Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 398

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 398
---
011 (37,956,206 prior to Reverse Stock Split) private warrants are outstanding.

<div align='center'>(This space has been left intentionally blank)

F-89

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

| 20 | Unsecured Convertible 
 Note (‘Atalaya Note’) |

The following is a summary of the Company’s Atalaya Note payable for which it elected the fair value option as of March 31, 2024 and March 31, 2023:

(In USD)

| As at   |     | Fair              
 Value Outstanding 
 March             
 31,               
 2024              |            |     | March 
 31,   
 2023  |   |
|:--------|:----|:------------------|-----------:|:----|:------|:--|
| Atalaya 
 Note    |     | $                 | 10,067,601 |     | $     | - |
| Total   |     |                   | 10,067,601 |     |       | - |

The unsecured convertible notes were issued to ACM Zoomcar Convert LLC (“Atalaya”) for making payment of $1,231,368 against the outstanding unsecured promissory note and $6,570,642 to various vendors on behalf of the Company. All outstanding payments to vendors were recorded within accounts payable in the Consolidated Balance Sheet. Payments made by Atalaya to the vendors were recorded as a decrease in accounts payable and accrued liabilities. Further, Atalaya also made payment to promissory note holder which were recorded as a decrease in Unsecured Promissory Note.

The Atalaya Note were initially recorded at the fair value of $10,167,194 on issuance. The Atalaya Note was issued at 7.5% discount on principal amounting to $632,596.

As of March 31, 2024, the principal balance of the Atalaya Note was $8,434,605 (amount received $7,802,009). As of March 31, 2024, the fair value of the Atalaya Note of $10,067,601, were recorded on the Consolidated Balance Sheet. The change in fair value of $1,632,996 was recorded for the year ended March 31, 2024 in the Consolidated Statement of Operations (as no portion of such fair value adjustment resulted from instrument-specific