Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 241

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 241
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 upon its ability to increase its revenues
and eventually achieve profitable operations. The accompanying Condensed Consolidated Financial Statements do not include any adjustments
that might be necessary if the Company is unable to continue as a going concern.

2.Summary of Significant Accounting Policies

(a)Basis of presentation

The accompanying Condensed Consolidated
Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (US
GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting.
As permitted under those rules, certain footnotes or other financial information that are normally required by US GAAP have been condensed
or omitted. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting
Standards Codification (“ASC”) and an Accounting Standards Update (“ASU”) of the Financial Accounting Standards
Board (“FASB”). The results of operations for the three and nine months ended December 31, 2024, are not necessarily indicative
of the results for the fiscal year ending March 31, 2025, or any future interim period.

These Condensed Consolidated Financial
Statements follow the same significant accounting policies as those included in the audited Consolidated Financial Statements of the
Company for the year ended March 31, 2024. In the opinion of management, these Condensed Consolidated Financial Statements reflect all
adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Condensed Consolidated
Financial position, results of operations, and cash flows for these interim periods.

The Condensed Consolidated Financial
Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company
is the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions
have been eliminated in the Condensed Consolidated Financial Statements herein.

(b)Principles of consolidation

The Condensed Consolidated Financial
Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and Variable Interest Entities (“VIE”)
in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the
“Company”).

8

The Company determines, at the inception
of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a
VIE. The Company consolidates a VIE when it