Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 303

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 303
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 Company entered into a settlement
agreement with Randall Yanker to settle claims arising out of a certain consulting agreement, dated May 1, 2020, for which claims had
been brought by Mr. Yanker. Pursuant to the Settlement Agreement, the Company agreed to issue an aggregate of (i) 1,000,000 shares and/or
Pre-Funded Warrants, (ii) Series A Warrants to initially purchase up to an aggregate of 2,500,000 shares of Common Stock and (iii) Series
B Warrants, in connection with the second closing of December 2024 offering. The settlement agreement is considered a recognized subsequent
event and hence, as on December 31, 2024, the Company has recorded a provision for expense under ‘Accounts payable’ under Condensed Consolidated
Balance Sheets for an amount equal to the fair value of instruments issued on settlement on February 4, 2025 and has recorded the corresponding
expense as ‘Loss on litigation settlement’ under ‘Other income/expense’ in the Condensed Consolidated Statements of Operations.

52

Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations

The following “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our unaudited condensed
consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the three and
nine months ended December 31, 2024 and 2023, and our audited consolidated financial statements and notes thereto and Management’s
Discussion and Analysis of Financial Condition and Results of Operations as of and for the year ended March 31, 2024 included in our Form
10-K/A. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those
identified below and those discussed in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking
Statements” included in this Form 10-Q. Additionally, our historical results are not necessarily indicative of the results that
may be expected in any future period. Amounts are presented in U.S. dollars.

Unless the context otherwise
requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
to “Zoomcar,” “we”, “us”, “our”, and the “Company