2024 Q2 Form 10-K Financial Statement

#000121390024060948 Filed on July 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
Revenue $2.241M $2.180M $9.897M
YoY Change 12.13%
Cost Of Revenue $1.512M $1.890M $10.33M
YoY Change -58.12% -50.03%
Gross Profit $728.7K $290.1K -$434.4K
YoY Change -120.18% -96.33%
Gross Profit Margin 32.52% 13.31% -4.39%
Selling, General & Admin $3.201M $3.728M $23.01M
YoY Change -38.19% 18.44%
% of Gross Profit 439.34% 1285.08%
Research & Development $901.8K $837.9K $4.346M
YoY Change -32.04% -16.05%
% of Gross Profit 123.75% 288.83%
Depreciation & Amortization $113.3K $247.0K $1.002M
YoY Change -55.64% 35.28%
% of Gross Profit 15.55% 85.13%
Operating Expenses $4.103M $4.602M $27.36M
YoY Change 379.78% 313.5% 11.18%
Operating Profit -$3.375M -$4.312M -$31.67M
YoY Change 294.58% 287.44% -13.13%
Interest Expense $980.0K -$187.6K $4.185M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$48.05K -$2.939M -$10.29M
YoY Change
Pretax Income -$2.532M -$7.519M -$34.28M
YoY Change 451.79% 12677.01% -44.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.532M -$7.519M -$34.28M
YoY Change 451.79% 12676.79% -44.74%
Net Earnings / Revenue -112.97% -344.89% -346.33%
Basic Earnings Per Share -$0.04 -$2.05
Diluted Earnings Per Share -$0.04 -$0.12 -$2.05
COMMON SHARES
Basic Shares Outstanding 75.27M shares 62.87M shares 16.73M shares
Diluted Shares Outstanding 16.73M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.601M $1.795M $1.795M
YoY Change 4311.05% 3470.0% 3489.28%
Cash & Equivalents $1.583M $1.496M
Short-Term Investments $17.29K $298.5K $298.5K
Other Short-Term Assets $379.5K $523.7K $2.303M
YoY Change 244.7% 182.31% 1138.02%
Inventory $41.00K $2.000M $9.370K
Prepaid Expenses $980.3K $1.445M
Receivables $164.5K $194.2K $194.2K
Other Receivables $504.0K $427.7K $758.8K
Total Short-Term Assets $4.256M $5.060M $5.060M
YoY Change 2807.12% 2045.79% 2043.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.367M $1.559M $2.850M
YoY Change -42.86%
Goodwill
YoY Change
Intangibles $9.615K $18.39K
YoY Change
Long-Term Investments $75.11K $91.95K $91.95K
YoY Change -99.78% -99.72% -99.72%
Other Assets $817.5K $808.7K $676.3K
YoY Change 89.99%
Total Long-Term Assets $3.769M $4.113M $4.113M
YoY Change -88.9% -87.56% -87.56%
TOTAL ASSETS
Total Short-Term Assets $4.256M $5.060M $5.060M
Total Long-Term Assets $3.769M $4.113M $4.113M
Total Assets $8.025M $9.173M $9.173M
YoY Change -76.46% -72.45% -72.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.50M $14.28M $14.43M
YoY Change 114.42% 105.89% 108.1%
Accrued Expenses $310.6K $365.5K $365.5K
YoY Change
Deferred Revenue $716.1K
YoY Change -8.96%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $18.56M $5.049M $12.82M
YoY Change 256.64%
Total Short-Term Liabilities $38.10M $31.30M $31.30M
YoY Change 288.31% 265.95% 265.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.07M
YoY Change
Other Long-Term Liabilities $1.390M $1.501M $1.501M
YoY Change -88.51% -87.59% -87.59%
Total Long-Term Liabilities $1.390M $0.00 $11.57M
YoY Change -88.51% -100.0% -4.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.10M $31.30M $31.30M
Total Long-Term Liabilities $1.390M $0.00 $11.57M
Total Liabilities $39.49M $42.86M $42.86M
YoY Change 80.23% 107.56% 107.56%
SHAREHOLDERS EQUITY
Retained Earnings -$310.1M -$307.6M
YoY Change 1324.53% 1406.33%
Common Stock $276.9M $272.1M
YoY Change 1128.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$31.47M -$33.69M -$33.69M
YoY Change
Total Liabilities & Shareholders Equity $8.025M $9.173M $9.173M
YoY Change -76.46% -72.45% -72.45%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income -$2.532M -$7.519M -$34.28M
YoY Change 451.79% 12676.79% -44.74%
Depreciation, Depletion And Amortization $113.3K $247.0K $1.002M
YoY Change -55.64% 35.28%
Cash From Operating Activities -$1.776M -$13.66M -$22.20M
YoY Change 245.61% 2867.87% -38.79%
INVESTING ACTIVITIES
Capital Expenditures $81.43K $142.7K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $317.0K $144.3K $143.5K
YoY Change -164.05% -99.93% -99.93%
Cash From Investing Activities $317.0K $62.82K $814.00
YoY Change -164.05% -99.97% -99.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.561M 8.998M $20.20M
YoY Change 56.92% -104.38% 110.73%
NET CHANGE
Cash From Operating Activities -$1.776M -13.66M -$22.20M
Cash From Investing Activities $317.0K 62.82K $814.00
Cash From Financing Activities $1.561M 8.998M $20.20M
Net Change In Cash $102.0K -4.597M -$1.996M
YoY Change -828.93% -11638.23% -91.24%
FREE CASH FLOW
Cash From Operating Activities -$1.776M -$13.66M -$22.20M
Capital Expenditures $81.43K $142.7K
Free Cash Flow -$13.74M -$22.34M
YoY Change

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<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Organization, Business operation and Going concern.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Zoomcar Holdings, Inc. <i>(formerly “Innovative International Acquisition Corp”) </i>a Delaware corporation provides mobility solutions to consumers and businesses. The accompanying consolidated financial statements include the accounts and transactions of Zoomcar Holdings, Inc. and its subsidiaries (collectively, the “Company” or “the combined entity” or “Zoomcar”). The Company operates its facilitation services 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: 0pt 0pt 0pt -0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 consolidated financial statements for more information on the Reverse Recapitalization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt -0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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: 0pt 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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="margin-top: 0; margin-bottom: 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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="margin-top: 0; margin-bottom: 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The executive officers of Zoomcar, Inc. became the initial executive officers of the Company after the Reverse Recapitalization;</span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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: 0pt 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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: 0pt 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span>◾</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The combined entity will continue under the name of Zoomcar Holdings, Inc.