Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 886

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 886
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 wherein the lenders have waived a portion of
the outstanding liability amounting to $31,684 and $17,739 respectively. As of March 31, 2025, the Company has $NIL balance (March 31,
2024 $249,560) with Mercury Car Rentals Limited and $NIL balance (March 31, 2024 $47,992) with Jain and Sons Services Limited.

The Company has accounted for these transactions as troubled
debt restructuring under ASC 470-60. The gain on troubled debt restructuring recognized during the year ended March 31, 2025, amounted
to $31,684 for Mercury Car Rentals Limited and $17,739 for Jain and Sons Services Limited.

Accounts Payable

During the year ended March 31, 2025, the Company carried
out negotiations with its vendors and as per the revised agreements with the vendors, they have granted a short-term deferral in payments
and/or reduction in outstanding liability.

The Company has accounted for this transaction as troubled
debt restructuring under ASC 470-60. The Company has recorded a net gain on troubled debt restructuring in the Consolidated Statements
of Operations during the year ended March 31, 2025 amounting to $1,038,758 respectively.

The total gain on troubled debt restructuring recorded during the year
ended March 31, 2025 amounts to $1,171,161. Basic EPS was increased by $2.37 ($47.39 prior to Second Reverse Stock Split and $4,738.89
prior to First Reverse Stock Split) as a result of these gains.

F-23

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5Cash
and cash equivalents

The components of cash and cash equivalents were as follows:

    (In
    USD)
    As at 
    March 31,
 2025  
    March 31,
 2024 

    Balances in bank accounts* 
    $1,077,275  
    $1,495,097 
  
    Cash 
     -  
     1,047 
  
    Cash and cash equivalents 
    $1,077,275  
    $1,496,144 

  * This includes $128,055 collected on behalf of but not yet remitted to the Hosts which are included in accounts payable. Refer note 16. 

6Accounts
                                            receivable, net of allowance