Company: ZCARW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014437
Chunk: 36

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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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,
 2024  
    March 31,
 2024 

    Certificate of deposits 
    $                   -   
    $298,495 
  
    Short term investments 
    $-  
    $298,495 

9
(a) Other current assets

The components of other current assets were as follows:

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

    Security deposits 
    $27,279  
    $98,813 
  
    Franchise tax refund receivable 
     84,490  
     84,490 
  
    Advance to employees 
     17,164  
     15,159 
  
    Receivables from car sale 
     81,987  
     90,244 
  
    Advance income taxes, net 
     4,844  
     9,094 
  
    Advance to suppliers 
     84,522  
     9,370 
  
    Other receivables