Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2107

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7
Chunk 2107
---
 -  
     -  
     -  
     -  
     (9,920,660)
  
    Balance as of March 31, 2025 
    $-  
    $-  
    $-  
    $6,002,269  
    $- 

*This includes $1,554,010 of Series A and Series B warrants
issued to Randy Yanker as settlement of litigation which were reclassified to equity and are presented under “Issue of common stock
and warrants on settlement” in Consolidated Statement of Stockholder’s Deficit.

During the year ended March 31, 2025
and March 31, 2024, there were no non-recurring fair value measure of assets or liabilities subsequent to initial recognition.

F-50

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    34
    Commitments and contingencies

Contingencies

(A) Claims
filed by customers and third-parties not acknowledged as liability amounted to $4,503,122 and $4,565,949 as at March 31, 2025 and March
31, 2024, respectively. The claims made by the customers against the Company includes claims that have been made for amounts charged to
customers by the Company as damages for improper use of vehicles and/or physical damages made to vehicles during an active trip ; or claims
made by customers for unavailability of the booked vehicle or for any mechanical default in the booked vehicle ; or claims against any
similar issue faced by either the host or the customer. Under the erstwhile business model of the Company , the Company had procured third-party
insurance policies for fleet under its management which indemnifies against personal death and/or injuries suffered either by the customer
or third-parties during the use of its vehicles. Based on the insurance coverage, the Company is confident that liability, if any, arising
from the claims under the previous business model will be covered by the insurance. Further, under the current business model of the Company,
wherein the Company acts only as a facilitator, any issues arising from breach of any terms including improper use of vehicles and/or
physical damages made to the vehicles or any mechanical issues in the vehicle will be the responsibility of either the host or the customer.
While uncertainties are inherent in the final outcome of these matters, the Company believes that the disposition of these proceedings
will not have a