Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 240

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 240
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 annual limitations for
federal and Minnesota purposes.

Of
the approximately $44,300,000 in net operating loss carryforwards, approximately $7,000,000 has been accumulated in our pre-merger operating
subsidiary, Gel-Del Technologies, Inc. IRC 382 provides guidance around whether or not the Company is able to utilize the pre-merger
Gel-Del Technologies, Inc. net operating loss of approximately $7,000,000. Management is currently analyzing whether or not these pre-merger
dollars will be allowable if our deferred tax asset is ever realized.

The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows:

 SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

    2025  
    2024 
  
    Tax benefits at statutory rate 
     21.0% 
     21.0%
  
    State income tax benefit, net of federal 
     7.7% 
     7.7%
  
    Gross Effective Rate 
     28.7% 
     28.7%
  
    Valuation allowance 
     (28.7%) 
     (28.7%)
  
    Net effective rate 
     -  
     - 

The
Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As
of March 31, 2025 and 2024, the Company had no accrued interest and penalties related to uncertain tax positions.

The
Company is subject to taxation in the U.S. and Minnesota. Our tax years for 2020 and forward are subject to examination by tax authorities.
The Company is not currently under examination by any tax authority.

Management
has evaluated tax positions in accordance with FASB ASC 740, and has not identified any tax positions, other than those discussed above,
that require disclosure.

NOTE 16 – SEGMENT REPORTING

The
Company manages the business activities on a consolidated basis and operates in one reportable segment. The Company’s
reportable segment is an emerging biomedical device company focused on the manufacturing, commercialization, and licensing of
innovative medical devices and therapeutics for animals. The segment is animal health products. As the Company
has one reportable segment, sales and marketing, research and development, including clinical trial expenses and general
and administrative expenses are equal to consolidated results.