Financial Position - Total current assets decreased from $5,059,696 to $2,639,787, a decline of approximately 48%[20] - Cash and cash equivalents dropped from $1,496,144 to $614,206, representing a decrease of about 59%[20] - Current liabilities increased from $31,296,055 to $37,655,737, an increase of approximately 20%[20] - Total liabilities decreased from $42,864,786 to $38,948,254, a reduction of about 9%[20] - The accumulated deficit grew from $(307,551,501) to $(313,435,055), an increase of approximately 2%[20] - The company reported a total stockholders' deficit of $(32,758,818) as of September 30, 2024, compared to $(33,692,188) on March 31, 2024[20] - The company has negative working capital of $35,015,950 as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern[35] - As of September 30, 2024, total equity deficit stands at $(32,758,818) with accumulated deficit of $(313,435,055)[24] Revenue and Expenses - Total revenue for the three months ended September 30, 2024, was $2,246,897, a decrease of 16.2% compared to $2,681,008 for the same period in 2023[21] - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $(3,351,975), compared to $(12,402,287) for the same period in 2023[22] - Total costs and expenses for the six months ended September 30, 2024, were $9,434,701, down from $17,097,303 for the same period in 2023, representing a reduction of 44.5%[21] - The company reported a loss from operations before income tax of $(1,572,251) for the three months ended September 30, 2024, compared to $(4,298,695) for the same period in 2023[21] - Comprehensive loss for the three months ended September 30, 2024, was $(3,316,834), compared to $(12,346,404) for the same period in 2023[22] - Cost of revenue for the three months ended September 30, 2024, was $1,213,422, a significant decrease from $2,737,486 for the same period in 2023[21] - Technology and development expenses for the three months ended September 30, 2024, were $734,920, down from $919,859 for the same period in 2023[21] Cash Flow - Cash used in operating activities for the six months ended September 30, 2024, was $2,496,568, down from $10,214,140 in the prior year, reflecting a decrease of about 75.5%[25] - The company reported a net cash generated from investing activities of $384,825 for the six months ended September 30, 2024, compared to a net cash used of $73,180 in the same period of 2023[25] - The company had a cash position of $614,206 at the end of the period, a decrease from $3,846,543 at the beginning of the period, representing a decline of approximately 84%[26] Shareholder Information - The company has 757,494 shares issued and outstanding as of September 30, 2024, up from 631,859 shares on March 31, 2024[20] - Additional paid-in capital increased from $272,063,258 to $276,854,023, an increase of approximately 2.9%[20] - The weighted average shares used in computing loss per share for the three months ended September 30, 2024, were 756,980, compared to 4,828 for the same period in 2023[21] - The company issued common stock upon conversion of unsecured convertible notes amounting to $2,324,683 during the reporting period[26] Debt and Liabilities - The company has a current portion of long-term debt of $3,663,830, down from $5,049,483, a decrease of about 27%[20] - The company has defaulted on equated monthly installments (EMI) payments totaling $5,804,548, which includes $1,781,841 of defaulted lease rentals, as of September 30, 2024[154] - The company has defaulted on all debt obligations totaling $1,577,289 owed to various lenders[168] - The outstanding balance of the redeemable promissory note was $3,750,000 as of September 30, 2024, including $150,000 interest accrued[174] Operational Changes - The Company has closed down operations for PT Zoomcar Indonesia Mobility Services and Zoomcar Egypt Car Rental LLC due to decreased bookings and rising economic difficulties[53] - The company has not paid any incentives to hosts during the three and six months ended September 30, 2024, as part of its marketing strategy[62] - The company has entered into negotiations with lenders to restructure payment terms and resolve outstanding claims[168] Accounting and Reporting - The Company has determined it has one operating and reportable segment, with financial information reviewed on a consolidated basis[111] - The company is evaluating the potential effects of new accounting standards updates issued by the FASB, with no immediate material impact expected on financial statements[116] - The company has classified its debt into current and non-current obligations based on payment terms, with non-current obligations maturing beyond twelve months[80] Miscellaneous - The company recorded a gain on employee benefit of 19,604, net of taxes[24] - The company recorded a net gain of $236,447 during the three months ended September 30, 2024, due to negotiations with vendors resulting in short-term deferrals or reductions in outstanding liabilities[163] - The company recognized a loss of $390,218 and a gain of $970,020 for the three months and six months ended September 30, 2024, due to changes in the fair value of the Atalaya Note[186]
Zoomcar Holdings(ZCAR) - 2024 Q3 - Quarterly Report