</span></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 117.05pt 0pt 116.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 cash that was assumed. Separately, the Company also assumed warrants that were reclassified to equity upon close 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">The equity structure has been recast in all comparative periods up to the Closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Zoomcar, Inc. shareholders in connection with the Reverse Recapitalization. As such, the shares and corresponding capital amounts and income per share related to Zoomcar, Inc. Common Stock prior to the Reverse Recapitalization have been retroactively recast as shares reflecting the exchange ratio of 0.0284 established in the Reverse Recapitalization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Going concern</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. The consolidated financial statements have been prepared using U.S. GAAP applicable to a going concern that contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company incurred a net loss of $34,277,251 and $62,032,076 during the year ended March 31, 2024 and 2023 respectively, and cash used in operations was $22,199,148 and $36,269,517 for the years ended on March 31, 2024 and 2023 respectively. The Company’s accumulated deficit amounts to $307,551,501 and $270,002,281 as of March 31, 2024 and 2023 respectively. The Company has negative working capital of $26,236,359 (inclusive of cash received in merger transaction). In addition, the Company’s cash position is critically deficient and critical payments to the operational and financial creditors of the Company are not being made in the ordinary course of  business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 Consolidated Financial Statements are issued. Management’s plans with respect to these adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a going concern are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(a) In June 2024, the Company has entered into a letter agreement with Aegis Capital Corp. (“Aegis”) pursuant which will act as a placement agent to the Company in connection with a proposed private placement of up to $30 million of securities of the Company which consists of Company’s Series A Preferred Stock and Series A warrants. However, this Agreement does not ensure the successful placement of securities of the Company or the success of Aegis with respect to securing any financing on behalf of the Company. The Company has not raised any funds pursuant to this agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">(b) On June 18, 2024, the Company executed a securities purchase agreement with shareholders. As part of this agreement, the Company issued and sold $3.6 million in principal amount of notes and warrants to purchase up to 52,966,102 shares of the Company’s Common Stock. The gross proceeds received from this transaction were $3.0 million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">There can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon its ability to increase its revenues and eventually achieve profitable operations. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</span></p>
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ExchangeRatioOfReverseRecapitalization
0.0284 pure
CY2024 us-gaap Liability For Asbestos And Environmental Claims Net Incurred Loss1
LiabilityForAsbestosAndEnvironmentalClaimsNetIncurredLoss1
34277251 usd
CY2023 us-gaap Liability For Asbestos And Environmental Claims Net Incurred Loss1
LiabilityForAsbestosAndEnvironmentalClaimsNetIncurredLoss1
62032076 usd
CY2024Q1 us-gaap Investments And Cash
InvestmentsAndCash
22199148 usd
CY2023Q1 us-gaap Investments And Cash
InvestmentsAndCash
36269517 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-307551501 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-270002281 usd
CY2024 ioacu Working Capital
WorkingCapital
26236359 usd
CY2024 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
30000000 usd
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii. </span><span style="font-family: Times New Roman, Times, Serif">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The use of estimates and assumptions as determined by management is required in the preparation of the consolidated financial statements in conformity with US GAAP. These estimates are based on management’s evaluation of historical trends and other information available when the consolidated financial statements are prepared and may affect the amounts reported and related disclosures. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Estimates and underlying assumptions are reviewed on an ongoing basis.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The significant estimates, judgments and assumptions that affect the 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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">a.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Estimation of defined benefit obligation</span></td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">b.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">c.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair value measurement of financial instruments</span></td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">d.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fair value measurement of share based payments</span></td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">e.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">f.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance on deferred tax assets</span></td> </tr></table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">g.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Estimation of utilization of balances with government authorities</span></td> </tr></table>
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
96710 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
260705 usd
