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DE 99-0431609 Anjaneya Techno Park No.147 1st Floor Kodihalli Bangalore IN 560008 +91 8048821871 Common Stock, par value $0.0001 per share ZCAR Warrants, each exercisable for one share of Common Stock at a price of $11,420 per share, subject to adjustment ZCARW No No Yes Yes Non-accelerated Filer true true false false false false 1919665 8488485 Zoomcar Holdings, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to amend and restate its Annual Report on Form 10-K for the fiscal year ended March 31, 2026, originally filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2026 (the “Original Report”). As a result of an administrative error, the version of the Original Report transmitted to and filed with the SEC did not reflect certain revisions contained in the final version of the report approved by the Company. This Amendment is being filed to correct that error and to present the Original Report as approved by the Company.Except as described above, this Amendment does not amend, update, or otherwise modify any other information contained in the Original Report, and does not reflect events occurring after the date of the Original Report. Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment sets forth the complete text of the Original Report as amended and includes currently dated certifications by the Company’s principal executive officer and principal financial officer as Exhibits 31.1, 31.2, 32.1 and 32.2. This Amendment should be read in conjunction with the Original Report and the Company’s subsequent filings with the SEC. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity attacks impact businesses and organizations of all sizes and sectors on a global basis. At Zoomcar, we recognize the importance of developing, implementing and maintaining a cybersecurity risk management program. Our customers rely on our solutions to store, use and protect their files, which may include confidential or personally identifiable information, critical business information, photographs, and other meaningful content. A successful cybersecurity attack could adversely affect the confidentiality, integrity, and availability of our information systems or any data residing therein. We dedicate significant effort and resources to protect our systems and data, as well as the data of our customers from cybersecurity threats. We are dependent on internal and external information technology systems and infrastructure to securely process, transmit, and store critical information. Our Internal Security team is responsible for overseeing our cybersecurity. We seek to reduce cybersecurity risks through a variety of cybersecurity risk management activities that are designed to identify, assess, manage and mitigate cybersecurity threats.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk Management Strategy</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s cybersecurity risk management program is focused on the following key areas:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governance</i>: </b>The cybersecurity risk management program is led by Mr. Vishal Ramrakhyani, Head of Engineering and Product, with the Internal Security team and the policies therein are reviewed from time to time by Mr. Vishal Ramrakhyani.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Board of Directors, through its Audit Committee, provide oversight of our cybersecurity risk management. The Audit Committee periodically reviews and receives updates from the management and the Internal Security Team, including briefings on recent developments, key initiatives to strengthen our systems, applicable industry standards, incident response preparedness, compliance with regulatory requirements, vulnerability assessments, third-party and independent reviews, and other information security considerations. Our Internal Security Team also frequently engages with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approach</i>: </b>We use a cross-functional approach to identifying, preventing, assessing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that are designed to provide for the prompt escalation of cybersecurity incidents and support appropriate public disclosure and reporting of incidents as required in a timely manner. Our cybersecurity efforts include the use of risk-based administrative, technical, and physical controls. Zoomcar has implemented an extensive set of policies, procedures, systems and tools designed to help safeguard our systems and data, including firewalls, intrusion detection systems, access controls including multi-factor authentication, vulnerability scanning, penetration testing, independent third-party control audits, an internal bug bounty program, and other systems and processes.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Incident Response Planning: </i></b>We maintain a breach reporting and resolution plan that includes defined processes, roles, communications, responsibilities and procedures for responding to cybersecurity incidents and other events that impact our operations. Our incident response plans are tested and evaluated on a regular basis.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Third-Party Risk Management: </i></b>Our business relies on various services from third party service providers that could adversely impact the security of our systems and business. We have implemented processes designed to identify and assess cybersecurity risks associated with our use of third-party service providers.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Education and Awareness: </i></b>We have established a security and privacy awareness program that runs throughout the year and includes training for all company personnel to enhance employee awareness of how to detect and respond to cybersecurity threats as well as more targeted training for company personnel that have increased responsibility for mitigating certain potential cybersecurity risks.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We regularly review and update our policies, procedures, processes and practices to address changes in the threat landscape and as a result of lessons learned from suspected, actual or simulated incidents. We also conduct tabletop exercises, and engage third party services to conduct evaluations of our security controls through penetration testing and independent audits. We also review industry best practices to assist in evaluating responses to new challenges and risks. These evaluations include testing both the design and operational effectiveness of security controls. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Experience:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vishal Ramrakhyani, our Head of Engineering, has over 15 years of experience as a seasoned technology leader and operator with expertise in application development, IT, cybersecurity, data protection and governance. He has been associated with Zoomcar for more than 9 years and has led strategic initiatives to build robust cybersecurity practices that align with long-term business objectives. Vishal has also worked with internal DevSecOps and external security consultants to build policies around disaster recovery and incident response keeping business continuity as the core objective. Before Zoomcar, Vishal worked as an engineering leader in multiple startups in India. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risks</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While we dedicate significant efforts and resources to our cybersecurity program, we may be unable to successfully identify threats, prevent attacks, satisfactorily resolve cybersecurity incidents, or implement adequate mitigating controls. On June 9, 2025, we identified a cybersecurity incident involving unauthorized access to our information systems, which is described in our Current Report on Form 8-K filed with the SEC on June 13 2025 (the “Cybersecurity Incident”). After the incident, we have also completed our external security assessment and have enhanced our internal controls. Any future cybersecurity incident, or any failure to adequately detect, respond to, contain, or remediate such an incident, could adversely affect our business, operations, financial condition, reputation, and brand, and could result in litigation, regulatory scrutiny, fines, penalties, or other liabilities.. To date and except as otherwise may be noted in this Annual Report on Form 10-K, we do not believe that any cybersecurity threats, including as a result of any previous cybersecurity incidents have materially affected, or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. For more information relating to cybersecurity risks and uncertainties, please see the risk factor entitled “<b><i>Breaches and other types of security incidents of our networks or systems similar to the recent Cybersecurity Incident, or those of our third-party service providers, could negatively impact our business, our brand and reputation, our ability to retain existing Hosts and Guests and attract new Hosts and Guests, may cause us to incur significant liabilities and adversely affect our business, results of operations, financial condition, and future prospects</i></b>.” in Part I, Item 1A, and other risk factors in this 10-K.</span></p> Our Internal Security team is responsible for overseeing our cybersecurity <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risk Management Strategy</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s cybersecurity risk management program is focused on the following key areas:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governance</i>: </b>The cybersecurity risk management program is led by Mr. Vishal Ramrakhyani, Head of Engineering and Product, with the Internal Security team and the policies therein are reviewed from time to time by Mr. Vishal Ramrakhyani.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Board of Directors, through its Audit Committee, provide oversight of our cybersecurity risk management. The Audit Committee periodically reviews and receives updates from the management and the Internal Security Team, including briefings on recent developments, key initiatives to strengthen our systems, applicable industry standards, incident response preparedness, compliance with regulatory requirements, vulnerability assessments, third-party and independent reviews, and other information security considerations. Our Internal Security Team also frequently engages with key vendors, industry groups, and law enforcement communities as part of our continuing efforts to improve our cybersecurity program.</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Approach</i>: </b>We use a cross-functional approach to identifying, preventing, assessing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that are designed to provide for the prompt escalation of cybersecurity incidents and support appropriate public disclosure and reporting of incidents as required in a timely manner. Our cybersecurity efforts include the use of risk-based administrative, technical, and physical controls. Zoomcar has implemented an extensive set of policies, procedures, systems and tools designed to help safeguard our systems and data, including firewalls, intrusion detection systems, access controls including multi-factor authentication, vulnerability scanning, penetration testing, independent third-party control audits, an internal bug bounty program, and other systems and processes.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Incident Response Planning: </i></b>We maintain a breach reporting and resolution plan that includes defined processes, roles, communications, responsibilities and procedures for responding to cybersecurity incidents and other events that impact our operations. Our incident response plans are tested and evaluated on a regular basis.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Third-Party Risk Management: </i></b>Our business relies on various services from third party service providers that could adversely impact the security of our systems and business. We have implemented processes designed to identify and assess cybersecurity risks associated with our use of third-party service providers.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Education and Awareness: </i></b>We have established a security and privacy awareness program that runs throughout the year and includes training for all company personnel to enhance employee awareness of how to detect and respond to cybersecurity threats as well as more targeted training for company personnel that have increased responsibility for mitigating certain potential cybersecurity risks.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We regularly review and update our policies, procedures, processes and practices to address changes in the threat landscape and as a result of lessons learned from suspected, actual or simulated incidents. We also conduct tabletop exercises, and engage third party services to conduct evaluations of our security controls through penetration testing and independent audits. We also review industry best practices to assist in evaluating responses to new challenges and risks. These evaluations include testing both the design and operational effectiveness of security controls. </span></p> Our cybersecurity efforts include the use of risk-based administrative, technical, and physical controls. Zoomcar has implemented an extensive set of policies, procedures, systems and tools designed to help safeguard our systems and data, including firewalls, intrusion detection systems, access controls including multi-factor authentication, vulnerability scanning, penetration testing, independent third-party control audits, an internal bug bounty program, and other systems and processes. true true <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Experience:</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vishal Ramrakhyani, our Head of Engineering, has over 15 years of experience as a seasoned technology leader and operator with expertise in application development, IT, cybersecurity, data protection and governance. He has been associated with Zoomcar for more than 9 years and has led strategic initiatives to build robust cybersecurity practices that align with long-term business objectives. Vishal has also worked with internal DevSecOps and external security consultants to build policies around disaster recovery and incident response keeping business continuity as the core objective. Before Zoomcar, Vishal worked as an engineering leader in multiple startups in India. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cybersecurity Risks</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While we dedicate significant efforts and resources to our cybersecurity program, we may be unable to successfully identify threats, prevent attacks, satisfactorily resolve cybersecurity incidents, or implement adequate mitigating controls. On June 9, 2025, we identified a cybersecurity incident involving unauthorized access to our information systems, which is described in our Current Report on Form 8-K filed with the SEC on June 13 2025 (the “Cybersecurity Incident”). After the incident, we have also completed our external security assessment and have enhanced our internal controls. Any future cybersecurity incident, or any failure to adequately detect, respond to, contain, or remediate such an incident, could adversely affect our business, operations, financial condition, reputation, and brand, and could result in litigation, regulatory scrutiny, fines, penalties, or other liabilities.. To date and except as otherwise may be noted in this Annual Report on Form 10-K, we do not believe that any cybersecurity threats, including as a result of any previous cybersecurity incidents have materially affected, or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. For more information relating to cybersecurity risks and uncertainties, please see the risk factor entitled “<b><i>Breaches and other types of security incidents of our networks or systems similar to the recent Cybersecurity Incident, or those of our third-party service providers, could negatively impact our business, our brand and reputation, our ability to retain existing Hosts and Guests and attract new Hosts and Guests, may cause us to incur significant liabilities and adversely affect our business, results of operations, financial condition, and future prospects</i></b>.” in Part I, Item 1A, and other risk factors in this 10-K.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vishal Ramrakhyani, our Head of Engineering, has over 15 years of experience as a seasoned technology leader and operator with expertise in application development, IT, cybersecurity, data protection and governance. He has been associated with Zoomcar for more than 9 years and has led strategic initiatives to build robust cybersecurity practices that align with long-term business objectives. Vishal has also worked with internal DevSecOps and external security consultants to build policies around disaster recovery and incident response keeping business continuity as the core objective. Before Zoomcar, Vishal worked as an engineering leader in multiple startups in India. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vishal Ramrakhyani, our Head of Engineering, has over 15 years of experience as a seasoned technology leader and operator with expertise in application development, IT, cybersecurity, data protection and governance. He has been associated with Zoomcar for more than 9 years and has led strategic initiatives to build robust cybersecurity practices that align with long-term business objectives. Vishal has also worked with internal DevSecOps and external security consultants to build policies around disaster recovery and incident response keeping business continuity as the core objective. Before Zoomcar, Vishal worked as an engineering leader in multiple startups in India. </span></p> true we have also completed our external security assessment and have enhanced our internal controls. Any future cybersecurity incident, or any failure to adequately detect, respond to, contain, or remediate such an incident, could adversely affect our business, operations, financial condition, reputation, and brand, and could result in litigation, regulatory scrutiny, fines, penalties, or other liabilities.. To date and except as otherwise may be noted in this Annual Report on Form 10-K, we do not believe that any cybersecurity threats, including as a result of any previous cybersecurity incidents have materially affected, or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition. true <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Opinion on the Consolidated Financial Statements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated balance sheet of Zoomcar Holdings, Inc. and subsidiaries (the “Company”) as of March 31, 2026, the related consolidated statements of operations, comprehensive loss, stockholders’ deficit, and cash flows for the year ended March 31, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and the results of its operations and its cash flows for the year ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Company as of and for the year ended March 31, 2025 were audited by another auditor, whose report dated June 30, 2025 expressed an unqualified opinion on those statements.</p> Bansal & Co LLP 2807 New Delhi 328586 1077275 100167 200650 267293 727763 1020170 187458 103573 261200 1260089 3014046 720261 2855236 153495 327124 739652 1021898 12859 10941 1987 5451 21066 25653 189694 257385 838124 705767 3204107 5357324 22484767 12396147 152435 152435 2511444 2851341 225655 316756 2058281 3966962 515854 471720 177539 152872 811178 451348 6554074 6002269 1593411 3199649 37535986 29510151 601759 801981 370429 394030 38508174 30706162 0.0001 0.0001 250000000 250000000 7433991 7433991 2462418 2462418 743 246 166538 309926705 305693199 -347794918 -333173805 2396865 2131522 -35304067 -25348838 3204107 5357324 9072184 9024576 83841 81315 9156025 9105891 4428965 5296841 2655570 2965631 657032 1466047 8182041 9778371 15923608 19506890 -6767583 -10400999 3183148 8607173 72912 1171161 -4743294 -7785292 -14621113 -25622303 -14621113 -25622303 -1.28 -52.28 -1.28 -52.28 11451192 490140 11451192 490140 -14621113 -25622303 1605278 399817 51788 57663 -5570 6624 1559060 335530 -13062053 -25286773 63185881 6319 272057003 -307551502 1795992 -33692188 -62553508 -6256 6256 -600213 -60 60 32160 3 272063319 -307551502 1795992 -33692188 52461 52461 6257 1 2324695 2324696 2047925 2047925 418157 418157 338 2027840 2027840 46527 5 -5 250429 25 2568530 2568555 523317 52 16158761 16158813 48405 48405 616440 616440 1521097 152 232909 233061 8366650 8366650 82293 8 -8 -64287 -64287 -25622303 -25622303 399817 399817 2462418 246 305693199 -333173805 2131522 -25348838 2462418 246 305693199 -333173805 2131522 -25348838 6340619 634 -596 38 2400310 -240 240 2931457 2931457 939 939 14139 14139 -46218 -46218 -14621113 -14621113 1032648 103 427397 427500 142500 883968 1026468 24038 -24038 -1293717 -1293717 1384 0 0 1605278 1605278 166538 7433991 743 309926705 -347794918 2396865 -35304067 -14621113 -25622303 91766 433906 1995967 1765615 229582 56849 279710 550903 -456714 -539805 1740636 9035085 3294526 -2188 114 10755 1054 1748507 1453968 52461 110720 853194 1272825 219284 102815 227643 439204 91891 2568936 570893 452014 -3458248 72912 1171161 23789 448484 54955 202944 -5300395 -12738865 42558 -15169 -2137 -1131835 -6365906 -10648518 -87101 13668 -620522 -200769 -350283 -481521 65058 230295 3498750 1551898 410724 615550 9567 -267854 -198490 -239335 -198429 -224868 94656 -229034 -1359300 -8525164 4748 12012 -17333 -144538 1545 -359614 11040 492140 16073284 2370799 3000000 491500 3804000 1275000 97000 596401 409500 15000 595520 1069500 674038 3104032 289228 2654122 608353 7718331 -739907 -314693 -103008 -9414 1077275 1496144 94762 -536 328586 1172037 328586 1077275 94762 328586 1172037 4052 190802 307354 2324696 16158811 8366650 92791 2047925 5 2027840 418157 1540167 238689 634 240 2931457 14139 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Organization, Business operation and Going concern</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">Zoomcar Holdings, Inc. <span style="font-family: Times New Roman, Times, Serif"><i>(formerly “Innovative International Acquisition Corp”) </i></span>a Delaware corporation provides mobility solutions to consumers and businesses. The accompanying Consolidated Financial Statements include the accounts and transactions of Zoomcar Holdings, Inc. and its subsidiaries (collectively, the “Company” or “the combined entity” or “Zoomcar”). The Company operates its facilitation services under the Zoomcar brand with its operations in India.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: bold 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt; text-align: justify">Going concern</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in">The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. The Consolidated Financial Statements have been prepared using U.S. GAAP applicable to a going concern that contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company incurred a net loss of $14,621,113 and $25,622,303 during the year ended March 31, 2026 and March 31, 2025 and cash used in operations was $1,359,300 for the year ended March 31, 2026. The Company’s accumulated deficit amounts to $347,794,918 (March 2025: $333,173,805). The Company has negative working capital of $36,275,897 as on March 31, 2026. In addition, the Company’s cash position is critically deficient and critical payments to the operational and financial creditors of the Company are not being made in the ordinary course of business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">The Company expects to continue to incur net losses and have significant cash outflows from operating activities for at least the next 12 months. Management has evaluated the significance of the conditions described above in relation to the Company’s ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date of the Consolidated Financial Statements are issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in">Management is evaluating plans with respect to these adverse financial conditions that caused to express substantial doubt about the Company’s ability to continue as a going concern. Management’s plan is to seek funding through additional debt or equity financing arrangements, implement business initiatives to improve customer experience, provide new offerings to customers through new business and partnership launches and incremental expense reduction measures or a combination thereof to continue financing its operations. Further the Company continues to raise money by way of promissory note, convertible promissory note, share and warrant issuance to manage the working capital requirements. Additionally, the company entered into the financing arrangements below:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended March 31, 2026, the Company entered into Securities Purchase Agreements with certain institutional accredited investors and issued Bridge Notes with a total principal amount of $1,427,825. These notes were issued with an initial issue discount of $152,825. After deducting legal and due diligence fees of $97,000, the net proceeds received by the Company amounted to $1,178,000. The Bridge Notes bear interest at an annual rate ranging from 10% to 12% and require scheduled monthly installment repayments beginning November 30, 2025, through August 30, 2026. The Company has the option to prepay the notes, in full or in part, at a discounted rate applied to the outstanding balance. Additionally, the notes carry a default interest rate ranging from 8% to 22% per annum and include customary events of default. </p></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="font-size: 10pt; width: 48px"> </td> <td style="font-size: 10pt; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended March 31, 2026, the Company entered into Securities Purchase Agreement with certain institutional accredited investor pursuant to which the Company issued convertible notes for a total principal amount of $447,614 with an initial issue discount of $38,114. The net proceeds disbursed to the Company were $394,500 after deduction of legal and due diligence fees of $15,000. The convertible redeemable notes issued have a maturity date ranging from July 8, 2026 to August 24, 2026 and bear interest at an annual rate ranging from 6 - 12%. These convertible redeemable notes may be prepaid in part or full, by the Company at a discount to the outstanding balance. Certain convertible notes are subject to a default interest rate of 22% per annum and includes customary events of default.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 23, 2026, the Company launched a private placement bridge financing under Rule 506(c) of the Securities Act of 1933 to raise capital in the interim before its planned uplisting. The Company engaged ThinkEquity LLC as its exclusive placement agent on a reasonable best efforts basis to support both this bridge financing and a subsequent uplist raise of approximately $15 million. The interim bridge offering seeks to raise up to $5,000,000—plus an additional $5,000,000 through an Overallotment Option—and requires a $1,000,000 minimum. Investors can buy units for $1,000 each, consisting of one share of Series A Convertible Preferred Stock (convertible at $0.05 per share) and one warrant to buy common stock at $0.0625. Because these securities are unregistered, they are subject to resale registration requirements. Between June 2 and June 30, 2026, the Company issued a total of 1,875 units, raising approximately $1.88 million before fees and expenses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequently, the Company entered into Securities Purchase Agreements with certain institutional accredited investors and issued Bridge Notes with a total principal amount of $300,800. These notes were issued with an initial issue discount of $32,800. After deducting legal and due diligence fees of $23,000, the net proceeds received by the Company amounted to $245,000. The Bridge Notes bear interest at an annual rate ranging from 10% to 12% and require scheduled monthly installment repayments beginning November 30, 2026, through July 2, 2027. The Company has the option to prepay the notes, in full or in part, at a discounted rate applied to the outstanding balance. Additionally, the notes carry a default interest rate ranging from 8% to 22% per annum and include customary events of default.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">While these financing arrangements shall result in the payment of certain outstanding indebtedness, the Company will still need to raise additional capital imminently in order to have sufficient capital. There can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional financing necessary to implement its current operating plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify">The ability of the Company to continue as a going concern is dependent upon its ability to increase its revenues and eventually achieve profitable operations. The accompanying Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p> -14621113 -25622303 -1359300 -347794918 -333173805 36275897 1427825 152825 97000 1178000 0.10 0.12 0.08 0.22 447614 38114 394500 15000 July 8, 2026 to August 24, 2026 0.06 0.12 0.22 15000000 5000000 5000000 1000000 1000 one 0.05 1 0.0625 1875 1880000 300800 32800 23000 245000 0.10 0.12 0.08 0.22 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Summary of Significant Accounting Policies</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in"><b>i.</b></td><td><b>Basis of presentation</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The accompanying Consolidated Financial Statements have been prepared 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”).. 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”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The 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 Consolidated Financial Statements herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">ii.</td><td>Principles of consolidation</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The 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”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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, whether the Company is the primary beneficiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As at March 31, 2026, following are the list of subsidiaries and step-down subsidiaries:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 31%; vertical-align: bottom"><b>Name of Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Place of Incorporation</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 30%; vertical-align: bottom"><b>Investor Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Method of consolidation</b></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Zoomcar, Inc.</td> <td> </td> <td>USA</td> <td> </td> <td>Zoomcar Holdings, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>Zoomcar India Private Limited</td> <td> </td> <td>India</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Singapore</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>PT Zoomcar Indonesia Mobility Service</td> <td> </td> <td>Indonesia</td> <td> </td> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Mobility Philippines Corporation</td> <td> </td> <td>Philippines</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>VIE</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On November 14, 2025, Zoomcar Netherlands Holding B. V was dissolved. As at the date of dissolution, the subsidiary did not have any assets and had no ongoing operations. Accordingly, management decided to dissolve the subsidiary. Therefore, on November 14, 2025, the Company de-recognized its cost of investment and liabilities of the subsidiary and recognized a gain upon derecognition of subsidiary in the Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The assets/liabilities consolidated for the VIE are not material. </p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Further, in August 2023, Zoomcar Vietnam Mobility LLC had filed for bankruptcy with the local authorities. This application was admitted by the local authorities and bankruptcy proceedings were ordered to commence on June 4, 2025. On June 3, 2024, Zoomcar Egypt Information Technology Platform LLC had closed down its operations due to decrease in operations and rising economic difficulties and subsequently, on August 5, 2025, Zoomcar Egypt Information Technology Platform LLC’s name was deleted from the commercial register. Refer note 28 for details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">iii.</td><td style="text-align: justify">Use of estimates and assumptions</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The use of estimates and assumptions as determined by management is required in the preparation of Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Estimates and underlying assumptions are reviewed on an ongoing basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The significant estimates, judgments and assumptions that affect the Consolidated Financial Statements include, but are not limited to, are:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">a.</td><td>Estimation of defined benefit obligation</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">b.</td><td>Fair value measurement of financial instruments</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">c.</td><td>Estimation of utilization of loyalty points</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">d.</td><td>Leases – assumption to determine the incremental borrowing rate</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">e.</td><td>Valuation allowance on deferred tax assets</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">f.</td><td>Impairment of non-financial assets</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">g.</td><td>Fair value measurement of share-based payments</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> <tr style="vertical-align: top"> <td> </td><td>h.</td><td>Estimation of lease term</td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> <tr style="vertical-align: top"> <td> </td><td>i.</td><td>Recognition and measurement of provisions and contingencies</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Changes in accounting estimates are accounted for in the period of change and for prospective periods, if applicable. A change to an accounting estimate is recorded based on events, facts, or circumstances that occurred during the period in which the estimate was changed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">iv.</td><td style="text-align: justify">Currency translation</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Consolidated Financial Statements are presented in US Dollars (“$”) which is the reporting currency of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured at the exchange rate on the Balance Sheet date and non-monetary assets and liabilities are measured at historical exchange rates. The gains and losses resulting from remeasurement are recorded as foreign exchange gains (losses), within other income (expense), in the Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The functional currency of the Company’s foreign subsidiaries is either the local currency or U.S. dollar depending on the nature of the subsidiaries’ activities. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Assets and liabilities of the subsidiaries with functional currency other than U.S. Dollar are translated into U.S. Dollar at the rate of exchange existing at the Balance Sheet date. Retained earnings and other equity items are translated at historical rates, revenues and expenses are translated at average exchange rates during the year. Foreign currency translation adjustments are recorded within accumulated other comprehensive income, a separate component of total equity (deficit).</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">v.</td><td style="text-align: justify">Comprehensive Income (Loss)</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under generally accepted accounting principles are recorded as an element of members’ equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, consists of foreign currency translation adjustments that result from consolidation of its foreign entities and actuarial gain/ (loss) on defined benefit obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">vi.</td><td style="text-align: justify">Revenue recognition</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026 and March 31, 2025, the Company derives its revenue principally from the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Facilitation revenue</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company’s primary performance obligation in the transaction towards the Host is to facilitate the successful completion of the rental transaction and towards the renter is to offer trip protection.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In case of booking value collected from the renter on behalf of the Host, the Company evaluated the presentation of revenue on a gross versus net basis based on factors given under ASC 606 whether or not it is the principal (gross) or the agent (net) in the transaction and concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognized ratably over the trip period on straight line basis using the output method as its performance obligation is satisfied over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company offers various incentive programs to hosts. The incentives are recorded in accordance with ASC 606- 10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis, the excess of the revenue amount is recorded as a marketing expense in the Consolidated Statements of Operations. These incentives are offered as part of overall marketing strategy of the Company and incentivize the hosts to refer the platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Loyalty program</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees. Under ASC 606, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. As at March 31, 2026 and March 31, 2025, the Company’s deferred revenue balance amounted to $78,878 and $21,365 respectively and is included in Contract liabilities in the Consolidated Balance Sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Vouchers</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year, the Company sold vouchers of certain redemption value that are utilized for payment towards facilitation fees. Vouchers may be sold for less than their redemption value and in such cases, the transaction price is limited to the amount received, unless additional consideration is expected. The sale of such vouchers results in the deferral of revenue equivalent to the amount received on the date of sale. The associated revenue is recognized when the customer utilizes such voucher. On expiry of validity of the voucher, the unutilized portion is recognized as Other operating revenues in the Consolidated Statements of Operations. As at March 31, 2026 and March 31, 2025, the Company’s deferred revenue balance amounted to <span style="-sec-ix-hidden: hidden-fact-159">$30,292and</span> $<span style="-sec-ix-hidden: hidden-fact-160">NIL</span> respectively and is included in Contract liabilities in the Consolidated Balance Sheets</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Contract liabilities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Contract liabilities primarily consist of obligations to customers for advance received against bookings, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. As per ASC 606-10-50-14 the Company does not aggregate amount of transaction price allocated to remaining performance obligations as required under ASC 606-10-50-13, since the company’s performance obligation is a part of a contract that has an original expected duration of one year or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">vii.</td><td style="text-align: justify">Cash and cash equivalents</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include cash on hand, bank balances. Cash and cash equivalents are recorded at cost, which approximates fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include amounts collected on behalf of but not yet remitted to the Hosts which are included in accrued and other current liabilities in the Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">viii.</td><td style="text-align: justify">Restricted Cash</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is required to place cash in an indemnification escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as per the placement agent agreement for a period of 3 years from closing of the November 2024 Offering. Such cash is classified as restricted cash and reported as a component of other non-current assets in the Consolidated Balance Sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">ix.</td><td style="text-align: justify">Accounts receivable, net of allowance</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accounts receivables are stated net of allowances and primarily represent corporate debtors and dues from payment gateways for amounts paid by customers. In case of corporate debtors, the payment terms generally include a credit of 30-60 days. The amounts receivable from payment gateways are settled within 2 days.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. The Company estimates its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, and the age of the uncollected balances. Accounts receivable balances are written off against the allowance of credit losses after all means of collection has been exhausted and potential recovery is considered remote.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">x.</td><td style="text-align: justify">Other receivables</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Other receivables include amounts recoverable from host. The receivable from host is adjusted for an allowance on account of host which are not active on the platform for more than 90 days.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xi.</td><td style="text-align: justify">Balances with government authorities – Input Tax Credit</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Balances with government authorities represent the tax credit with government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The input tax credits are related to Indian Goods and Service Tax (“GST”). These balances are classified based on their expected period of utilization of future GST credit and GST debit that comes from domestic purchases and sales of services, respectively. If the tax credits are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the tax credits are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xii.