2024 Q1 Form 10-Q Financial Statement

#000121390024014163 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $2.180M $2.421M $0.00
YoY Change
Cost Of Revenue $1.890M $2.093M
YoY Change -36.93%
Gross Profit $290.1K $328.4K
YoY Change -109.9%
Gross Profit Margin 13.31% 13.56%
Selling, General & Admin $3.728M $9.783M
YoY Change 162.31%
% of Gross Profit 1285.08% 2979.12%
Research & Development $837.9K $1.261M
YoY Change -18.64%
% of Gross Profit 288.83% 384.04%
Depreciation & Amortization $247.0K $205.3K
YoY Change 126.81%
% of Gross Profit 85.13% 62.51%
Operating Expenses $4.602M $11.04M $1.113M
YoY Change 313.5% 372.89% -60.07%
Operating Profit -$4.312M -$10.72M -$1.113M
YoY Change 287.44% 89.53% -60.07%
Interest Expense -$187.6K $32.66M $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$2.939M -$6.378M
YoY Change
Pretax Income -$7.519M $14.43M -$58.85K
YoY Change 12677.01% -4211.45% -97.87%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.519M $14.43M -$58.85K
YoY Change 12676.79% -4211.45% -97.87%
Net Earnings / Revenue -344.89% 595.74%
Basic Earnings Per Share $4.51
Diluted Earnings Per Share -$0.12 $0.90 $0.00
COMMON SHARES
Basic Shares Outstanding 62.87M shares 3.195M shares
Diluted Shares Outstanding 16.05M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.795M $6.281M $50.27K
YoY Change 3470.0% 60066.38% -93.65%
Cash & Equivalents $1.496M $6.117M $50.27K
Short-Term Investments $298.5K $250.7K
Other Short-Term Assets $523.7K $1.139M $185.5K
YoY Change 182.31% 440.68% -20.14%
Inventory $2.000M $57.99K
Prepaid Expenses $1.445M $219.4K $185.5K
Receivables $194.2K $290.9K $255.2K
Other Receivables $427.7K $990.4K $3.963M
Total Short-Term Assets $5.060M $9.624M $235.8K
YoY Change 2045.79% 4253.82% -76.97%
LONG-TERM ASSETS
Property, Plant & Equipment $1.559M $1.887M $2.729M
YoY Change -42.86%
Goodwill
YoY Change
Intangibles $18.39K
YoY Change
Long-Term Investments $91.95K $319.4K $33.06M
YoY Change -99.72% -99.87%
Other Assets $808.7K $324.9K $425.7K
YoY Change 89.99% 220.0%
Total Long-Term Assets $4.113M $7.224M $33.06M
YoY Change -87.56% -96.96% -85.92%
TOTAL ASSETS
Total Short-Term Assets $5.060M $9.624M $235.8K
Total Long-Term Assets $4.113M $7.224M $33.06M
Total Assets $9.173M $16.85M $33.29M
YoY Change -72.45% -92.93% -85.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.28M $14.05M $6.935M
YoY Change 105.89% 123.1% 160.17%
Accrued Expenses $365.5K $484.2K
YoY Change
Deferred Revenue $716.1K $802.8K $786.6K
YoY Change -8.96%
Short-Term Debt $0.00 $0.00 $1.495M
YoY Change -100.0% -100.0%
Long-Term Debt Due $5.049M $1.631M $1.416M
YoY Change 256.64%
Total Short-Term Liabilities $31.30M $25.70M $8.552M
YoY Change 265.95% 270.93% 214.7%
LONG-TERM LIABILITIES
Long-Term Debt $15.82M $0.00
YoY Change
Other Long-Term Liabilities $1.501M $1.557M $12.10M
YoY Change -87.59% -87.13% 0.0%
Total Long-Term Liabilities $0.00 $17.37M $12.10M
YoY Change -100.0% 43.59% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.30M $25.70M $8.552M
Total Long-Term Liabilities $0.00 $17.37M $12.10M
Total Liabilities $42.86M $43.08M $20.65M
YoY Change 107.56% 126.38% 39.38%
SHAREHOLDERS EQUITY
Retained Earnings -$307.6M -$300.0M -$20.42M
YoY Change 1406.33% 1495.14% 49.45%
Common Stock $272.1M $272.1M $22.14M
YoY Change 1128.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$33.69M -$26.23M -$20.42M
YoY Change
Total Liabilities & Shareholders Equity $9.173M $16.85M $33.29M
YoY Change -72.45% -92.93% -85.88%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$7.519M $14.43M -$58.85K
YoY Change 12676.79% -4211.45% -97.87%
Depreciation, Depletion And Amortization $247.0K $205.3K
YoY Change 126.81%
Cash From Operating Activities -$13.66M -$7.640M -$460.2K
YoY Change 2867.87% 2672.85% 144.62%
INVESTING ACTIVITIES
Capital Expenditures $81.43K $61.30K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $144.3K -$3.126M $206.0M
YoY Change -99.93%
Cash From Investing Activities $62.82K -$3.188M $206.0M
YoY Change -99.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $206.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.998M 13.46M -205.5M
YoY Change -104.38% 6627.51%
NET CHANGE
Cash From Operating Activities -13.66M -7.640M -460.2K
Cash From Investing Activities 62.82K -3.188M 206.0M
Cash From Financing Activities 8.998M 13.46M -205.5M
Net Change In Cash -4.597M 2.627M 39.84K
YoY Change -11638.23% -3578.58% -121.18%
FREE CASH FLOW
Cash From Operating Activities -$13.66M -$7.640M -$460.2K
Capital Expenditures $81.43K $61.30K
Free Cash Flow -$13.74M -$7.701M
YoY Change

Facts In Submission

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organization, Business operation and Going concern.</b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zoomcar Holdings, Inc. <i>(formerly “Innovative International Acquisition Corp”) </i>a Delaware corporation provides mobility solutions to consumers and businesses. The accompanying Condensed 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 as well as rental business under the Zoomcar brand with its operations in India, Indonesia, and Egypt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 28, 2023 (the “Closing Date”), pursuant to a Merger Agreement dated October 13, 2022 by and among Innovative International Acquisition Corp (“IOAC” or “SPAC”), Innovative International Merger Sub, Inc. and Zoomcar, Inc., the parties consummated the merger of Innovative International Merger Sub, Inc. with and into Zoomcar, Inc., with Zoomcar, Inc., continuing as the surviving corporation (the “Merger”), as well as the other transactions contemplated by the Merger Agreement (the Merger and such other transactions, the “Reverse Recapitalization”). In connection with the closing (the “Closing”) of the Reverse Recapitalization, Zoomcar, Inc. became a wholly owned subsidiary of IOAC and IOAC changed its name to Zoomcar Holdings, Inc., and all of Zoomcar, Inc. common stock, convertible preferred stock and convertible notes automatically converted into shares of the Company’s common stock having a par value of $ 0.0001 per share. The Company’s Common Stock and Warrants commenced trading on the Nasdaq Global Market (“Nasdaq”) under the symbols “ZCAR” and “ZCARW,” respectively, on December 28, 2023. Refer to Note 3 to these Condensed Consolidated Financial Statements for more information on the Reverse Recapitalization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zoomcar, Inc., determined that it was the accounting acquirer in the Reverse Recapitalization based on an analysis of the criteria outlined in ASC 805, Business Combinations. The determination was primarily based on the following facts:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</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">Zoomcar, Inc’s