Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 133

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 133
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 the year ended March 31, 2024, versus other income of $2.04 million during the year ended March 31, 2023, an increase of $9.27 million or 454%. This increase is primarily due to non-cash gains related to the fair valuation of our convertible promissory notes and senior subordinated convertible promissory notes that converted to equity concurrently with the deSPAC in December 2023, resulting in a net gain of $10.44 million recorded during the year ended March 31, 2024 offset by a reduction of non-cash income related to fair valuation of preferred stock warrant liability to nil during the year ended March 31, 2024 compared to $0.42 million recorded during the year ended March 31, 2023. Other Income for the year ended March 31, 2024, includes $0.95 million of income generated from waiver of lock up restrictions on shares held by certain transaction vendors which was partially offset by an amount of $0.24 million of other income generated on account of writeback of customer payables outstanding for more than three years and one time writeback of trade payables as of March 31, 2023. In addition, during the year ended March 31, 2024, we recorded a loss of $0.21 million related to sale of assets held for sale versus a gain on sale of $1.64 million recorded in the previous year. There was a reduction in foreign currency remeasurement expense of $0.29 million in the current year ending March 31, 2024, versus the year ended March 31, 2023, as well as income of $0.11 million related to write back of prior provisions recorded during the year ending March 31, 2024. 74 Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we believe the following non-GAAP financial measures help us to evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. We use the following non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial measures to supplement their GAAP results. The non-GAAP financial measures are presented