Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 262

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 8
Chunk 262
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1,147,427  
    $1,558,980 

Depreciation expense for the three
months and nine months ended December 31, 2024 was $89,552 and $302,715 respectively and for the three months and nine months ended December
31, 2023 was $244,051 and $754,658, respectively. Depreciation expense has been shown under cost of revenue amounting to $73,683 and $222,862
for the three months and nine months ended December 31, 2024 respectively ($205,260 and $624,630 respectively for three months and nine
month ended December 31, 2023) and under General and administrative expenses amounting to $15,869 and $79,853 for the three months and
nine months ended December 31, 2024 respectively ($38,791 and $130,028 respectively for three months and nine months ended December 31,
2023). Vehicles are pledged against debt from financial institutions.

25

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

12Leases

The Company’s leases primarily include vehicles and corporate
offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases
varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice
for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term
for those lease arrangements where the Company is reasonably certain of availing the extension option.

    The components of lease expense were as follows: 

    (In USD) 
    Three months ended December 31,  
    Nine months ended December 31, 
  
    Period ended 
    2024  
    2023  
    2024  
    2023 
  
    Finance lease cost: 

    Amortization of right-of-use assets 
    $-  
    $-  
    $-  
    $- 
  
    Interest on lease liabilities 
     180,841  
     152,659  
     448,050  
     469,140 
  
    Operating lease cost 
     85,570  
     127,399  
     280,140