CY2024 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">xi. </span><span style="font-family: Times New Roman, Times, Serif">Concentration of credit risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents, investments, other receivables, and accounts receivable are potentially subject to credit risk concentration. The Company has not experienced any material losses related to these concentrations during the years presented. No customers accounted for 10% or more of revenue for the years ended March 31, 2024 and 2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
CY2024Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2024Q1 ioacu Number Of Kilometer For Disposal Vehicles
NumberOfKilometerForDisposalVehicles
120000 kilometers
CY2024Q1 ioacu Number Of Kilometer For Disposal Vehicles
NumberOfKilometerForDisposalVehicles
75000 miles
CY2024 ioacu Fair Value Percentage Of The Asset
FairValuePercentageOfTheAsset
0.90 pure
CY2024 us-gaap Advertising Expense
AdvertisingExpense
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CY2023 us-gaap Advertising Expense
AdvertisingExpense
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CY2023 ioacu Net Gain Or Loss Exceeds Percent
NetGainOrLossExceedsPercent
0.10 pure
CY2024 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: bold 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">xxix. </span><span style="font-family: Times New Roman, Times, Serif">Reclassification</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Certain prior year amounts have been reclassified to conform with current year presentation. These changes did not have any effect on net loss, stockholder’s equity, the Consolidated Statement of Operations or the net change in cash and cash equivalents in the Consolidated Statement of Cashflows.</span></p>
CY2024 ioacu Net Proceeds Of Common Stock
NetProceedsOfCommonStock
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CY2024 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2024 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
3259208 usd
CY2024Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
10947805 usd
CY2024Q1 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
20000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024 ioacu Reverse Recapitalization Exchange Ratio
ReverseRecapitalizationExchangeRatio
0.0284 pure
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11500000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.71
CY2023Q4 us-gaap Shares Issued Price Per Share
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3
CY2023Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000000 usd
CY2024 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
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CY2024 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2024 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
2738172 shares
CY2024 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
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CY2024 ioacu Reverse Recapitalization Shares
ReverseRecapitalizationShares
42875363 shares
CY2024Q1 us-gaap Cash And Due From Banks
CashAndDueFromBanks
1495097 usd
CY2023Q1 us-gaap Cash And Due From Banks
CashAndDueFromBanks
3657580 usd
CY2023Q1 us-gaap Certificates Of Deposit At Carrying Value
CertificatesOfDepositAtCarryingValue
15633 usd
CY2024Q1 us-gaap Cash
Cash
1047 usd
CY2023Q1 us-gaap Cash
Cash
13528 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1496144 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
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CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
255175 usd
CY2024Q1 us-gaap Allowance For Doubtful Other Receivables Current
AllowanceForDoubtfulOtherReceivablesCurrent
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CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
255175 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2024Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
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CY2023Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
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CY2024Q1 ioacu Impairment Charges
ImpairmentCharges
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CY2024Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
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CY2023Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
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CY2023Q1 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
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CY2024Q1 us-gaap Interest Receivable And Other Assets
InterestReceivableAndOtherAssets
18126 usd
CY2023Q1 us-gaap Interest Receivable And Other Assets
InterestReceivableAndOtherAssets
51838 usd
CY2024Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
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CY2023Q1 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
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CY2024Q1 ioacu Impairment Charges
ImpairmentCharges
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CY2024Q1 us-gaap Security Deposit
SecurityDeposit
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CY2023Q1 us-gaap Security Deposit
SecurityDeposit
53585 usd
CY2024Q1 ioacu Franchise Tax Refund Receivable
FranchiseTaxRefundReceivable
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CY2024Q1 ioacu Advance To Employees
AdvanceToEmployees
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CY2023Q1 ioacu Advance To Employees
AdvanceToEmployees
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CY2024Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
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CY2023Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
578523 usd
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
9094 usd
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
105837 usd
CY2024Q1 us-gaap Supplies
Supplies
9370 usd
CY2023Q1 us-gaap Supplies
Supplies
88115 usd
CY2024Q1 us-gaap Other Receivables
OtherReceivables
216576 usd
CY2023Q1 us-gaap Other Receivables
OtherReceivables
256152 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
523746 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1150209 usd
CY2024Q1 ioacu Assets Held For Sale Vehicles Current
AssetsHeldForSaleVehiclesCurrent
629908 usd
CY2023Q1 ioacu Assets Held For Sale Vehicles Current
AssetsHeldForSaleVehiclesCurrent
923176 usd
