Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 271

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 271
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 gain of $725,362 that is recorded for the three months and nine months ended December 31, 2024 ($NIL and $NIL
for three months and nine months ended December 31, 2023) in the Condensed Consolidated Statements of Operations (as no portion of such
fair value adjustment resulted from instrument-specific credit risk). Also, Refer Note 31.

The Company is liable to pay liquidated damages to the
note holders, owing to breach of certain conditions as prescribed by the agreement. However, there is no visibility on the amount of such
damages, henceforth, no provision has been booked for the same.

During the period ended December 31,
2024, the Company received notices from Atalaya regarding equity line transactions and incurring debt without the Purchaser’s consent.
Under the Atalaya Note, any default would make all accrued interest, liquidated damages, and other amounts immediately due in cash. The
Company is in discussions with Atalaya to resolve this matter and has classified all payments due to Atalaya as a current liability.

32

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

19Other current liabilities

The components of other current liabilities were as follows:

    (In USD)
As at 
    December 31,
 2024  
    March 31,
                                                                                2024 

    Payable to renters 
    $482,987  
    $576,052 
  
    Statutory dues payable 
     1,560,108  
     1,550,688 
  
    Capital creditors 
     5,781  
     5,936 
  
    Employee benefit expenses payable 
     194,804  
     320,360 
  
    Other liabilities* 
     631,476  
     330,582 
  
    Other current liabilities  
    $2,875,156  
    $2,783,618 

*Includes payables related to operating leases and the residual value of vehicles
acquired from Leaseplan India Private Limited.

20Accumulated other comprehensive income/ (loss)

The components of accumulated other comprehensive income/(loss)
were as follows:

    (In USD)
As at 
    December 31,
 2024  
    March 31,
 2024 

    (Loss)/ Gain on employee benefit 

    Balance, beginning