shareholders, prior to the Reverse Recapitalization, have the largest voting interest in the post-combination Company;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Zoomcar, Inc., prior to the Closing, appointed the majority of the Company’s Board of Directors (effective upon the Reverse Recapitalization, the Company’s Board consists of seven directors, including two directors designated by IOAC prior to the Closing and five directors designated by Zoomcar, Inc., prior to the Closing; four of the Company’s directors immediately after the Closing have been determined to be independent within the meaning of the independent director standards of the Securities and Exchange Commission and The Nasdaq Stock Market LLC);</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">The executive officers of Zoomcar, Inc. became the initial executive officers of the Company after the Reverse Recapitalization;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Zoomcar, Inc., is the larger entity, in terms of substantive operations and employee base;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">Zoomcar, Inc., will comprise the ongoing operations of the combined entity; and</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 74.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><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">The combined entity will continue under the name of Zoomcar Holdings, Inc.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Zoomcar, Inc., issuing stock for the net assets of IOAC. The primary asset acquired from IOAC was related to the cash amounts that were assumed. Separately, the Company also assumed warrants that were reclassified to equity upon Closing of the Reverse Recapitalization. No goodwill or other intangible assets were recorded as a result of the Reverse Recapitalization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While IOAC was the legal acquirer in the Reverse Recapitalization, because Zoomcar, Inc., was deemed to be the accounting acquirer, the historical financial statements of Zoomcar, Inc., became the historical financial statements of the combined entity upon the consummation of the Reverse Recapitalization. As a result, the financial statements included in this report reflect (i) the historical operating results of Zoomcar, Inc., prior to the Reverse Recapitalization; (ii) the results of the combined entity following the Closing of the Reverse Recapitalization; (iii) sum of the assets and liabilities of both Zoomcar, Inc., and the SPAC at their historical cost; and (iv) the combined entity’s equity structure for all periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For periods before the Reverse Recapitalization, shareholders’ equity of the combined entity is presented based on the historical equity of Zoomcar, Inc., restated using the exchange ratio to reflect the equity structure of the SPAC.</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Going concern</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 71.75pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company incurred a net loss of $26,757,978 during the nine months ended December 31, 2023, and cash used in operations during the period was $8,542,144. The Company’s accumulated deficit amounts to $300,032,229 as of December 31, 2023 (March 31, 2023: $270,002,281). The Company has negative working capital of $16,079,313 (inclusive of cash received in merger transaction).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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 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 the condensed consolidated financial statements were issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">On February 1, 2024, the Company entered into an agreement with two of the former members of the Sponsor pursuant to which the Company agreed to waive the lock-up restrictions provided for in the Letter Agreement with respect to the Lock-Up Release Parties for a period of 120 days in exchange for a cash fee to be paid by the Lock-Up Release Parties to the Company. Management expect that this will result in over $2,000,000 of net inflows to the company over the next 120 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">Without raising additional capital, there is substantial doubt about the Company’s ability to continue as a going concern. Considering the commitment of support by the largest investor the accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.<span style="font-family: Times New Roman, Times, Serif"> </span></p>
ioacu Board Of Directors
BoardOfDirectors
five
us-gaap Liability For Asbestos And Environmental Claims Net Incurred Loss1
LiabilityForAsbestosAndEnvironmentalClaimsNetIncurredLoss1
26757978 usd
CY2023Q4 us-gaap Investments And Cash
InvestmentsAndCash
8542144 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-270002281 usd
ioacu Working Capital
WorkingCapital
16079313 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
2000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>iii.</b></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"><b>Use of estimates and assumptions</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The use of estimates and assumptions as determined by management is required in the preparation of the Condensed 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 Condensed Consolidated Financial Statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimates and underlying assumptions are reviewed on an ongoing basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The significant estimates, judgments and assumptions that affect the condensed consolidated financial statements include, but are not limited to; are:</span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimation of defined benefit obligation</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-right: 29.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimation of useful lives and residual values of property, plant &amp; equipment, and intangible assets</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurement of financial instruments</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value measurement of share-based payments</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases – assumption to determine the incremental borrowing rate</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount rate for discounting deferred payments</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance on deferred tax assets</span></td></tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimation of utilization of receivable from government authorities</span></td></tr></table>
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
