Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 726

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 6
Chunk 726
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. The decrease is primarily due to decreased legal expenses as our corporate/secretary duties have been absorbed
by our internal general counsel. The decrease is also attributed to reduced investor relations consulting fees.

Sales
and marketing expenses were $2,644,095 and $3,399,666 in fiscal 2025 and 2024, respectively. Sales and marketing expenses includes compensation,
consulting, tradeshows, and advertising and promotion costs to support the launch of our Spryng® product. The decrease is primarily
due to the termination of an expensive marketing agency relationship and reduced trade show participation.

Research
and development (“R&D”) expenses were $1,583,250 and $1,395,371 in fiscal 2025 and 2024, respectively. The increase was
related to clinical studies and efforts to support the launch of Spryng®.

Operating
Loss. As a result of the foregoing, our operating loss was $8,055,720 and $10,621,340 in fiscal 2025 and 2024, respectively.
The decreased loss was related to decreased general and administrative expenses and sales and marketing expenses.

Other
Income (Expense). Other expense was ($343,446) in fiscal 2025 compared to other expense of ($333,955) in fiscal 2024. Other
expense in fiscal 2025 consisted of extinguishment of payables of $66,076, sublease rental income of $42,000, an IRS payroll tax
refund from a prior year of $16,800, interest expense of ($362,4139) and unrealized loss on change in derivative liability of ($106,513), Other income in fiscal 2024 consisted of loss on
extinguishment of debt of ($534,366), settlement payment of ($180,000) to David Masters offset by the extinguishment of payables of
$386,874, and interest expense of ($6,463).

Net
Loss. Our net loss in fiscal 2025 was $8,399,166 or ($0.41) per share compared to a net loss $10,955,295 or ($0.78) per share
in fiscal 2024. The weighted average number of shares outstanding was 20,491,422 compared to 13,969,754 for fiscal 2025 and 2024, respectively.

LIQUIDITY
AND CAPITAL RESOURCES

On March 26, 2025, the Company entered into a Subscription Agreement for