Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 270

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 270
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to Reverse Stock Split) have been issued to Ananda Small Business Trust on conversion of the Unsecured promissory note.

31

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

18Unsecured
Convertible Note (‘Atalaya Note’)

The following is a summary of the Company’s Atalaya
Note payable for which it elected fair value option as on December 31, 2024 and March 31, 2024:

    Fair Value Outstanding 
  
    (In USD)
As
    at 
    December
    31,
 2024  
    March
    31,
 2024 
  
    Non-current liability 

    Atalaya
Note 
    $          -  
    $10,067,601 
  
    Total 
    $-  
    $10,067,601 

    Fair Value Outstanding 
  
    (In USD)
As
    at 
    December
    31,
 2024  
    March
    31,
 2024 
  
    Current liability 

    Atalaya
    Note  
    $7,017,543  
    $      - 
  
    Total 
    $7,017,543  
    $- 

The Atalaya Note was initially
recorded at the fair value of $10,167,194 on issuance. The Atalaya Note was issued at 7.5% discount on principal amounting to
$632,596 and bears an interest of 8% and an additional interest on default of 8% compounded monthly.

During the nine months ended December 31, 2024, partial
liability was settled by issue of 125,120 (12,512,080 prior to Reverse Stock Split) shares to the Atalaya Note holders for a settlement
of $2,324,696.

The principal balance of the Atalaya
Note was $8,434,605 (amount received $7,802,009). As of December 31, 2024 and March 31, 2024, the fair value of the Atalaya Note of $7,017,543
and $10,067,601, was recorded in the Condensed Consolidated Balance Sheets for their respective periods. The change in fair value resulted
in loss of $244,658 and