary shares forfeited upon the consummation of the Business Combination, or (ii) 1,500,000 Class B ordinary shares forfeited pursuant to a Support Agreement with the Sponsor.
(4)	Includes (i) 3,000,000 Class A Shares reissued against 3,000,000 Class B Shares forfeited by the Sponsor upon consummation of the Business Combination as per (2) above, and (ii) 2,638,530 remaining Bonus Shares issued to Innovo.
(5)	Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.
(6)	Does not include 10,000 AARK ordinary shares and 655,788 Aeries Technology Group Business Accelerators Private Limited’s ordinary shares that represent noncontrolling interest in AARK. These shares will be exchangeable (together with the proportionate reduction in the voting power of the Class V ordinary share, and in the case of the exchange of all AARK ordinary shares, the forfeiture and cancellation of the Class V ordinary share) into shares in Aeries Technology, Inc. in connection with the Exchange Agreements, which is further discussed in Note 10.

As a result of the Business Combination, the Company’s Class A ordinary shares trades under the ticker symbol “AERT” and its public warrants (the “Public Warrants”) trade under the ticker symbol “AERTW” on the Nasdaq Stock Market. Prior to the consummation of the Business Combination, the Company’s Class A ordinary shares were traded on Nasdaq Stock Market under the symbol “WWAC.”

Note 1 - Nature of Operations

Aeries Technology, Inc. (formerly Worldwide Webb Acquisition Corp. (“WWAC”), formed in the Cayman Islands on March 5, 2021) and its subsidiaries, excluding the fintech and investing business activities, is herein referred to as the “Company”, “ATI”, the “registrant”, “us,” “we” and “our” in these consolidated financial statements. Aark Singapore Pte. Ltd. and its subsidiaries (“AARK”), excluding the fintech and investing business activities, is herein referred to as the “Carve-out Entity”. The Company is a global provider of professional and management services and technology consulting, specializing in the establishment and management of dedicated delivery centers known as “Global Capability Centers” (“GCCs”) for portfolio companies of private equity firms and mid-market enterprises. Our engagement models are designed to provide a mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations. The Company has subsidiaries in India, Mexico, Singapore, UAE and the United States.

Change in Fiscal Year

On November 6, 2023, the Company’s Board of Directors approved a change in the Company’s fiscal year end from December 31 to March 31. The Company’s latest fiscal year ran from April 1, 2023, through March 31, 2024.

Demerger and Business Combination

On March 11, 2023, WWAC entered into the Business Combination Agreement (the “Merger Agreement,” and the transactions contemplated therein, the “Business Combination”), with WWAC Amalgamation Sub Pte. Ltd., a Singapore private company limited by shares and a direct wholly-owned subsidiary of WWAC (“Amalgamation Sub”), and Aark Singapore Pte. Ltd. a Singapore private company limited by shares (“AARK”) (together with WWAC and Amalgamation Sub, the “Parties” and individually, a “Party”).

AARK was engaged in management consulting, fintech and investing business. However, only the management consulting business was subject to the Merger Agreement and therefore in connection with the Business Combination, AARK entered into a Demerger Agreement with Aarx Singapore Pte. Ltd. and their respective shareholders on March 25, 2023 to spin off the fintech business which was a part of AARK but not subject to the Merger Agreement. Subsequently, the AARK Board of Directors ratified two resolutions on May 24, 2023. These resolutions effectively spun off the investing business which was part of AARK but not subject to the Merger Agreement. These transactions will collectively be referred to as “Demerger Transactions”.

Pursuant to the Merger Agreement, all AARK ordinary shares that were issued and outstanding prior to the effective time of the Business Combination remained issued and outstanding following the Business Combination and continued to be held by the Sole Shareholder (as defined below) of AARK. The Company issued a Class V ordinary share to NewGen Advisors and Consultants DWC-LLC (“NewGen”). NewGen is a business associate of Mr. Raman Kumar (“Sole Shareholder”). NewGen has agreed to hold the Class V ordinary share to protect the interest of the Sole Shareholder, in the event of certain events, including a hostile takeover or the appointment or removal of directors at ATI level. While the Class V ordinary share does not carry any direct economic rights, it does carry voting rights equal to 26% which will ratchet up to 51% voting rights upon occurrence of extraordinary events at the ATI level. All of the shares of Amalgamation Sub that were issued and outstanding immediately prior to the effective time of the Business Combination were converted into a number of newly issued AARK ordinary shares. In accordance with principles of Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”) and based on the economic interest held by the shareholders post the Business Combination as well as the underlying rights, it was assessed that AARK is the accounting acquirer and WWAC is the accounting acquiree. The Business Combination closed on November 6, 2023 (“Closing Date”) and resulted in ATI owning 38.24% of the issued and outstanding shares of AARK and the Sole Shareholder of AARK owning the balance 61.76%. Pursuant to the Business Combination, ATI has a right to appoint two out of the three directors on the Board of AARK and therefore has an ability to control the activities undertaken by AARK in ordinary course of business, resulting in AARK being classified as a subsidiary of ATI. Finally, the Business Combination has been accounted for as reverse recapitalization. Refer to the section “Reverse Recapitalization” below for details.