99899 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
260705 usd
CY2023Q4 ioacu Number Of Kilometer For Disposal Vehicles
NumberOfKilometerForDisposalVehicles
120000 kilometers
CY2023Q4 ioacu Number Of Kilometer For Disposal Vehicles
NumberOfKilometerForDisposalVehicles
75000 miles
ioacu Provisions And Accrued Expenses
ProvisionsAndAccruedExpenses
<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>xi.</b></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"><b>Provisions and accrued expenses.</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A provision is recognized in the consolidated balance sheet 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.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5770630 usd
CY2023Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
10947805 usd
CY2023Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
20000000 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
11500000 shares
us-gaap Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
11.5
CY2023Q4 ioacu Sponsor Purchased
SponsorPurchased
1666666 shares
CY2023Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
3
CY2023Q4 ioacu Aggregate Gross Proceeds
AggregateGrossProceeds
5000000 usd
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
27327481 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
9192377 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
2738172 shares
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
3617333 shares
ioacu Number Of Shares
NumberOfShares
42875363 shares
CY2023Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
6028945 usd
CY2023Q1 us-gaap Cash And Due From Banks
CashAndDueFromBanks
3657580 usd
CY2023Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
86373 usd
CY2023Q1 us-gaap Deposit Liability Current
DepositLiabilityCurrent
15633 usd
CY2023Q4 us-gaap Cash
Cash
1675 usd
CY2023Q1 us-gaap Cash
Cash
13528 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6116993 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3686741 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
290871 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
255175 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
290871 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
255175 usd
CY2023Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
990446 usd
CY2023Q1 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
3962822 usd
CY2023Q4 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
3241783 usd
CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
248321 usd
CY2023Q4 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
23389 usd
CY2023Q1 us-gaap Insurance Settlements Receivable
InsuranceSettlementsReceivable
23677 usd
CY2023Q4 us-gaap Supplies
Supplies
57989 usd
CY2023Q1 us-gaap Supplies
Supplies
88115 usd
CY2023Q4 us-gaap Deposit Security Sold Short
DepositSecuritySoldShort
135962 usd
CY2023Q1 us-gaap Deposit Security Sold Short
DepositSecuritySoldShort
53585 usd
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
115412 usd
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
174654 usd
CY2023Q4 us-gaap Advance Royalties
AdvanceRoyalties
113512 usd
CY2023Q1 us-gaap Advance Royalties
AdvanceRoyalties
87679 usd
CY2023Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
537290 usd
CY2023Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
578523 usd
CY2023Q4 us-gaap Other Receivables
OtherReceivables
155165 usd
CY2023Q1 us-gaap Other Receivables
OtherReceivables
143976 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1138719 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1150209 usd
CY2023Q4 us-gaap Public Utilities Property Plant And Equipment Vehicles
PublicUtilitiesPropertyPlantAndEquipmentVehicles
656885 usd
CY2023Q1 us-gaap Public Utilities Property Plant And Equipment Vehicles
PublicUtilitiesPropertyPlantAndEquipmentVehicles
923176 usd
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
656885 usd
CY2023Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
923176 usd
CY2023Q4 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
9940 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
11325 usd
CY2022Q4 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1690003 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1659575 usd
CY2023Q4 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
165216 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
165216 usd
CY2022Q4 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
51032 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
93884 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4389260 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4738703 usd
CY2023Q4 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
2502466 usd
CY2023Q1 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
2010180 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1886794 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2728523 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
4125088 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
4179272 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1886794 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2728523 usd
CY2023Q4 us-gaap Depreciation
Depreciation
205260 usd
us-gaap Depreciation
Depreciation
624630 usd
CY2023Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
38790 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
130028 usd
CY2022Q4 us-gaap Depreciation
Depreciation
90499 usd
us-gaap Depreciation
Depreciation
294522 usd
CY2022Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
200803 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
310139 usd
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
3075 usd
CY2023Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
152659 usd
CY2022Q4 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
203115 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
469140 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
637164 usd
CY2023Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
127399 usd
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
135301 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
387681 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
408713 usd
CY2023Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
43691 usd
CY2022Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
21744 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
123364 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
82494 usd
CY2023Q4 us-gaap Lease Cost
LeaseCost
323749 usd
CY2022Q4 us-gaap Lease Cost
LeaseCost
360160 usd
us-gaap Lease Cost
LeaseCost
980185 usd
us-gaap Lease Cost
LeaseCost
1131446 usd
CY2023Q4 us-gaap Lease Deposit Liability
LeaseDepositLiability
364223 usd
CY2023Q1 us-gaap Lease Deposit Liability
