Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 283

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 283
---
2,572,825 | ) |
|                                |          |              |             | $ |    1,147,427 |   |     | $ |  1,558,980 |   |

Right-of-use assets under finance leases:

| Vehicles, at cost                 |     | $ |  4,009,932 |   |     | $ |  4,117,406 |   |
| Accumulated depreciation          |     |   | (4,009,932 | ) |     |   | (4,117,406 | ) |
|                                   |     | $ |          - |   |     | $ |          - |   |
| Total property and equipment, net |     | $ |  1,147,427 |   |     | $ |  1,558,980 |   |

Depreciation expense for the three
months and nine months ended December 31, 2024 was $ and $ respectively and for the three months and nine months ended December
31, 2023 was $ and $, respectively. Depreciation expense has been shown under cost of revenue amounting to $ and $
for the three months and nine months ended December 31, 2024 respectively ($ and $ respectively for three months and nine
month ended December 31, 2023) and under General and administrative expenses amounting to $ and $ for the three months and
nine months ended December 31, 2024 respectively ($ and $ respectively for three months and nine months ended December 31,
2023). Vehicles are pledged against debt from financial institutions.

(This space has been left intentionally blank) F- 25 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 12 | Leases |

The Company’s leases primarily include vehicles and corporate
offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases
varies between to years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice
for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term
for those lease arrangements where the Company is reasonably certain of availing the extension option.

| The components of lease expense were as follows: |     |                    |         |     |      |         |     |                   |           |     |