Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 289

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 289
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, outstanding balances as of December 31,
2024, have not been disclosed, as he was no longer classified as a related party on that date.

**Mahindra & Mahindra Financial Services Limited, Mahindra
First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions
until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not
been disclosed since they were not related parties as on March 31, 2024 and December 31, 2024.

44

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

30Variable
Interest Entities

An entity is a VIE if it has any of the following characteristics
:

●The
entity does not have enough equity to finance its activities without additional subordinated financial support.

●The
equity holders, as a group, lack the characteristics of a controlling financial interest.

●The
entity is structured with non-substantive voting rights (i.e., an anti-abuse clause).

We consolidate VIEs in which Company
hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities
of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially
could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits).
As a result, we consolidate the assets and liabilities of these consolidated VIEs.

The VIEs have been incorporated in their respective locations
to perform the business of providing mobility solutions to consumers and businesses.

The following table summarizes the assets and liabilities
related to the Company’s consolidated VIEs:

    December 31,
 2024  
    March 31,
 2024 
  
    Assets 

    Cash and Cash equivalents 
    $4,534  
    $11,888 
  
    Accounts receivable 
    $-  
    $7,341 
  
    Other current assets 
    $388  
    $3,868 
  
    Prepaid expenses 
    $-  
    $4,282 
  
    Property and equipment, net 
    $-  
    $41,849 
  
    Intangible assets,