Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 268

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 268
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645 for the three and nine months ended December 31, 2024, respectively.

The Company has recorded an interest
expense amounting to $NIL and $9,834 for the three and nine months ended December 31, 2024 ($9,523 and $31,609 for the three and nine
months ended December 31, 2023).

(2)Term
loans from NBFCs

Includes loans outstanding as at December
31, 2024 and March 31, 2024 amounting to $2,973,192 and $4,713,936, respectively.

The Company has recorded an interest
expense amounting to $68,067 and $220,282 for the three and nine months ended December 31, 2024 ($100,243 and $294,872 for the three and
nine months ended December 31, 2023).

As of December 31, 2024, the Company
has defaulted on debt obligations, totaling $1,070,281, owed to various lenders, including Kotak Mahindra Finance, Tata Motors Finance
Limited, Mahindra & Mahindra Financial Services Limited, and Clix Finance India Private Limited. The Company has also recorded a penal
interest expense amounting to $25,051 and $112,635 for the three and nine months ended December 31, 2024 ($5,157 and $5,157 for the three
and nine months ended December 31, 2023). The Company is in negotiations or has entered into settlement agreements with these lenders
to restructure payment terms and resolve outstanding claims.

During
the nine months ended December 31, 2024, the Company entered into settlement agreements with Mercury Car Rentals Limited and Jain
and Sons Services Limited, resulting in waiver of partial liabilities. These transactions were accounted for as troubled debt
restructuring under ASC 470-60 (Refer to Note 5), and all outstanding amounts owed to these lenders were fully repaid by December
31, 2024.

30

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

16ARedeemable Promissory Note

On June 18, 2024, the Company entered
into a Securities Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued and sold an
aggregate of $3,600,000 in principal amount of notes and warrants to purchase up