Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 324

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 324
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,543 |     | $     | - |

The Atalaya Note was initially recorded at the fair value of $10,167,194 on issuance. The Atalaya Note was issued at 7.5% discount on principal amounting to $632,596 and bears an interest of 8% and an additional interest on default of 8% compounded monthly.

During the nine months ended December 31, 2024, partial liability was settled by issue of 125,120 (12,512,080 prior to Reverse Stock Split) shares to the Atalaya Note holders for a settlement of $2,324,696.

The principal balance of the Atalaya Note was $8,434,605 (amount received $7,802,009). As of December 31, 2024 and March 31, 2024, the fair value of the Atalaya Note of $7,017,543 and $10,067,601, was recorded in the Condensed Consolidated Balance Sheets for their respective periods. The change in fair value resulted in loss of $244,658 and 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.

<div align='center'>F-33

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

| 19 | Other               
 current liabilities |

The components of other current liabilities were as follows:

|                                   | (In   
 USD)