Reverse Recapitalization

●

The Sole Shareholder, who controlled AARK prior to the Business Combination, will retain a majority of the outstanding shares of ATI after giving effect to the Exchange Agreements. The Exchange Agreements are further discussed in Note 22;

●

AARK has the ability to elect a majority of the members of ATI’s governing body;

●

AARK’s executive team makes up the executive team of ATI;

●

AARK represents an operating entity (group) with operating assets, revenues, and earnings significantly larger than WWAC.

Under a reverse recapitalization, while WWAC was the legal acquirer, it has been treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of pre-combination AARK issuing stock for the net assets of WWAC, accompanied by a recapitalization. The net assets of WWAC have been stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of pre-combination AARK and relate to the management consulting business.

Immediately following the Business Combination, there were 15,257,666 Class A ordinary shares outstanding with a par value of $0.0001 per share. Additionally, there were 9,527,810 Private Placement Warrants (defined below) and 11,499,991 Public Warrants (defined below) outstanding with a right to purchase 21,027,801 Class A ordinary shares.

Upon closing of the Business Combination, the total number of ATI’s Class A ordinary shares issued and outstanding was 15,257,666. Further, certain Class A ordinary shareholders entered into non-redemption agreements executed on November 3, 2023 and November 5, 2023, to reverse redemptions for an aggregate of 1,652,892 Class A ordinary shares while waiving their right to receive any “Bonus Shares” issued under the Merger Agreement. In connection with the closing, holders of 2,697,052 Class A ordinary shares of WWAC were redeemed at a price per share of approximately $10.69. AARK incurred approximately $3,697 in transaction costs relating to the Business Combination and recorded those costs against additional paid-in capital in the consolidated balance sheet.

The number of Class A ordinary shares issued and outstanding immediately following the consummation of the Business Combination were:


Public Shareholders (Redeemable Class A ordinary shares), including Bonus Shares⁽¹⁾			3,157,469
Shares held by Worldwide Webb Acquisition Sponsor, LLC (the “Sponsor”) and other initial holders⁽²⁾⁽³⁾			2,750,000
Shares held by Innovo Consultancy DMCC⁽⁴⁾			5,638,530
Shares held by FPA Holders⁽⁵⁾			3,711,667
Total⁽⁶⁾			15,257,666

(1)

Includes 87,133 Bonus Shares issued to the Company’s public shareholders and 1,024,335 “Extension Shares” issued to certain holders of Class A ordinary shares (the “Holders”) in accordance with the Non-Redemption Agreement entered into between WWAC, the Sponsor, and the Holders of Class A ordinary shares. Also includes 288,333 shares purchased by the Forward Purchase Agreement holders in the open market or via redemption reversals prior to the consummation of the Business Combination.

(2)

(3)

(4)

(5)

Represents a new issuance of Class A ordinary shares to the Forward Purchase Agreement holders in accordance with the Forward Purchase Agreement.

(6)

The following table reconciles the elements of the Business Combination to the change in net shareholders’ investment and additional paid-in capital on the consolidated statement of changes in redeemable noncontrolling interest and shareholders’ equity (deficit) for the year ended March 31, 2024:


Schedule of cash and net liabilities assumed pursuant to Business Combination	Amount
Balance in Company trust account		40,402
Less: Outflow on account of redemption payments		(18,795	)
Less: Prepayment for recycle share under forward purchase agreement		(3,083	)
Less: Payments under Non-redemption agreements		(9,672	)
Less: Payment to Continental Stock Transfer for services provided in relation to the Business Combination		(186	)
Net cash acquired in Business Combination		8,666
Less: Assumed net liabilities of ATI on Closing Date⁽¹⁾		(38,994	)
Less: Pre-combination transaction costs		(3,697	)
Less: Transferred to Redeemable Noncontrolling Interest (“NCI”) pursuant to Business Combination		(4,465	)
Less: Par value of Class A ordinary shares issued		(2	)
Net charge to Additional paid-in-capital as a result of the Business Combination reported in Shareholders’ equity (deficit)		(38,492	)

(1)

Includes liability pursuant to warrants and Forward Purchase Agreements. Refer Note 20 for details

Long-Term Investments (Tables)

12 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of long-term investments

Schedule of long-term investments
	As of March 31,
	2024		2023
Held-to-maturity investments, amortized cost basis (net off expected credit losses)	$	815	$	955
Interest earned on investments		797		609
Held-to-maturity investments, net carrying amount	$	1,612	$	1,564

Net loss per Share

3 Months Ended

12 Months Ended

Jun. 30, 2024

Mar. 31, 2024