Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 52

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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435 

    Accounts Payable 

    Uri Levine 
    $62,176  
    $62,176 
  
    Deepankar Tiwari 
    $7  
    $- 

    $214,618  
    $214,611 

(This space has been left intentionally blank)

38

ZOOMCAR HOLDINGS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

    27
    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:

    June 30, 2025  
    March 31, 2025 
  
    Assets 

    Cash and cash equivalents 
    $2,037  
    $2,878 
  
    Other current assets 
    $393  
    $391 
  
    Long term Investments 
    $3,906  
    $3,991 

    Liabilities 

    Accounts payable 
    $102,817  
    $383,355 
  
    Current portion of pension and other employee obligations 
    $82  
    $80 
  
    Other current liabilities 
    $69,820  
    $141,164 

Nature
of investment in the VIEs is as follows:

  Name of the VIE   Place of incorporation   Nature of investment   Investor entity                 Zoomcar