</td><td style="text-align: justify">Concentration of credit risk</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents, investments, other receivables, and accounts receivable are potentially subject to credit risk concentration. The Company has not experienced any material losses related to these concentrations during the years presented. No customers accounted for 10% or more of revenue for the years ended March 31, 2026 and 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xiii.</td><td style="text-align: justify">Property and equipment, net</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The devices installed on host vehicles in the marketplace business have been depreciated over 5 years. During the year ended March 31, 2025, the Company revised its estimate of the salvage value of the devices from 30% to 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the Consolidated Balance Sheets and any resulting gain or loss is reflected on the Consolidated Statements of Operations in the period realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xiv.</td><td style="text-align: justify">Assets held for sale</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company classifies vehicles and office equipment to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to adjust it for the realizable value.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xv.</td><td>Impairment</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Long-lived assets such as property and equipment, right-of-use assets and intangible assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company monitors the long-lived assets for impairment indicators on an on-going basis. If impairment indicators exist, the Company determines the recoverability of the asset by comparing the undiscounted cash flows expected to be generated from the use and eventual disposition the long-lived asset groups to the related net book values. If the net book value of the asset group exceeds the undiscounted cash flows, an impairment loss is recognized as the difference between the carrying value of the asset and its estimated fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company estimate cash flows and fair value using internal budgets based on recent sales data and economic uncertainties. The key factors that affect estimates are (1) future revenue estimates; (2) customer preferences and decisions; and (3) product pricing. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially affect our future results of operations and financial condition. The Company believes the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect its valuations.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xvi.</td><td>Leases</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company determines if an arrangement is a lease at inception of the contract. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Operating leases are presented within “Operating lease right-of-use assets,” “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company’s Consolidated Balance Sheets. The current portion of finance lease liabilities are presented within “Finance lease liabilities” in the Company’s Consolidated Balance Sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xvii.</td><td>Expenses</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Cost of revenue</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cost of revenue expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, repairs and maintenance expenses of vehicles, vehicle site rentals, devices depreciation, power, software support charges, payment gateway charges and other direct expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Technology and development</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Technology and development expenses primarily consist of personnel-related compensation costs and information technology and data science expenses. Technology and development costs are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Sales and marketing</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Sales and marketing expenses primarily consist of personnel-related compensation costs, advertising expenses and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses incurred for the year ended March 31, 2026 amounts to $286,916 (March 31, 2025: $829,619).</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>General and administrative</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, administrative fees, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xviii.</td><td>Finance costs</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Finance costs comprises interest cost on debt, transaction costs, fair value changes in financial instruments, SSCPN issue expenses, and interest expense on lease liabilities. Borrowing costs and interest on leases are recognized in the Consolidated Statements of Operations using the effective interest method.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xix.</td><td>Employee benefits</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Defined benefit plan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Employees in India are entitled to a defined benefit retirement plan covering eligible employees of the Company. The plan provides for a lump-sum payment to eligible employees, at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employees’ salary and tenure of employment. The Company’s benefit plan is unfunded.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management makes certain assumptions relating to discount rates, salary growth, retirement rates, mortality rates and other factors when calculating annual amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Amortization of a net gain or loss included in accumulated other comprehensive income shall be included as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market- related value of plan assets. If amortization is required, the minimum amortization shall be that excess divided by the average remaining service period of active employees expected to receive benefits under the plan. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Compensated absences</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s liability for compensated absences is determined based on an actuarial valuation using the projected unit credit method and is charged to Consolidated Statements of Operations in the year in which they accrue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Defined contribution plan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Eligible employees of the Company in India participate in a defined contribution fund in accordance with the regulatory requirements in the Indian jurisdiction. Both the employee and the Company contribute an equal amount to the fund which is equal to a specified percentage of the employee’s salary.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are charged to profit or loss and are included in the Consolidated Statements of Operations in the year and/or period in which they accrue.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xx.</td><td>Stock-based compensation</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. For the options that vest in a graded vesting manner over the vesting period, the Company has adopted the graded vesting approach for recognition of compensation cost over the vesting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For stock options or restricted stock units with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. For stock options or restricted stock units with graded vesting, the fair- value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimated the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividend on its common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company estimates a forfeiture rate on an annual basis for the purpose of computation of stock-based compensation expense. The rate is used consistently across the subsequent interim periods during the year.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In case of cancellation of stock-based awards with no concurrent grant of a replacement award or other valuable consideration, any unrecognized compensation cost is recognized immediately on the cancellation date.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxi.</td><td>Debt</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The debt instruments of the Company consist of debentures and term loans from financial institutions. The Company based on available proceeds makes periodic prepayments of scheduled instalments and the same has been accounted for under ASC 470-50.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Redeemable Promissory Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2025, the Company has issued Redeemable Promissory Notes which are repayable at the principal value on maturity date and has been accounted for under ASC 470-10. The Company issued these Redeemable Promissory notes on discount and incurred expenses on issue of the Redeemable Promissory Notes. As per ASC 835, the discount and the expenses incurred on issue of the Redeemable Promissory Notes have been amortized over the period of the Redeemable Promissory note on a straight-line basis. The Redeemable Promissory Notes liabilities have been presented net off the discount and issue expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company had allocated a portion of the proceeds from the issue of its Redeemable Promissory Note to the warrants and Redeemable promissory note based on the relative fair values of warrants and Redeemable Promissory Note. Redeemable Promissory Notes may contain embedded features, such as accelerated redemption options, which are evaluated under ASC 815 to determine if bifurcation is required. If the embedded feature meets the definition of a derivative and is not clearly and closely related to the host, it is measured at fair value with changes recognized in earnings. The embedded feature was assessed and determined to be immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Unsecured Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company has issued Bridge Notes which are repayable at the principal value along with an interest of 10-12% p.a. on the maturity date and has been accounted for under ASC 470-10. The Company issued these Bridge Notes at discount and incurred expenses on the issue of these Notes. As per ASC 835, the discount and the expenses incurred on issue of the Bridge Notes have been amortized over the contractual period using the effective interest method. The Bridge Notes liabilities have been presented net off the discount and issue expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Convertible Notes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company has issued Convertible Notes which are repayable at the principal value along with an interest of 6-12% p.a. on the maturity date or the holder as an option to convert those in variable number of equity shares and the same has been accounted for as a share settled debt under ASC 480-10. The Company issued these Convertible Notes at discount and incurred expenses on the issue of these Convertible Notes. As per ASC 835, the discount and the expenses incurred on issue of the Convertible Notes have been amortized over the contractual period using the effective interest method. The Convertible Notes liabilities have been presented net off the discount and issue expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Issuance costs on Debt</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Debt issuance costs consist primarily of initial discount provided, arrangement fees paid to placement agent, professional fees and legal fees. These costs are netted off with the related debt and are being amortized to interest expense over the term of the related.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The debt has been classified into current or non-current based on the payment terms of the debt instruments. Non-current obligations are those scheduled to mature beyond twelve months from the date of the Company’s Consolidated Balance Sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxii.</td><td>Warrants</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When the Company issues warrants, it evaluates the balance sheet classification of the warrant to determine whether the warrant should be classified as equity or as a derivative liability on the Consolidated Balance Sheets. In accordance with ASC 815- 40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the Consolidated Balance Sheets at fair value with any changes in its fair value recognized currently in the Consolidated Statements of Operations.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><i>(a)</i></td><td><i>Warrants issued towards the November 2024 and December 2024 offering:</i></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">During the year ended March 31, 2025, the Company issued shares of Common Stock, pre-funded, Series A and Series B warrants in the November 2024 and December 2024 offering (Refer note 19)and as consideration to the placement agents for the issuance. The Common stock and pre-funded warrants were classified as equity in accordance with ASC 815-40. The Series A warrants and Series B warrants were initially classified as derivative financial instruments in accordance with ASC 815-10-15-83.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">Subsequently, during the year ended March 31, 2025, the variability in number of warrants exercisable towards Series A and Series B of both the November 2024 and December 2024 offering was fixed in accordance with agreement. Hence, as per ASC 815-10, the outstanding Series A Series B warrants for both November 2024 and December 2024 offering have been reclassified to equity at the reclassification date fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">Warrants exercised before the reclassification have been reclassified at their respective exercise date fair value and warrants exercised after the reclassification were adjusted with additional paid in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><i>(b)</i></td><td><i>Warrants issued along with Redeemable Promissory Note:</i></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">During the year ended March 31, 2025, the Company issued warrants along with Redeemable Promissory Note and as consideration to the placement agent for the issuance of the Redeemable Promissory Note. These warrants were classified as equity in accordance with ASC 815-40 on the initial recognition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxiii.</td><td>Net profit/(loss) per share attributable to common stockholders</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company computes net profit/(loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders, at specified rate, if declared.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Then any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock. This participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s basic profit/(loss) per share is computed using the weighted-average number of ordinary shares outstanding during the period. The diluted profit/(loss) per share is computed by considering the impact of potential issuance of common stock on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxiv.</td><td>Provisions and accrued expenses</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A provision is recognized in the Consolidated Balance Sheets when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. The Company does not have any onerous contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxv.</td><td>Fair value measurements and financial instruments</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 1</td><td style="text-align: justify">Observable inputs such as quoted prices in active markets for identical assets or liabilities.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 2</td><td style="text-align: justify">Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of assets or liabilities.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 3</td><td style="text-align: justify">Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company’s primary financial instruments included cash and cash equivalents, investments, accounts receivables, other financial assets, accounts payable, debt, unsecured notes, convertible redeemable note, unsecured convertible note and other financial liabilities. The estimated fair value of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying value due to short-term maturities of these instruments.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxvi.</td><td>Troubled debt restructuring</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As per ASC 470-60 Troubled Debt Restructuring (TDR) refers to a situation where the creditor, grants concessions to a borrower experiencing financial difficulties. These concessions may include modifications to the terms of the payable, such as reducing the interest rate, extending the repayment period, or forgiving a portion of the payable. Such restructuring is done with the intent to provide relief to the borrower and to maximize the potential for payable recovery by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In accordance with ASC 470-60, when the total future cash payments under the new terms are less than the carrying amount of the payable at the date of restructuring, the difference between the carrying amount and the total future cash payments is recognized as a ‘Gain on Troubled Debt Restructuring’ in the Consolidated Financial Statements. This gain is recorded immediately in the period the restructuring occurs.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If the total future cash payments under the new terms exceed the carrying amount of the payable at the date of restructuring, no adjustment to the carrying amount of the payable is made. Instead, the company calculates a New Effective Interest Rate (EIR) based on the revised terms of the restructured payable. The debt is then amortized over the remaining life of the payable using the new EIR, with interest expense recognized based on this rate in future periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxvii.</td><td>Taxes</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest related to unrecognized tax benefits in interest expense and penalties.</p><table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxviii.</td><td>Contingencies</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxix.</td><td>Segment information</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its <span style="-sec-ix-hidden: hidden-fact-158">Board of Directors</span>. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxx.</td><td>Common Stock Reverse Split</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In October 2024 and March 2025, the Company effectuated a one-for-hundred and a one-for-twenty reverse stock split respectively. All share, stock option and warrant information has been retroactively adjusted to reflect these stock splits. See Note 3A for additional disclosure.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxxi.</td><td>Reclassification</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Certain prior year amounts have been reclassified to conform with current year presentation. These changes did not have any effect on net loss, stockholder’s equity, the Consolidated Statements of Operations or the net change in cash and cash equivalents in the Consolidated Statement of Cashflows.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxxii.</td><td>Recent Accounting Pronouncements</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Accounting Pronouncement Adopted</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended March 31, 2026, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. The adoption of ASU 2023-09 did not have a material impact on the Company’s Consolidated Financial Statements. Refer Note 23 in the notes to the Consolidated Financial Statements for further detail.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In March 2024, the FASB issued ASU 2024-02 Codification Improvements – Amendments to Remove References to the Concept Statements to provide amendments to the Codification that remove references to various FASB Concepts Statements. ASU 2024-02 is effective for our annual periods beginning December 15, 2024, with early adoption permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In March 2025, the FASB issued ASU 2025-02 “Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122” <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to</span> remove the text of SAB Topic 5.FF, “Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users.” The change is being made as a result of the release of SEC Staff Accounting Bulletin (SAB) 122, which rescinded SAB Topic 5.FF (added by SAB 121) that required an entity to recognize a liability and corresponding asset for its obligation to safeguard crypto assets. The entities shall apply SAB 122 on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, entities have the option to apply SAB 122 in any earlier interim or annual financial statement period included in filings with the SEC after January 30, 2025 (the effective date of SAB 122). The above amendment does not have an impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Accounting Pronouncement Pending Adoption</i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement Expenses, which requires public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. Further, in January 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” which clarifies the effective date of ASU 2024-03. The guidance is effective for all public entities with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period. This update does not have any impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In May 2025, the FASB issued ASU 2025-03 which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (VIE). ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-03 must be applied prospectively to any business combination that occurs after the initial adoption date. The Company is evaluating the impact that adoption of the provisions of ASU 2025-03 will have on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In May 2025, the FASB issued ASU 2025-04 which clarifies the guidance in both ASC 606 and ASC 718 on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-04 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In July 2025, the FASB issued ASU 2025-05 which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In September 2025, the FASB issued ASU 2025-06 which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The update clarifies the guidance for accounting for costs related to internal use-software. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In September 2025, the FASB issued ASU 2025-07 which refines the scope of the guidance on derivatives in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. The ASU is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. ASU 2025-07 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-07 will have on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2025, The FASB issued ASU 2025-11 to clarify and improve the guidance in ASC Topic 270, <span style="font-family: Times New Roman, Times, Serif"><i>Interim Reporting</i></span>, by enhancing the navigability and applicability of interim disclosure requirements. The amendments provide a comprehensive and clarified list of interim disclosures currently required under GAAP without expanding or reducing existing requirements. The ASU introduces a disclosure principle requiring entities to disclose material events occurring since the end of the last annual reporting period. It also clarifies the types of interim reporting subject to Topic 270 and the form and content of interim financial statements prepared in accordance with GAAP. The guidance is intended to improve consistency and transparency in interim reporting. The ASU is effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-11 will have on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2025, The FASB issued ASU 2025-12 as part of its ongoing Codification Improvements project to address stakeholder feedback and make incremental improvements to U.S. GAAP. The amendments are intended to correct technical errors, clarify guidance, and address unintended applications of the Codification across a broad range of Topics. These changes are not expected to significantly affect current accounting practice or impose significant costs on most entities. The ASU includes targeted amendments, with explanations provided within the Codification amendments rather than a separate basis for conclusions. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update does not have any impact on the Company’s Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its Consolidated Financial Statements or disclosures.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in"><b>i.</b></td><td><b>Basis of presentation</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The accompanying Consolidated Financial Statements have been prepared 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”).. 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”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The 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 Consolidated Financial Statements herein.</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">ii.</td><td>Principles of consolidation</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The 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”).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">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, whether the Company is the primary beneficiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As at March 31, 2026, following are the list of subsidiaries and step-down subsidiaries:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 31%; vertical-align: bottom"><b>Name of Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Place of Incorporation</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 30%; vertical-align: bottom"><b>Investor Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Method of consolidation</b></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Zoomcar, Inc.</td> <td> </td> <td>USA</td> <td> </td> <td>Zoomcar Holdings, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>Zoomcar India Private Limited</td> <td> </td> <td>India</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Singapore</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>PT Zoomcar Indonesia Mobility Service</td> <td> </td> <td>Indonesia</td> <td> </td> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Mobility Philippines Corporation</td> <td> </td> <td>Philippines</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>VIE</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">On November 14, 2025, Zoomcar Netherlands Holding B. V was dissolved. As at the date of dissolution, the subsidiary did not have any assets and had no ongoing operations. Accordingly, management decided to dissolve the subsidiary. Therefore, on November 14, 2025, the Company de-recognized its cost of investment and liabilities of the subsidiary and recognized a gain upon derecognition of subsidiary in the Consolidated Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The assets/liabilities consolidated for the VIE are not material. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Further, in August 2023, Zoomcar Vietnam Mobility LLC had filed for bankruptcy with the local authorities. This application was admitted by the local authorities and bankruptcy proceedings were ordered to commence on June 4, 2025. On June 3, 2024, Zoomcar Egypt Information Technology Platform LLC had closed down its operations due to decrease in operations and rising economic difficulties and subsequently, on August 5, 2025, Zoomcar Egypt Information Technology Platform LLC’s name was deleted from the commercial register. Refer note 28 for details.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As at March 31, 2026, following are the list of subsidiaries and step-down subsidiaries:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 31%; vertical-align: bottom"><b>Name of Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Place of Incorporation</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 30%; vertical-align: bottom"><b>Investor Entity</b></td> <td style="text-align: center; padding-bottom: 1.5pt; width: 1%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%; vertical-align: bottom"><b>Method of consolidation</b></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Zoomcar, Inc.</td> <td> </td> <td>USA</td> <td> </td> <td>Zoomcar Holdings, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>Zoomcar India Private Limited</td> <td> </td> <td>India</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Singapore</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: White"> <td>PT Zoomcar Indonesia Mobility Service</td> <td> </td> <td>Indonesia</td> <td> </td> <td>Fleet Holding Pte ltd</td> <td> </td> <td>Voting Interest</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td>Fleet Mobility Philippines Corporation</td> <td> </td> <td>Philippines</td> <td> </td> <td>Zoomcar, Inc.</td> <td> </td> <td>VIE</td></tr> </table> USA Zoomcar Holdings, Inc. Voting Interest India Zoomcar, Inc. Voting Interest Singapore Zoomcar, Inc. Voting Interest Indonesia Fleet Holding Pte ltd Voting Interest Philippines Zoomcar, Inc. VIE <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">iii.</td><td style="text-align: justify">Use of estimates and assumptions</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The use of estimates and assumptions as determined by management is required in the preparation of Consolidated Financial Statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates. </p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Estimates and underlying assumptions are reviewed on an ongoing basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The significant estimates, judgments and assumptions that affect the Consolidated Financial Statements include, but are not limited to, are:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">a.</td><td>Estimation of defined benefit obligation</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">b.</td><td>Fair value measurement of financial instruments</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">c.</td><td>Estimation of utilization of loyalty points</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">d.</td><td>Leases – assumption to determine the incremental borrowing rate</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">e.</td><td>Valuation allowance on deferred tax assets</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">f.</td><td>Impairment of non-financial assets</td></tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">g.</td><td>Fair value measurement of share-based payments</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> <tr style="vertical-align: top"> <td> </td><td>h.</td><td>Estimation of lease term</td></tr> <tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> <tr style="vertical-align: top"> <td> </td><td>i.</td><td>Recognition and measurement of provisions and contingencies</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Changes in accounting estimates are accounted for in the period of change and for prospective periods, if applicable. A change to an accounting estimate is recorded based on events, facts, or circumstances that occurred during the period in which the estimate was changed.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">iv.</td><td style="text-align: justify">Currency translation</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Consolidated Financial Statements are presented in US Dollars (“$”) which is the reporting currency of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Monetary assets and liabilities, and transactions denominated in currencies other than the functional currency are remeasured at the exchange rate on the Balance Sheet date and non-monetary assets and liabilities are measured at historical exchange rates. The gains and losses resulting from remeasurement are recorded as foreign exchange gains (losses), within other income (expense), in the Consolidated Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The functional currency of the Company’s foreign subsidiaries is either the local currency or U.S. dollar depending on the nature of the subsidiaries’ activities. The Company determines the functional currency for each of its foreign subsidiaries by reviewing their operations and currencies used in their primary economic environments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Assets and liabilities of the subsidiaries with functional currency other than U.S. Dollar are translated into U.S. Dollar at the rate of exchange existing at the Balance Sheet date. Retained earnings and other equity items are translated at historical rates, revenues and expenses are translated at average exchange rates during the year. Foreign currency translation adjustments are recorded within accumulated other comprehensive income, a separate component of total equity (deficit).</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">v.</td><td style="text-align: justify">Comprehensive Income (Loss)</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under generally accepted accounting principles are recorded as an element of members’ equity but are excluded from net income (loss). The Company’s other comprehensive income (loss), net of tax, consists of foreign currency translation adjustments that result from consolidation of its foreign entities and actuarial gain/ (loss) on defined benefit obligations.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">vi.</td><td style="text-align: justify">Revenue recognition</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026 and March 31, 2025, the Company derives its revenue principally from the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Facilitation revenue</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Zoomcar Host Services is a marketplace feature of the platform that helps owners of vehicles (“Hosts/ Customer/Lessors”) connect with users (“Renters/Lessee”) in temporary need of a vehicle on leasehold basis for their personal use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Facilitation Services revenue consists of facilitation fees charged to Hosts, net of incentives and refunds and trip protection charged to the Renters. The Company’s primary performance obligation in the transaction towards the Host is to facilitate the successful completion of the rental transaction and towards the renter is to offer trip protection.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Customer support is rendered to both the Host (customer/lessor) and the renter (lessee). Company being the intermediary between the two provides its platform through which all communication takes place related to any services e.g., extension of trip period. Such services also include the normal customer support related to any vehicle breakdowns, tracking of vehicles, renter background checks, vehicle ownership checks and various other activities which are part of an ongoing set of series required for successful listing, renting and completion of trip. These activities are not distinct from each other and are not separate performance obligations. As a result, these series of services integrate together to form a single performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In case of booking value collected from the renter on behalf of the Host, the Company evaluated the presentation of revenue on a gross versus net basis based on factors given under ASC 606 whether or not it is the principal (gross) or the agent (net) in the transaction and concluded that it is acting in an agent capacity, and revenue is presented net reflecting the facilitation fees received from the Marketplace service. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs. Revenue is recognized ratably over the trip period on straight line basis using the output method as its performance obligation is satisfied over time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company offers various incentive programs to hosts. The incentives are recorded in accordance with ASC 606- 10-32-25 and ASC 606-10-32-27 as a reduction to revenue and in cases where the amount of incentive paid to the Host are above the facilitation fees earned from that Host on cumulative basis, the excess of the revenue amount is recorded as a marketing expense in the Consolidated Statements of Operations. These incentives are offered as part of overall marketing strategy of the Company and incentivize the hosts to refer the platform.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Loyalty program</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company offers loyalty program, Z-Points, wherein customers are eligible to earn loyalty points that are redeemable for payment towards facilitation fees. Under ASC 606, each transaction that generates loyalty points results in the deferral of revenue equivalent to the retail value at the date the points are earned. The associated revenue is recognized when the customer redeems the loyalty points. The retail value of points is estimated based on the current retail value measured as of the date the loyalty points are earned, less an estimated amount representing loyalty points that are not expected to be redeemed (“breakage”). Breakage is reviewed on an annual basis and includes significant assumptions such as historical breakage trends, internal Company forecasts and extended redemption period, if any. As at March 31, 2026 and March 31, 2025, the Company’s deferred revenue balance amounted to $78,878 and $21,365 respectively and is included in Contract liabilities in the Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Vouchers</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year, the Company sold vouchers of certain redemption value that are utilized for payment towards facilitation fees. Vouchers may be sold for less than their redemption value and in such cases, the transaction price is limited to the amount received, unless additional consideration is expected. The sale of such vouchers results in the deferral of revenue equivalent to the amount received on the date of sale. The associated revenue is recognized when the customer utilizes such voucher. On expiry of validity of the voucher, the unutilized portion is recognized as Other operating revenues in the Consolidated Statements of Operations. As at March 31, 2026 and March 31, 2025, the Company’s deferred revenue balance amounted to <span style="-sec-ix-hidden: hidden-fact-159">$30,292and</span> $<span style="-sec-ix-hidden: hidden-fact-160">NIL</span> respectively and is included in Contract liabilities in the Consolidated Balance Sheets</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Contract liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Contract liabilities primarily consist of obligations to customers for advance received against bookings, revenue-share payable to customers for vehicles listed by them on Company’s portal for short-term rentals and related to Company’s points-based loyalty program. As per ASC 606-10-50-14 the Company does not aggregate amount of transaction price allocated to remaining performance obligations as required under ASC 606-10-50-13, since the company’s performance obligation is a part of a contract that has an original expected duration of one year or less.</p> 78878 21365 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">vii.</td><td style="text-align: justify">Cash and cash equivalents</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include cash on hand, bank balances. Cash and cash equivalents are recorded at cost, which approximates fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents include amounts collected on behalf of but not yet remitted to the Hosts which are included in accrued and other current liabilities in the Consolidated Financial Statements.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">viii.</td><td style="text-align: justify">Restricted Cash</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is required to place cash in an indemnification escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as per the placement agent agreement for a period of 3 years from closing of the November 2024 Offering. Such cash is classified as restricted cash and reported as a component of other non-current assets in the Consolidated Balance Sheets.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">ix.</td><td style="text-align: justify">Accounts receivable, net of allowance</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accounts receivables are stated net of allowances and primarily represent corporate debtors and dues from payment gateways for amounts paid by customers. In case of corporate debtors, the payment terms generally include a credit of 30-60 days. The amounts receivable from payment gateways are settled within 2 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. The Company estimates its exposure to balances deemed to be uncollectible based on factors including known facts and circumstances, historical experience, and the age of the uncollected balances. Accounts receivable balances are written off against the allowance of credit losses after all means of collection has been exhausted and potential recovery is considered remote.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">x.</td><td style="text-align: justify">Other receivables</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Other receivables include amounts recoverable from host. The receivable from host is adjusted for an allowance on account of host which are not active on the platform for more than 90 days.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xi.