Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 1292

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 3
Chunk 1292
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 that would have otherwise resulted from the Reverse Stock Split were rounded up to the nearest
whole share.

Every 20 shares of issued and outstanding Common Stock has
been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number
of outstanding warrants, per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options
and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii) the number
of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.

    4
    Troubled Debt Restructuring

7.7% Debenture

On September 25, 2024, the Company
entered into a settlement agreement with Blacksoil Capital Private Limited (lender). As per the agreement, the lender has agreed to waive
off 25% of the outstanding amount and the Company agreed 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 March
31, 2025, 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 year ended March 31, 2025 is $82,970.

Term Loans with Others

During the year ended March 31, 2025, the Company has entered into
settlement agreements with Mercury Car Rentals Limited and Jain and Sons Services Limited, wherein the lenders have waived a portion of
the outstanding liability amounting to $31,684 and $17,739 respectively. As of March 31, 2025, the Company has $NIL balance (March 31,
2024 $249,560) with Mercury Car Rentals Limited and $NIL balance (March 31, 2024 $47,992) with Jain and Sons Services Limited.

The Company has accounted for these transactions as troubled
debt restructuring under ASC 470-60. The gain on troubled debt restructuring recognized during the year ended March 31