LeaseDepositLiability
369007 usd
CY2023Q4 ioacu Equated Monthly Instalment Outstanding
EquatedMonthlyInstalmentOutstanding
5761308 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
492261 usd
ioacu Equated Monthly Instalment Interest Rate On Overdue
EquatedMonthlyInstalmentInterestRateOnOverdue
0.01 pure
ioacu Equated Monthly Instalment Overdue Amount
EquatedMonthlyInstalmentOverdueAmount
16669 usd
ioacu Overdue Unpaid Term Of Contract
OverdueUnpaidTermOfContract
P60D
ioacu Equated Monthly Instalment Interest Rate On Unpaid Overdue
EquatedMonthlyInstalmentInterestRateOnUnpaidOverdue
0.015 pure
ioacu Outstanding Debt Due And Payable
OutstandingDebtDueAndPayable
1200000 usd
ioacu Percentage Of Debt Due And Payable Interest
PercentageOfDebtDueAndPayableInterest
0.015 pure
CY2023Q4 ioacu Debentures
Debentures
361817 usd
CY2023Q1 ioacu Debentures
Debentures
454969 usd
CY2023Q4 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
1269251 usd
CY2023Q1 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
960892 usd
CY2023Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
2553368 usd
CY2023Q1 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
2470748 usd
CY2023Q4 ioacu Short Term Non Bank Loans And Notes Payable Non Current
ShortTermNonBankLoansAndNotesPayableNonCurrent
1865032 usd
CY2023Q1 ioacu Short Term Non Bank Loans And Notes Payable Non Current
ShortTermNonBankLoansAndNotesPayableNonCurrent
3039200 usd
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
219142 usd
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
158455 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Maturity Of Time Deposits
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P12M
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
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CY2023Q1 us-gaap Security Deposit
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CY2023Q1 us-gaap Convertible Debt Noncurrent
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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2030936 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q4 us-gaap Long Term Debt
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0.10 pure
CY2022Q4 ioacu Percentage Of Debentures
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CY2023Q4 ioacu Outstanding Balance
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us-gaap Line Of Credit Facility Interest Rate During Period
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CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Expense
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us-gaap Income Tax Examination Penalties And Interest Expense
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CY2023Q1 us-gaap Notes Payable Fair Value Disclosure
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CY2023Q1 us-gaap Notes Payable
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CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
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us-gaap Debt Conversion Original Debt Interest Rate Of Debt
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CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
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CY2023Q4 us-gaap Debt Instrument Face Amount
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ioacu Warrants And Placement Agents Issued
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CY2023Q4 us-gaap Equity Fair Value Adjustment
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us-gaap Equity Fair Value Adjustment
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CY2023Q1 us-gaap Investment Owned Balance Principal Amount
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CY2023Q1 us-gaap Convertible Long Term Notes Payable
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CY2023Q4 us-gaap Investment Interest Rate
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P5Y
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 ioacu Fair Value Option
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CY2023Q4 us-gaap Shortterm Debt Fair Value
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DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
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CY2023Q4 ioacu Fair Value Option Changes In Fair Value
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CY2023Q4 us-gaap Investment Owned Balance Principal Amount
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CY2023Q4 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
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CY2023Q4 ioacu Unrestricted Shares
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CY2023Q4 us-gaap Product Warranty Accrual Classified Current
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CY2023Q1 us-gaap Product Warranty Accrual Classified Current
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CY2023Q4 us-gaap Sales And Excise Tax Payable Current And Noncurrent
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CY2023Q4 ioacu Capital Creditor
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CY2023Q1 ioacu Capital Creditor
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CY2023Q4 ioacu Employee Benefit Expenses Payable
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CY2023Q4 us-gaap Other Liabilities
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CY2023Q1 us-gaap Other Liabilities
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CY2023Q4 us-gaap Other Liabilities Current
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CY2023Q1 us-gaap Other Liabilities Current
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CY2023Q4 ioacu Other Liabilities With Related Parties
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CY2023Q1 ioacu Other Liabilities With Related Parties
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CY2023Q4 ioacu Other Liabilitie Current
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CY2023Q1 ioacu Other Liabilitie Current
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CY2023Q4 us-gaap Excess Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Shares Issued
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ioacu Exchange Shares
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ioacu Cash Amount In Consideration
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Value
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CY2023Q4 us-gaap Preferred Stock Liquidation Preference Value
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us-gaap Acquisition Cost Ratio
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CY2023Q4 us-gaap Revenues
