Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 24

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 the Maturity Date of this Note, or ii) Fifty Cents ($0.50) per Share (“Conversion Price”); each Share consists
of one (1) share of PetVivo Holdings, Inc. restricted common stock (“Common Stock”).

On
December 20, 2024, the Company entered into a nonconvertible promissory note for $100,000 to a related party. The note accrued interest
at a rate of 12% per annum. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before
the 20th day of March 2025 (“Maturity Date”).

On
December 20, 2024, the Company entered into a convertible promissory note for $25,000. The note accrued interest at a rate of 12% per
annum. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before the 30th day of June
2025 (“Maturity Date”). The holder of the note has the option to convert the principal and accrued interest at a conversion
price of the greater of i) the per Share price at which the Company sells Shares of the Company Common Stock in a Qualified Financing
occurring on or before the Maturity Date of this Note, or ii) Fifty Cents ($0.50) per Share (“Conversion Price”); each Share
consists of one (1) share of PetVivo Holdings, Inc. restricted common stock (“Common Stock”). This convertible promissory
note has an embedded derivative with an amount that is immaterial, as of December 31, 2024.

NOTE
9 – RETIREMENT PLAN

In
February 2021, the Company established a 401(k)-retirement plan for its employees in which eligible employees can contribute a percentage
of their compensation. The Company may also make discretionary contributions. For the nine months ended December 31, 2024, and 2023,
the Company made contributions to the plan of $40,404 and $37,422, respectively.

NOTE
10 – COMMITMENTS AND CONTINGENCIES

Lease
Obligations

We
lease property and equipment under operating leases, typically with terms greater than 12 months, and determine if an arrangement contains
a lease at inception. In general, an arrangement contains a lease if there is an identified asset, and we have the right to direct the
use of and obtain