Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 15

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
 in accordance with generally accepted accounting principles in the United
States of America (US GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”)
for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required
by US GAAP have been condensed or omitted. Any reference in these notes to applicable guidance is meant to refer to the
authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and an Accounting Standards Update
(“ASU”) of the Financial Accounting Standards Board (“FASB”). The results of operations for the three and
six months ended September 30, 2025, are not necessarily indicative of the results for the fiscal year ending March 31, 2026, or any
future interim period.

7

ZOOMCAR HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS (UNAUDITED)

2.Summary of Significant Accounting Policies (Continued)

These Condensed Consolidated Financial
Statements follow the same significant accounting policies as those included in the audited Consolidated Financial Statements of the Company
for the year ended March 31, 2025. In the opinion of management, these Condensed Consolidated Financial Statements reflect all adjustments,
consisting only of normal recurring adjustments, which are necessary for the fair statement of the Condensed Consolidated Financial position,
results of operations, and cash flows for these interim periods.

The Condensed Consolidated Financial
Statements include the accounts of the Company and its wholly owned subsidiaries and variable interest entities in which the Company is
the primary beneficiary, including an entity in India and in other geographical locations. All intercompany accounts and transactions
have been eliminated in the Condensed Consolidated Financial Statements herein.

ii.Principles of consolidation

The Condensed Consolidated Financial
Statements include the accounts of Zoomcar Holdings, Inc. and of its wholly owned subsidiaries and Variable Interest Entities (“VIE”)
in which the Company is the primary beneficiary, including an entity in India and in other geographical locations (collectively, the “Company”).

The Company determines, at the inception
of each arrangement, whether an entity in which it has made an investment or in which it has other variable interest is considered a VIE
in accordance with ASC 810.

Periodically, the Company determines
whether any changes in its interest or relationship with the entity impact the determination of whether the entity is still a VIE and,
if so,