Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 44

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
---
 2025 till March 31, 2025) 
    $2,909,457 
  
    2026 
     63,735 
  
    2027 
     - 
  
    2028 
     - 
  
    2029 
     - 
  
    Thereafter 
     - 

    $2,973,192 

*Maturities have been stated as per the respective agreements
with the financiers. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified
as current. The debts are not associated with any restrictive covenants.

29

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1)Non-convertible
debentures

(i)7.7% Debenture

On
September 25, 2024, the Company entered into a settlement agreement with Blacksoil Capital Private Limited, wherein the lender
waived 25% of the outstanding amount. As of December 31, 2024, the Company had fully repaid its liability to the lender. This
transaction was accounted for as troubled debt restructuring under ASC 470-60 (Refer to Note 4), resulting in a net gain of $NIL and
$83,645 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,