Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 317

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 317
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2024, as compared to $14.42 million during the nine months ended
December 31, 2023, a reduction of $7.12 million, or 49%. Professional fees reduced by $5.67 million driven by elimination of SPAC related
expenses during the nine months ending December 31, 2024, as compared to the previous comparable period. Employee Benefit expenses reduced
by $1.44 during the nine months ending December 31, 2024, as compared to the nine months ending December 31, 2023, due to reductions in
headcount.

Finance Costs

    Three months ended December 31,  
    Nine months ended December 31, 

    2024  
    2023  
    Change  
    % Change  
    2024  
    2023  
    Change  
    % Change 
  
    Finance costs 
    $4,050,856  
    $8,392,470  
    $(4,341,613) 
     -52% 
    $6,127,161  
    $13,628,832  
    $(7,501,671) 
     -55%
  
    Finance costs to related parties 
    $-  
    $12,426  
    $(12,426) 
     -100% 
    $-  
    $38,203  
    $(38,203) 
     -100%

Finance costs were $4.05 million during the three months ended December
31, 2024, as compared to $8.39 million during the three months ended December 31, 2023, a decrease of $4.34 million, or 52%. This decrease
is due to Non-cash expenses related to change in fair valuation of preferred stock warrants amounting to $5.70 million recognized during
three months ended December 31, 2023, which was converted into equity at the close of deSPAC in the fiscal year ending March 31, 2024,
one time discount on issuance of unsecured convertible note accounted as expenses amounting to $0.63 million during December 31, 2023
and change in the fair value of unsecured convertible note (Atalaya note) was $0.24 million during three months ended December 31, 2024
as compared to $1.73 million during