</td><td style="text-align: justify">Balances with government authorities – Input Tax Credit</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Balances with government authorities represent the tax credit with government agencies which are recognized when the Company has performed the required services and when they meet the eligibility criteria outlined in the applicable government regulations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The input tax credits are related to Indian Goods and Service Tax (“GST”). These balances are classified based on their expected period of utilization of future GST credit and GST debit that comes from domestic purchases and sales of services, respectively. If the tax credits are expected to be utilized within twelve months from the reporting date, they are classified as current assets. If the tax credits are not expected to be utilized within twelve months from the reporting date, they are classified as non-current assets.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xii.</td><td style="text-align: justify">Concentration of credit risk</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash and cash equivalents, investments, other receivables, and accounts receivable are potentially subject to credit risk concentration. The Company has not experienced any material losses related to these concentrations during the years presented. No customers accounted for 10% or more of revenue for the years ended March 31, 2026 and 2025.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xiii.</td><td style="text-align: justify">Property and equipment, net</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The devices installed on host vehicles in the marketplace business have been depreciated over 5 years. During the year ended March 31, 2025, the Company revised its estimate of the salvage value of the devices from 30% to 0%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the Consolidated Balance Sheets and any resulting gain or loss is reflected on the Consolidated Statements of Operations in the period realized.</p> P5Y 0.30 0 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.35in; text-align: left">xiv.</td><td style="text-align: justify">Assets held for sale</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company classifies vehicles and office equipment to be disposed of as held for sale in the period in which they are available for immediate sale in their present condition and the sale is probable and expected to be completed within one year. The Company initially measures assets held for sale at the lower of their carrying value or fair value less costs to sell and assesses their fair value annually until disposed. The fair value of Assets held for sale not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an asset are observable, the Valuation is included in Level 2. In case of certain vehicles which are not sold within one year from date of classification, the Company reassess the carrying value of the assets to adjust it for the realizable value.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xv.</td><td>Impairment</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Long-lived assets such as property and equipment, right-of-use assets and intangible assets that are held and used by the Company are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company monitors the long-lived assets for impairment indicators on an on-going basis. If impairment indicators exist, the Company determines the recoverability of the asset by comparing the undiscounted cash flows expected to be generated from the use and eventual disposition the long-lived asset groups to the related net book values. If the net book value of the asset group exceeds the undiscounted cash flows, an impairment loss is recognized as the difference between the carrying value of the asset and its estimated fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company estimate cash flows and fair value using internal budgets based on recent sales data and economic uncertainties. The key factors that affect estimates are (1) future revenue estimates; (2) customer preferences and decisions; and (3) product pricing. Any differences in actual results from the estimates could result in fair values different from the estimated fair values, which could materially affect our future results of operations and financial condition. The Company believes the projections of anticipated future cash flows and fair value assumptions are reasonable; however, changes in assumptions underlying these estimates could affect its valuations.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xvi.</td><td>Leases</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company determines if an arrangement is a lease at inception of the contract. The Company’s assessment is based on whether: (1) the contract involves the use of a distinct identified asset, (2) the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term of the contract, and (3) the Company has the right to direct the use of the asset. A lease is classified as a finance lease if any one of the following criteria are met: (1) the lease transfers ownership of the asset by the end of the lease term, (2) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (3) the lease term is for a major part of the remaining useful life of the asset or (4) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Operating leases are presented within “Operating lease right-of-use assets,” “Current portion of operating lease liabilities” and “Operating lease liabilities, less current portion” in the Company’s Consolidated Balance Sheets. The current portion of finance lease liabilities are presented within “Finance lease liabilities” in the Company’s Consolidated Balance Sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangement. Lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Operating lease ROU assets are recognized at commencement date in an amount equal to lease liability, adjusted for any lease prepayments, initial direct costs, and lease incentives. For leases in which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date. Lease terms includes the effects of options to extend or terminate the lease when it is reasonably certain at commencement of the lease that the Company will exercise that option. Lease expense for operating lease arrangements is recognized on a straight-line basis over the lease term reflecting single operating lease cost. The Company evaluates lease agreements to determine lease and non-lease components, which are accounted for separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Lease payments that depend on factors other than an index or rate are considered variable lease payments and are excluded from the operating lease assets and liabilities and are recognized as expense in the period in which the obligation is incurred. The Company accounts for lease-related concessions in accordance with guidance in Topic 842, Leases, to determine, on a lease-by-lease basis, whether the concession provided by lessor should be accounted for as a lease modification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company accounts for a modification as a separate contract when it grants an additional right of use not included in the original lease and the increase is commensurate with the standalone price for the additional right of use, adjusted for the circumstances of the particular contract. Modifications which are not accounted for as a separate contract are reassessed as of the effective date of the modification based on its modified terms and conditions and the facts and circumstances as of that date. Upon modification, the Company remeasures the lease liability to reflect changes to the remaining lease payments and discount rates and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. However, if the carrying amount of the ROU assets is reduced to zero as a result of modification, any remaining amount of the remeasurement is recognized as an expense in Consolidated Statements of Operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company reviews ROU assets for impairment whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xvii.</td><td>Expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Cost of revenue</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cost of revenue expenses primarily consist of personnel-related compensation costs of local operations teams and teams who provide phone, email and chat support to users, repairs and maintenance expenses of vehicles, vehicle site rentals, devices depreciation, power, software support charges, payment gateway charges and other direct expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Technology and development</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Technology and development expenses primarily consist of personnel-related compensation costs and information technology and data science expenses. Technology and development costs are expensed as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Sales and marketing</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Sales and marketing expenses primarily consist of personnel-related compensation costs, advertising expenses and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Advertising expenses incurred for the year ended March 31, 2026 amounts to $286,916 (March 31, 2025: $829,619).</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>General and administrative</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, administrative fees, depreciation, facility costs, and other corporate costs. General and administrative expenses are expensed as incurred.</p> 286916 829619 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xviii.</td><td>Finance costs</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Finance costs comprises interest cost on debt, transaction costs, fair value changes in financial instruments, SSCPN issue expenses, and interest expense on lease liabilities. Borrowing costs and interest on leases are recognized in the Consolidated Statements of Operations using the effective interest method.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xix.</td><td>Employee benefits</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Defined benefit plan</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Employees in India are entitled to a defined benefit retirement plan covering eligible employees of the Company. The plan provides for a lump-sum payment to eligible employees, at retirement, death, and incapacitation or on termination of employment, of an amount based on the respective employees’ salary and tenure of employment. The Company’s benefit plan is unfunded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Management makes certain assumptions relating to discount rates, salary growth, retirement rates, mortality rates and other factors when calculating annual amounts to be recognized. These assumptions are reviewed annually by management, assisted by the enrolled actuary, and updated as warranted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Amortization of a net gain or loss included in accumulated other comprehensive income shall be included as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the market- related value of plan assets. If amortization is required, the minimum amortization shall be that excess divided by the average remaining service period of active employees expected to receive benefits under the plan. Prior service cost is amortized on a straight-line basis from the date recognized over the average remaining service period of active participants, when applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Compensated absences</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s liability for compensated absences is determined based on an actuarial valuation using the projected unit credit method and is charged to Consolidated Statements of Operations in the year in which they accrue.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Defined contribution plan</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Eligible employees of the Company in India participate in a defined contribution fund in accordance with the regulatory requirements in the Indian jurisdiction. Both the employee and the Company contribute an equal amount to the fund which is equal to a specified percentage of the employee’s salary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are charged to profit or loss and are included in the Consolidated Statements of Operations in the year and/or period in which they accrue.</p> 0.10 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xx.</td><td>Stock-based compensation</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of US GAAP, which requires compensation cost for grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company includes a forfeiture estimate in the amount of compensation expense being recognized based on the Company’s estimate of equity instruments that will eventually vest. The fair value of stock-based awards, granted or modified, is determined on the grant date at fair value, using appropriate valuation techniques. For the options that vest in a graded vesting manner over the vesting period, the Company has adopted the graded vesting approach for recognition of compensation cost over the vesting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For stock options or restricted stock units with service-based vesting conditions only, the valuation model, typically the Black-Scholes option-pricing model, incorporates various assumptions including expected stock price volatility, expected term, and risk-free rates. For stock options or restricted stock units with graded vesting, the fair- value-based measure is estimated of the entire award by using a single weighted-average expected term. The Company estimated the volatility of common stock on the date of the grant based on weighted-average historical stock price volatility of comparable publicly traded companies in its industry group. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant with a term equal to the expected term. The Company estimates the term based on the simplified method for employee stock options considered to be “plain vanilla” options as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is 0.0% as the Company has not paid and does not anticipate paying dividend on its common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company estimates a forfeiture rate on an annual basis for the purpose of computation of stock-based compensation expense. The rate is used consistently across the subsequent interim periods during the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In case of cancellation of stock-based awards with no concurrent grant of a replacement award or other valuable consideration, any unrecognized compensation cost is recognized immediately on the cancellation date.</p> 0 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxi.</td><td>Debt</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The debt instruments of the Company consist of debentures and term loans from financial institutions. The Company based on available proceeds makes periodic prepayments of scheduled instalments and the same has been accounted for under ASC 470-50.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Redeemable Promissory Notes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2025, the Company has issued Redeemable Promissory Notes which are repayable at the principal value on maturity date and has been accounted for under ASC 470-10. The Company issued these Redeemable Promissory notes on discount and incurred expenses on issue of the Redeemable Promissory Notes. As per ASC 835, the discount and the expenses incurred on issue of the Redeemable Promissory Notes have been amortized over the period of the Redeemable Promissory note on a straight-line basis. The Redeemable Promissory Notes liabilities have been presented net off the discount and issue expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company had allocated a portion of the proceeds from the issue of its Redeemable Promissory Note to the warrants and Redeemable promissory note based on the relative fair values of warrants and Redeemable Promissory Note. Redeemable Promissory Notes may contain embedded features, such as accelerated redemption options, which are evaluated under ASC 815 to determine if bifurcation is required. If the embedded feature meets the definition of a derivative and is not clearly and closely related to the host, it is measured at fair value with changes recognized in earnings. The embedded feature was assessed and determined to be immaterial.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Unsecured Notes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company has issued Bridge Notes which are repayable at the principal value along with an interest of 10-12% p.a. on the maturity date and has been accounted for under ASC 470-10. The Company issued these Bridge Notes at discount and incurred expenses on the issue of these Notes. As per ASC 835, the discount and the expenses incurred on issue of the Bridge Notes have been amortized over the contractual period using the effective interest method. The Bridge Notes liabilities have been presented net off the discount and issue expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Convertible Notes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company has issued Convertible Notes which are repayable at the principal value along with an interest of 6-12% p.a. on the maturity date or the holder as an option to convert those in variable number of equity shares and the same has been accounted for as a share settled debt under ASC 480-10. The Company issued these Convertible Notes at discount and incurred expenses on the issue of these Convertible Notes. As per ASC 835, the discount and the expenses incurred on issue of the Convertible Notes have been amortized over the contractual period using the effective interest method. The Convertible Notes liabilities have been presented net off the discount and issue expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Issuance costs on Debt</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Debt issuance costs consist primarily of initial discount provided, arrangement fees paid to placement agent, professional fees and legal fees. These costs are netted off with the related debt and are being amortized to interest expense over the term of the related.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The debt has been classified into current or non-current based on the payment terms of the debt instruments. Non-current obligations are those scheduled to mature beyond twelve months from the date of the Company’s Consolidated Balance Sheets.</p> 0.10 0.12 0.06 0.12 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxii.</td><td>Warrants</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When the Company issues warrants, it evaluates the balance sheet classification of the warrant to determine whether the warrant should be classified as equity or as a derivative liability on the Consolidated Balance Sheets. In accordance with ASC 815- 40, Derivatives and Hedging-Contracts in the Entity’s Own Equity (ASC 815-40), the Company classifies a warrant as equity so long as it is “indexed to the Company’s equity” and several specific conditions for equity classification are met. A warrant is not considered indexed to the Company’s equity, in general, when it contains certain types of exercise contingencies or adjustments to exercise price. If a warrant is not indexed to the Company’s equity or it has net cash settlement that results in the warrants to be accounted for under ASC 480, Distinguishing Liabilities from Equity, or ASC 815-40, it is classified as a derivative liability which is carried on the Consolidated Balance Sheets at fair value with any changes in its fair value recognized currently in the Consolidated Statements of Operations.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><i>(a)</i></td><td><i>Warrants issued towards the November 2024 and December 2024 offering:</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">During the year ended March 31, 2025, the Company issued shares of Common Stock, pre-funded, Series A and Series B warrants in the November 2024 and December 2024 offering (Refer note 19)and as consideration to the placement agents for the issuance. The Common stock and pre-funded warrants were classified as equity in accordance with ASC 815-40. The Series A warrants and Series B warrants were initially classified as derivative financial instruments in accordance with ASC 815-10-15-83.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">Subsequently, during the year ended March 31, 2025, the variability in number of warrants exercisable towards Series A and Series B of both the November 2024 and December 2024 offering was fixed in accordance with agreement. Hence, as per ASC 815-10, the outstanding Series A Series B warrants for both November 2024 and December 2024 offering have been reclassified to equity at the reclassification date fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">Warrants exercised before the reclassification have been reclassified at their respective exercise date fair value and warrants exercised after the reclassification were adjusted with additional paid in capital.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><i>(b)</i></td><td><i>Warrants issued along with Redeemable Promissory Note:</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 1in; margin-top: 0pt; margin-bottom: 0pt">During the year ended March 31, 2025, the Company issued warrants along with Redeemable Promissory Note and as consideration to the placement agent for the issuance of the Redeemable Promissory Note. These warrants were classified as equity in accordance with ASC 815-40 on the initial recognition.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxiii.</td><td>Net profit/(loss) per share attributable to common stockholders</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company computes net profit/(loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all the income for the period had been distributed. The Company’s convertible preferred stock is participating security. The holders of the convertible preferred stock would be entitled in preference to common shareholders, at specified rate, if declared.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Then any remaining earnings would be distributed to the holders of common stock and convertible preferred stock on a pro-rata basis assuming conversion of all convertible preferred stock into common stock. This participating security do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s basic profit/(loss) per share is computed using the weighted-average number of ordinary shares outstanding during the period. The diluted profit/(loss) per share is computed by considering the impact of potential issuance of common stock on the weighted average number of shares outstanding during the period, except where the results would be anti-dilutive.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxiv.</td><td>Provisions and accrued expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A provision is recognized in the Consolidated Balance Sheets when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are recognized at present value by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. The Company does not have any onerous contracts.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxv.</td><td>Fair value measurements and financial instruments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurement (“ASC 820”), the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 1</td><td style="text-align: justify">Observable inputs such as quoted prices in active markets for identical assets or liabilities.</td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 2</td><td style="text-align: justify">Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly for the full term of assets or liabilities.</td> </tr></table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6in"></td><td style="width: 0.6in; text-align: left">Level 3</td><td style="text-align: justify">Unobservable inputs in which there is little or no market data and that are significant to the fair value of the assets or liabilities.</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">During the year ended March 31, 2026, the Company’s primary financial instruments included cash and cash equivalents, investments, accounts receivables, other financial assets, accounts payable, debt, unsecured notes, convertible redeemable note, unsecured convertible note and other financial liabilities. The estimated fair value of cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying value due to short-term maturities of these instruments.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxvi.</td><td>Troubled debt restructuring</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As per ASC 470-60 Troubled Debt Restructuring (TDR) refers to a situation where the creditor, grants concessions to a borrower experiencing financial difficulties. These concessions may include modifications to the terms of the payable, such as reducing the interest rate, extending the repayment period, or forgiving a portion of the payable. Such restructuring is done with the intent to provide relief to the borrower and to maximize the potential for payable recovery by the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In accordance with ASC 470-60, when the total future cash payments under the new terms are less than the carrying amount of the payable at the date of restructuring, the difference between the carrying amount and the total future cash payments is recognized as a ‘Gain on Troubled Debt Restructuring’ in the Consolidated Financial Statements. This gain is recorded immediately in the period the restructuring occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If the total future cash payments under the new terms exceed the carrying amount of the payable at the date of restructuring, no adjustment to the carrying amount of the payable is made. Instead, the company calculates a New Effective Interest Rate (EIR) based on the revised terms of the restructured payable. The debt is then amortized over the remaining life of the payable using the new EIR, with interest expense recognized based on this rate in future periods.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxvii.</td><td>Taxes</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Interest related to unrecognized tax benefits in interest expense and penalties.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxviii.</td><td>Contingencies</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company is subject to legal proceedings and claims that arise in the ordinary course of business. The Company accrues for losses associated with legal claims when such losses are probable and can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxix.</td><td>Segment information</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its <span style="-sec-ix-hidden: hidden-fact-158">Board of Directors</span>. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.</p> Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. The Company’s CODM is its Board of Directors. The Company has determined it has one operating and reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. 1 1 <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxx.</td><td>Common Stock Reverse Split</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In October 2024 and March 2025, the Company effectuated a one-for-hundred and a one-for-twenty reverse stock split respectively. All share, stock option and warrant information has been retroactively adjusted to reflect these stock splits. See Note 3A for additional disclosure.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxxi.</td><td>Reclassification</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Certain prior year amounts have been reclassified to conform with current year presentation. These changes did not have any effect on net loss, stockholder’s equity, the Consolidated Statements of Operations or the net change in cash and cash equivalents in the Consolidated Statement of Cashflows.</p> <table cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.35in">xxxii.</td><td>Recent Accounting Pronouncements</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Accounting Pronouncement Adopted</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 is effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended March 31, 2026, and applied the new disclosure requirements prospectively to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. The adoption of ASU 2023-09 did not have a material impact on the Company’s Consolidated Financial Statements. Refer Note 23 in the notes to the Consolidated Financial Statements for further detail.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In March 2024, the FASB issued ASU 2024-02 Codification Improvements – Amendments to Remove References to the Concept Statements to provide amendments to the Codification that remove references to various FASB Concepts Statements. ASU 2024-02 is effective for our annual periods beginning December 15, 2024, with early adoption permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In March 2025, the FASB issued ASU 2025-02 “Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122” <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to</span> remove the text of SAB Topic 5.FF, “Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users.” The change is being made as a result of the release of SEC Staff Accounting Bulletin (SAB) 122, which rescinded SAB Topic 5.FF (added by SAB 121) that required an entity to recognize a liability and corresponding asset for its obligation to safeguard crypto assets. The entities shall apply SAB 122 on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, entities have the option to apply SAB 122 in any earlier interim or annual financial statement period included in filings with the SEC after January 30, 2025 (the effective date of SAB 122). The above amendment does not have an impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Accounting Pronouncement Pending Adoption</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement Expenses, which requires public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. Further, in January 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” which clarifies the effective date of ASU 2024-03. The guidance is effective for all public entities with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2024-03 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2024-03, “Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2025 (and interim reporting periods within those annual reporting periods). Early adoption is permitted as of the beginning of a reporting period if the entity has also adopted ASU 2020-06 for that period. This update does not have any impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In May 2025, the FASB issued ASU 2025-03 which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (VIE). ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-03 must be applied prospectively to any business combination that occurs after the initial adoption date. The Company is evaluating the impact that adoption of the provisions of ASU 2025-03 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In May 2025, the FASB issued ASU 2025-04 which clarifies the guidance in both ASC 606 and ASC 718 on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer. ASU 2025-04 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-04 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In July 2025, the FASB issued ASU 2025-05 which amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities, that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In September 2025, the FASB issued ASU 2025-06 which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The update clarifies the guidance for accounting for costs related to internal use-software. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted. This update does not have any impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In September 2025, the FASB issued ASU 2025-07 which refines the scope of the guidance on derivatives in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. The ASU is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. ASU 2025-07 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-07 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2025, The FASB issued ASU 2025-11 to clarify and improve the guidance in ASC Topic 270, <span style="font-family: Times New Roman, Times, Serif"><i>Interim Reporting</i></span>, by enhancing the navigability and applicability of interim disclosure requirements. The amendments provide a comprehensive and clarified list of interim disclosures currently required under GAAP without expanding or reducing existing requirements. The ASU introduces a disclosure principle requiring entities to disclose material events occurring since the end of the last annual reporting period. It also clarifies the types of interim reporting subject to Topic 270 and the form and content of interim financial statements prepared in accordance with GAAP. The guidance is intended to improve consistency and transparency in interim reporting. The ASU is effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the impact that adoption of the provisions of ASU 2025-11 will have on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In December 2025, The FASB issued ASU 2025-12 as part of its ongoing Codification Improvements project to address stakeholder feedback and make incremental improvements to U.S. GAAP. The amendments are intended to correct technical errors, clarify guidance, and address unintended applications of the Codification across a broad range of Topics. These changes are not expected to significantly affect current accounting practice or impose significant costs on most entities. The ASU includes targeted amendments, with explanations provided within the Codification amendments rather than a separate basis for conclusions. The amendments apply to all reporting entities within the scope of the affected accounting guidance. This update does not have any impact on the Company’s Consolidated Financial Statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.6in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable, and the Company does not believe any of these accounting pronouncements have had, or will have, a material impact on its Consolidated Financial Statements or disclosures.</p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 0.25in"><b>3A</b></td> <td style="font-weight: bold"> Reverse Stock Split</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-100 Reverse Stock Split (the “ First Reverse Stock Split”), which became effective on October 21, 2024. Any fractional shares that would have otherwise resulted from the First Reverse Stock Split were rounded up to the nearest whole share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Every 100 shares of issued and outstanding Common Stock has been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number of outstanding warrants, per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s shareholders authorized, and the Board of Directors approved for a 1-for-20 Reverse Stock Split (the “Second Reverse Stock Split”), which became effective on March 21, 2025. Any fractional shares that would have otherwise resulted from the Second Reverse Stock Split were rounded up to the nearest whole share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Every 20 shares of issued and outstanding Common Stock has been consolidated into one share, without affecting the par value. In addition, (i) a proportionate adjustment has been made to the number of outstanding warrants, per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock as per the terms and conditions of the respective warrant agreements, and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plans was also reduced proportionately.</p> 1-for-100 100 100 1 1-for-20 20 20 1 <table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 0pt; text-indent: 0pt; width: 0.25in"><b>3B</b></td> <td style="padding-left: 0pt; text-indent: 0pt"><b>Troubled Debt Restructuring</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On April 22, 2025, the Company entered into a settlement agreement with Siddharth Assets, wherein the lessor has waived a portion of the outstanding liability and penalty accrued thereon. The Company agreed to make settlement in four monthly instalments, starting from April 2025. This outstanding liability is recorded under “Other liabilities” in “Other non-current liabilities” in the Consolidated Balances Sheets for the year. In the event of default, for every defaulted installment until realization of the entire settlement amount, a stipulated amount as per the agreement shall be paid additionally each month until the default is cured. The Company has accounted for this transaction as troubled debt restructuring under ASC 470-60. As at March 31, 2026, the Company has fully paid the balance payable against rental dues to Siddharth Assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The total gain on troubled debt restructuring recorded for the year ended March 31, 2026 is $72,912 ($1,171,161 for the year ended March 31, 2025 respectively). Basic EPS was increased by $0.006 as a result of these gains during the year ended March 31, 2026.</p> 72912 1171161 0.006 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>4</b></td><td><b>Cash and cash equivalents*</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of cash and cash equivalents were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="text-align: center; font-weight: bold"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Balances in bank accounts</td><td style="font-style: normal; width: 1%; font-weight: normal; padding-bottom: 1.5pt"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 9%; font-weight: normal; text-align: right"><b>328,586</b></td><td style="font-style: normal; width: 1%; padding-bottom: 1.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 9%; font-weight: normal; text-align: right">1,077,275</td><td style="font-style: normal; width: 1%; padding-bottom: 1.5pt; font-weight: normal; text-align: left"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Cash and cash equivalents</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">328,586</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">1,077,275</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Refer to Note 28 – VIE.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of cash and cash equivalents were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="text-align: center; font-weight: bold"><b> </b></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Balances in bank accounts</td><td style="font-style: normal; width: 1%; font-weight: normal; padding-bottom: 1.5pt"><b> </b></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 9%; font-weight: normal; text-align: right"><b>328,586</b></td><td style="font-style: normal; width: 1%; padding-bottom: 1.5pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; width: 9%; font-weight: normal; text-align: right">1,077,275</td><td style="font-style: normal; width: 1%; padding-bottom: 1.5pt; font-weight: normal; text-align: left"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: White; font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Cash and cash equivalents</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"><b> </b></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">328,586</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">1,077,275</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> 328586 1077275 328586 1077275 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="white-space: nowrap; width: 0.25in; text-align: left; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></span></td> <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts receivable, net of allowance for credit losses</b></span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accounts receivable were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Accounts receivable</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">112,333</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">214,083</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for credit losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,166</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,433</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Net accounts receivable</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">100,167</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">200,650</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company records an allowance for credit losses for amounts owed for completed transactions that may never settle or be collected. For the year ended March 31, 2026, allowance amounting to $<span style="-sec-ix-hidden: hidden-fact-161">NIL</span> was created for expected credit losses respectively (March 31, 2025 :$<span style="-sec-ix-hidden: hidden-fact-162">NIL</span>).