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CY2022Q4 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q4 us-gaap Contract With Customer Liability Current
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CY2023Q1 us-gaap Contract With Customer Liability Current
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2023Q4 us-gaap Deferred Revenue
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CY2023Q1 us-gaap Deferred Revenue
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us-gaap Deferred Revenue Revenue Recognized1
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CY2022Q4 us-gaap Deferred Revenue Revenue Recognized1
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us-gaap Deferred Revenue Revenue Recognized1
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CY2023Q4 ioacu Chanages In Fair Valueof Finance Cost Stock Warrant
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CY2022Q4 ioacu Chanages In Fair Valueof Finance Cost Stock Warrant
ChanagesInFairValueofFinanceCostStockWarrant
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ioacu Chanages In Fair Valueof Finance Cost Stock Warrant
ChanagesInFairValueofFinanceCostStockWarrant
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ioacu Chanages In Fair Valueof Finance Cost Stock Warrant
ChanagesInFairValueofFinanceCostStockWarrant
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CY2022Q4 ioacu Chanages In Fair Valueof Finance Cost Convertible Promissory Notes
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ioacu Chanages In Fair Valueof Finance Cost Convertible Promissory Notes
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308832 usd
CY2023Q4 ioacu Discount On Issue Of Unsecured Convertible Note
DiscountOnIssueOfUnsecuredConvertibleNote
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ioacu Discount On Issue Of Unsecured Convertible Note
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632595 usd
CY2023Q4 ioacu Chanages In Fair Valueof Finance Cost Convertible Note
ChanagesInFairValueofFinanceCostConvertibleNote
1732589 usd
ioacu Chanages In Fair Valueof Finance Cost Convertible Note
ChanagesInFairValueofFinanceCostConvertibleNote
1732589 usd
ioacu Change In Fair Value Of Derivative Financial Instrument
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CY2022Q4 ioacu Interest On Promissory Note
InterestOnPromissoryNote
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ioacu Interest On Promissory Note
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us-gaap Notes Issued1
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CY2023Q4 ioacu Bank Charges
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CY2022Q4 ioacu Bank Charges
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ioacu Bank Charges
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CY2023Q4 ioacu Other Borrowings Costs
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CY2022Q4 ioacu Other Borrowings Costs
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ioacu Other Borrowings Costs
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CY2023Q4 us-gaap Costs And Expenses Related Party
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CY2022Q4 us-gaap Costs And Expenses Related Party
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CY2023Q4 ioacu Interest On Vehicle Loans
InterestOnVehicleLoans
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CY2022Q4 ioacu Interest On Vehicle Loans
InterestOnVehicleLoans
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ioacu Interest On Vehicle Loans
InterestOnVehicleLoans
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InterestOnVehicleLoans
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CY2023Q4 us-gaap Cost Of Goods And Services Sold
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CY2022Q4 us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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CY2023Q4 us-gaap Interest Income Expense Net
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InterestIncomeExpenseNet
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CY2023Q4 us-gaap Unrealized Gain Loss On Derivatives
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CY2023Q4 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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CY2023Q4 ioacu Fair Value Of Derivative Financial Instrument
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CY2023Q4 us-gaap Gains Losses On Sales Of Assets
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us-gaap Gains Losses On Sales Of Assets
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CY2023Q4 us-gaap Gain Loss On Sale Of Other Assets
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CY2022Q4 us-gaap Gain Loss On Sale Of Other Assets
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CY2023Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022Q4 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q4 us-gaap Gain Loss On Securitization Of Financial Assets
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CY2023Q4 us-gaap Proceeds Contract With Customer Asset Previously Written Off Recovery
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CY2023Q4 ioacu Provision Written Off
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CY2023Q4 us-gaap Interest Income Other
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CY2023Q4 ioacu Interest Income From Related Parties
InterestIncomeFromRelatedParties
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CY2022Q4 ioacu Interest Income From Related Parties
InterestIncomeFromRelatedParties
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ioacu Interest Income From Related Parties
InterestIncomeFromRelatedParties
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InterestIncomeFromRelatedParties
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CY2023Q4 ioacu Other Income From Related Parties
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CY2022Q4 ioacu Other Income From Related Parties
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CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023Q4 us-gaap Income Loss Attributable To Parent
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CY2022Q4 us-gaap Income Loss Attributable To Parent
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CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
482681 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2023Q4 us-gaap Earnings Per Share Basic
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CY2023Q4 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q4 ioacu Convertible Preferred Stockin Shares
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CY2022Q4 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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CY2023Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2022Q4 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2023Q4 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
