Summary by Futu AI
SRIVARU Holding Limited, a Cayman Islands-based investment company with a subsidiary in India focused on manufacturing electric two-wheelers, has released its annual financial report for the fiscal year ending March 31, 2024. The company reported a net loss of $11.5 million, a significant increase from the previous year's loss of $0.7 million. Total assets stood at $1.6 million, up from $0.7 million in the prior year. The company's cash and cash equivalents increased to $175,041, while inventory decreased due to compliance with revised Automotive Industry Standards in India. SVH also entered into a Committed Equity Financing Facility agreement to purchase up to $25 million of its ordinary shares over three years. Additionally, the company has implemented a stock split and issued Earnout Shares to certain shareholders without the occurrence of Milestone Events. SVH's management concluded that its internal control over financial reporting was effective as of March 31, 2024, and there were no material changes in internal controls that could affect financial reporting.