v3.25.1
Related Party Transactions (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Related Party Transactions [Abstract]    
Schedule of Transactions with Related Parties

The Company had following transactions with related parties:

 

   Three months ended   Nine months ended 
   December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023 
Interest expense                
Mahindra & Mahindra Financial Services Limited**  $
-
   $12,427   $
-
   $38,203 
                     
Interest income                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $5,548   $
-
   $11,224 
                     
Parking charges                    
Yard Management Services Limited**  $
-
   $241,866   $
-
   $241,866 
                     
Debt - principal repayment                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $66,525   $
-
   $119,576 
                     
Debt - foreclosure charges                    
Mahindra & Mahindra Financial Services Limited**  $
-
   $
-
   $
-
   $153 
                     
Amount received for November 2024 Offering                    
Mark Bailey*  $2,499,959   $
-
   $2,499,959   $
-
 
                     
Amount received for December 2024 Offering                    
Hiroshi Nishijima  $50,001   $
-
   $50,001   $
-
 
*Mark Bailey was considered a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of December 31, 2024, have not been disclosed, as he was no longer classified as a related party on that date.

 

**Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024 and December 31, 2024.

The Company had following transactions with related parties:

 

   March 31, 2024   March 31, 2023 
Interest expense        
Mahindra & Mahindra Financial Services Limited*  $38,203   $64,844 
           
Interest income          
Mahindra & Mahindra Financial Services Limited*   11,224    15,804 
           
Parking charges          
Yard Management Services Limited*   241,866    - 
           
Debt - principal repayment          
Mahindra & Mahindra Financial Services Limited*   119,576    251,700 
           
Debt - foreclosure charges          
Mahindra & Mahindra Financial Services Limited*   153    1,123,384 
           
Proceeds from sale of assets held for sale          
Mahindra First Choice Wheels Limited*   (3,144)   3,187,157 
           
Legal Fees          
Mahindra First Choice Wheels Limited*   -    668 
*Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties untill December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owner of more than 5% of the company securities, hence, the transactions till December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owners of more than 5% of Company's securities, hence, the transaction till December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024.
Schedule of Outstanding Balances with Related Parties

The Company has the following outstanding balances with related parties:

 

As at  December 31,
2024		   March 31,
2024		 
Convertible promissory note (non-current and current)        
Ananda Small Business Trust  $
-
   $2,027,840 
           
Payable to Director          
Mohan Ananda  $152,435   $152,435 
           
Advance to director (net)          
Gregory Bradford Moran  $
-
   $44,168 
           
Derivative financial instruments          
Hiroshi Nishijima  $8,464   $
-
 
   $160,899   $2,224,443 

 

*Mark Bailey was considered a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of December 31, 2024, have not been disclosed, as he was no longer classified as a related party on that date.

 

**Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties until December 28, 2023, hence, the transactions until December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024 and December 31, 2024.

The Company has the following outstanding balances with related parties:

 

As at  March 31, 2024   March 31, 2023 
Convertible promissory note (non-current and current)        
Ananda Small Business Trust  $2,027,840   $- 
           
Payable to Director          
Mohan Ananda   152,435    - 
           
Debt (non-current and current maturities)          
Mahindra & Mahindra Financial Services Limited*   -    1,054,887 
           
Fixed deposits (including interest accrued)          
Mahindra & Mahindra Financial Services Limited*   -    262,117 
           
Advance received for sale of property and equipment          
Mahindra First Choice Wheels Ltd*   -    15,067 
           
Advance to director (net)          
Gregory Bradford Moran   44,168    19,682 
    2,224,443    1,351,753 

 

*Mahindra & Mahindra Financial Services Limited, Mahindra First Choice Wheels Limited and Yard Management Services Limited were related parties untill December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owner of more than 5% of the company securities, hence, the transactions till December 28, 2023, as post Reverse Recapitalization, they were no longer beneficiary owners of more than 5% of Company's securities, hence, the transaction till December 28, 2023 with these related parties have been disclosed. The outstanding balances with these related parties have not been disclosed since they were not related parties as on March 31, 2024.