Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 884

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1C
Chunk 884
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 issued ASU
2024-02 Codification Improvements – Amendments to Remove References to the Concept Statements to provide amendments to the Codification
that remove references to various FASB Concepts Statements. ASU 2024-02 is effective for our annual periods beginning December 15, 2024,
with early adoption permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.

In March 2025, the FASB issued ASU 2025-02 “Liabilities
(Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122” to remove the text of SAB Topic 5.FF,
“Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users.” The change is being made
as a result of the release of SEC Staff Accounting Bulletin (SAB) 122, which rescinded SAB Topic 5.FF (added by SAB 121) that required
an entity to recognize a liability and corresponding asset for its obligation to safeguard crypto assets. The entities shall apply SAB
122 on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, entities have the option to apply
SAB 122 in any earlier interim or annual financial statement period included in filings with the SEC after January 30, 2025 (the effective
date of SAB 122). The above amendment does not have an impact on the Company’s Consolidated Financial Statements.

There are other new accounting pronouncements
issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting
pronouncements have had, or will have, a material impact on its Consolidated Financial Statements or disclosures.

F-22

ZOOMCAR HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    3
    Reverse Stock Split

The Company’s
shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse Stock Split (the “First Reverse Stock
Split”), which became effective on October 21, 2024. Any fractional shares that would have otherwise resulted from the First
Reverse Stock Split were rounded up to the nearest whole share.

Every 100 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