Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 403

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 2
Chunk 403
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, respectively. Accounts receivable from Vedco
was $53,904 and $0 at March 31, 2025 and 2024.

For
the years ended March 31, 2025 and 2024, the Company recognized revenue from product sales to Clipper of $194,504
and $0,
respectively. This represents 17%
and 0%
of total revenues for the years ended March 31, 2025 and 2024, respectively. There were no
 accounts receivable from Clipper at March 31, 2025 and 2024.

(M)
Research and Development

The
Company expenses research and development costs as incurred.

(N)
Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a framework
for all fair value measurements and expands disclosures related to fair value measurement and developments. ASC 820 defines fair value
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. ASC 820 requires that assets and liabilities measured at fair value are classified and disclosed in one of the
following three categories:

    ●
    Level 1 - quoted market
    prices in active markets for identical assets or liabilities.

    ●
    Level 2 - inputs other
    than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities,
    quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable
    or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

    ●
    Level 3 - unobservable
    inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of the Company’s financial
instruments, such as cash, accounts receivable, accounts payable and other liabilities. approximates their fair value as of March 31,
2025, and March 31, 2024, due to the short-term nature of these items.

The fair value of the Company’s debt approximates its carrying value as of March 31, 2025 and 2024. Factors
that the Company considered when estimating the fair value of its debt included market conditions, liquidity levels in the private placement
market, variability in pricing from multiple lenders and terms of