Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 97

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 97
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 $10.38 million during the nine months ended December 31, 2023, a decrease of $10.35 million or 100%.
This decrease is primarily due to elimination of non-cash gain on account of change in the fair value of convertible promissory note and
SSCPN resulted in a net gain of $10.44 million during the nine months ended December 31, 2023 as compared to Nil during the nine months
ended December 31, 2024 due to conversion of these instruments into equity at the close of deSPAC during the three months ended December
31, 2023. Loss recognized on litigation settlement of $4.34 million during the nine months ended December 31, 2024 as comparted to Nil
during the nine months ended December 31, 2023 and $1.76 million Loss on extinguishment of redeemable promissory note during the nine
months ended December 31, 2024 as compared to Nil during the nine months ended December 31, 2023 was partially offset by the change in
the fair value of derivative financial instruments resulted in a gain of $ 5.47 million during the nine months ended December 31, 2024
as compared to the same being nil during the nine months ended December 31, 2023. Further there was a non-cash gain on account of change
in the fair value of Atalaya note amounting to $0.73 million recorded during the nine months ended December 31, 2024 as compared to the
same being cost to the company during the nine months ended December 31, 2023.

Non-GAAP Financial Measures

In addition to our results
determined in accordance with GAAP, we believe the following non-GAAP financial measures help us to evaluate our business, identify trends
affecting our business, formulate business plans, and make strategic decisions. We use the following non-GAAP financial measures, collectively,
to evaluate our ongoing operations and for internal planning and forecasting purposes.

We believe that these non-GAAP
financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past
financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial measures to supplement
their GAAP results. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered
as a substitute for financial information presented in accordance with GAAP,