Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 65

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 65
---
 November 2024 Offering 

    Mark Bailey* 
    $2,499,959  
    $-  
    $2,499,959  
    $- 

    Amount received for December 2024 Offering 

    Hiroshi Nishijima 
    $50,001  
    $-  
    $50,001  
    $- 

    The Company has the following outstanding balances with related parties: 

    As at 
    December 31, 
2024  
    March 31,
 2024 
  
    Convertible promissory note (non-current and current) 

    Ananda Small Business Trust 
    $-  
    $2,027,840 

    Payable to Director 

    Mohan Ananda 
    $152,435  
    $152,435 

    Advance to director (net) 

    Gregory Bradford Moran 
    $-  
    $44,168 

    Derivative financial instruments 

    Hiroshi Nishijima 
    $8,464  
    $- 

    $160,899  
    $2,224,443 

*Mark Bailey was considered a related party until December 6,
2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of December 31,
2024, have not been disclosed, as he was no longer classified as a related party on that date.

**Mahindra & Mahindra Financial Services Limited, Mahindra
First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions
until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not
been disclosed since they were not related parties as on March 31, 2024 and December 31, 2024.

44

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

30Variable
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