Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 301

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 301
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 TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

| 30 | Variable Interest Entities |

An entity is a VIE if it has any of the following characteristics :

| ● | The entity does not have enough                                                     
 equity to finance its activities without additional subordinated financial support. |

| ● | The equity holders, as a group,                               
 lack the characteristics of a controlling financial interest. |

| ● | The entity is structured with non-substantive 
 voting rights (i.e., an anti-abuse clause).   |

We consolidate VIEs in which Company hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs.

The VIEs have been incorporated in their respective locations to perform the business of providing mobility solutions to consumers and businesses.

The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs:

|                                                           |     |   | December 
      31, 
     2024 |     |   |   March 
     31, 
    2024 |
|:----------------------------------------------------------|:----|:--|---------:|:----|:--|--------:|
| Assets                                                    |     |   |          |     |   |         |
| Cash and Cash equivalents                                 |     | $ |    4,534 |     | $ |  11,888 |
| Accounts receivable                                       |     | $ |        - |     | $ |   7,341 |
| Other current assets                                      |     | $ |      388 |     | $ |   3,868 |
| Prepaid expenses                                          |     | $ |        - |     | $ |   4,282 |
| Property and equipment, net                               |     | $ |        - |     | $ |  41,849 |
| Intangible assets, net                                    |     | $ |        - |     | $ |   3,012 |
| Long term Investments                                     |     | $ |    4,003 |     | $ |   4,112 |
| Receivable