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Movement in allowance for expected credit loss</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Balance at the beginning of the period</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">13,433</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">13,774</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,267</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(341</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Closing balance</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">12,166</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">13,433</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accounts receivable were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Accounts receivable</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">112,333</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">214,083</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Allowance for credit losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,166</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,433</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Net accounts receivable</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">100,167</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">200,650</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> 112333 214083 12166 13433 100167 200650 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Movement in allowance for expected credit loss</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Balance at the beginning of the period</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">13,433</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">13,774</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,267</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(341</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; text-align: left; padding-bottom: 4pt; font-weight: normal">Closing balance</td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">12,166</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">13,433</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> 13433 13774 1267 341 12166 13433 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>6</b></td><td><b>Balances with government authorities</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of balances with government authorities were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Goods and service tax receivable</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">3,400,071</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">3,941,649</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Less: Impairment*</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,400,071</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,754,191</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; padding-bottom: 4pt; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-163">-</div></td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">187,458</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026, the impairment amounts to $3,400,071 (March 31, 2025 : $3,754,191) for the estimated losses resulting from substantial doubt about the utilization of the tax credits. This allowance for impairment of tax credits was determined by estimating future uses of tax credits against output Goods and Service Tax (“GST”). No impairment allowance has been created for the year ended March 31, 2026 and March 31, 2025.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of balances with government authorities were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; width: 76%; text-align: left; font-weight: normal">Goods and service tax receivable</td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">3,400,071</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td><td style="font-style: normal; width: 1%; font-weight: normal"> </td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><b>$</b></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right">3,941,649</td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Less: Impairment*</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,400,071</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><b> </b></td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,754,191</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="font-style: normal; vertical-align: bottom; background-color: rgb(204,238,255); font-weight: normal"> <td style="font-style: normal; padding-bottom: 4pt; font-weight: normal"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><div style="-sec-ix-hidden: hidden-fact-163">-</div></td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td><td style="font-style: normal; font-weight: normal; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><b>$</b></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right">187,458</td><td style="font-style: normal; padding-bottom: 4pt; font-weight: normal; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2026, the impairment amounts to $3,400,071 (March 31, 2025 : $3,754,191) for the estimated losses resulting from substantial doubt about the utilization of the tax credits. This allowance for impairment of tax credits was determined by estimating future uses of tax credits against output Goods and Service Tax (“GST”). No impairment allowance has been created for the year ended March 31, 2026 and March 31, 2025.</span></td></tr> </table> 3400071 3941649 3400071 3754191 187458 3400071 3754191 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>7</b></td><td><b>Other current assets*</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of other current assets were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Security deposits</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">24,405</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">24,997</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Franchise tax refund receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-164">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,490</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,201</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivables from car sale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,037</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,892</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,320</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,890</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Other current assets</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">103,573</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">261,200</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Refer to Note 28 – VIE.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of other current assets were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Security deposits</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">24,405</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">24,997</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Franchise tax refund receivable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-164">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,490</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Advance to employees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Advance to suppliers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,201</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Receivables from car sale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,037</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,892</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,320</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,890</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Other current assets</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">103,573</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">261,200</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 24405 24997 84490 13297 29730 43514 5201 3037 57892 19320 58890 103573 261200 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>8</b></td><td><b>Assets held for sale</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of assets held for sale were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; width: 76%">Vehicles</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-165">      -</div></td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">267,293</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Total assets held for sale</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">267,293</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Assets held for sale represents the vehicles and office equipments held for sale in the Indian subsidiary, Zoomcar India Private Limited. The gain or loss on sale of these assets is included in (Gain)/Loss on sale of assets held for sale under Other (income)/expense of Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, total gain of $10,755 was recorded against gain on sale of assets held for sale (gain of $1,054 for the year ended March 31, 2025). Further, during the year ended March 31, 2026, the Company has recorded $23,789 towards impairment expense ($448,484 for the year ended March 31, 2025).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, the closing balance has been reclassed to ‘Other non current assets’ as the sale of these assets are not probable within 12 months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of assets held for sale were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; width: 76%">Vehicles</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-165">      -</div></td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; font-weight: bold; text-align: right">267,293</td><td style="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Total assets held for sale</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">-</div></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">267,293</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 267293 267293 10755 1054 23789 448484 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>9</b></td><td><b>Property and equipment, net</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of property and equipment were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></span></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>useful life</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles and devices</span></td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>168,782</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,399,282</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer equipments</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 7 years</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">498,528</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">551,877</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipments</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 - 10 years</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,365</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">229,481</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,081</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,720</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">873,756</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,182,360</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Accumulated depreciation</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(720,261</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,855,236</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total property and equipment, net</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>153,495</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>327,124</b></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Depreciation expense for the year ended March 31, 2026 was $88,615 ($430,613 for the year ended March 31, 2025).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of property and equipment were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></span></td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>useful life</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vehicles and devices</span></td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>168,782</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,399,282</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer equipments</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 - 7 years</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">498,528</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">551,877</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipments</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 - 10 years</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,365</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">229,481</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 years</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,081</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,720</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total, at cost</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">873,756</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,182,360</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Accumulated depreciation</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(720,261</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,855,236</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total property and equipment, net</span></td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>153,495</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>327,124</b></span></td> <td> </td></tr> </table> P5Y 168782 2399282 P2Y P7Y 498528 551877 P3Y P10Y 205365 229481 P10Y 1081 1720 873756 3182360 720261 2855236 153495 327124 88615 430613 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>10</b></td><td><b>Leases</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s leases primarily include vehicles and corporate offices which have been classified as finance leases and operating leases, respectively. The lease term of operating and finance leases varies between 3 to 7 years. The lease agreements do not contain any covenants to impose any restrictions except for market-standard practice for similar lease arrangements. In assessment of the lease term, the Company considers the extension option as part of its lease term for those lease arrangements where the Company is reasonably certain of availing the extension option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of lease expense were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Period ended</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Interest on finance lease liabilities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">281,808</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">550,903</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">327,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,435</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Short term lease cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">104,764</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">486,289</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Total lease cost</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">714,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,400,627</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Supplemental cash flow information related to leases was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Period ended</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating cash outflows for operating leases</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(326,005</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(338,626</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Financing cash outflows for finance leases</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(291,326</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(2,103,219</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Supplemental balance sheet information related to leases was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Operating Leases</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Operating lease right-of-use assets</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">739,652</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,021,898</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current operating lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">225,655</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">316,756</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-current operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">601,759</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">801,981</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">827,414</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,118,737</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Finance Leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Current finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,058,281</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,966,962</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,058,281</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,966,962</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In prior years, the Company had impaired property and equipment acquired under finance leases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Remaining Lease Term</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36 months</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48 months</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 months</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18 months</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Discount Rate</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31, 2026</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating<br/> Leases</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance<br/> Leases</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities of lease liabilities are as follows:</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">320,092</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,084,656</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">335,673</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-167; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2029</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">352,034</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-168; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Lease Payments</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,007,799</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,084,656</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less : Imputed Interest</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180,385</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,375</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Lease Liabilities</b></span></td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>827,414</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,058,281</b></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As at March 31, 2026, the Company continues to default on equated monthly installments (EMI) payments owed to Ayvens India Private Limited (formerly Leaseplan India Private Limited) (Lender). In adherence to the agreement, the Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs for first 2 months of default and an additional simple interest of 1.5% per month is levied on the overdue amount as it is continues to be unpaid after 60 days from date of default, amounting to $284,404 for the year ended 31 March 2026 ($225,142 for the year ended 31 March 2025). During the year ended March 31, 2026, a previously granted conditional waiver of $1,131,835 was withdrawn upon the occurrence of a contractual default under the restructuring agreement. Accordingly, the Company recognized $1,131,835 as Loss on withdrawal of Lease Waiver. The unpaid lease installments and penal interest totaling to $2,983,165 has been included under Accounts Payable.</p> P3Y P7Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of lease expense were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Period ended</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2026</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Interest on finance lease liabilities</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">281,808</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">550,903</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating lease cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">327,517</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">363,435</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Short term lease cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">104,764</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">486,289</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Total lease cost</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">714,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,400,627</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Supplemental cash flow information related to leases was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><b>(In USD)</b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td><td><b> </b></td> <td colspan="2" style="text-align: center"><b>March 31,</b></td><td><b> </b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Period ended</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating cash outflows for operating leases</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(326,005</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(338,626</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Financing cash outflows for finance leases</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(291,326</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(2,103,219</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Supplemental balance sheet information related to leases was as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Operating Leases</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Operating lease right-of-use assets</td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">739,652</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,021,898</td><td style="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current operating lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">225,655</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">316,756</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-current operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">601,759</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">801,981</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total operating lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">827,414</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,118,737</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Finance Leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Current finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,058,281</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,966,962</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,058,281</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,966,962</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Remaining Lease Term</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36 months</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48 months</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6 months</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18 months</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Discount Rate</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> 281808 550903 327517 363435 104764 486289 714089 1400627 326005 338626 291326 2103219 739652 1021898 225655 316756 601759 801981 827414 1118737 2058281 3966962 2058281 3966962 0.13 0.13 0.09 0.09 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company determines the incremental borrowing rate by adjusting the benchmark reference rates, with appropriate financing spreads applicable to the respective geographies where the leases were entered and lease specific adjustments for the effects of collateral.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31, 2026</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating<br/> Leases</b></span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance<br/> Leases</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities of lease liabilities are as follows:</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">320,092</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,084,656</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">335,673</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-167; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2029</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">352,034</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-168; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Lease Payments</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,007,799</span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,084,656</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less : Imputed Interest</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180,385</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,375</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Lease Liabilities</b></span></td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>827,414</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,058,281</b></span></td> <td> </td></tr> </table> 320092 2084656 335673 352034 1007799 2084656 180385 -26375 827414 2058281 0.01 0.015 284404 225142 1131835 -1131835 2983165 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>11</b></td><td><b>Intangible Assets</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The components of intangible assets, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="12" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2026</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="12" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2025</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at<br/> (In USD)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br/> useful life</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated Amortization</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br/> useful life</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated Amortization</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 26%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer software</span></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,846</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,859</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1.5pt; font: normal 10pt Times New Roman, Times, Serif; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,941</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,451</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,846</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,859</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,941</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,451</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt; text-align: justify">Amortization expense for the year ended March 31, 2026 and March 31, 2025 was $3,151 and $3,292 respectively. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt; text-align: justify">Future amortization of intangible assets that will be recorded in general and administrative expenses is estimated as follows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year ended <br/> 31 March</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total remaining amortization</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The components of intangible assets, were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="12" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, 2026</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="12" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2025</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at<br/> (In USD)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br/> useful life</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated Amortization</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average<br/> useful life</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accumulated Amortization</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Carrying Amount</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 26%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer software</span></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,846</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,859</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="padding-bottom: 1.5pt; font: normal 10pt Times New Roman, Times, Serif; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 years</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,941</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,451</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,846</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,859</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,941</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,451</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> P5Y 14846 12859 1987 P5Y 16392 10941 5451 14846 12859 1987 16392 10941 5451 3151 3292 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt; text-align: justify">Future amortization of intangible assets that will be recorded in general and administrative expenses is estimated as follows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.25pt"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year ended <br/> 31 March</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount ($)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total remaining amortization</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,987</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 1987 1987 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>12</b></td><td><b>Investments*</b></td></tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-left: 0.25in; margin-top: 0; margin-bottom: 0">The components of investments were as follows:</p> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">Long term investments</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Investments in certificate of deposits**</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">21,066</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">25,653</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">21,066</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">25,653</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 28 – VIE.</span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments includes certificate of deposits and interest accrued on the same.      </span></td></tr> </table> <p style="margin-left: 0.25in; margin-top: 0; margin-bottom: 0">The components of investments were as follows:</p> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">(In USD)</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2026</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2025</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">Long term investments</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-bottom: 1.5pt">Investments in certificate of deposits**</td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">21,066</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">25,653</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">21,066</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">25,653</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 28 – VIE.</span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments includes certificate of deposits and interest accrued on the same.      </span></td></tr> </table> 21066 25653 21066 25653 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>13</b></td><td><b>Other non-current assets</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of other non-current assets were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2026</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2025</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security deposits</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">170,922</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188,723</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits with tax authorities</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">453,327</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">422,282</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Assets previously held for sale*</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right">213,875</td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-169"> </div></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted cash**</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-170; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94,762</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-current assets</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right">838,124</td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">705,767</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended March 31, 2026, the Company reassessed the assets held for sale that were previously presented under current assets. As the sale of these assets is no longer expected to be completed within one year, the conditions for classification as held for sale under ASC 360-10-45-9 are no longer met. Accordingly, the assets have been reclassified from assets held for sale to other non-current assets . In accordance with ASC 360-10-35-44, the assets have been measured at the lower of their carrying amount before classification as held for sale, adjusted for the depreciation that would have been recognised had they been continuously classified as held and used, and their fair value at the date of the decision not to sell. No adjustment was required as the adjusted carrying amount was lower than fair value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 0pt; text-indent: 0pt; width: 0.25in">**</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt">Restricted cash represented amount held as an indemnification escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as per the placement agent agreement for a period of 3 years from closing of the November 2024 Offering. As at March 31, 2026, all dues towards the same have been settled by the Company.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of other non-current assets were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2026</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2025</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security deposits</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">170,922</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188,723</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits with tax authorities</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">453,327</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">422,282</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Assets previously held for sale*</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right">213,875</td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-169"> </div></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted cash**</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-170; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94,762</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-current assets</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right">838,124</td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">705,767</span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended March 31, 2026, the Company reassessed the assets held for sale that were previously presented under current assets. As the sale of these assets is no longer expected to be completed within one year, the conditions for classification as held for sale under ASC 360-10-45-9 are no longer met. Accordingly, the assets have been reclassified from assets held for sale to other non-current assets . In accordance with ASC 360-10-35-44, the assets have been measured at the lower of their carrying amount before classification as held for sale, adjusted for the depreciation that would have been recognised had they been continuously classified as held and used, and their fair value at the date of the decision not to sell. No adjustment was required as the adjusted carrying amount was lower than fair value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 0pt; text-indent: 0pt; width: 0.25in">**</td> <td style="text-align: justify; padding-left: 0pt; text-indent: 0pt">Restricted cash represented amount held as an indemnification escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as per the placement agent agreement for a period of 3 years from closing of the November 2024 Offering. As at March 31, 2026, all dues towards the same have been settled by the Company.</td></tr> </table> 170922 188723 453327 422282 213875 94762 838124 705767 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>14</b></td><td><b>Accounts Payable*</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accounts payable were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">(In USD)<br/> As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, <br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable towards related parties</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accounts Payable towards others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,484,767</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,396,147</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total accounts payable</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,637,202</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,548,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Refer to Note 28 – VIE.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Indian subsidiary company has payables aggregating $238,207 and $219,285 as at March 31, 2026 and March 31, 2025 respectively towards services received from overseas parties, the settlement of which has been delayed beyond the period stipulated under the Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder, and for which approval of its Authorised Dealer bank for the delay is yet to be obtained. Management of the subsidiary company intends to regularise the delay with the Authorised Dealer bank and, where required, to file an application for compounding of the contravention with the Reserve Bank of India under Section 15 of the Foreign Exchange Management Act, 1999. Based on its assessment, management is of the opinion that any consequential penal liability arising from such contravention will not be material to these financial statements, and accordingly no adjustment has been made in respect thereof in these financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accounts payable were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">(In USD)<br/> As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, <br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, <br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Accounts payable towards related parties</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Accounts Payable towards others</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,484,767</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,396,147</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Total accounts payable</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">22,637,202</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,548,582</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 152435 152435 22484767 12396147 22637202 12548582 238207 219285 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>15</b></td><td><b>Debt</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The components of long term and short term debt were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effective <br/> interest rates</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturities*</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, <br/> 2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, <br/> 2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current</b></span></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From NBFCs</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Mahindra &amp; Mahindra Financial Services Limited**</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-171; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2027</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">344,977</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">439,415</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- TATA Motors Finance Limited</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.27</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,172,688</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,749,415</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Orix Leasing and Financial Services India Limited</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 15, 2025</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-172; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,978</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Kotak Mahindra Financial Services Limited**</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">370,416</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">376,861</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Clix Finance India Private Limited**</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,085</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,621</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From Others</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- AON Risk Insurance Services West, Inc</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.25</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2025</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-173; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162,051</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Honor PCF Trust I</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.05</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 28, 2026</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">552,278</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-174; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,851,341</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total maturity for the year ending on March 31 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in; font-size: 10pt">*</td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities have been stated as per the estimated repayment timelines. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified as current. The debts are not associated with any restrictive covenants.</span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"></td> <td style="font-size: 10pt">**</td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These debts are past overdue based on the contractual maturities.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company has recorded an interest expense amounting to $207,611 for the year ended March 31, 2026 ($311,826 for the year ended March 31, 2025).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2026, the Company has defaulted on debt obligations owed to various lenders totaling to $874,580 (March 31, 2025 - $820,679). Further, the Company has recorded penal interest expense amounting to $84,237 for the year ended March 31, 2026 ($159,269 for the year ended March 31, 2025 ).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company has refinanced its D&amp;O insurance through Honor PCF Trust I. During the year ended March 31, 2026, the Company has defaulted on payment of installments amounting to $124,100. The Company has recorded interest expense of $12,603 and a default penalty of $6,205 in the Consolidated Statements of Operations for the year ended March 31, 2026.