Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2240

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7A
Chunk 2240
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31, 2025, the Company had fully repaid its liability to the lender. This transaction was accounted
for as troubled debt restructuring under ASC 470-60 (Refer to Note 4), resulting in a net gain of $82,971 and $NIL for the year
ended March 31, 2025 and March 31, 2024, respectively.

The Company has recorded an interest expense amounting to $9,755 and
$64,635 for the year ended March 31, 2025 and March 31, 2024, respectively.

(2) Term loans from Others

Includes loans outstanding as at March 31, 2025
and March 31, 2024 amounting to $2,851,341 and $4,713,936, respectively.

The Company has recorded an interest expense
amounting to $311,826 and $415,422 for the year ended March 31, 2025 and March 31, 2024.

As of March 31, 2025, the Company has defaulted on debt obligations, totaling $820,679, owed to various lenders. The Company has also
recorded a penal interest expense amounting to $159,269 and $29,757 for the year ended March 31, 2025 and March 31, 2024.

During the year ended March 31, 2025, the Company entered into settlement agreements with Mercury Car Rentals Limited and Jain and Sons
Services Limited, resulting in waiver of partial liabilities. These transactions were accounted for as troubled debt restructuring under
ASC 470-60 (Refer to Note 4), and all outstanding amounts owed to these lenders were fully repaid by March 31, 2025.

During the year ended March 31, 2025, the Company
has entered into a contract with AON Risk Insurance Services West, Inc, in order to refinance its D&O insurance with Insurance companies.
The loan needs to be repaid by April 28, 2025.

F-31

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18Redeemable Promissory Note

On June 18, 2024, the Company entered into a
Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an aggregate
of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of