Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 257

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 257
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 to make full settlement of its outstanding amount (net of
25% waiver) by November 15, 2024 (original date was October 31, 2024) and in case of default, the Company is liable to pay fixed
coupon interest @10% p.a. on the revised outstanding amount for the period starting October 31, 2024 till December 15, 2024
(“Long stop date”). As of December 31, 2024, the Company has fully repaid its outstanding liability to the lender.

The Company has accounted for this transaction as troubled
debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December
31, 2024 is $NIL and $83,645, respectively.

Mercury Car Rentals Limited

During the nine months ended December 31, 2024, the Company has entered
into a new arrangement with Mercury Car Rentals Limited whereby the lender has waived all penal interest amounting to $31,951 charged
due to non-payment of bullet payment which was due in January, 2024. As per the agreed terms, the company was to make payment in 3 installments
starting from September 2024 until November 30, 2024. As of December 31, 2024, the Company has fully repaid its outstanding liability
to Mercury Car Rentals Limited.

The Company has accounted for this transaction as troubled
debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December
31, 2024 is $NIL and $31,951, respectively.

Jain and Sons Services Limited

On November 06, 2024, the Company has
entered into a settlement arrangement with Jain and Sons Services Limited, under which the lender waived a portion of the outstanding
liability. The remaining liability was to be settled by December 23, 2024. The Company has repaid its liability as per the agreed dates,
and as a result, no liability remains outstanding to the lender.

This transaction has been accounted for as a troubled debt
restructuring in accordance with ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December
31, 2024 is $17,883 and $17,883, respectively.

Accounts Payable

During the nine months ended December 31, 2024, the Company carried
out negotiations with its vendors