11500000 usd
CY2023Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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CY2023Q4 ioacu Unsecured Convertible Note
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ioacu Unsecured Convertible Note
UnsecuredConvertibleNote
23150 usd
CY2023Q4 us-gaap Dilutive Securities
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CY2022Q4 us-gaap Dilutive Securities
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us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Dilutive Securities
DilutiveSecurities
157340674 usd
CY2023Q4 ioacu Gratuity
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88040 usd
CY2023Q1 ioacu Gratuity
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70872 usd
CY2023Q4 us-gaap Compensated Absences Liability
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90399 usd
CY2023Q1 us-gaap Compensated Absences Liability
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CY2023Q4 ioacu Pension And Other Postretirement Defined Benefit
PensionAndOtherPostretirementDefinedBenefit
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CY2023Q1 ioacu Pension And Other Postretirement Defined Benefit
PensionAndOtherPostretirementDefinedBenefit
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CY2023Q4 ioacu Gratuity Non Current
GratuityNonCurrent
262376 usd
CY2023Q1 ioacu Gratuity Non Current
GratuityNonCurrent
215841 usd
CY2023Q4 ioacu Compensated Absences Liability Non Current
CompensatedAbsencesLiabilityNonCurrent
247136 usd
CY2023Q1 ioacu Compensated Absences Liability Non Current
CompensatedAbsencesLiabilityNonCurrent
222967 usd
CY2023Q4 ioacu Non Current Pension And Other Employee Obligation
NonCurrentPensionAndOtherEmployeeObligation
509512 usd
CY2023Q1 ioacu Non Current Pension And Other Employee Obligation
NonCurrentPensionAndOtherEmployeeObligation
438808 usd
CY2023Q3 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
347647 usd
CY2022Q3 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
283073 usd
CY2023Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
286713 usd
CY2022Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
341726 usd
CY2023Q4 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
20975 usd
CY2022Q4 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
26445 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
71084 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
77391 usd
CY2023Q4 us-gaap Interest Costs Incurred
InterestCostsIncurred
3748 usd
CY2022Q4 us-gaap Interest Costs Incurred
InterestCostsIncurred
4558 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
13541 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
14427 usd
CY2023Q4 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
17989 usd
CY2022Q4 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-11097 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
61594 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-39247 usd
CY2023Q4 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
39713 usd
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
5507 usd
us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
78390 usd
us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
75131 usd
CY2023Q4 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
230 usd
CY2022Q4 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
5681 usd
us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
4126 usd
us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
27375 usd
CY2023Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
350416 usd
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
291791 usd
CY2023Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
350416 usd
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
291791 usd
CY2023Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
88040 usd
CY2022Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
82661 usd
CY2023Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
262376 usd
CY2022Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
209130 usd
CY2023Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Current And Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent
350416 usd
CY2022Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Current And Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent
291791 usd
CY2023Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
DefinedBenefitPlanAccumulatedBenefitObligation
254630 usd
CY2022Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
DefinedBenefitPlanAccumulatedBenefitObligation
208211 usd
CY2023Q4 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
17989 usd
CY2022Q4 us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
-11097 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
61594 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss Immediate Recognition As Component In Net Periodic Benefit Cost Credit
DefinedBenefitPlanActuarialGainLossImmediateRecognitionAsComponentInNetPeriodicBenefitCostCredit
-39247 usd
CY2023Q4 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
5250 usd
CY2022Q4 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
4466 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
15859 usd
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
13826 usd
CY2023Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
23239 usd
CY2022Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-6631 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
77453 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-25421 usd
CY2023Q4 ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
ActuarialgainlossDueToDemographicAssumptionChangesInDefinedBenefitObligation
-3178 usd
CY2022Q4 ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
ActuarialgainlossDueToDemographicAssumptionChangesInDefinedBenefitObligation
-6724 usd
ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
ActuarialgainlossDueToDemographicAssumptionChangesInDefinedBenefitObligation
-2430 usd
ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
ActuarialgainlossDueToDemographicAssumptionChangesInDefinedBenefitObligation
-9619 usd
CY2023Q4 ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
ActuarialgainLossDueToFinancialAssumptionChangesInDefinedBenefitObligation
5847 usd
CY2022Q4 ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
ActuarialgainLossDueToFinancialAssumptionChangesInDefinedBenefitObligation
1651 usd
ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
ActuarialgainLossDueToFinancialAssumptionChangesInDefinedBenefitObligation
312 usd
ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
