| Schedule of Other (income)/Expense, Net |
The components of other (income)/expense, net were as follows:
(In USD)
| | |
Year
ended March 31, | |
| (In USD) | |
2026 | | |
2025 | |
| Other (income)/expense, net - other than related
parties | |
| | |
| |
| Interest income | |
$ | (9,007 | ) | |
$ | (40,428 | ) |
| Change in fair value of derivative financial
instruments | |
| - | | |
| (9,035,085 | ) |
| Loss on modification of finance leases | |
| - | | |
| 456,715 | |
| Change in fair value of Atalaya Note | |
| - | | |
| (1,740,636 | ) |
| Loss on litigation settlement* | |
| 5,603,193 | | |
| 12,738,865 | |
| Loss on settlement of liability | |
| 42,558 | | |
| - | |
| Loss/(gain) on sale of property & equipment | |
| 2,188 | | |
| (114 | ) |
| Gain on sale of assets held for sale | |
| (10,755 | ) | |
| (1,054 | ) |
| Loss on extinguishment of liability** | |
| - | | |
| 3,458,248 | |
| Bad debts written off on receivables from car
sale | |
| - | | |
| 452,014 | |
| Gain on derecognition of subsidiary, net (Refer
Note 28)*** | |
| (1,748,507 | ) | |
| - | |
| Liquidated damages to Investors**** | |
| 2,568,936 | | |
| 570,893 | |
| Impairment on assets held for sale | |
| 23,789 | | |
| 448,484 | |
| Loss on assets written off | |
| 111,094 | | |
| 853,194 | |
| Payable to customers and provision written
back | |
| (102,815 | ) | |
| (227,643 | ) |
| Gain on recovery of goods and service tax receivable | |
| (439,204 | ) | |
| - | |
| Gain on write off of liabilities (Refer Note 25) | |
| (1,272,825 | ) | |
| (219,284 | ) |
| Other, net | |
| (25,351 | ) | |
| 71,123 | |
| Total | |
$ | 4,743,294 | | |
$ | 7,785,292 | |
| * | For the year ended March 31, 2026, this amount includes: | | 1. | $12,000 as litigation related attorney fees in the case of ACM Zoomcar Convert LLC/(Atalaya), pursuant to court direction. | | 2. | $152,798 towards settlement agreement Company entered with Dbest Cars India Private Limited to resolve a dispute arising from a previously entered agreement for sale of used cars. | | 3. | $150,000 towards final settlement with Gregory Bradford Moran, founder and former Chief Executive Officer. | | 4. | $5,288,395 towards settlement of litigation with certain warrant holders
(the "Series E Investors"), representing the fair value of 39,000,000 shares of common stock issuable on January 1, 2027 under
a settlement agreement dated May 1, 2026. The Company's true-up obligation under the settlement is capped at $2,000,000. |
For the year ended March 31, 2025, the Company entered into
agreements with Randall Yanker, Aegis Capital Corp and Ellenoff Grossman & Schole LLP for settlement of litigations. Pursuant to the
settlement agreements, the Company has issued shares and warrants to them.
| ** | On March 31, 2025, the Company entered into settlement agreement with certain investors in exchange for waivers of rights under prior financing agreements. Pursuant to the Settlement Agreement, the Company agreed to issue shares and warrants to them. | | *** | This is a gain of $1,748,507 net of Company’s cost of investment and related liabilities of the subsidiaries resulting from the derecognition of Zoomcar Vietnam Mobility LLC, Egypt Information Technology Platform LLC, and Zoomcar Netherlands Holding B. V. | | **** | This relates to liquidated damages to the Investors on account of delay in filing of registration statements for securities issued under multiple offerings made during the previous year. |
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