Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 41

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 of lease liabilities are as follows:

    2025
     
    $
    80,245

    $
    4,817,953 

    $
    392,443

    $
    6,475,668

    2026

    336,564

    73,401

    345,584

    -

    2027

    352,926

     -

    362,385

    -

    2028

    370,106

    -

    380,025

    -

    2029

    388,144

    -

    398,548

    -

    Total Lease Payments
     
    $
    1,527,985

    $
    4,891,354  

    $
    1,878,985

    $
    6,475,668

    Less : Imputed Interest

    367,794

    875,662

    503,762

    737,429

    Total Lease Liabilities
     
    $
    1,160,191

    $
    4,015,692

    $
    1,375,223

    $
    5,738,239

During the period ended December 31, 2024, the Company entered into
re-structuring agreements with Orix Leasing and Financial Services India Limited (Orix). Under the restructured terms with Orix, the Company
was to pay 50% of the outstanding liability by November 25, 2024, with the remaining 50% due in 12 monthly installments at 12% interest,
starting January 15, 2025. If the Company defaults, the entire liability, plus 18% annual compounded interest, will be due after a 15-day
grace period. As of December 31, 2024, the Company has fulfilled all payment obligations under the restructured terms.

In adherence to the agreement, the
Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs after adjustment of amounts paid
during the three months ended December 31, 2024, amounting to $226,093.

As per the terms of the agreement, an additional simple interest of
1.5% per month is levied on the overdue amount as it is still unpaid after 60 days from date of default.

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