Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 311

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 311
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 of (i) 1,000,000shares and/or Pre-Funded Warrants, (ii) Series A Warrants to initially purchase up to an aggregate of 2,500,000shares of Common Stock and (iii) Series B Warrants, in connection with the second closing of December 2024 offering. The settlement agreement is considered a recognized subsequent event and hence, as on December 31, 2024, the Company has recorded a provision for expense under ‘Accounts payable’ under Condensed Consolidated Balance Sheets for an amount equal to the fair value of instruments issued on settlement on February 4, 2025 and has recorded the corresponding expense as ‘Loss on litigation settlement’ under ‘Other income/expense’ in the Condensed Consolidated Statements of Operations.

F-53 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Shareholders Zoomcar Holdings, Inc. Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Zoomcar Holdings, Inc. and subsidiaries (the “Company”) as of March 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, redeemable noncontrolling interests, mezzanine equity and stockholders’ equity, and cash flows for each of the two years in the period ended March 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Going concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency. In addition, the Company’s cash position is critically deficient and critical payments 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. Management’s plans in regard to these matters are also described in the aforesaid note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis for opinion These financial statements are the responsibility of the Company’s management. Our