Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 352

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 352
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990,870) for the year ended March 31, 2024 and $ 944,727for the year ended March 31, 2023 which were recognized in the Consolidated Statement of Operations for their respective period (as no portion of such fair value adjustment resulted from instrument-specific credit risk).

As of March 31, 2024 and March 31, 2023, the principal balance of the Notes was $ NILand $ 10,000,000. As of March 31, 2024 and March 31, 2023, the fair value of the Notes of $ NILand $ 10,944,727, respectively, were recorded on the Consolidated Balance Sheet.

| 17A | Unsecured promissory note |

The following is a summary of the Company’s unsecured promissory note payable as of March 31, 2024 and March 31, 2023:

(In USD)

| As at                |     | Outstanding 
 March       
 31,         
 2024        |           |     | March 
 31,   
 2023  |   |
|:---------------------|:----|:------------|----------:|:----|:------|:--|
| Unsecured promissory 
 note                 |     | $           | 2,027,840 |     | $     | - |
| Total                |     |             | 2,027,840 |     |       | - |

Prior to Merger in August 2022, the SPAC had issued a interest free Convertible Promissory Note to Ananda Small Business Trust with a principal amount for $ 2,027,840. The principal amount was repayable in 90days (the ‘Maturity Date’) from the consummation of the Business Combination by way of a Reverse Recapitalization. The principal balance could have been repaid at any time before the Maturity Date. The Note is also convertible at the option of the holder on the Maturity Date at a Conversion Price of $ 300per share ($ 3prior to Reverse Stock Split). The principal amount of the unsecured promissory note is still outstanding as on March 31, 2024 amounting to $ 2,027,840.

(This space has been left intentionally blank) F-88 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 18 | Senior Subordinated Convertible 
 Promissory Note