</p><table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 0pt; text-indent: 0pt; width: 0.25in"><b>15A</b></td> <td style="padding-left: 0pt; text-indent: 0pt"><b>Unsecured notes</b></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The following is a summary of the Company’s Unsecured notes payable as of March 31, 2026 and March 31, 2025:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2026</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2025</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bridge notes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,596</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-175; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(79,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-176; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">811,178</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">             <span style="-sec-ix-hidden: hidden-fact-177; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, the Company entered into Securities Purchase Agreements with certain institutional accredited investors pursuant to which the Company issued Bridge notes for a total principal amount of $1,427,825 with an initial issue discount of $ 152,825. The net proceeds disbursed to the Company were</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">$1,223,500 after deduction of legal and due diligence fees of $ 51,500.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Additionally, $45,500 (i.e. 13% of net proceeds for the note issued in June) is due to the placement agent relating to the issuance of these bridge notes which is directly attributable to the loan raised, thereby bringing the total debt issuance costs to $97,000.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company defaulted on loan installments due in March 2026 payable to 1800 Diagonal Lending LLC and Boot Capital LLC, amounting to $94,693. Subsequently, on April 5, 2026, the Company has taken a new loan from Walsh Capital Industries Corporation amounting to $ 100,000 at an initial discount of $5,000 to pay these installments.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The discount and issuance cost on bridge notes has been amortized over the contractual period using the effective interest method. The unamortized discount and issuance cost have been presented as net of the bridge notes liability.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The summary of the Bridge notes is as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Particulars</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Issue date</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Effective <br/> Interest <br/> Rates</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Original <br/> maturity</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif">June 23, 2025</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif">March 30, 2026</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">36,330</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-178; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 23, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.55</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">March 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,005</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-179; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">July 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.72</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">May 31, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">45,425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-180; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">July 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">38.39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">May 31, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,329</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-181; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">November 28, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">September 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">98,293</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-182; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">November 28, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">39.73</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">September 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,955</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-183; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Firstfire Global Opportunities Fund, LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 10, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 10, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">217,512</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-184; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Auctus Fund, LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 24, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46.38</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 24, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">111,035</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-185; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">February 25, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">42.96</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">156,002</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-186; font-family: Times New Roman, Times, Serif">           -</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">February 25, 2026</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">December 30, 2026</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">77,292</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-187; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">$</span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">811,178</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-188; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Terms of Bridge notes</span></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Bridge notes issued during the year ended March 31, 2026, bear interest at an annual rate of 10-12%. The notes include scheduled monthly installment repayments and interest payments starting November 30, 2025 for notes issued in June 2025, August 30, 2025 for notes issued in July 2025, December 30, 2025 for notes issued in November 2025, June 8 and 24, 2026 for notes issued in December 2025 and August 30, 2026 for notes issued in February 2026.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The notes may be prepaid in part or full by the Company at a discount to the outstanding balance. The notes are subject to default interest rate of 8-22% (as specified in the Note agreement) per annum and include customary events of default.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In the event of an uncured default under any of the Bridge notes, the holder has the right to elect to convert the outstanding amount (includes principal, accrued interest, default interest, and other fees as applicable) into the Company’s Common stock at a conversion price equal to 73-75% of the lowest trading price of the Company’s Common stock during the ten or fifteen trading days (as specified in the Note agreement) immediately prior to the applicable conversion date.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The interest on the Unsecured notes was $229,582 for the year ended March 31, 2026 ($<span style="-sec-ix-hidden: hidden-fact-194">NIL</span> for the year ended March 31, 2025) which has been recognized in the Consolidated Statements of Operations for their respective year.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15B</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible notes</b></span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 59.85pt; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.45pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following is a summary of the Company’s Convertible Redeemable notes payable as of March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Redeemable notes</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">277,882</span></td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; width: 1%; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-189; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(15,047</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-190; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Promissory note</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">194,128</span></td><td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-191; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: none; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(5,615</span></td><td style="font-style: normal; padding-bottom: 1.5pt; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-192; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">451,348</span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-193; font-family: Times New Roman, Times, Serif">         -</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On August 19, 2025 , the Company entered into Securities Purchase Agreement with certain institutional accredited investor pursuant to which the Company issued a Promissory note for a total principal amount of $180,000 with an initial issue discount of $18,000. The net proceeds disbursed to the Company were $158,500 after deduction of legal and due diligence fees of $3,500. Hence, the total debt issuance costs amounts to $3,500.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On August 24, 2025 , the Company entered into Securities Purchase Agreements with certain institutional accredited investors pursuant to which the Company issued convertible redeemable notes for a total principal amount of $225,000 with an initial issue discount of $15,000. The net proceeds disbursed to the Company were</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">$201,000 after deduction of legal and due diligence fees of $9,000. Hence, the total debt issuance costs amounts to $9,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On January 8, 2026 , the Company entered into Securities Purchase Agreements with certain institutional accredited investors pursuant to which the Company issued convertible redeemable notes for a total principal amount of $ 42,614 with an initial issue discount of $ 5,114. The net proceeds disbursed to the Company were $ 35,000 after deduction of legal and due diligence fees of $ 2,500. Hence, the total debt issuance costs amounts to $ 7,614.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The discount and issuance cost on convertible notes has been amortized over the contractual period using the effective interest method. The unamortized discount and issuance cost have been presented as net of the convertible note liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><b><span style="text-decoration:underline">Terms of Convertible notes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The convertible redeemable notes issued have a maturity date of July 8, 2026 and August 24, 2026 and bear interest at an annual rate ranging from 6 - 12% as specified in the agreement. The Company will pay each interest payment and the outstanding principal due upon this convertible redeemable notes before or on the Maturity Date. These convertible redeemable notes may be prepaid in part or full, by the Company at a discount to the outstanding balance. One of the convertible redeemable note are subject to default interest rate of 22% per annum and include customary events of default and upon default, in the other convertible redeemable note, the then outstanding principal shall be increased by 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Holders of these convertible redeemable notes is entitled, at its option, at time specified in the agreements, to convert all or any amount of the principal face amount of these convertible redeemable notes then outstanding into shares of the Company’s common stock (the “Common Stock”) at a price (“Conversion Price”) equal to 72% - 75% (as specified in the agreement) of the lowest trading prices of the Common Stock (as stipulated in the agreement) as reported on the OTC Markets on which the Company’s shares are then traded or any exchange upon which the Common Stock may be traded in the future (the “Exchange”), for the seven or fifteen prior trading days (as specified in the agreement) including the day upon which a Notice of Conversion is received by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline">Terms of Promissory notes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Promissory notes have a maturity date of August 19, 2026 and bear interest at an annual rate of 12%. The notes include scheduled monthly installment repayments as stipulated in the agreement and may be prepaid in part or full, by the Company at a discount to the outstanding balance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Holder shall have the right, on any Trading Day, at any time on or following the earlier of (i) the date that an Event of Default occurs under this Note or (ii) the date that that is one hundred eighty (180) calendar days after the Issue Date, to convert all or any portion of the then outstanding and unpaid Principal Amount and interest (including any Default Interest) into fully paid and non-assessable shares of Common Stock. The per share conversion price into which Principal Amount and interest (including any Default Interest) under this Note shall be convertible into shares of Common Stock hereunder as further described in this Note (the “Conversion Price”) shall equal the Market Price (as defined in this Note), subject to adjustment as provided in this Note. “Market Price” shall mean 75% of the lowest closing bid price of the Common Stock on the Principal Market during the fifteen (15) Trading Day period immediately preceding the respective Conversion Date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The interest on the convertible redeemable notes was $56,849 for the year ended March 31, 2026 ($<span style="-sec-ix-hidden: hidden-fact-195">NIL</span> for the year ended March 31, 2025) which has been recognized in the Consolidated Statements of Operations for their respective year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The components of long term and short term debt were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effective <br/> interest rates</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturities*</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, <br/> 2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31, <br/> 2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current</b></span></td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From NBFCs</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Mahindra &amp; Mahindra Financial Services Limited**</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-171; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2027</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">344,977</span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">439,415</span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- TATA Motors Finance Limited</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.27</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 31, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,172,688</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,749,415</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Orix Leasing and Financial Services India Limited</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 15, 2025</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-172; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,978</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Kotak Mahindra Financial Services Limited**</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">370,416</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">376,861</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Clix Finance India Private Limited**</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2, 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,085</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,621</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From Others</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- AON Risk Insurance Services West, Inc</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.25</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2025</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-173; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162,051</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- Honor PCF Trust I</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.05</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td> </td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 28, 2026</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">552,278</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-174; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,851,341</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total maturity for the year ending on March 31 2027</span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36.1pt"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in; font-size: 10pt">*</td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities have been stated as per the estimated repayment timelines. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified as current. The debts are not associated with any restrictive covenants.</span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"></td> <td style="font-size: 10pt">**</td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These debts are past overdue based on the contractual maturities.</span></td></tr> </table> 2027-03-31 344977 439415 0.1227 2027-05-31 1172688 1749415 0.12 2025-12-15 58978 0.01 2027-03-31 370416 376861 0.0005 2027-03-02 71085 64621 0.0825 2025-04-28 162051 0.0905 2026-10-28 552278 2511444 2851341 2511444 2511444 207611 311826 874580 820679 84237 159269 124100 12603 6205 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The following is a summary of the Company’s Unsecured notes payable as of March 31, 2026 and March 31, 2025:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 86.45pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2026</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, <br/> 2025</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bridge notes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: normal 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="font: normal 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">890,596</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-175; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(79,418</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-176; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font: normal 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">811,178</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">             <span style="-sec-ix-hidden: hidden-fact-177; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 890596 79418 811178 1427825 152825 1223500 51500 45500 0.13 97000 94693 100000 5000 The unamortized discount and issuance cost have been presented as net of the bridge notes liability.<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Particulars</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Issue date</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Effective <br/> Interest <br/> Rates</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Original <br/> maturity</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif">June 23, 2025</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">62.00</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif">March 30, 2026</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">36,330</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-178; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 23, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">54.55</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">March 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,005</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-179; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">July 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">51.72</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">May 31, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">45,425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-180; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">July 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">38.39</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">May 31, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,329</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-181; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">November 28, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">57.83</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">September 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">98,293</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-182; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">November 28, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">39.73</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">September 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,955</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-183; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Firstfire Global Opportunities Fund, LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 10, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">26.91</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 10, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">217,512</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-184; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Auctus Fund, LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 24, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">46.38</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 24, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">111,035</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-185; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">1800 Diagonal Lending LLC</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">February 25, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">42.96</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">156,002</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-186; font-family: Times New Roman, Times, Serif">           -</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Boot Capital LLC</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">February 25, 2026</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">32.80</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">December 30, 2026</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">77,292</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-187; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">$</span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">811,178</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-188; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2025-06-23 0.62 2026-03-30 36330 2025-06-23 0.5455 2026-03-30 14005 2025-07-31 0.5172 2026-05-31 45425 2025-07-31 0.3839 2026-05-31 17329 2025-11-28 0.5783 2026-09-30 98293 2025-11-28 0.3973 2026-09-30 37955 2025-12-10 0.2691 2026-12-10 217512 2025-12-24 0.4638 2026-12-24 111035 2026-02-25 0.4296 2026-12-30 156002 2026-02-25 0.328 2026-12-30 77292 811178 0.10 0.12 0.08 0.22 0.73 0.75 229582 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following is a summary of the Company’s Convertible Redeemable notes payable as of March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible Redeemable notes</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">277,882</span></td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; width: 1%; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-189; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(15,047</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-190; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Promissory note</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">194,128</span></td><td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-191; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: none; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: Discount and debt issuance cost on issuance, net of amortization</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(5,615</span></td><td style="font-style: normal; padding-bottom: 1.5pt; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-192; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">451,348</span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-193; font-family: Times New Roman, Times, Serif">         -</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 277882 -15047 194128 -5615 451348 180000 18000 158500 3500 3500 225000 15000 201000 9000 9000 42614 5114 35000 2500 7614 2026-07-08 2026-08-24 0.06 0.12 0.22 0.50 0.72 0.75 2026-08-19 0.12 0.75 15 56849 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>16</b></td><td><b>Unsecured convertible note (‘Atalaya Note’)</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following is a summary of the Company’s Atalaya Note payable for which it elected fair value option as on March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Atalaya Note</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,554,074</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,002,269</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,554,074</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,002,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Atalaya Note was initially recorded at the fair value of $10,167,194 on issuance. The Atalaya Note was issued at 7.5% discount on principal amounting to $632,596 and bears an interest of 8% and an additional interest on default of 8% compounded monthly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2025, partial liability was settled by issue of 6,257 shares to the Atalaya Note holders for a settlement of $2,324,696.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Subsequently, the Company received notices from Atalaya/(ACM Zoomcar Convert LLC) regarding equity line transactions and incurring debt without the Purchaser’s consent. Atalaya filed a case against the Company seeking relief from the above mentioned defaults. On March 28, 2025, the Supreme Court of the State of New York ordered the Company to pay the outstanding principal and accrued interest totaling $5,997,833, with additional interest at 9% per annum until full payment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, the outstanding liability is $6,554,074, representing the outstanding principal, accrued interest and attorney fees and costs. The Company has recognised a loss on settlement of litigation of $12,000 in the Consolidated Statements of Operations on account of this.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The change in fair value resulted in loss of $539,805 that is recorded for the year ended March 31, 2026 respectively (gain of $1,740,636 for the year ended March 31, 2025) in the Consolidated Statements of Operations (as no portion of such fair value adjustment resulted from instrument-specific credit risk). Also, Refer Note 29.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following is a summary of the Company’s Atalaya Note payable for which it elected fair value option as on March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-decoration: underline; width: 76%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Atalaya Note</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,554,074</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,002,269</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,554,074</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,002,269</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 6554074 6002269 6554074 6002269 10167194 0.075 632596 0.08 0.08 6257 2324696 5997833 0.09 6554074 12000 539805 1740636 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; text-align: justify"><td style="text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other current liabilities*</b></span></td> </tr> </table> <p style="margin-left: 0.25in; margin-top: 0; margin-bottom: 0"> </p> <p style="margin-left: 0.25in; margin-top: 0; margin-bottom: 0">The components of other current liabilities were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25pt">Payable to customers</p></td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">168,266</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">273,591</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Statutory dues payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,588,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital creditors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,790</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee benefit expenses payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">485,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other liabilities**</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">631,162</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,058,172</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other current liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,593,411</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,199,649</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 28 – VIE.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes payables related to operating leases and the residual value of vehicles acquired from Ayvens India Private Limited (Formerly Leaseplan India Private Limited).</span></td></tr> </table> <p style="margin-left: 0.25in; margin-top: 0; margin-bottom: 0">The components of other current liabilities were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25pt">Payable to customers</p></td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">168,266</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">273,591</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Statutory dues payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,588,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital creditors</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,790</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee benefit expenses payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">485,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">274,049</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other liabilities**</td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">631,162</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,058,172</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other current liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,593,411</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">3,199,649</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer to Note 28 – VIE.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes payables related to operating leases and the residual value of vehicles acquired from Ayvens India Private Limited (Formerly Leaseplan India Private Limited).</span></td></tr> </table> 168266 273591 303640 1588047 5243 5790 485100 274049 631162 1058172 1593411 3199649 <table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 0pt; text-indent: 0pt; width: 0.25in"><b>18</b></td> <td style="padding-left: 0pt; text-indent: 0pt"><b>Accumulated other comprehensive income/ (loss)</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accumulated other comprehensive income/(loss) were as follows:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss)/ Gain on employee benefit</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance, beginning of year</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18,186</span></td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; width: 1%; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,101</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized during the period, net of taxes amounts to $<span style="-sec-ix-hidden: hidden-fact-196"><span style="-sec-ix-hidden: hidden-fact-197">NIL</span></span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(51,788</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(57,663</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Reclassification to net income: Amortization gains</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">5,570</span></td><td style="font-style: normal; padding-bottom: 1.5pt; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(6,624</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance, end of year</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(64,404</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18,186</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign currency translation adjustment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance, beginning of year</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,149,708</span></td><td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,749,891</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Translation adjustment on derecognition of subsidiary</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(1,293,717</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="-sec-ix-hidden: hidden-fact-198; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Translation adjustments gain recognized during the period, net of taxes amounts to $<span style="-sec-ix-hidden: hidden-fact-199"><span style="-sec-ix-hidden: hidden-fact-200">NIL</span></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal">1,605,278</td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">399,817</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: none; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance, end of year</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,461,269</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,149,708</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive income</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,396,865</span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,131,522</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of accumulated other comprehensive income/(loss) were as follows:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD)<br/> As at</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2026</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">March 31, <br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Loss)/ Gain on employee benefit</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance, beginning of year</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18,186</span></td><td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; width: 1%; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; width: 1%; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; width: 9%; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">46,101</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized during the period, net of taxes amounts to $<span style="-sec-ix-hidden: hidden-fact-196"><span style="-sec-ix-hidden: hidden-fact-197">NIL</span></span></span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(51,788</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(57,663</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Reclassification to net income: Amortization gains</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">5,570</span></td><td style="font-style: normal; padding-bottom: 1.5pt; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(6,624</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance, end of year</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(64,404</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18,186</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Foreign currency translation adjustment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance, beginning of year</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,149,708</span></td><td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,749,891</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Translation adjustment on derecognition of subsidiary</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">(1,293,717</span></td><td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="font-style: normal; text-align: right; font-weight: normal"><span style="-sec-ix-hidden: hidden-fact-198; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Translation adjustments gain recognized during the period, net of taxes amounts to $<span style="-sec-ix-hidden: hidden-fact-199"><span style="-sec-ix-hidden: hidden-fact-200">NIL</span></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal">1,605,278</td><td style="padding-bottom: 1.5pt; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt; font-style: normal; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: left; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; text-align: right; font-weight: normal"><span style="font-family: Times New Roman, Times, Serif">399,817</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-decoration: none; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance, end of year</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,461,269</span></td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 1.5pt solid; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,149,708</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive income</span></td><td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,396,865</span></td><td style="font-style: normal; padding-bottom: 2.5pt; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-style: normal; font-weight: normal; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>$</b></span></td><td style="border-bottom: Black 4pt double; font-style: normal; font-weight: normal; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,131,522</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> -18186 46101 -51788 -57663 -5570 6624 -64404 -18186 2149708 1749891 1293717 1605278 399817 2461269 2149708 2396865 2131522 <table border="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="text-align: left; width: 0.25in"><b>19 </b></td> <td><b>Capital Stock and Warrants</b></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2025, the Company executed four equity offerings. These offerings involved the sale of Common Stock, Pre-Funded Warrants, Series A Warrants and a maximum number of Series B Warrants as defined in the respective agreements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Holders of common stock are entitled to one vote per share, dividends at the discretion of the Board of Directors, and a pro-rata share of residual assets upon liquidation. This comprehensive activity reflects the Company’s capital restructuring and financing strategy during the reporting period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Series A warrants were issued with initial exercise prices of $80.60, $39.00, and $6.24, each exercisable for five years from the initial exercise date. Series B warrants were issued with zero initial eligibility, subject to increase on the Reset Date based on the Reset Share Amount formula. Placement agents received 10% of the Series A and Series B warrants issued to investors, along with Common Stock Warrants, as compensation. The Company classified all Series A and Series B warrants as derivative financial instruments under ASC 815-10-15-83 upon initial recognition. During the year ended March 31, 2025, due to anti-dilution and reset provisions, the exercise prices of Series A and Series B warrants were adjusted to the floor price during the year, and the number of warrants was increased to maintain the aggregate exercise price. As a result, the number of exercisable warrants became fixed, eliminating variability, and the outstanding Series A and Series B warrants were reclassified to equity at their respective reclassification date fair values. Warrants exercised before reclassification were reclassified at their exercise date fair value, while those exercised after were adjusted through additional paid-in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of March 31, 2026, 870,187 Series A warrants exercisable at $16.12, 2,549,143 Series A warrants exercisable at $6.24, 781,122 Series B warrants exercisable at $0.002 and 64,600 Pre-funded warrants remains outstanding for the above equity offerings. During the year ended March 31, 2026, 4,654,461 shares were issued on exercise of Series A warrants, 1,469,497 shares on exercise of Series B warrants and 20,000 shares on exercise of Pre-funded warrants. Also during the year ended March 31, 2026, 233,645 Series A warrants were foregone by the investor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of March 31, 2026, 53,447 Placement agent warrants exercisable at $16.12, remains outstanding. During the year ended March 31, 2026, 93,500 shares were issued on exercise of Placement agent warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Further, during the year ended March 31, 2026, the Company has cancelled 1,384 shares of common stock inadvertently issued in excess earlier on exercise of warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of March 31, 2026, the Company has issued 2,874,559 Pre-Funded warrants in lieu of liquidation damages payable to some investors. Out of these, 33,458 Pre-Funded warrants has been exercised during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Further, during the year ended March 31, 2026, the Company has issued 2,400,310 Pre-Funded warrants in exchange of common stock cancelled during the period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On February 25, 2026, the Company consummated the closing of Common stock warrants in a private placement offering. The Company issued an aggregate of 939 warrants for aggregate gross proceeds of $939. Each Warrant is exercisable for one share of the Company’s common stock with a par value $0.0001 per share and at an initial exercise price of $6,000 per share, subject to adjustment as mentioned in the Securities Purchase Agreement. No placement agent, underwriter, broker or dealer manager was engaged in connection with the Private Placement, and no commissions or placement agent fees were paid by the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of March 31, 2026, the Company has 1,940,251 number of restricted shares (1,909,833 as of March 31, 2025) and 5,493,740 number of unrestricted shares (552,585 as on March 31, 2025).