Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 169

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 169
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 for payable recovery by the Company.

In accordance with ASC 470-60,
when the total future cash payments under the new terms are less than the carrying amount of the payable at the date of restructuring,
the difference between the carrying amount and the total future cash payments is recognized as a ‘Gain on Troubled Debt Restructuring’
in the Condensed Consolidated Financial Statements. This gain is recorded immediately in the period the restructuring occurs.

If the total future cash
payments under the new terms exceed the carrying amount of the payable at the date of restructuring, no adjustment to the carrying amount
of the payable is made. Instead, the company calculates a New Effective Interest Rate (EIR) based on the revised terms of the restructured
payable. The debt is then amortized over the remaining life of the payable using the new EIR, with interest expense recognized based on
this rate in future periods.

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BUSINESS</div>

Mission

Zoomcar’s mission is
to transform the urban mobility landscape across emerging market countries by connecting individuals with short and medium-term transportation
needs with vehicle owners through the convenience of our scalable digital platform designed to provide persons seeking short-term vehicle
use with personalized travel solutions while also providing entrepreneurial opportunities for vehicle owners to financially benefit from
sharing their car within their community.

Overview

Zoomcar, headquartered in
Bangalore, India, is a leading emerging market-focused online car sharing marketplace, based on the number of current vehicles and active
users on our platform. Our platform enables car owners (“Hosts”) and persons in temporary need of vehicles (“Guests”)
to connect and share the use of a Host’s car, made available to Guests at mutually convenient locations.

Founded in 2012, our growing
online platform facilitates mobility in emerging markets, where convenient, cost-efficient transportation options are limited. Guests
on our platform browse and choose from a range of available car models, makes, sizes and price points to book vehicles listed on our platform
by Hosts. Hosts, in turn, can turn underutilized vehicles into revenue-generating opportunities by sharing their cars with individuals
who require a car to satisfy leisure, work or other short to medium-term transportation needs. Further, in October 2022, we entered into
the Merger Agreement with IOAC, a special purpose acquisition company with securities traded on the Nasdaq Stock Market pursuant to which
we agreed, subject to satisfaction of certain conditions and the terms of the Merger Agreement, to