Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 46

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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six months and up to 5 years the date of issue.

During the period ended December 31, 2024, 930,522 warrants
have been exercised and are converted into Common Stock. As of December 31, 2024, 1,394,062 warrants are outstanding (after considering
antidilution effect).

These Warrants are classified as equity on the Condensed
Consolidated Balance Sheets.

17Unsecured
promissory note to related parties

The following is a summary of the Company’s unsecured
promissory note payable as of December 31, 2024 and March 31, 2024:

    Outstanding 
  
    (In USD)
As at 
    December 31,
 2024  
    March 31,
 2024 
  
    Unsecured promissory note 
    $            -  
    $2,027,840 
  
    Total  
     -  
     2,027,840 

During the nine months ended December
2024, Ananda Small Business Trust has opted for conversion of the Unsecured promissory note into the common stock of the Company at the
agreed conversion price of $300 ($3.00 prior to Reverse Stock Split) per share. On October 2, 2024, 6,759 shares (675,946 shares prior
to Reverse Stock Split) have been issued to Ananda Small Business Trust on conversion of the Unsecured promissory note.

31

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

18Unsecured
Convertible Note (‘Atalaya Note’)

The following is a summary of the Company’s Atalaya
Note payable for which it elected fair value option as on December 31, 2024 and March 31, 2024:

    Fair Value Outstanding 
  
    (In USD)
As
    at 
    December
    31,
 2024  
    March
    31,
 2024 
  
    Non-current liability 

    Atalaya
Note 
    $          -  
    $10,067,601 
  
    Total 
    $-  
    $10,067,601 

    Fair Value Outstanding 
  
    (In USD)
As
    at 
    December
    31,
 2024