</p> one 80.6 39 6.24 P5Y 0.10 870187 16.12 2549143 6.24 781122 0.002 64600 4654461 1469497 20000 233645 53447 16.12 93500 1384 2874559 33458 2400310 939 939 1 0.0001 6000 1940251 1909833 5493740 552585 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>20</b></td><td><b>Revenue</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of revenue, net were as follows:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>(In USD)</b><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenue from services</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Facilitation revenue (net)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,072,184</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,024,576</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other operating revenues</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">83,841</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">81,315</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,105,891</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenue by geographical location</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif">India</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,088,885</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Egypt</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-201; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,094</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Indonesia</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-202; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,912</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,105,891</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Contract balances</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company’s contract liabilities for consideration collected prior to satisfying the performance obligations against scheduled trips is $406,684 and $450,355 as at March 31, 2026 and March 31, 2025 respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, the Company has offered vouchers that results in the deferral of revenue equivalent to amount received on the date of purchase of such vouchers. The accumulated deferred revenue in relation to vouchers issued amounts to $30,292 and $<span style="-sec-ix-hidden: hidden-fact-203">NIL</span> as at March 31, 2026 and March 31, 2025, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Further, the Company offers loyalty program, Z-Points, that results in the deferral of revenue equivalent to the retail value on the date points are earned. The Company had accumulated deferred revenue amounting to $78,878 and $21,365 as at March 31, 2026 and March 31, 2025, respectively in relation to loyalty program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The total balance under contract liability as at March 31, 2026 and March 31, 2025 is $515,854 and $471,720, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Revenue recognized during the year ended March 31, 2026 which was included in contract liabilities balance at the beginning of the respective period amounts to $181,982 ($262,940 recognized during the year ended March 31, 2025).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">The components of revenue, net were as follows:<b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>(In USD)</b><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenue from services</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Facilitation revenue (net)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,072,184</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,024,576</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other operating revenues</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">83,841</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">81,315</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,105,891</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 9072184 9024576 83841 81315 9156025 9105891 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Revenue by geographical location</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif">India</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,088,885</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Egypt</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-201; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,094</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Indonesia</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-202; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,912</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,156,025</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,105,891</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 9156025 9088885 13094 3912 9156025 9105891 406684 450355 30292 78878 21365 515854 471720 181982 262940 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>21</b></td><td><b>Finance costs</b></td></tr></table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of finance costs were as follows: (In USD)</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">(In USD)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Finance costs -other than related parties</td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Interest on vehicle loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">195,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">293,430</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,903</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on subcontractor liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,891</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance cost towards issue of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,294,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on redeemable promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,995,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortisation of discount and debt issuance cost on redeemable promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-207">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,765,615</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on unsecured notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,582</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-208">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on Convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-209">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of Atalaya Note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539,805</td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Bank charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,776</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,067</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on withdrawal of lease waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Other borrowings cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">730,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">589,774</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,183,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,607,173</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The components of finance costs were as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">(In USD)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Finance costs -other than related parties</td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="2" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Interest on vehicle loans</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">195,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">293,430</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">281,808</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">550,903</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on subcontractor liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">91,891</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Issuance cost towards issue of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,294,526</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on redeemable promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,995,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortisation of discount and debt issuance cost on redeemable promissory notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-207">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,765,615</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest on unsecured notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">229,582</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-208">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest on Convertible notes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-209">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of Atalaya Note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539,805</td><td style="text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Bank charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,776</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,067</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Loss on withdrawal of lease waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,131,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-210">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left">Other borrowings cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">730,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">589,774</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,183,148</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: right">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,607,173</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 195008 293430 281808 550903 91891 3294526 1995967 1765615 229582 56849 539805 17776 25067 1131835 730485 589774 3183148 8607173 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>22</b></td><td><b>Other (income)/expense, net</b></td></tr></table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of other (income)/expense, net were as follows: (In USD)</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif"><b>(In USD)</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Other (income)/expense, net - other than related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest income</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,007</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(40,428</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value of derivative financial instruments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-211; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,035,085</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on modification of finance leases</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-212; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">456,715</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value of Atalaya Note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-213; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,740,636</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on litigation settlement*</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,603,193</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,738,865</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on settlement of liability</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">42,558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-214; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss/(gain) on sale of property &amp; equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,188</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(114</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on sale of assets held for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,755</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,054</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on extinguishment of liability**</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-215; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,458,248</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bad debts written off on receivables from car sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-216; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">452,014</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on derecognition of subsidiary, net (Refer Note 28)***</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,748,507</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-217; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liquidated damages to Investors****</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,568,936</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">570,893</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment on assets held for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,789</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">448,484</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on assets written off</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right">111,094</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">853,194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payable to customers and provision written back</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(102,815</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(227,643</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on recovery of goods and service tax receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(439,204</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-218; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on write off of liabilities (Refer Note 25)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(1,272,825</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(219,284</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other, net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(25,351</p></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,123</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,743,294</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,785,292</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended March 31, 2026, this amount includes:</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$12,000 as litigation related attorney fees in the case of ACM Zoomcar Convert LLC/(Atalaya), pursuant to court direction.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$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.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$150,000 towards final settlement with Gregory Bradford Moran, founder and former Chief Executive Officer.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify">$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.</td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.375in; text-align: justify">For the year ended March 31, 2025, the Company entered into agreements with Randall Yanker, Aegis Capital Corp and Ellenoff Grossman &amp; Schole LLP for settlement of litigations. Pursuant to the settlement agreements, the Company has issued shares and warrants to them.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.35in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*** </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">****</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of other (income)/expense, net were as follows: (In USD)</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Year ended March 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif"><b>(In USD)</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Other (income)/expense, net - other than related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest income</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,007</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(40,428</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value of derivative financial instruments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-211; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,035,085</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on modification of finance leases</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-212; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">456,715</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value of Atalaya Note</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-213; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,740,636</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on litigation settlement*</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,603,193</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">12,738,865</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on settlement of liability</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">42,558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-214; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss/(gain) on sale of property &amp; equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,188</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(114</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on sale of assets held for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,755</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,054</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on extinguishment of liability**</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-215; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,458,248</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Bad debts written off on receivables from car sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-216; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">452,014</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on derecognition of subsidiary, net (Refer Note 28)***</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,748,507</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-217; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Liquidated damages to Investors****</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,568,936</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">570,893</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Impairment on assets held for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,789</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">448,484</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss on assets written off</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right">111,094</td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">853,194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Payable to customers and provision written back</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(102,815</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(227,643</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on recovery of goods and service tax receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(439,204</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-218; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gain on write off of liabilities (Refer Note 25)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(1,272,825</p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(219,284</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other, net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(25,351</p></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,123</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,743,294</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,785,292</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended March 31, 2026, this amount includes:</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$12,000 as litigation related attorney fees in the case of ACM Zoomcar Convert LLC/(Atalaya), pursuant to court direction.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$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.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$150,000 towards final settlement with Gregory Bradford Moran, founder and former Chief Executive Officer.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify">$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.</td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.375in; text-align: justify">For the year ended March 31, 2025, the Company entered into agreements with Randall Yanker, Aegis Capital Corp and Ellenoff Grossman &amp; Schole LLP for settlement of litigations. Pursuant to the settlement agreements, the Company has issued shares and warrants to them.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 0.35in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*** </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. </span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">****</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> 9007 40428 9035085 -456715 1740636 5603193 12738865 42558 2188 -114 10755 1054 -3458248 452014 1748507 2568936 570893 -23789 -448484 -111094 -853194 -102815 -227643 -439204 1272825 219284 -25351 71123 -4743294 -7785292 12000 152798 150000 5288395 39000000 1748507 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>23</b></td><td><b>Income taxes</b></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of (loss)/gain before income taxes consist of the following: (In USD)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">(In USD)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Domestic</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(15,622,131</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,567,764</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,001,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,054,539</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,621,113</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,622,303</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The following is a reconciliation of the statutory federal income tax rate to our effective tax rate:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Percentage</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Accounting profit/(loss) before tax</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,621,113</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Tax using the Company’s domestic tax rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,070,434</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif">Tax impact of :</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. state and local taxes</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,692,078</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-18.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Federal benefit for state taxes</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,692,078</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Foreign tax effects</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt">India</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(114,307</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt">Singapore</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,834</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Other foreign jurisdiction</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,751</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,204,325</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-21.9</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Current Tax expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Deferred Tax expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Income tax expense reported in the Statements of operations/Effective Tax Rate</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The following table presents a reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal statutory income tax rate to the income before taxes prior to the adoption of ASU 2023-09 for the periods presented (in percentages):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">March 31,<br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounting profit/(loss) before tax</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,622,303</span></td><td style="width: 1%; text-align: left">)<span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax using the Company’s domestic tax rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,380,684</span></td><td style="text-align: left">)<span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Tax impact of :</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">U.S. state and local taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Federal benefit for state taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-0.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-22.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Difference in tax rates</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.20</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Tax expense</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-223; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred Tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-224; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Income tax expense reported in the Statement of profit and loss/Effective Tax Rate</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-225; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Zoomcar Holdings, Inc. and Zoomcar, Inc. have combined unused tax losses amounting to $59,823,957 and $51,733,104 as at March 31, 2026 and March 31, 2025 respectively. $59,008,831 can be carried forward indefinitely, whereas $64,347 can be carried forward up to 2033; $294,720 up to 2034; $220,520 up to 2035; $115,253 up to 2036 and $120,286 up to 2037.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s operations are primarily based out of Indian jurisdiction. There are unused tax losses amounting to $94,903,655 and $113,344,007 as at March 31, 2026 and March 31, 2025 respectively in the Indian subsidiary. The tax benefit for these losses, if not utilized, will expire on various dates starting from financial year 2026 to 2033. Additionally, net operating losses amounting to $35,630,707 (March 31, 2025: 38,896,865) is available for set-off against future income without any expiration date. Under the Indian jurisdiction, a period of 3 financial years remain open to assessment by tax authorities or a period of 10 financial years if the assessing officer has evidence that undeclared income exceeds certain limit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has created valuation allowance on the deferred tax asset resulting from such losses due to Company’s history of past losses and lack of conclusive evidence to support the view that sufficient taxable profit will be generated in the future by the Company to offset such losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Zoomcar Holdings, Inc. files tax returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2023 tax returns. There are other ongoing audits in various other jurisdictions that are not material to the Consolidated Financial Statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has filed appeals against the above orders before the higher authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has not recognized any uncertain tax position for the year ended March 31, 2026 and March 31, 2025, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities as of March 31, 2026 and 2025 consisted of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif">Deferred tax assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net operating loss carryforwards</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">19,524,872</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">39,199,954</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Receivable</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,042</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,358</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Assets held for sale</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">106,045</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">110,941</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted stock units</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,595</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,950</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Provision for expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">57,666</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,062,347</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Gratuity</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,772</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76,127</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Leave encashment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">48,915</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,273</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Bonus</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,041</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">52,526</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"> Total deferred tax assets</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">19,855,949</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">40,576,476</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: Valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(18,205,599</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(39,174,653</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Deferred tax assets, net of valuation allowance</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,650,350</td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,401,823</td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Right of use assets, net of Lease liability</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(486,356</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(444,747</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation on property, plant and equipment and intangible assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(612,239</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(358,219</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Borrowings</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(551,756</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(598,857</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-227">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Total deferred tax liabilities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,650,350</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,401,823</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Net deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended March 31, 2026, the change in the valuation allowance was $20,969,054.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Company has computed income tax expense/(benefit) for the year ended March 31, 2026 and March 31, 2025 by using a forecasted annual effective tax rate and adjust for any discrete items arising during the period. The Company has recorded $<span style="-sec-ix-hidden: hidden-fact-230"><span style="-sec-ix-hidden: hidden-fact-231">NIL</span></span> tax expense for the given years. Our effective tax rate was 0.00% for the year ended March 31, 2026 and March 31, 2025, respectively. The Company has computed a valuation allowance on deferred tax assets for the year ended March 31, 2026 and hence no deferred tax asset is recognized as at March 31, 2026. The effective tax rate differs from the statutory tax rate of 21% for the year ended March 31, 2026 and 2025, due to changes in valuation allowance on the deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Company has received various orders from Indian tax authorities, for details Refer Note 30.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The components of (loss)/gain before income taxes consist of the following: (In USD)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">(In USD)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Domestic</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(15,622,131</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,567,764</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Foreign</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,001,018</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,054,539</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14,621,113</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,622,303</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> </table> -15622131 -17567764 1001018 -8054539 -14621113 -25622303 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The following is a reconciliation of the statutory federal income tax rate to our effective tax rate:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Percentage</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Accounting profit/(loss) before tax</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">(14,621,113</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Tax using the Company’s domestic tax rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,070,434</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif">Tax impact of :</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. state and local taxes</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,692,078</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-18.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Federal benefit for state taxes</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,692,078</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Foreign tax effects</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt">India</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(114,307</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt">Singapore</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(15,834</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Other foreign jurisdiction</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,751</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,204,325</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-21.9</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Effective tax rate</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Current Tax expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Deferred Tax expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Income tax expense reported in the Statements of operations/Effective Tax Rate</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>The following table presents a reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal statutory income tax rate to the income before taxes prior to the adoption of ASU 2023-09 for the periods presented (in percentages):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">March 31,<br/> 2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounting profit/(loss) before tax</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,622,303</span></td><td style="width: 1%; text-align: left">)<span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Tax using the Company’s domestic tax rate</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,380,684</span></td><td style="text-align: left">)<span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Tax impact of :</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">U.S. state and local taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Federal benefit for state taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-0.3</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-22.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Difference in tax rates</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.20</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current Tax expense</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-223; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred Tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-224; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Income tax expense reported in the Statement of profit and loss/Effective Tax Rate</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-225; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> -14621113 -3070434 0.21 2692078 -0.185 -2692078 0.185 -114307 0.008 -15834 0.001 -3751 0 3204325 -0.219 0 0 0 0 0.21 -256223.03 -53806.84 0.21 0.003 -0.003 -0.222 0.012 0 59823957 51733104 59008831 64347 294720 220520 115253 120286 94903655 113344007 35630707 38896865 The Company’s deferred income tax assets and liabilities as of March 31, 2026 and 2025 consisted of the following:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: bold 10pt Times New Roman, Times, Serif">Deferred tax assets:</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net operating loss carryforwards</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">19,524,872</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">39,199,954</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Trade Receivable</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,042</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,358</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Assets held for sale</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">106,045</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">110,941</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Restricted stock units</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,595</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,950</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Provision for expenses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">57,666</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,062,347</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif">Gratuity</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86,772</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76,127</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Leave encashment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">48,915</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">59,273</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Bonus</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,041</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">52,526</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"> Total deferred tax assets</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">19,855,949</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">40,576,476</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: Valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(18,205,599</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(39,174,653</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Deferred tax assets, net of valuation allowance</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,650,350</td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,401,823</td><td style="padding-bottom: 4pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Right of use assets, net of Lease liability</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(486,356</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(444,747</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation on property, plant and equipment and intangible assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(612,239</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(358,219</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Borrowings</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(551,756</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(598,857</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-227">-</div></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Total deferred tax liabilities</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,650,350</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,401,823</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Net deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">-</div></td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> 19524872 39199954 3042 3358 106045 110941 5595 11950 57666 1062347 86772 76127 48915 59273 23041 52526 19855949 40576476 18205599 39174653 1650350 1401823 486356 444747 612239 358219 551756 598857 1650350 1401823 20969054 0 0.21 0.21 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>24</b></td><td style="text-align: justify"><b>Net loss per share</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The components of basic and diluted loss per share were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31,</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD, except loss per share)</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss available for common shareholders (A)</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(14,621,113</b></span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(25,622,303</b></span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average outstanding shares of common stock (B) #^</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,451,192</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">490,140</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilutive effect of potentially dilutive outstanding securities</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-232; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-233; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock and Common Stock Equivalents</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,451,192</span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">490,140</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss per share</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic (A/B)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(52.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted (A/C)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(52.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20 respectively. (Refer Note 3A)</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">^</td><td style="text-align: justify">Including pre-funded/cashless exercise warrants.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Share related amounts have been retroactively adjusted to reflect the reverse stock-split for all periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Since the Company was in a loss position for the year ended March 31, 2026 and March 31, 2025, basic loss per share was same as diluted net loss per share for the years presented. The following potentially dilutive outstanding securities as of March 31, 2026 and March 31, 2025 were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive for the years presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">Convertible preferred stock</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">Preferred stock warrants</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Stock options*</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Restricted Stock Units (Refer Note 26)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,216,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,966</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Public warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Private warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants issued along with redeemable promissory note</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants issued in February 2026 private placement offering</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">939</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-234">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Warrants issued in November 2024 and December 2024 offering (including Second and Third closing of December offering)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,472,777</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,335,519</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,214,459</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,877,978</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">In 2012, the Company adopted its 2012 Equity Incentive Plan, under which the Company may grant options and restricted stock to eligible participants. The plan is equity settled. Options are generally granted for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The Company cancelled certain outstanding options at the time of Reverse Recapitalization. The remaining 16 fully vested options were assumed by the Company on the Reverse Recapitalization date, exercisable at exercise price ranging from $120 to $300.