2024 Q3 Form 10-Q Financial Statement

#000121390024068999 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $2.247M $2.241M $2.180M
YoY Change
Cost Of Revenue $1.213M $1.512M $1.890M
YoY Change -55.67% -58.12%
Gross Profit $1.033M $728.7K $290.1K
YoY Change -137.75% -120.18%
Gross Profit Margin 46.0% 32.52% 13.31%
Selling, General & Admin $1.871M $3.201M $3.728M
YoY Change -43.69% -38.19%
% of Gross Profit 181.02% 439.34% 1285.08%
Research & Development $734.9K $901.8K $837.9K
YoY Change -20.11% -32.04%
% of Gross Profit 71.11% 123.75% 288.83%
Depreciation & Amortization $100.8K $113.3K $247.0K
YoY Change -60.48% -55.64%
% of Gross Profit 9.75% 15.55% 85.13%
Operating Expenses $2.606M $4.103M $4.602M
YoY Change 118.88% 379.78% 313.5%
Operating Profit -$1.572M -$3.375M -$4.312M
YoY Change 32.07% 294.58% 287.44%
Interest Expense $131.2K $980.0K -$187.6K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$177.3K -$48.05K -$2.939M
YoY Change
Pretax Income -$3.352M -$2.532M -$7.519M
YoY Change 326.51% 451.79% 12677.01%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.352M -$2.532M -$7.519M
YoY Change 326.52% 451.79% 12676.79%
Net Earnings / Revenue -149.18% -112.97% -344.89%
Basic Earnings Per Share -$4.43 -$0.04
Diluted Earnings Per Share -$4.43 -$0.04 -$0.12
COMMON SHARES
Basic Shares Outstanding 75.70M shares 75.27M shares 62.87M shares
Diluted Shares Outstanding 757.0K shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.601M $1.795M
YoY Change 4311.05% 3470.0%
Cash & Equivalents $614.2K $1.583M $1.496M
Short-Term Investments $17.29K $298.5K
Other Short-Term Assets $384.3K $379.5K $523.7K
YoY Change 1030.24% 244.7% 182.31%
Inventory $41.00K $2.000M
Prepaid Expenses $564.6K $980.3K $1.445M
Receivables $102.7K $164.5K $194.2K
Other Receivables $504.0K $427.7K
Total Short-Term Assets $2.640M $4.256M $5.060M
YoY Change 4510.18% 2807.12% 2045.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.263M $1.367M $1.559M
YoY Change -42.86%
Goodwill
YoY Change
Intangibles $8.605K $9.615K $18.39K
YoY Change
Long-Term Investments $75.11K $91.95K
YoY Change -99.78% -99.72%
Other Assets $819.0K $817.5K $808.7K
YoY Change 89.99%
Total Long-Term Assets $3.550M $3.769M $4.113M
YoY Change -88.45% -88.9% -87.56%
TOTAL ASSETS
Total Short-Term Assets $2.640M $4.256M $5.060M
Total Long-Term Assets $3.550M $3.769M $4.113M
Total Assets $6.189M $8.025M $9.173M
YoY Change -79.9% -76.46% -72.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.75M $15.50M $14.28M
YoY Change 97.2% 114.42% 105.89%
Accrued Expenses $310.6K $365.5K
YoY Change
Deferred Revenue $589.7K $716.1K
YoY Change -8.96%
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $3.664M $18.56M $5.049M
YoY Change 256.64%
Total Short-Term Liabilities $37.66M $38.10M $31.30M
YoY Change 239.95% 288.31% 265.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.390M $1.501M
YoY Change -88.51% -87.59%
Total Long-Term Liabilities $1.390M $0.00
YoY Change -88.51% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.66M $38.10M $31.30M
Total Long-Term Liabilities $1.390M $0.00
Total Liabilities $38.95M $39.49M $42.86M
YoY Change 68.05% 80.23% 107.56%
SHAREHOLDERS EQUITY
Retained Earnings -$313.4M -$310.1M -$307.6M
YoY Change 1255.65% 1324.53% 1406.33%
Common Stock $276.9M $276.9M $272.1M
YoY Change 1128.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$32.76M -$31.47M -$33.69M
YoY Change
Total Liabilities & Shareholders Equity $6.189M $8.025M $9.173M
YoY Change -79.9% -76.46% -72.45%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$3.352M -$2.532M -$7.519M
YoY Change 326.52% 451.79% 12676.79%
Depreciation, Depletion And Amortization $100.8K $113.3K $247.0K
YoY Change -60.48% -55.64%
Cash From Operating Activities -$720.2K -$1.776M -$13.66M
YoY Change 85.56% 245.61% 2867.87%
INVESTING ACTIVITIES
Capital Expenditures $81.43K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $67.79K $317.0K $144.3K
YoY Change -98.13% -164.05% -99.93%
Cash From Investing Activities $67.79K $317.0K $62.82K
YoY Change -98.13% -164.05% -99.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -302.3K $1.561M 8.998M
YoY Change -90.68% 56.92% -104.38%
NET CHANGE
Cash From Operating Activities -720.2K -$1.776M -13.66M
Cash From Investing Activities 67.79K $317.0K 62.82K
Cash From Financing Activities -302.3K $1.561M 8.998M
Net Change In Cash -954.7K $102.0K -4.597M
YoY Change 7187.79% -828.93% -11638.23%
FREE CASH FLOW
Cash From Operating Activities -$720.2K -$1.776M -$13.66M
Capital Expenditures $81.43K
Free Cash Flow -$13.74M
YoY Change

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"><b>1.</b></td><td><b>Organization, Business operation and Going concern.</b></td></tr></table> <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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 under the Zoomcar brand with its operations in India.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">Zoomcar, Inc’s shareholders, prior to the Reverse Recapitalization, have the largest voting interest in the post-combination Company;</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">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);</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">The executive officers of Zoomcar, Inc. became the initial executive officers of the Company after the Reverse Recapitalization;</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">Zoomcar, Inc., is the larger entity, in terms of substantive operations and employee base;</td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">Zoomcar, Inc., will comprise the ongoing operations of the combined entity; and</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">◾</span></td><td style="text-align: justify">The combined entity will continue under the name of Zoomcar Holdings, Inc.