Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
,147,577 
  
    Issue of common stock upon conversion of convertible promissory notes 
     -  
     3,953,749 
  
    Payments for offering costs 
     -  
     4,804,482 
  
    Warrants issued on completion of Merger 
     -  
     7,538,708 
  
    Issue of common stock upon conversion of Unsecured Convertible Note 
     2,324,683  
     - 
  
    Issue of warrants to redeemable promissory note holders 
     2,047,925  
     - 
  
    Issue of common stock upon exercise of warrants issued with redeemable promissory notes 
     93  
     - 
  
    Issue of common stock upon conversion of unsecured promissory note 
     2,027,840  
     - 
  
    Warrants issued to placement agents towards issue of redeemable promissory notes 
     418,157  
     - 
  
    Warrants issued to placement agents 
     1,257,449  
     - 
  
    Acquisition of assets held for sale by incurring a liability 
     238,349  
     - 

The accompanying notes are an integral part of these Condensed Consolidated Statements of Cash Flows

5

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.Organization, Business operation and
                                            Going concern

Zoomcar Holdings, Inc. (formerly
“Innovative International Acquisition Corp”) a Delaware corporation provides mobility solutions to consumers and businesses.
The accompanying Condensed Consolidated Financial Statements include the accounts and transactions of Zoomcar Holdings, Inc. and its
subsidiaries (collectively, the “Company” or “the combined entity” or “Zoomcar”). The Company operates
its facilitation services under the Zoomcar brand with its operations in India.

Going concern

The accompanying Condensed Consolidated
Financial Statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. The Condensed Consolidated
Financial Statements have been prepared using U.S. GAAP applicable to a going concern that contemplates the realization of assets and
settlement of liabilities in the normal course of business. The Company incurred a net loss of $7,922,063 and $13,805,617 during the three
months