Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 484

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1A
Chunk 484
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prior to Second Reverse Stock Split) are outstanding (after considering antidilution effect). Furthermore, the placement agent warrants
outstanding as of March 31, 2025 are 5,297 warrants (105,934 prior to Second Reverse Stock Split).

These Warrants are classified as equity on the
Consolidated Balance Sheets.

F-32

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19Unsecured promissory note to related parties

The following is a summary of the Company’s
unsecured promissory note payable as of March 31, 2025 and March 31, 2024:

    (In
    USD)
    As at 
    March 31,
 2025  
    March 31,
 2024 
  
    Unsecured promissory note 
    $-  
    $2,027,840 
  
    Total 
    $    -  
    $2,027,840 

During the year ended March 31, 2025, Ananda Small
Business Trust has opted for conversion of the Unsecured promissory note into the common stock of the Company at the agreed conversion
price of $6,000 ($300 prior to Second Reverse Stock Split and $3.00 prior to First Reverse Stock Split) per share. On October 2, 2024,
338 shares (6,759 shares prior to Second Reverse Stock Split and 675,946 shares prior to First Reverse Stock Split) have been issued to
Ananda Small Business Trust on conversion of the Unsecured promissory note.

20Unsecured Convertible Note (‘Atalaya Note’)

The following is a summary of the Company’s
Atalaya Note payable for which it elected fair value option as on March 31, 2025 and March 31, 2024:

    (In
    USD)
    As at 
    March 31,
 2025  
    March 31,
 2024 
  
    Non-current liability 

    Atalaya Note 
    $-  
    $10,067,601 
  
    Current liability 

    Atalaya Note 
    $6,002,269  
    $- 
  
    Total 
    $6,002,269  
    $- 

The Atalaya Note was initially recorded at the
fair value of $10,167,194 on