ActuarialgainLossDueToFinancialAssumptionChangesInDefinedBenefitObligation
-6106 usd
CY2023Q4 ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
ActuarialgainlossDueToExperienceOnDefinedBenefitObligation
15320 usd
CY2022Q4 ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
ActuarialgainlossDueToExperienceOnDefinedBenefitObligation
-6024 usd
ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
ActuarialgainlossDueToExperienceOnDefinedBenefitObligation
63712 usd
ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
ActuarialgainlossDueToExperienceOnDefinedBenefitObligation
-23522 usd
CY2023Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
17989 usd
CY2022Q4 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-11097 usd
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
61594 usd
us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax
-39247 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
22838 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
81162 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
45550 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
28756 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
21252 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
152981 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
352539 usd
CY2023Q4 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
98424 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
317248 usd
CY2022Q4 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
137458 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
510853 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
719167 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
17904823 shares
CY2023Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
51848 usd
CY2022Q4 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
60783 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
134883 usd
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
574846 usd
CY2023Q4 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
117070 usd
CY2022Q4 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
93467 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
182017 usd
us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
358840 usd
CY2023Q4 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1096910 usd
CY2022Q4 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
338885 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1566833 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2198783 usd
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1265828 usd
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
493135 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1883733 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3132468 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.30 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M8D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y9M3D
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3319980 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M3D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1265828 shares
ioacu Option Exchange Ratio
OptionExchangeRatio
0.0284
CY2023Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
965318 usd
CY2023Q1 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
887440 usd
CY2023Q4 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
3649161 usd
CY2023Q1 us-gaap Related Party Deposit Liabilities
RelatedPartyDepositLiabilities
12296480 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6281374 usd
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
3853281 usd
CY2023Q4 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
290871 usd
CY2023Q1 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
255175 usd
CY2023Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
4232229 usd
CY2023Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
4211143 usd
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
319401 usd
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
254032 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
12089193 usd
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
9461071 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
AccountsPayableAndAccruedLiabilitiesFairValueDisclosure
14179685 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
AccountsPayableAndAccruedLiabilitiesFairValueDisclosure
6547978 usd
CY2023Q4 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
FederalHomeLoanBankBorrowingsFairValueDisclosure
4418400 usd
CY2023Q1 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
FederalHomeLoanBankBorrowingsFairValueDisclosure
5509948 usd
CY2023Q4 ioacu Other Financial Liabilities Fair Value Disclosure
OtherFinancialLiabilitiesFairValueDisclosure
1516260 usd
CY2023Q1 ioacu Other Financial Liabilities Fair Value Disclosure
OtherFinancialLiabilitiesFairValueDisclosure
1349393 usd
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
20114345 usd
CY2023Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
13407319 usd
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
656885 usd
CY2023Q4 us-gaap Unsecured Debt
UnsecuredDebt
10167194 usd
CY2023Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
923176 usd
CY2023Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1190691 usd
CY2023Q1 ioacu Convertible Promissory Note
ConvertiblePromissoryNote
10944727 usd
CY2023Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
17422132 usd
CY2023Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
14373856 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Debt Instrument Convertible Conversion Price Increase
DebtInstrumentConvertibleConversionPriceIncrease
10
CY2023Q4 us-gaap Share Price
SharePrice
3.7
CY2023Q1 ioacu Derivative Liabilities Fair Value
DerivativeLiabilitiesFairValue
14373856 usd
CY2019Q3 ioacu Vehicles Purchased
VehiclesPurchased
434989 usd
CY2023Q1 ioacu Vehicles Purchased
VehiclesPurchased
440703 usd
us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
4446347 usd
CY2023Q1 us-gaap Direct Taxes And Licenses Costs
DirectTaxesAndLicensesCosts
4504751 usd
us-gaap Loss Contingency Related Receivable Carrying Value Period Increase Decrease
LossContingencyRelatedReceivableCarryingValuePeriodIncreaseDecrease
34182 usd
us-gaap Cost Of Goods Sold Direct Financing Lease
CostOfGoodsSoldDirectFinancingLease
444637 usd
CY2023Q1 us-gaap Cost Of Goods Sold Direct Financing Lease
CostOfGoodsSoldDirectFinancingLease
450477 usd
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
9341 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
100000 shares
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
100000 shares
CY2023Q1 ioacu Accounts Payable Towards Related Party
AccountsPayableTowardsRelatedParty
usd
CY2023Q4 ioacu Preferred Stock Warrant Liability
