Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 137

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 137
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 |      |     (15,804 | ) |
| Impairment on balances with government authorities |     |                    |   3,875,767 |   |     |      |           - |   |
| Adjusted EBITDA                                    |     | $                  | (17,845,538 | ) |     | $    | (32,105,321 | ) |

Liquidity and Capital Resources During the nine months ended December 31, 2024, and 2023 respectively, we generated negative cash flows from operations of $5.04 million and $8.54 million, respectively, reflecting greater operating cost efficiencies and reduced overhead expenditures in 2024. The Company incurred a net loss of $13.80 million and $26.76 million during the nine months ended December 31, 2024, and 2023, respectively, and the accumulated deficit amounts to $321.36 million and $300.03 million as of December 31, 2024, and 2023, respectively. 77 As of December 31, 2024, our cash and cash equivalents totaled $4.40 million, consisting of cash on hand, fixed deposits, and other bank balances. Our primary use of cash is to fund our existing operations. If we have sufficient working capital, we will continue to invest in product development and in our technology platform. We expect that our general and administrative expenses will be reduced on an absolute dollar basis due to our efforts to manage cost, use of our cash effectively and improve profitability while managing our research and development programs. The Company’s cash position is critically deficient and critical payments to the operational and financial creditors of the Company are not being made in the ordinary course of business, all of which raises substantial doubt about the Company’s ability to continue as a going concern. In October 2022, we entered into a Business Combination Agreement (BCA) for merger with Innovative International Acquisition Corp. (“IOAC”) In October 2022, we entered into a note purchase agreement with Ananda small business trust, an affiliate of the SPAC sponsor. Ananda small business trust has purchased notes worth $10.00 million. Additionally, pursuant to signing the BCA, the Company has entered into a warrant and convertible note agreement in February 2023 with new investors and has raised a total of $21.28 million (before fees) as of August 16, 2023 (which has converted at a discount in the deSPAC). On December