Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 259

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 259
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     1,184  
     1,047 
  
    Cash and cash equivalents 
    $4,397,373  
    $1,496,144 

6Accounts
receivable, net of allowance for doubtful accounts

The components of accounts receivable were as follows:

    (In USD)
    As at 
    December 31,
 2024  
    March 31,
 2024 

    Accounts receivable 
    $110,542  
    $207,971 
  
    Allowance for credit losses 
     (13,414) 
     (13,774)
  
    Net accounts receivable 
    $97,128  
    $194,197 

The Company records an allowance for credit losses for
amounts owed for completed transactions that may never settle or be collected. For the three months and nine months ended December 31,
2024, allowance amounting to $NIL and $NIL was created for expected credit losses respectively (March 31, 2024 : $13,774).

7Balances
with government authorities

The components of balances with government authorities were as follows:

    (In USD) As at 
    December 31, 2024  
    March 31, 2024 
  
    Current 

    Goods and service tax receivable 
    $4,220,938  
    $4,277,019 
  
    Less: Impairment* 
     (3,748,841) 
     (3,849,317)

    $472,097  
    $427,702 

    Non-current 

    Other tax receivables 
    $3,940  
    $18,126 

    $3,940  
    $18,126 

*During the year ended March 31, 2024, the Company recorded
an allowance for impairment of tax credits for an amount of $3,849,317 for estimated losses resulting from substantial doubt about the
utilization of the tax credits. As of December 31, 2024 the impairment amounts to $3,748,841.

23

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8Short
term investments

The components of short term investments were as follows:

    (In USD)
As at 
    December 31,
 202