CY2024Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
629908 usd
CY2023Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
923176 usd
CY2024 ioacu Gain Loss On Disposition Of Vehicles Held For Sale
GainLossOnDispositionOfVehiclesHeldForSale
40293 usd
CY2023 ioacu Gain Loss On Disposition Of Vehicles Held For Sale
GainLossOnDispositionOfVehiclesHeldForSale
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CY2024 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
167413 usd
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
93144 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4738703 usd
CY2024Q1 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
2572825 usd
CY2023Q1 us-gaap Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
2010180 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1558980 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2728523 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
4117406 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
4179272 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1558980 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2728523 usd
CY2024 us-gaap Depreciation
Depreciation
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CY2023 us-gaap Depreciation
Depreciation
699091 usd
CY2024 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
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CY2023 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
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CY2024 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
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CY2023 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
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CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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CY2024 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2024 us-gaap Operating Lease Cost
OperatingLeaseCost
516219 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2024 us-gaap Short Term Lease Cost
ShortTermLeaseCost
423693 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2024 us-gaap Lease Cost
LeaseCost
1565435 usd
CY2023 us-gaap Lease Cost
LeaseCost
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CY2024 us-gaap Operating Lease Payments
OperatingLeasePayments
441843 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2024 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q1 us-gaap Operating Lease Liability Current
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365542 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1009681 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1284755 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1375223 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1751424 usd
CY2024Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
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CY2023Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
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CY2024Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
4117406 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
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CY2024 us-gaap Finance Lease Impairment Loss
FinanceLeaseImpairmentLoss
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CY2023 us-gaap Finance Lease Impairment Loss
FinanceLeaseImpairmentLoss
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CY2024Q1 us-gaap Finance Lease Liability Current
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CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1257423 usd
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
5098262 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
5738239 usd
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
6355685 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P58M
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P63M
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.13 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.13 pure
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.10 pure
CY2024 us-gaap Payments For Rent
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CY2024Q1 us-gaap Lease Deposit Liability
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CY2023Q1 us-gaap Lease Deposit Liability
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CY2024Q1 us-gaap Short Term Lease Commitment Amount
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CY2024 ioacu Equated Monthly Instalment Interest Rate On Overdue
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0.01 pure
CY2024 ioacu Equated Monthly Instalment Overdue Amount
EquatedMonthlyInstalmentOverdueAmount
43063 usd
CY2024 ioacu Equated Monthly Instalment Interest Rate On Unpaid Overdue
EquatedMonthlyInstalmentInterestRateOnUnpaidOverdue
0.015 pure
CY2024 ioacu Overdue Unpaid Term Of Contract
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P60D
CY2024 ioacu Outstanding Debt Due And Payable
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CY2024 ioacu Outstanding Debt Due And Payable
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CY2024 ioacu Percentage Of Debt Due And Payable Interest
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CY2024 ioacu Conditional Waiver
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CY2024 ioacu Percentage Of Interest Charge
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CY2024Q1 us-gaap Finite Lived Contractual Rights Gross
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2024 us-gaap Amortization Of Financing Costs
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CY2023 us-gaap Amortization Of Financing Costs
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33412 usd
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
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CY2023 ioacu Change In Fair Value Of Sscpn
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CY2023Q1 us-gaap Convertible Debt Fair Value Disclosures
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CY2024 us-gaap Notes Issued1
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CY2024 ioacu Interest On Vehicle Loans
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CY2024 ioacu Finance Costs To Related Parties
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