Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 897

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 897
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 with Insurance companies.
The loan needs to be repaid by April 28, 2025.

F-31

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18Redeemable Promissory Note

On June 18, 2024, the Company entered into a
Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an aggregate
of $3,600,000 in principal amount of notes and warrants to purchase up to an aggregate of 132,416 shares (1,267,728 shares prior to Second
Reverse Stock Split and 52,966,102 shares prior to First Reverse Stock Split) of Company Common Stock for gross proceeds of $3,000,000.
The closing occurred on June 20, 2024.

Out of the total proceeds of $3,000,000
received for the Redeemable Promissory notes and warrants. The Company has allocated $952,075 and $2,047,925 to redeemable promissory
notes and warrants respectively, on the basis of their relative fair values. The warrants has been recorded under additional paid in capital
in the Consolidated Statements of Stockholders’ Deficit. The discount on issue and issuance cost amounts to $2,647,925 and $909,657
(including consideration incurred towards placement agents of $788,157) respectively. These discount and issuance cost on Redeemable Promissory
notes have been amortized over the contractual period on a straight-line basis. The Company assessed the fair value of the accelerated
redemption option embedded in the redeemable promissory notes and determined that the value of this embedded feature was not material.

During the year ended March 31, 2025, the Company has paid the liability
and the difference between the amount paid and the net carrying amount of the redeemable promissory notes (post amortization of discount
on issue and issuance cost until the date of payment) i.e. unamortised portion of discount on issuance has been amortized and charged
under finance costs in the Consolidated Statements of Operations as ‘Amortisation of discount and debt issuance cost on redeemable promissory
notes’.

Terms of Redeemable Promissory Note

The redeemable promissory
note is due nine months from the date of issuance, provided that the Company is required to use the proceeds at the Closing Date of one
or more subsequent equity, debt