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Going concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the SEC. The Condensed 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 $2,531,579 during the three months ended June 30, 2024, and cash used in operations was $1,776,412. The Company’s accumulated deficit amounts to $310,083,080 as of June 30, 2024 (March 31, 2024: $307,551,501). The Company has negative working capital of $33,848,408. 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 0"> </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 Condensed 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 0"> </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 style="font-family: Times New Roman, Times, Serif">a.</span></td><td style="text-align: justify">In June 2024, Company entered into a letter agreement with Aegis Capital Corp. (“Aegis”) pursuant to which Aegis 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 any 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.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">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 Condensed Consolidated Financial Statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p>
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CY2024Q2 us-gaap Use Of Estimates
UseOfEstimates
<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"><b>(c)</b></td><td style="text-align: justify"><b>Use of estimates and assumptions</b></td> </tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">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.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">Estimates and underlying assumptions are reviewed on an ongoing basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify">The significant estimates, judgments and assumptions that affect the Condensed Consolidated Financial Statements include, but are not limited to; are:</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">Estimation of defined benefit obligation</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">Estimation of useful lives and residual values of property, plant &amp; equipment, and intangible assets</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">Fair value measurement of financial instruments</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">Fair value measurement of share based payments</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">Leases – assumption to determine the incremental borrowing rate.</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">Valuation allowance on deferred tax assets</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">Estimation of utilization of balances with government authorities</td> </tr></table>
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P58M
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P27M
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P30M
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.13 pure
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OperatingLeaseWeightedAverageDiscountRatePercent
0.13 pure
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0.09 pure
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0.09 pure
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0.01 pure
CY2024Q2 ioacu Equated Monthly Instalment Overdue Amount
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51662 usd
CY2024Q2 ioacu Equated Monthly Instalment Interest Rate On Unpaid Overdue
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0.015 pure
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CY2024Q2 ioacu Outstanding Debt Due And Payable
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0.015 pure
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DepositAssets
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0.15 pure
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75107 usd
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91947 usd
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CY2023Q2 ioacu Interest On Vehicle Loans
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CY2023Q2 ioacu Finance Costs To Related Parties
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CY2023Q2 us-gaap Interest Income Expense Net
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CY2023Q2 ioacu Change In Fair Value Of Preferred Stock Warrant Liability
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CY2024Q2 ioacu Chanages In Fair Valueof Finance Cost Convertible Note
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CY2024Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2023Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2024Q2 us-gaap Gains Losses On Sales Of Assets
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CY2023Q2 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
5018 usd
CY2024Q2 us-gaap Gain Loss On Securitization Of Financial Assets
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CY2023Q2 us-gaap Gain Loss On Securitization Of Financial Assets
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CY2024Q2 ioacu Loss On Assets Written Off
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CY2024Q2 ioacu Other Expenses Net
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CY2023Q2 ioacu Other Expenses Net
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CY2023Q2 ioacu Interest Income From Related Parties
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q2 ioacu Gratuity
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CY2024Q2 us-gaap Compensated Absences Liability
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CY2024Q2 ioacu Gratuity Non Current
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CY2024Q2 ioacu Compensated Absences Liability Non Current
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CY2024Q1 ioacu Compensated Absences Liability Non Current
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CY2024Q2 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
