Financial Instruments - Fair Value Measurements (Tables)
|
12 Months Ended |
Mar. 31, 2024 |
Financial Instruments - Fair Value Measurements (Tables) [Line Items] |
|
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The
carrying value of financial instruments not carried at fair value by categories are as below:
| |
March
31, 2024 | | |
March
31, 2023 | |
As
at | |
Carrying
value | | |
Carrying
value | |
Financial assets | |
| | |
| |
Cash
and cash equivalents | |
$ | 1,794,639 | | |
$ | 3,686,741 | |
Accounts receivable | |
| 194,197 | | |
| 255,175 | |
Receivable from government
authorities | |
| 445,828 | | |
| 4,211,143 | |
Long term investments | |
| 91,947 | | |
| 254,032 | |
Other
financial assets | |
| 770,941 | | |
| 1,381,926 | |
Total
assets | |
| 3,297,552 | | |
| 9,789,017 | |
Financial
liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 14,431,587 | | |
$ | 6,547,978 | |
Debt | |
| 5,049,483 | | |
| 5,509,948 | |
Other
financial liabilities | |
| 1,232,930 | | |
| 1,349,393 | |
Total
liabilities | |
| 20,714,000 | | |
| 13,407,319 | |
|
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The
following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring
basis:
| |
March 31,
2024 | |
| |
Total
Carrying value | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| |
Assets
held for sale | |
$ | 629,908 | | |
$ | - | | |
$ | 629,908 | | |
$ | - | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Atalaya
Note | |
| 10,067,601 | | |
| - | | |
| - | | |
| 10,067,601 | |
| |
March 31,
2023 | |
| |
Total
Carrying value | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Assets: | |
| | |
| | |
| | |
| |
Assets
held for sale | |
$ | 923,176 | | |
$ | - | | |
$ | 923,176 | | |
$ | - | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Preferred
stock warrant liability | |
$ | 1,190,691 | | |
$ | - | | |
$ | - | | |
$ | 1,190,691 | |
Notes | |
| 10,944,727 | | |
| - | | |
| - | | |
| 10,944,727 | |
SSCPN | |
| 17,422,132 | | |
| - | | |
| - | | |
| 17,422,132 | |
Derivative
financial instrument | |
| 14,373,856 | | |
| - | | |
| - | | |
| 14,373,856 | |
|
Schedule of Changes in the Fair Value |
The
changes in the fair value are summarized below:
| |
Preferred
stock warrant liability | | |
Notes | | |
SSCPN | | |
Unsecured
Convertible Note (‘Atalaya Note’) | | |
Derivative
financial instrument (‘Warrants’) (Refer
Note 17) | |
Balance
as of April 01, 2022 | |
$ | 1,610,938 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Issue
of Notes | |
$ | - | | |
$ | 10,000,000 | | |
$ | - | | |
| - | | |
$ | - | |
Issue
of SSCPN and warrants | |
| - | | |
| - | | |
| 8,109,954 | | |
| - | | |
| - | |
Change
in fair value of convertible preferred stock warrant | |
| (420,247 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Change
in fair value of Notes | |
| - | | |
| 944,727 | | |
| - | | |
| - | | |
| - | |
Change
in fair value of SSCPN | |
| - | | |
| - | | |
| 9,312,177 | | |
| - | | |
| - | |
Change
in fair value of derivative financial instrument | |
| - | | |
| - | | |
| - | | |
| - | | |
| 14,373,856 | |
Balance
as of March 31, 2023 | |
| 1,190,691 | | |
| 10,944,727 | | |
| 17,422,132 | | |
| - | | |
| 14,373,856 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of April 1, 2023 | |
| 1,190,691 | | |
| 10,944,727 | | |
| 17,422,132 | | |
| - | | |
| 14,373,856 | |
Issue
of unsecured convertible note at discount | |
| - | | |
| - | | |
| - | | |
| 8,434,605 | | |
| - | |
Issue
of SSCPN and warrants | |
| - | | |
| - | | |
| 13,175,026 | | |
| - | | |
| - | |
Change
in fair value of convertible preferred stock warrant | |
| 5,284,494 | | |
| - | | |
| - | | |
| - | | |
| - | |
Change
in fair value of SSCPN | |
| | | |
| | | |
| (3,448,845 | ) | |
| | | |
| | |
Change
in fair value of Notes | |
| - | | |
| (6,990,870 | ) | |
| - | | |
| - | | |
| - | |
Change
in fair value of derivative financial instrument | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,465,293 | |
Conversion
to Common Stock | |
| - | | |
| (3,953,857 | ) | |
| (27,148,313 | ) | |
| - | | |
| - | |
Reclassification
on conversion of preferred stock warrants and derivative financial instruments of Zoomcar, Inc. to common stock warrants of the Company | |
| (6,475,185 | ) | |
| - | | |
| - | | |
| - | | |
| (17,839,149 | ) |
Change
in fair value of unsecured convertible note | |
| - | | |
| - | | |
| - | | |
| 1,632,996 | | |
| - | |
Balance
as of March 31, 2024 | |
| - | | |
| - | | |
| - | | |
| 10,067,601 | | |
| - | |
|
Warrant [Member] |
|
Financial Instruments - Fair Value Measurements (Tables) [Line Items] |
|
Schedule of Model Valuation Assumtions |
The
Company used the following assumptions for the valuation of warrant liability and derivative financial instrument in the model:
| |
December
28, 2023 | | |
March
31, 2023 | |
| |
| | |
| |
Remaining term
(years) | |
| 5.0 | | |
| 5.2 | |
Volatility1 | |
| 55 | % | |
| 53 | % |
Risk-free rate2 | |
| 3.80 | % | |
| 3.60 | % |
Estimated exercise price | |
$ | 3.0 | | |
$ | 0.23-5 | |
Fair value per share | |
$ | 3.7 | | |
$ | 10.7 | |
| 1. | Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. |
| 2. | The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
|
Unsecured Convertible Note [Member] |
|
Financial Instruments - Fair Value Measurements (Tables) [Line Items] |
|
Schedule of Model Valuation Assumtions |
The
Company used the following assumptions for the valuation of Atalaya Note as on March 31, 2024 in the model of Valuation of:
| |
Atalaya
Note | |
| |
| |
Remaining term
(years) | |
| 4.75 | |
Volatility1 | |
| 80 | % |
Risk-free rate2 | |
| 4.90 | % |
Conversion price | |
$ | 10.00 | |
Fair value per share | |
$ | 0.60 | |
1. | Expected volatility is based upon the historical volatility of a peer group of publicly traded companies. |
2. | The risk-free rate for the expected term of the warrant is based on U.S. Treasury constant maturities yield at measurement date. |
|