Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 354

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 354
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,  
 net                            |    |              |             |   |  1,558,980 |   |     |   |  2,728,523 |   |

Depreciation expense for the year ended March 31, 2024 and March 31, 2023 was $ 994,640and $ 699,091respectively. Depreciation expense has been shown under cost of revenue amounting to $ 828,111and $ 337,010for the year ended March 31, 2024 and March 31, 2023 respectively and under General and administrative expenses amounting to $ 166,529and $ 362,081for the year ended March 31, 2024 and March 31, 2023 respectively. Vehicles are pledged against debt from financial institutions. There is no change in useful life of the assets during the year.

As of March 31, 2024 and March 31, 2023, the Company believes no impairment exists because the long-lived asset’s future undiscounted net cash flows expected to be generated exceeds its carrying value; however, there can be no assurances that long-lived assets will not be impaired in future periods.

| 12 | Leases |

The Company’s leases primarily include vehicles and corporate offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases varies between 3to 7years. The lease agreements do not contain any covenants to impose any restrictions except for market- standard practice for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option.

(This space has been left intentionally blank) F- 83 ZOOMCAR HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 12 | Leases      
 (Continued) |

The components of lease expense were as follows: (In USD)

|                                     | Period ended |   |     March 
       31, 
      2024 |     |   |     March 
       31, 
      2023 |
|:------------------------------------|:-------------|:--|----------:|:----|:--|----------:|
| Finance lease cost:                 |              |   |           |     |   |           |
| Amortization of right-of-use assets |              | $ |         - |     |