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CY2024Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2024Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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CY2024Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2024Q2 ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
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CY2023Q2 ioacu Actuarialgainloss Due To Demographic Assumption Changes In Defined Benefit Obligation
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CY2024Q2 ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
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CY2023Q2 ioacu Actuarialgain Loss Due To Financial Assumption Changes In Defined Benefit Obligation
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CY2024Q2 ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
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CY2023Q2 ioacu Actuarialgainloss Due To Experience On Defined Benefit Obligation
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CY2024Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2023Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
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CY2024Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
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CY2024Q2 us-gaap Defined Benefit Plan Service Cost
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CY2023Q2 us-gaap Defined Benefit Plan Service Cost
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CY2024Q2 us-gaap Defined Benefit Plan Interest Cost
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CY2024Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2023Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2024Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2024Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P4Y
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2024 ioacu Percentage Of Issued And Outstanding Shares
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0.03 pure
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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2.2
CY2024Q2 ioacu Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Attrition Rate
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0.30 pure
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1709241 usd
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2024Q2 ioacu Outstanding Balances With Related Parties
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2180275 usd
CY2024Q1 ioacu Outstanding Balances With Related Parties
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2224443 usd
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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1583483 usd
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2024Q2 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
164463 usd
CY2024Q1 us-gaap Accounts Receivable Fair Value Disclosure
AccountsReceivableFairValueDisclosure
194197 usd
CY2024Q2 us-gaap Short Term Investments
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CY2024Q2 us-gaap Notes Receivable Fair Value Disclosure
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CY2024Q1 us-gaap Notes Receivable Fair Value Disclosure
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CY2024Q2 us-gaap Investments Fair Value Disclosure
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1062334 usd
CY2024Q1 us-gaap Other Assets Fair Value Disclosure
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CY2024Q2 us-gaap Assets Fair Value Disclosure
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CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
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CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Fair Value Disclosure
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14431587 usd
CY2024Q2 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
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4092087 usd
CY2024Q1 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
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5049483 usd
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1306434 usd
CY2024Q1 ioacu Other Financial Liabilities Fair Value Disclosure
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CY2024Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
21244691 usd
CY2024Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
20714000 usd
CY2024Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
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0.1866 pure
CY2019Q3 ioacu Vehicles Purchased
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547292 usd
CY2024Q1 ioacu Vehicles Purchased
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us-gaap Direct Taxes And Licenses Costs
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CY2024 us-gaap Direct Taxes And Licenses Costs
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us-gaap Loss Contingency Related Receivable Carrying Value Period Increase Decrease
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34035 usd
CY2024Q2 us-gaap Cost Of Goods Sold Direct Financing Lease
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CY2024Q2 ioacu Payment Of Tax Due
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CY2024Q2 ioacu Penalty Percentage
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406086 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
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100000 shares
CY2023Q1 us-gaap Stock Repurchased During Period Shares
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CY2024Q1 us-gaap Environmental Exit Costs Assets Previously Disposed Liability For Remediation
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3500000 usd
CY2024Q2 us-gaap Loss Contingency Damages Sought Value
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15900000 usd
