Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 32

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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    Office equipments 
    3 – 10 years 
     229,474  
     229,481 
  
    Furniture
    and fixtures
    10 years 
     1,715  
     1,720 
  
    Total, at cost 
      
     2,406,204  
     3,182,360 
  
    Less: Accumulated depreciation 
      
     (2,113,948) 
     (2,855,236)

    $292,256  
    $327,124 

Right-of-use
assets under finance leases:

    Vehicles, at cost 
    $5,758,958  
    $5,777,170 
  
    Accumulated depreciation 
     (4,002,997) 
     (4,015,655)
  
    Accumulated impairment 
     (1,755,961) 
     (1,761,515)

    $-  
    $- 

    Total property and equipment,
    net 
    $292,256  
    $327,124 

Depreciation
expense for the three months ended June 30, 2025 was $34,617 ($112,348 for the three months ended June 30, 2024).

(This space has been left intentionally
blank)

25

ZOOMCAR HOLDINGS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

10Leases

The Company’s leases primarily include vehicles and corporate
offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases
varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice
for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term
for those lease arrangements where the Company is reasonably certain of availing the extension option.

The components of lease expense were as follows:

    (In USD)
    Period ended 
    June 30,
 2025  
    March 31,
 2025 
  
    Finance lease cost: 

    Interest on lease liabilities 
    $99,578  
    $550,903 
  
    Operating lease cost 
     84,536  
     363,435 
  
    Short