Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 207

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 207
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 period.         Series A warrants were issued with initial exercise prices of $80.60
($4.03 prior to the Second Reverse Stock Split), $39.00 ($1.95 prior to the Second Reverse Stock Split), and $6.24, each exercisable for
five years from the initial exercise date. Series B warrants were issued with zero initial eligibility, subject to increase on the Reset
Date based on the Reset Share Amount formula. All warrants were adjusted for the Second Reverse Stock Split. Placement agents received
10% of the Series A and Series B warrants issued to investors, along with Common Stock Warrants, as compensation. The Company classified
all Series A and Series B warrants as derivative financial instruments under ASC 815- 10-15-83 upon initial recognition. Due to anti-dilution
and reset provisions, the exercise prices of Series A and Series B warrants were adjusted to the floor price during the year, and the
number of warrants was increased to maintain the aggregate exercise price. As a result, the number of exercisable warrants became fixed,
eliminating variability, and the outstanding Series A and Series B warrants were reclassified to equity at their respective reclassification
date fair values. Warrants exercised before reclassification were reclassified at their exercise date fair value, while those exercised
after were adjusted through additional paid-in capital. As of March 31, 2025, 1,103,832 Series A warrants exercisable at $16.12, 11,008,310
Series A warrants exercisable at $6.24 and 2,250,996 Series B warrants exercisable at $0.002 remained outstanding. A total of 56,074 shares
were issued upon Series A warrant exercises and 1,443,272 shares upon Series B warrant exercises. The Company recognized a gain of $9,035,085
from the change in fair value of these derivative instruments in the Consolidated Statements of Operations.         As of March 31, 2025, the Company has 1,909,833 number of restricted
shares and 552,585 number of unrestricted shares. 

F-35

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

24Revenue

The components of revenue, net were as follows:

    (In USD) 
    March 31, 2025  
    March 31, 2024 
  
    Revenue from services