CY2024Q2 us-gaap Loss Contingency Damages Paid Value
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CY2024Q2 us-gaap Accrued Payroll Taxes Current
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129027 usd
CY2024Q2 us-gaap Income Tax Examination Interest Accrued
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CY2024Q1 us-gaap Income Tax Examination Interest Accrued
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InterestExpenseOther
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InterestExpenseOther
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CY2018 ioacu Disallowance Of Lease Payment And Pf Contribution
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CY2024 ioacu Disallowance Of Lease Payment And Pf Contribution
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CY2020 ioacu Verification Expenses
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CY2020 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
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CY2024Q2 us-gaap Unsecured Long Term Debt
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CY2024Q2 us-gaap Income Tax Expense Benefit
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2024Q2 us-gaap Share Based Compensation
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CY2024Q2 ioacu Change In Fair Value Of Convertible Promissory Notes
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CY2024Q2 ioacu Change In Fair Value Of Senior Subordinated Convertible Promissory Notes
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CY2024Q2 ioacu Change In Fair Value Of Derivative Financial Instruments
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CY2024Q2 ioacu Senior Subordinated Convertible Promissory Notes Issue Expenses
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CY2023Q2 us-gaap Paid In Kind Interest
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CY2023Q2 ioacu Gain On Termination Modification Of Finance Leases
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CY2023Q2 ioacu Other Borrowing Cost
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CY2023Q2 us-gaap Amortization Of Financing Costs And Discounts
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CY2023Q2 ioacu Liabilities Written Back
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CY2024Q2 us-gaap Payments To Acquire Intangible Assets
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CY2023Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q2 ioacu Assumption Of Unsecured Promissory Note On Reverse Recapitalization
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CY2023Q2 ioacu Warrants Issued On Completion Of Reverse Recapitialization
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CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2024Q2 ioacu Advance To Director
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CY2024Q2 ioacu Other Current Assets With Related Parties
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usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
usd
CY2024 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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CY2024Q2 ioacu Financing Lease Payments
FinancingLeasePayments
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CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2024Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
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CY2024Q1 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
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CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
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CY2024Q2 us-gaap Lease Deposit Liability
LeaseDepositLiability
362654 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
usd
CY2024Q1 ioacu Redeemable Promissory Note
RedeemablePromissoryNote
usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
usd
CY2024Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
usd
CY2023Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
usd
CY2024Q1 ioacu Redeemable Promissory Note
RedeemablePromissoryNote
usd
CY2024Q2 ioacu Change In Fair Value Of Convertible Promissory Notes
ChangeInFairValueOfConvertiblePromissoryNotes
usd
CY2024Q2 ioacu Change In Fair Value Of Senior Subordinated Convertible Promissory Notes
ChangeInFairValueOfSeniorSubordinatedConvertiblePromissoryNotes
usd
CY2024Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
usd
CY2024Q1 us-gaap Unsecured Debt Current
UnsecuredDebtCurrent
usd
CY2024Q2 ioacu Change In Fair Value Of Convertible Promissory Notes
ChangeInFairValueOfConvertiblePromissoryNotes
usd
CY2023Q2 us-gaap Paid In Kind Interest
PaidInKindInterest
usd
CY2024Q2 ioacu Change In Fair Value Of Sscpn
ChangeInFairValueOfSSCPN
usd
CY2024Q2 us-gaap Notes Issued1
NotesIssued1
usd
CY2024Q2 ioacu Change In Fair Value Of Derivative Financial Instrument
ChangeInFairValueOfDerivativeFinancialInstrument
usd
CY2024Q2 ioacu Interest On Vehicle Loans
InterestOnVehicleLoans
usd
CY2024Q2 ioacu Finance Costs To Related Parties
FinanceCostsToRelatedParties
usd
CY2024Q2 ioacu Change In Fair Value Of Preferred Stock Warrant Liability
ChangeInFairValueOfPreferredStockWarrantLiability
usd
CY2023Q2 ioacu Chanages In Fair Valueof Finance Cost Convertible Note
ChanagesInFairValueofFinanceCostConvertibleNote
usd
CY2023Q2 ioacu Loss On Assets Written Off
LossOnAssetsWrittenOff
usd
CY2024Q2 ioacu Interest Income From Related Parties
InterestIncomeFromRelatedParties
usd
CY2024Q2 ioacu Other Income From Related Parties
OtherIncomeFromRelatedParties
usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2024Q1 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
usd
CY2024Q2 dei Amendment Flag
AmendmentFlag
false
CY2024Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2024Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001854275

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