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The components of basic and diluted loss per share were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31,</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In USD, except loss per share)</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 74%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss available for common shareholders (A)</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(14,621,113</b></span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(25,622,303</b></span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average outstanding shares of common stock (B) #^</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,451,192</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">490,140</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilutive effect of potentially dilutive outstanding securities</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-232; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-233; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock and Common Stock Equivalents</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,451,192</span></td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">490,140</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss per share</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic (A/B)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(52.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted (A/C)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(52.28</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20 respectively. (Refer Note 3A)</span></td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">^</td><td style="text-align: justify">Including pre-funded/cashless exercise warrants.</td> </tr></table> -14621113 -25622303 11451192 490140 11451192 490140 -1.28 -52.28 -1.28 -52.28 1-for-100 1-for-20 The following potentially dilutive outstanding securities as of March 31, 2026 and March 31, 2025 were excluded from the computation of diluted loss per share because their effect would have been anti-dilutive for the years presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the year.<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 12pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">Convertible preferred stock</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif">Preferred stock warrants</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Stock options*</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Restricted Stock Units (Refer Note 26)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,216,250</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,966</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Public warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11,500,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Private warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,180</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants issued along with redeemable promissory note</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Warrants issued in February 2026 private placement offering</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">939</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><div style="-sec-ix-hidden: hidden-fact-234">-</div></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Warrants issued in November 2024 and December 2024 offering (including Second and Third closing of December offering)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,472,777</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,335,519</td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,214,459</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">23,877,978</td><td style="padding-bottom: 4pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">In 2012, the Company adopted its 2012 Equity Incentive Plan, under which the Company may grant options and restricted stock to eligible participants. The plan is equity settled. Options are generally granted for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The Company cancelled certain outstanding options at the time of Reverse Recapitalization. The remaining 16 fully vested options were assumed by the Company on the Reverse Recapitalization date, exercisable at exercise price ranging from $120 to $300.</td> </tr></table> 16 16 4216250 17966 11500000 11500000 19180 19180 5297 5297 939 3472777 12335519 19214459 23877978 P10Y P4Y 16 120 300 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>25</b></td><td style="text-align: justify"><b>Employee benefit plans (unfunded)</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Employee benefit plans includes gratuity and compensated absences payable to employees. These benefit plans consist of a defined benefit plan for gratuity payable by the Indian subsidiary of the Company under Indian regulations. These are determined under the projected unit credit method, with actuarial valuations being carried out at each reporting date. The retirement benefit obligations recognized in the Consolidated Balance Sheets represents the present value of the defined obligations. Under an employee benefit plan, it is the Company’s obligation to provide agreed benefits to the employees. The related actuarial and investment risks fall on the Company. The summary of current and non-current employee benefit plans obligations along with its components are as below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b><span style="text-decoration:underline">Pension and other employee obligations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Gratuity</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">104,910</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">82,547</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Compensated absences</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">72,629</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,325</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">177,539</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">152,872</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Gratuity</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">242,179</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">221,961</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Compensated absences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,062</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other statutory dues</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,007</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,007</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">370,429</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">394,030</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>I. Gratuity</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Changes in projected benefit obligation (PBO)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">PBO at the beginning of the year</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">304,508</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">352,492</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,992</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,406</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,663</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefits paid</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66,710</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(184,057</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effect of exchange rate changes</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(33,570</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(8,294</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">PBO at the end of the year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">347,089</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">304,508</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accrued pension liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liability</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">104,910</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">82,547</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Non-current liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">242,179</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,961</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">347,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">304,508</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Accumulated benefit obligation</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">264,656</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">245,162</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Net gratuity cost recognized in income statement</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Service cost</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">73,992</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">68,406</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Amortization of net actuarial loss/(gain)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,570</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,624</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net periodic benefit cost</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">96,643</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">80,080</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31,</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Re-measurement losses in other comprehensive income</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actuarial Loss</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>33,488</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>57,663</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Plan assets</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,300</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-235; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization (loss)/gain</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,570</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,624</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>46,218</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>64,287</b></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Components of actuarial loss:</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Actuarial gain due to demographic assumption changes in defined benefit obligation</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(577</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(3,524</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial loss due to financial assumption changes in defined benefit obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Actuarial loss due to experience on defined benefit obligation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,867</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">52,467</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">51,788</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,663</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif">The assumptions used in accounting for the gratuity plan are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Discount rate - staff</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.79</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.54</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Discount rate - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.64</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.54</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate - staff</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44.10</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42.61</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Attrition rate - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rate of increase in compensation levels - staff</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.39</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.98</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rate of increase in compensation levels - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.96</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Independent service provider are contract employees responsible for assisting in the day to day operations of the Company.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">During the year ended March 31, 2026 and March 31, 2025, actuarial loss was driven by changes in actuarial assumptions, offset by experience adjustments on present value of benefit obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Company evaluates these assumptions annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government securities adjusted for a suitable risk premium.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><b>Sensitivity analysis for the :</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Year ended</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Discount rate (- / + 1%)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,318</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,192</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,343</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,236</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary growth rate (- / + 1%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,271</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,206</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,074</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate (- / + 1%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,263</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,647</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,691</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mortality rate (- / + 10% of mortality rates)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-236">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-237">-</div></td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected benefit payments as of March 31, 2026 is as follows:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Year ended March 31,</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2027</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">104,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,172</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">115,931</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">347,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"><b>II. Compensated absences</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The employees are permitted to encash a maximum of 45 days of accumulated leave balance on separation. The Company has provided liability for compensated absences as per an actuarial valuation carried out by an independent actuary as of the Consolidated Balance Sheets date. The amount of compensated absences cost is $39,297 for the year ended March 31, 2026 ($ 37,723 for the year ended March 31, 2025).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"><b>III. Defined contribution plan</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Indian subsidiary makes provident fund contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions are made to provident fund in accordance with the fund rules. The interest rate payable to the beneficiaries every year is notified by the Government. The amount of contributions made to provident fund is $212,203 for the year ended March 31, 2026 ($266,053 for the year ended March 31, 2025 respectively).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">In prior years, the Company recognized liabilities for potential exposures relating to Employees’ Provident Fund (“PF”), Employees’ State Insurance (“ESI”), Professional Tax (“PT”) and gratuity (including applicable interest) in respect of certain individual service providers (“ISPs”) who were engaged as independent consultants during FY 2017-18 to FY 2020-21.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended March 31, 2026, the Company obtained an external legal opinion and, based on such opinion together with management’s assessment of the relevant facts and circumstances, including the new wage code effective November 21, 2025, concluded that no present obligation exists as of the reporting date in respect of these matters. Accordingly, the previously recognized liability was reversed during the year ended March 31, 2026, resulting in a gain of $1,231,164 which has been presented under “Gain on write off of liabilities.”</p> Employee benefit plans employee benefit plan The summary of current and non-current employee benefit plans obligations along with its components are as below:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Gratuity</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">104,910</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">82,547</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Compensated absences</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">72,629</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">70,325</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">177,539</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">152,872</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Gratuity</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">242,179</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">221,961</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Compensated absences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,243</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">170,062</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Other statutory dues</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,007</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,007</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">370,429</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">394,030</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 104910 82547 72629 70325 177539 152872 242179 221961 126243 170062 2007 2007 370429 394030 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>I. Gratuity</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Changes in projected benefit obligation (PBO)</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">PBO at the beginning of the year</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">304,508</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">352,492</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">73,992</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">68,406</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,663</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefits paid</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(66,710</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(184,057</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Effect of exchange rate changes</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(33,570</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(8,294</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">PBO at the end of the year</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">347,089</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">304,508</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accrued pension liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current liability</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">104,910</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">82,547</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Non-current liability</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">242,179</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,961</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">347,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">304,508</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Accumulated benefit obligation</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">264,656</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">245,162</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 304508 352492 73992 68406 17081 18298 51788 57663 66710 184057 33570 8294 347089 304508 104910 82547 242179 221961 347089 304508 264656 245162 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Net gratuity cost recognized in income statement</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Service cost</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">73,992</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">68,406</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,298</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Amortization of net actuarial loss/(gain)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,570</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,624</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net periodic benefit cost</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">96,643</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">80,080</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 73992 68406 17081 18298 -5570 6624 96643 80080 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ended March 31,</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Re-measurement losses in other comprehensive income</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actuarial Loss</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>33,488</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>57,663</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Plan assets</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,300</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-235; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization (loss)/gain</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,570</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,624</span></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>46,218</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>64,287</b></span></td> <td> </td></tr> </table> 33488 57663 18300 -5570 6624 46218 64287 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Components of actuarial loss:</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Actuarial gain due to demographic assumption changes in defined benefit obligation</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(577</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">(3,524</td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial loss due to financial assumption changes in defined benefit obligation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,498</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,720</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Actuarial loss due to experience on defined benefit obligation</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,867</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">52,467</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">51,788</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">57,663</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> -577 -3524 4498 8720 47867 52467 51788 57663 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif">The assumptions used in accounting for the gratuity plan are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Discount rate - staff</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.79</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6.54</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Discount rate - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.64</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.54</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate - staff</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44.10</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42.61</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Attrition rate - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">82.00</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Rate of increase in compensation levels - staff</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14.39</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.98</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rate of increase in compensation levels - independent service provider*</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.31</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.96</td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Independent service provider are contract employees responsible for assisting in the day to day operations of the Company.</td> </tr></table> 0.0679 0.0654 0.0664 0.0654 0.441 0.4261 0.755 0.82 0.1439 0.1298 0.1031 0.1096 The discount rates are based on current market yields on government securities adjusted for a suitable risk premium.<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"><b>Year ended</b></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Increase</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Decrease</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Discount rate (- / + 1%)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,318</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,192</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(10,343</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,236</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salary growth rate (- / + 1%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,177</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,271</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,206</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,074</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate (- / + 1%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,263</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,647</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,691</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Mortality rate (- / + 10% of mortality rates)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-236">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-237">-</div></td><td style="text-align: left"> </td></tr> </table> 10318 11192 10343 11236 -5177 -5271 -5206 -5074 2263 2325 2647 2691 17 8 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected benefit payments as of March 31, 2026 is as follows:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Year ended March 31,</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">2027</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">104,910</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">56,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2029</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,172</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2030</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2031</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,586</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">115,931</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">347,089</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 104910 56197 34172 22293 13586 115931 347089 39297 37723 212203 266053 1231164 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>26</b></td><td style="text-align: justify"><b>Stock-based compensation expense</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Company adopted the 2023 Equity and Incentive Plan, which provides for grants of share-based awards, including Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), and other forms of share-based awards. The Company settles employee stock-based options with newly issued common stock of the Company. As at March 31, 2026, the Company has reserved 5,242,167 shares of common stock for the issuance of awards under the 2023 Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">In addition, the number of shares of common stock reserved and available for issuance under the 2023 Plan will automatically increase on January 1 of each year for a period of ten years, beginning on January 1, 2024 and on each January 1 thereafter until January 1, 2033, by a number equal to (i) 3% of the issued and outstanding number of shares of common stock of the Company on the preceding December 31, or (ii) a lesser number of shares as approved by the Company’s board of directors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Additionally, during the year ended March 31, 2025, the stockholders approved a one-time increase in the number of Common Stock shares reserved for issuance under the 2023 Plan. The increase is equal to 15% of the total number of Common Stock shares issued and outstanding on that date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">On February 12, 2025, the Company granted 17,950 RSUs to its directors and employees wherein all the RSU’s granted will fully vest on the vesting commencement date i.e. March 31, 2025 pursuant to the amendment agreement dated March 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">On August 4, 2025, the Company granted an additional 4,525,000 RSUs to its directors and employees with a total vesting period of 3 years. The RSUs follow a graded vesting schedule under which 25% of the units will vest after the 6th, 12th, 24th and 36th month following the vesting commencement date. During the year ended March 31, 2026, the vesting date for the first tranche of the Restricted Stock Unit Award Agreement dated August 4, 2025, has been amended from March 31, 2026 to June 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">On December 11, 2025, the Company further granted 475,000 RSUs to its directors where the RSUs will vest 6 months from the vesting commencement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The following tables summarizes total stock-based compensation expense by function for the year ended March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Cost of revenue</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">40,110</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">3,650</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,273</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">General and administrative expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">689,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">36,760</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">883,968</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,461</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The stock-based compensation expense is recorded in the employee benefit cost and apportioned basis respective functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The fair value of options granted is estimated on the date of grant using the Black-Scholes- option-pricing model using the weighted average assumptions. The assumptions used in the valuation are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Dividend yield</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise price</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-238">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5 - 3</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Stock price</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15-0.501</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%-19</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The movement in number of stock-based options outstanding and their related weighted average exercise price for the 2023 Plan are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">No. of<br/> options</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average<br/> exercise price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Outstanding at the beginning of the year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,966</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: Granted during the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239"> </div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(282,648</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Forfeited/Cancelled during the year</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(510,843</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding at the end of the period</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,224,475</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.00</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unvested at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,216,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The weighted average grant date fair value of stock options granted during the year ended March 31, 2026 and March 31, 2025 were $0.47 and $$<span style="-sec-ix-hidden: hidden-fact-241">2.92</span> per share, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><b>Restricted shares issued to CEO</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">On May 9, 2025, the Company entered into a consulting agreement with Mr. Deepankar Tiwari to engage him as the Chief Executive Officer (“CEO”) of the Company. As consideration for services rendered, Mr. Tiwari shall be eligible to receive a monthly consultancy fee and restricted shares of the Company. As per the terms of the agreement, 1,000,000 restricted shares were granted, of which 250,000 restricted shares shall vest at the end of each quarter starting June 30, 2025. Such restricted shares granted shall be subject to- i) execution of relevant Restricted Shares award agreement, ii) approval by Board of Directors, and iii) Compliance with applicable securities laws and tax regulations in the relevant jurisdictions, collectively called as ‘conditions for grant’. The Board had approved the restricted shares granted to Mr. Tiwari on July 16, 2025 pursuant to which the Inducement Award Agreement was executed on July 17, 2025 and Form S-8 along with required documents were submitted with relevant regulators on July 18, 2025. Therefore, July 18, 2025 has been taken as the grant date as all the required conditions were satisfied on this date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The Company has registered 1,000,000 shares of common stock issuable to Mr. Deepankar Tiwari to induce Mr. Tiwari to accept employment as the Company’s CEO and the executed inducement award agreement. Such inducement awards granted to the CEO are outside of the 2023 Equity and Incentive Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">During the year ended March 31, 2026, 750,000 restricted shares have been issued and 250,000 shares are pending to be issued to Mr. Tiwari. Stock based compensation expense of $570,000 pertaining to these Restricted shares have been recorded in the Consolidated Statements of Operations.</p> 5242167 0.03 0.03 0.15 0.15 17950 4525000 P3Y 0.25 475000 P6M <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The following tables summarizes total stock-based compensation expense by function for the year ended March 31, 2026 and March 31, 2025:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Cost of revenue</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">40,110</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">3,650</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">101,640</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,273</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketing expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">52,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,778</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">General and administrative expenses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">689,694</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">36,760</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total stock-based compensation expense</td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">883,968</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">52,461</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table> 40110 3650 101640 10273 52524 1778 689694 36760 883968 52461 The assumptions used in the valuation are as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Dividend yield</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.00</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise price</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-238">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.5 - 3</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Stock price</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15-0.501</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Attrition rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%-19</span></td><td style="text-align: left">%</td></tr> </table> 0 P0Y6M P3Y 0.15 0.501 0 0.19 <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The movement in number of stock-based options outstanding and their related weighted average exercise price for the 2023 Plan are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">No. of<br/> options</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average<br/> exercise price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Outstanding at the beginning of the year</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">17,966</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.00</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Add: Granted during the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239"> </div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(282,648</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less: Forfeited/Cancelled during the year</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(510,843</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding at the end of the period</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,224,475</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">0.00</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exercisable at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unvested at the end of the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,216,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.00</td><td style="text-align: left"> </td></tr> </table> 17966 0 5000000 282648 0 510843 0 4224475 0 8225 4216250 0 P0Y5M19D 1000000 250000 1000000 750000 250000 570000 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>27</b></td><td style="text-align: justify"><b>Related Party Transactions</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Key managerial personnel (KMP)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory Bradford Moran</span></td> <td style="width: 2%"> </td> <td style="width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer &amp; Director (until June 20, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroshi Nishijima</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (until May 02, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uri Levine*</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (w.e.f. March 31, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evelyn D’An</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graham Gullan</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until June 18, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swatick Majumdar</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mohan Ananda</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madan Menon</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until April 16, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Robert Clarke</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (w.e.f. June 20, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Bailey**</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until December 06, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deepankar Tiwari</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (w.e.f May 09, 2025)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Related party transactions pertaining to debt, investments, and other current liabilities have been stated on the face of the Consolidated Balance Sheets and Consolidated Statements of Operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>The Company had following transactions with related parties:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Amount received for November 2024 Offering</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Mark Bailey**</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,499,959</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Amount received for December 2024 Offering</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hiroshi Nishijima</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">50,001</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Uri Levine*</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">300,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Consultancy Charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uri Levine</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">145,830</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deepankar Tiwari</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">716,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">716,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,995,790</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><b>The Company has the following outstanding balances with related parties:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Payable to Director</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Mohan Ananda</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accounts Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uri Levine</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">62,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deepankar Tiwari</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">171,700</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">214,611</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Remuneration and other compensation arrangements with key managerial personnel and directors, comprising transactions of USD 1,051,534 (previous year USD 1,112,557) and related payable balances of USD 533,032 (previous year USD 213,526), have been excluded from the related party disclosures above in accordance with the scope exception in ASC 850-10-50-5(a), which excludes compensation arrangements, expense allowances and other similar items arising in the ordinary course of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Uri Levine become related party on March 31, 2025. However, the transactions disclosed with Uri Levine were incurred before he become a related party.