PreferredStockWarrantLiability
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CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
usd
CY2023Q4 us-gaap Convertible Subordinated Debt Noncurrent
ConvertibleSubordinatedDebtNoncurrent
usd
CY2023Q1 ioacu Unsecured Convertible Note1
UnsecuredConvertibleNote1
usd
CY2023Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
usd
CY2023Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
usd
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
ioacu Interest On Convertible Notes
InterestOnConvertibleNotes
usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Other Expenses
OtherExpenses
usd
us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
usd
us-gaap Gain Loss On Securitization Of Financial Assets
GainLossOnSecuritizationOfFinancialAssets
usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
usd
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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ioacu Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
usd
ioacu Issue Of Common Stock To Vendors Against Services
IssueOfCommonStockToVendorsAgainstServices
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us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
usd
ioacu Payments For Offering Cost
PaymentsForOfferingCost
usd
ioacu Warrants Issued On Completion Of Reverse Recapitialization
WarrantsIssuedOnCompletionOfReverseRecapitialization
usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2023Q4 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
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CY2022Q4 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
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us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
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CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
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CY2023Q4 us-gaap Notes Payable
NotesPayable
usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
usd
CY2022Q4 us-gaap Equity Fair Value Adjustment
EquityFairValueAdjustment
usd
us-gaap Equity Fair Value Adjustment
EquityFairValueAdjustment
usd
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
usd
CY2023Q1 ioacu Fair Value Option
FairValueOption
usd
CY2023Q1 us-gaap Other Notes Payable
OtherNotesPayable
usd
CY2023Q4 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
usd
CY2023Q4 ioacu Chanages In Fair Valueof Finance Cost Convertible Promissory Notes
ChanagesInFairValueofFinanceCostConvertiblePromissoryNotes
usd
ioacu Chanages In Fair Valueof Finance Cost Convertible Promissory Notes
ChanagesInFairValueofFinanceCostConvertiblePromissoryNotes
usd
CY2022Q4 ioacu Discount On Issue Of Unsecured Convertible Note
DiscountOnIssueOfUnsecuredConvertibleNote
usd
ioacu Discount On Issue Of Unsecured Convertible Note
DiscountOnIssueOfUnsecuredConvertibleNote
usd
CY2022Q4 ioacu Chanages In Fair Valueof Finance Cost Convertible Note
ChanagesInFairValueofFinanceCostConvertibleNote
usd
ioacu Chanages In Fair Valueof Finance Cost Convertible Note
ChanagesInFairValueofFinanceCostConvertibleNote
usd
CY2023Q4 ioacu Change In Fair Value Of Derivative Financial Instrument
ChangeInFairValueOfDerivativeFinancialInstrument
usd
CY2022Q4 ioacu Change In Fair Value Of Derivative Financial Instrument
ChangeInFairValueOfDerivativeFinancialInstrument
usd
ioacu Change In Fair Value Of Derivative Financial Instrument
ChangeInFairValueOfDerivativeFinancialInstrument
usd
CY2023Q4 ioacu Interest On Promissory Note
InterestOnPromissoryNote
usd
ioacu Interest On Promissory Note
InterestOnPromissoryNote
usd
CY2023Q4 us-gaap Notes Issued1
NotesIssued1
usd
CY2022Q4 us-gaap Notes Issued1
NotesIssued1
usd
us-gaap Notes Issued1
NotesIssued1
usd
CY2022Q4 us-gaap Unrealized Gain Loss On Derivatives
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us-gaap Unrealized Gain Loss On Derivatives
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CY2022Q4 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
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CY2022Q4 ioacu Fair Value Of Derivative Financial Instrument
FairValueOfDerivativeFinancialInstrument
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ioacu Fair Value Of Derivative Financial Instrument
FairValueOfDerivativeFinancialInstrument
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ioacu Fair Value Of Derivative Financial Instrument
FairValueOfDerivativeFinancialInstrument
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CY2022Q4 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
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us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
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CY2022Q4 us-gaap Gain Loss On Securitization Of Financial Assets
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us-gaap Gain Loss On Securitization Of Financial Assets
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CY2022Q4 ioacu Provision Written Off
ProvisionWrittenOff
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ioacu Provision Written Off
ProvisionWrittenOff
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CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q4 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2023Q4 ioacu Convertible Preferred Stockin Shares
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ioacu Convertible Preferred Stockin Shares
ConvertiblePreferredStockinShares
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CY2023Q4 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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CY2022Q4 us-gaap Proceeds From Issuance Of Warrants
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us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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CY2022Q4 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
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CY2022Q4 ioacu Unsecured Convertible Note
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ioacu Unsecured Convertible Note
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
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CY2023Q4 ioacu Convertible Promissory Note
ConvertiblePromissoryNote
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CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
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CY2023Q4 ioacu Derivative Liabilities Fair Value
DerivativeLiabilitiesFairValue
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Entity Central Index Key
EntityCentralIndexKey
0001854275
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd

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