Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2015

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7
Chunk 2015
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4, respectively.

As of March 31, 2025, our
cash and cash equivalents totaled $1.08 million, consisting of cash on hand, fixed deposits, Restricted cash and cash equivalents included
under other non-current assets and other bank balances.

Our primary use of cash
is to fund our existing operations. If we have sufficient working capital, we will continue to invest in product development and in our
technology platform. We expect that our general and administrative expenses will be reduced on an absolute dollar basis due to our efforts
to manage cost, use of our cash effectively and improve profitability while managing our research and development programs. As on March
31, 2025, the Company’s cash position was critically deficient and critical payments to the operational and financial creditors
of the Company are not being made in the ordinary course of business, all of which raises substantial doubt about the Company’s
ability to continue as a going concern.

74

In October 2022, we entered into a Business Combination
Agreement (BCA) for merger with Innovative International Acquisition Corp. (“IOAC”) In October 2022, we entered into a note
purchase agreement with Ananda small business trust, an affiliate of the SPAC sponsor. Ananda small business trust has purchased notes
worth $10.00 million. Additionally, pursuant to signing the BCA, the Company has entered into a warrant and convertible note agreement
in February 2023 with new investors and raised a total of $21.28 million (before fees) as of August 16, 2023 (which has converted at
a discount in the deSPAC). On December 28, 2023, we completed our deSPAC transaction with IOAC and received cash of $5.77 million, assumed
liabilities amounting to $21.5 million and unsecured promissory notes of $3.26 million were also assumed.

On June 18, 2024, the Company
entered into a securities purchase agreement with certain institutional accredited investors (the “June Aegis Securities Purchase
Agreement”) pursuant to which the Company issued and sold an aggregate of $3.60 million in principal amount of notes (the “June
Notes”) and warrants to purchase up to an aggregate of 1,267,728 shares (52,966,102   shares prior to Reverse Stock Split)
shares of Company Common Stock (the “June Warrants”) for gross proceeds to the Company of $3.00 million. The