Company: PETVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001493152-25-011967
Chunk: 59

Company: PetVivo Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 59
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 are designed to ensure that information required to be disclosed by a company in the reports that
it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated
and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure.

Based on that evaluation, our CEO and CFO concluded
that as of June 30, 2025, our disclosure controls and procedures were not effective due to previously disclosed material weaknesses in
internal control over financial reporting. These material weaknesses, which were disclosed in Item 9A of our Annual Report on Form 10-K
for the year ended March 31, 2025, relate to the design and operation of controls over the accounting for modifications of convertible
notes, measurement of beneficial conversion features, warrant debt discounts, and derivative liabilities.

Remediation

Management
is in the process of implementing measures designed to ensure that the control deficiencies contributing to the material weaknesses are
remediated, such that these controls are designed, implemented, and operating effectively. The remediation actions include: (i) tightening
the ICFR controls moving forward, (ii) improving existing training program associated with our accounting for convertible notes, Beneficial
Conversion Features, warrant discounts and derivative liabilities, and (iii) hiring additional accounting personnel, including adding
a senior accounting position with derivative accounting and warrant discount experience. We believe that these actions will remediate
the material weaknesses with our internal control over financial reporting. Management plans on implementing these remedial steps during
the remainder of the fiscal year. The material weaknesses will not be considered remediated, however, until the applicable controls operate
for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We expect
that the remediation of these material weaknesses will be completed prior to the end of our fiscal year ending March 31, 2026.

Changes
in Internal Control Over Financial Reporting

Other
than the ongoing remediation efforts described above, there were no changes in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) under the Exchange Act), during