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Mark Bailey was a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed, as he was no longer classified as a related party on that date.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Key managerial personnel (KMP)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory Bradford Moran</span></td> <td style="width: 2%"> </td> <td style="width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer &amp; Director (until June 20, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hiroshi Nishijima</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (until May 02, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uri Levine*</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (w.e.f. March 31, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evelyn D’An</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graham Gullan</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until June 18, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swatick Majumdar</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mohan Ananda</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Madan Menon</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until April 16, 2025)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Robert Clarke</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (w.e.f. June 20, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Bailey**</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (until December 06, 2024)</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deepankar Tiwari</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (w.e.f May 09, 2025)</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">Related party transactions pertaining to debt, investments, and other current liabilities have been stated on the face of the Consolidated Balance Sheets and Consolidated Statements of Operations.</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Amount received for November 2024 Offering</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Mark Bailey**</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,499,959</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Amount received for December 2024 Offering</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hiroshi Nishijima</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">50,001</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Uri Levine*</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">300,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Consultancy Charges</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uri Levine</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">145,830</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Deepankar Tiwari</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">716,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">-</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">716,408</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,995,790</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><b>The Company has the following outstanding balances with related parties:</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As at</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Payable to Director</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Mohan Ananda</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">152,435</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accounts Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Uri Levine</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-247">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">62,176</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deepankar Tiwari</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,265</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">171,700</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">214,611</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Uri Levine become related party on March 31, 2025. However, the transactions disclosed with Uri Levine were incurred before he become a related party.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">Mark Bailey was a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed, as he was no longer classified as a related party on that date.</td> </tr></table> Chief Executive Officer & Director (until June 20, 2024) Chief Executive Officer (until May 02, 2025) Director (w.e.f. March 31, 2025) Director Director (until June 18, 2024) Director Director Director (until April 16, 2025) Director (w.e.f. June 20, 2024) Director (until December 06, 2024) Chief Executive Officer (w.e.f May 09, 2025) 2499959 50001 300000 145830 716408 716408 2995790 152435 152435 62176 19265 171700 214611 1051534 1112557 533032 213526 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>28</b></td><td style="text-align: justify"><b>Variable Interest Entities</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">An entity is a VIE if it has any of the following characteristics :</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td>The entity does not have enough equity to finance its activities without additional subordinated financial support.</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td>The equity holders, as a group, lack the characteristics of a controlling financial interest.</td></tr><tr style="vertical-align: top"> <td> </td><td> </td><td> </td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; border-spacing: 0px;"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td>The entity is structured with non-substantive voting rights (i.e., an anti-abuse clause).</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">We consolidate VIEs in which Company hold a variable interest and are the primary beneficiary. Company is the primary beneficiary because it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that potentially could be significant to the VIE and the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). As a result, we consolidate the assets and liabilities of these consolidated VIEs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0">The VIEs have been incorporated in their respective locations to perform the business of providing mobility solutions to consumers and businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,878</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">391</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Long term Investments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">52,571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">383,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion of pension and other employee obligations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,510</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">141,164</td><td style="text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><span style="text-decoration-style: solid"><b>Nature of investment in the VIEs is as follows:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 31%"><span style="font-family: Times New Roman, Times, Serif"><b>Name of the VIE</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 22%"><span style="font-family: Times New Roman, Times, Serif"><b>Place of incorporation</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 23%"><span style="font-family: Times New Roman, Times, Serif"><b>Nature of investment</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif"><b>Investor entity</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fleet Mobility Philippines Corporation *</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Philippines</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Debt</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zoomcar Inc.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">These amounts have been eliminated during the process of consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">In August 2023, Zoomcar Vietnam Mobility LLC had filed for bankruptcy with the local authorities. This application was admitted by the local authorities and bankruptcy proceedings were ordered to commence on June 4, 2025. In accordance with ASC 810-10-15-10, the Company consolidated the VIE till June 3, 2025 since the Company held a variable interest and continued to be the primary beneficiary. However on June 4, 2025, the Company ceased to be the primary beneficiary and consequently, the Company has derecognized it’s cost of investment and assets and liabilities of the VIE and recognized a net gain upon derecognition of VIE amounting to $401,180 as ‘Gain on derecognition of subsidiary’ under Other expense/(income), net.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">On June 3, 2024, Zoomcar Egypt Information Technology Platform LLC had closed down its operations due to decrease in operations and rising economic difficulties. On December 15, 2024, Zoomcar Egypt Information Technology Platform LLC held an extraordinary general meeting to initiate the liquidation process and appoint a liquidator. Subsequently, on August 5, 2025, Zoomcar Egypt Information Technology Platform LLC’s name was deleted from the commercial register.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">In accordance with ASC 810-10-15-10, the Company consolidated the VIE till August 4, 2025 since the Company held a variable interest and continued to be the primary beneficiary. However on August 05, 2025, the Company ceased to be the primary beneficiary and consequently, the Company has derecognized it’s cost of investment and assets and liabilities of the VIE and recognized a net gain upon derecognition of VIE amounting to $1,459,154 as ‘Gain on derecognition of subsidiary’ under Other expense/(income), net.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The VIE included in the Consolidated Financial Statements is separate legal entity and its assets are legally owned by the entity and is not available to the Company’s creditors or creditors of the Company’s other subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><b>Nature of, and changes (if any) in, the risks associated with a reporting entity’s involvement with the VIE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">In case of all the entities, the reporting entity is exposed to foreign currency exchange risk of the subsidiaries since the subsidiaries are incorporated in countries other than the country in which the reporting entity has been incorporated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the assets and liabilities related to the Company’s consolidated VIEs:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/> 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">-</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,878</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other current assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">391</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Long term Investments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">3,991</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">52,571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">383,355</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current portion of pension and other employee obligations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other current liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,510</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">141,164</td><td style="text-align: left"> </td></tr> </table> 2878 391 3991 52571 383355 80 8510 141164 <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><span style="text-decoration-style: solid"><b>Nature of investment in the VIEs is as follows:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 31%"><span style="font-family: Times New Roman, Times, Serif"><b>Name of the VIE</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 22%"><span style="font-family: Times New Roman, Times, Serif"><b>Place of incorporation</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 23%"><span style="font-family: Times New Roman, Times, Serif"><b>Nature of investment</b></span></td> <td style="width: 2%"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif"><b>Investor entity</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fleet Mobility Philippines Corporation *</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Philippines</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Debt</span></td> <td> </td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zoomcar Inc.</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.</td> </tr></table> Philippines Debt Zoomcar Inc. 401180 1459154 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>29</b></td><td style="text-align: justify"><b>Financial Instruments - Fair Value Measurements</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The carrying value of financial instruments not carried at fair value by categories are as below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<br/> 2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<br/> 2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying value</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying value</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial assets</b></span></td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>328,586</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,077,275</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,167</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,650</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable from government authorities</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-253; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">187,458</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long term investments</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,066</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,653</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other financial assets</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">240,193</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">365,433</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total assets</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>690,012</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,856,469</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial liabilities</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22,637,202</b></span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12,548,582</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,851,341</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">827,414</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,118,737</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,058,281</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,966,962</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured notes</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">811,178</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-254; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">451,348 </span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-255; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other financial liabilities</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,289,771</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,611,602</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total liabilities</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30,586,638</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22,097,224</b></span></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Carrying<br/> value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; width: 52%">Liabilities:</td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Atalaya Note</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,554,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,554,074</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Carrying<br/> value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Assets held for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">267,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">267,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Atalaya Note</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,002,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,002,269</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">Level 2: The fair value of Assets held for sale not traded in an active market is determined using the quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly considering all the relevant factors of assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The Company’s recurring Level 3 financial instruments within the Company’s fair value hierarchy as of March 31, 2026 consist of Company’s unsecured convertible note.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The changes in the fair value are summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unsecured<br/> Convertible Note <br/> (‘Atalaya Note’)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold">Balance as of April 1, 2024</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">10,067,601</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shares issued to Atalaya Note holders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,324,696</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value of unsecured convertible note</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,740,636</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,002,269</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of April 1, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,002,269</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of unsecured convertible note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loss on litigation settlement</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of March 31, 2026</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,554,074</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">During the year ended March 31, 2026 and March 31, 2025 , there were <span style="-sec-ix-hidden: hidden-fact-262"><span style="-sec-ix-hidden: hidden-fact-263">no</span></span> non-recurring fair value measure of assets or liabilities subsequent to initial recognition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The carrying value of financial instruments not carried at fair value by categories are as below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<br/> 2026</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,<br/> 2025</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As at</b></span></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying value</b></span></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carrying value</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial assets</b></span></td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>328,586</b></span></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,077,275</b></span></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,167</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,650</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivable from government authorities</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-253; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">187,458</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long term investments</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,066</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,653</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other financial assets</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">240,193</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">365,433</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total assets</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>690,012</b></span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,856,469</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial liabilities</b></span></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22,637,202</b></span></td> <td> </td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12,548,582</b></span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,511,444</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,851,341</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">827,414</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,118,737</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,058,281</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,966,962</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured notes</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">811,178</span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-254; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt">451,348 </span></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-255; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other financial liabilities</span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,289,771</span></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,611,602</span></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total liabilities</b></span></td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30,586,638</b></span></td> <td style="padding-bottom: 1.5pt"> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22,097,224</b></span></td> <td> </td></tr> </table> 328586 1077275 100167 200650 187458 21066 25653 240193 365433 690012 1856469 22637202 12548582 2511444 2851341 827414 1118737 2058281 3966962 811178 451348 1289771 1611602 30586638 22097224 <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Carrying<br/> value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; width: 52%">Liabilities:</td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td> <td style="text-align: left; width: 1%"> </td><td style="text-align: right; width: 9%"> </td><td style="text-align: left; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Atalaya Note</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,554,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,554,074</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Carrying<br/> value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Assets held for sale</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">267,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">      -</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">267,293</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">-</div></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Atalaya Note</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,002,269</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,002,269</td><td style="text-align: left"> </td></tr> </table> 6554074 6554074 267293 267293 6002269 6002269 <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The changes in the fair value are summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unsecured<br/> Convertible Note <br/> (‘Atalaya Note’)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold">Balance as of April 1, 2024</td><td style="width: 1%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 9%; font-weight: bold; text-align: right">10,067,601</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Shares issued to Atalaya Note holders</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,324,696</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value of unsecured convertible note</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,740,636</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of March 31, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,002,269</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Balance as of April 1, 2025</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,002,269</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of unsecured convertible note</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539,805</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Loss on litigation settlement</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance as of March 31, 2026</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">6,554,074</td><td style="font-weight: bold; text-align: left"> </td></tr> </table> 10067601 -2324696 -1740636 6002269 6002269 539805 12000 6554074 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>30</b></td><td style="text-align: justify"><b>Commitments and contingencies</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(A) Claims filed by customers and third-parties not acknowledged as liability amounted to $368,616 and $220,868 as at March 31, 2026 and March 31, 2025, respectively. The claims made by the customers against the Company includes claims that have been made for amounts charged to customers by the Company as damages for improper use of vehicles and/or physical damages made to vehicles during an active trip ; or claims made by customers for unavailability of the booked vehicle or for any mechanical default in the booked vehicle ; or claims against any similar issue faced by either the host or the customer. Under the erstwhile business model of the Company , the Company had procured third-party insurance policies for fleet under its management which indemnifies against personal death and/or injuries suffered either by the customer or third-parties during the use of its vehicles. Based on the insurance coverage, the Company is confident that liability, if any, arising from the claims under the previous business model will be covered by the insurance. Further, under the current business model of the Company, wherein the Company acts only as a facilitator, any issues arising from breach of any terms including improper use of vehicles and/or physical damages made to the vehicles or any mechanical issues in the vehicle will be the responsibility of either the host or the customer. While uncertainties are inherent in the final outcome of these matters, the Company believes that the disposition of these proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">(B) The Company has received various orders and show cause notices from Indian indirect tax authorities relating to disputes on input tax credits, service tax liabilities, GST dues, and taxability of car rental revenue for periods between 2014 and 2023, totaling $3,363,842 (March 31, 2025: $9,514,651). These disputes include disallowance of input credits, service tax liabilities on booking fees and penalty charges, disputes on goods and service tax input availed, and GST demands on gross booking value. The Company has taken necessary steps, including filing appeals, submissions, and deposits, and is awaiting further communication from the authorities. In relation to the GST demands on gross booking value, the Company has filed a writ petition with various authorities challenging the order. Based on the submissions provided and documents available, management believes that no significant outflow is expected, and therefore, no provision has been recorded as of March 31, 2026 and March 31, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(C) In February 2023, a former employee of Zoomcar India instituted a suit before the City Civil and Sessions Judge at Mayo Hall, Bengaluru against Zoomcar India, Zoomcar, Inc. and Zoomcar Holdings, Inc. (formerly IOAC) challenging his termination, claiming damages amounting to $359,573 and claiming that 100,000 options to purchase shares of Zoomcar, Inc. have vested. On March 3, 2023, the City Civil and Sessions Judge at Mayo Hall, Bengaluru, issued an interim injunction to restrain each of Zoomcar, Inc. and Zoomcar Holdings, Inc. from “alienating or dealing” the 100,000 shares of Zoomcar, Inc. claimed by the former employee while the suit is pending. Zoomcar believes that such claims are baseless and is attempting to have the interim order vacated. In addition, Zoomcar India filed an application in the former employee’s suit, seeking that Zoomcar Holdings, Inc. be deleted from the array of parties in the suit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(D) Zoomcar Holdings, Inc. files tax returns in the U.S. federal, various state, and foreign jurisdictions. In the normal course of business, the Company is subject to examination by tax authorities. Our major tax jurisdiction is in India. The Indian tax authority is currently examining our 2016 through 2023 tax returns. There are other ongoing audits in various other jurisdictions that are not material to our financial statements. The Company received an order for fiscal year 2015-16 in relation to non-deduction of tax deducted at source withholding taxes on certain payments to resident payees/service providers amounting to $113,969 (March 31, 2025: $125,839). Penalty of $113,969 has been claimed but the proceedings are kept under abeyance until the above order is disposed off. The Company has filed appeals against the above orders before higher authority.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">The Company has <span style="-sec-ix-hidden: hidden-fact-264"><span style="-sec-ix-hidden: hidden-fact-265">not</span></span> recognized any uncertain tax position as at March 31, 2026 and March 31, 2025, respectively. The Company believes these orders are unlikely to be sustained at the higher appellate authorities.</p> 368616 220868 3363842 9514651 359573 100000 100000 113969 125839 113969 <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>31</b></td><td style="text-align: justify"><b>Subsequent events</b></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(A) On January 23, 2026, Zoomcar Holdings, Inc. (the “Company”) filed a Current Report on Form 8-K announcing a voluntary offer to exchange multiple classes of its outstanding warrants for shares of the Company’s common stock. Under the offer, holders of each Common Warrant are entitled to receive 20,000 shares of common stock for each warrant tendered and accepted, and holders of each Series A Warrant, Series B Warrant, Pre-Funded Warrant, Bridge Placement Agent Warrant, Placement Agent Warrant and Series A Placement Agent Warrant are entitled to receive 10 shares of common stock for each such warrant tendered and accepted. The exchange offer is subject to customary terms and stockholder approval of an increase in authorized common shares and is intended to simplify the Company’s capital structure. On April 15, 2026, the Company extended the time period for offer to exchange to May 11, 2026. Subsequently, on May 12, 2026, the Company further extended the time period for offer to exchange to June 30, 2026, and on June 25, 2026, the Company further extended the time period for offer to exchange to July 24, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">Concurrently, the Company also commenced a private placement offering of up to $5 million of units, each consisting of one share of Series A convertible preferred stock initially convertible at $0.05 per share of common stock and one warrant exercisable at $0.0625 per share of common stock, subject to customary anti-dilution adjustments, with a minimum raise of $1 million and proceeds intended for general corporate purposes, including working capital. On February 12, 2026, the Company filed an amendment to the Form 8-K to reflect revised terms, including the addition of an overallotment option exercisable by the placement agent for up to an additional $5.0 million of units, an updated offering termination date of March 31, 2026, and clarification that subscription funds will be returned if the minimum offering amount of $2 million is not achieved. On April 15, 2026 the scheduled termination date of the Offering was extend to May 11, 2026. On May 12, 2026, the Company further extend the termination date for the Offering to June 30, 2026. Subsequently on June 26, 2026 the Company extended the scheduled termination date of the Offering from June 30, 2026 to July 30, 2026. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(B) On May 11, 2026, the Company entered into a Letter of Understanding with ACM Zoomcar Convert LLC/(Atalaya) (“ACM”) for settlement of a liability with respect to a previous judgement order of $6,009,833 (together with interest and other amounts). Refer Note 16 for further details. The liability shall be settled partly by cash to the extent of $2,500,000 on or before October 31, 2026 and the remaining balance by issuance of equity at a price and on the economic terms of the next financing closed by the Company prior to the date the cash payment is made in full. Further, ACM is entitled to receive at least 10% of the gross proceeds of any capital raising activity of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(C) On April 28, 2026, Shachi Singh notified the Company of her resignation as Chief Legal Officer &amp; General Counsel of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(D) On May 10, 2026, Mohan Ananda notified the Company of his resignation from the Board of Directors of the Company, effective as of May 10, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(E) On May 14, 2026, the Company entered into a standstill agreement with CFI Capital LLC (“CFI”) relating to the Convertible Redeemable notes issued to CFI on August 24, 2025, with an original principal amount of $150,000 (the “CFI Note”). Pursuant to the agreement, CFI agreed not to exercise any conversion rights under the CFI Note that would permit conversion into shares of the Company’s common stock at a market-based conversion price prior to September 30, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify">(F) On May 15, 2026, the Company entered into a standstill agreement with Labrys Fund II, L.P. (“Labrys”) relating to the Promissory note issued to Labrys on August 19, 2025, with an original principal amount of $180,000 (the “Labrys Note”). Pursuant to the agreement, Labrys agreed to forbear from exercising any rights to convert the Labrys Note into shares of the Company’s common stock at a market-based conversion price following an event of default prior to September 30, 2026.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">(G) On April 13, 2026, the Company entered into a Termination Letter and an Indemnification Agreement with Aegis Capital Corp. (“Aegis”) (collectively, the “Aegis Documents”). Pursuant to the Aegis Documents, the Company’s prior placement agent and underwriting engagement agreements with Aegis will terminate in exchange for the future issuance to Aegis of units of securities, on the same terms as the units issued to investors in the Company’s contemplated private placement of Series A Convertible Preferred Stock and warrants, with an aggregate value of $2,000,000. The Aegis Documents are executory and will not become effective until the issuance of such consideration securities, which is expected to occur on the earlier of (i) the date that is 60 days following the consummation of the Company’s contemplated uplisting to a national securities exchange and (ii) December 31, 2026. <i>Refer to Exhibit 10.56 and Exhibit 10.57 for more details on the Aegis Documents.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0; margin-bottom: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">(H) During June 2026, Zoomcar Holdings, Inc. entered into a securities purchase agreement with accredited investors for a private placement of Series A units, each consisting of one share of Series A Convertible Preferred Stock and one warrant to purchase common stock at a purchase price of $1,000 per unit. At the first closing on June 2, 2026, the Company issued 1,143 units, raising approximately $1,143 million before fees and expenses. At the second closing on June 18, 2026, the Company issued an additional 537 Units, raising approximately $0.537 million before fees and expenses. On June 30, 2026, the Company completed the third closing of its private placement of Series A Units, issuing 195 Units (consisting of Series A Convertible Preferred Stock and accompanying warrants) for gross proceeds of approximately $0.2 million, before deducting placement agent fees and offering expenses</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering allows for the sale of up to $5,000,000 of Units, plus an additional $5,000,000 issuable under the exercise of the placement agent’s overallotment option in one or more closings, with a minimum subscription threshold of $1,000,000 to be satisfied. The Preferred Shares and warrants are both convertible into common stock at an initial price of $0.05 per share and $0.0625 per warrant respectively. ThinkEquity LLC acted as the exclusive placement agent for the Offering and is entitled to receive a cash fee equal to 10% of the gross proceeds from each closing, a non-accountable expense allowance of 1% of the gross proceeds of each closing, reimbursement of expenses, and warrants representing 10% of the common shares underlying the sold units. The Company is required to issue Placement Agent Warrants to purchase up to 2,186,000 shares of Common Stock for the first closing, 1,074,000 shares of common stock for the second closing and 390,000 shares of common stock for the third closing on substantially similar terms to those offered to investors.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">(I) Subsequently, the Company entered into Securities Purchase Agreements with certain institutional accredited investors and issued Bridge Notes with a total principal amount of $300,800. These notes were issued with an initial issue discount of $32,800. After deducting legal and due diligence fees of $23,000, the net proceeds received by the Company amounted to $245,000. The Bridge Notes bear interest at an annual rate ranging from 10% to 12% and require scheduled monthly installment repayments beginning November 30, 2026, through July 2, 2027. The Company has the option to prepay the notes, in full or in part, at a discounted rate applied to the outstanding balance. Additionally, the notes carry a default interest rate ranging from 8% to 22% per annum and include customary events of default.</p> 20000 10 5000000 1 0.05 1 0.0625 1000000 5000000 2000000 6009833 2500000 0.10 150000 180000 2000000 1 1 1000 1143 1143000000 537 0.537 195 200000 5000000 5000000 1000000 0.05 0.0625 0.10 0.01 0.10 2186000 1074000 390000 300800 32800 23000 245000 0.10 0.08 0.22 false false false false true 10-K/A http://fasb.org/srt/2026#BoardOfDirectorsChairmanMember 30292 0001854275 true FY Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20 respectively. (Refer Note 3A) Refer Note 19 for the details of the common stock and warrants issued and exercised during the year. Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20 respectively. (Refer Note 3A) Includes cost recorded towards restricted shares granted to CEO and RSU granted to directors/employees of the Company The amount of Common stock presented as zero represents decimal value less than $1. As of March 31, 2026, the impairment amounts to $3,400,071 (March 31, 2025 : $3,754,191) for the estimated losses resulting from substantial doubt about the utilization of the tax credits. This allowance for impairment of tax credits was determined by estimating future uses of tax credits against output Goods and Service Tax (“GST”). No impairment allowance has been created for the year ended March 31, 2026 and March 31, 2025. Investments includes certificate of deposits and interest accrued on the same. During the year ended March 31, 2026, the Company reassessed the assets held for sale that were previously presented under current assets. As the sale of these assets is no longer expected to be completed within one year, the conditions for classification as held for sale under ASC 360-10-45-9 are no longer met. Accordingly, the assets have been reclassified from assets held for sale to other non-current assets . In accordance with ASC 360-10-35-44, the assets have been measured at the lower of their carrying amount before classification as held for sale, adjusted for the depreciation that would have been recognised had they been continuously classified as held and used, and their fair value at the date of the decision not to sell. No adjustment was required as the adjusted carrying amount was lower than fair value. Restricted cash represented amount held as an indemnification escrow fund with the placement agent for all indemnification liabilities and expenses payable by the Company as per the placement agent agreement for a period of 3 years from closing of the November 2024 Offering. As at March 31, 2026, all dues towards the same have been settled by the Company. Maturities have been stated as per the estimated repayment timelines. For Tata Motors Finance Limited, due to non-payment of scheduled EMIs, the loan is immediately payable and is classified as current. The debts are not associated with any restrictive covenants. These debts are past overdue based on the contractual maturities. Includes payables related to operating leases and the residual value of vehicles acquired from Ayvens India Private Limited (Formerly Leaseplan India Private Limited). 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. Prior period numbers have been adjusted to reflect the First Reverse Stock Split and the Second Reverse Stock Split of the Common Stock at a ratio of 1-for-100 and 1-for-20 respectively. (Refer Note 3A) Including pre-funded/cashless exercise warrants. In 2012, the Company adopted its 2012 Equity Incentive Plan, under which the Company may grant options and restricted stock to eligible participants. The plan is equity settled. Options are generally granted for a term of ten years. Options have a graded vesting period of up to four years and the expenses are recorded on a straight-line basis over the requisite service period for each separately vesting portion of the awards. The Company cancelled certain outstanding options at the time of Reverse Recapitalization. The remaining 16 fully vested options were assumed by the Company on the Reverse Recapitalization date, exercisable at exercise price ranging from $120 to $300. Independent service provider are contract employees responsible for assisting in the day to day operations of the Company. Uri Levine become related party on March 31, 2025. However, the transactions disclosed with Uri Levine were incurred before he become a related party. Mark Bailey was a related party until December 6, 2024. Accordingly, transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed, as he was no longer classified as a related party on that date. In May 2022, Company had initiated the process of winding-up for Fleet Mobility Philippines Corporation. The assets consolidated for the VIE are not material.