Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 323

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1B
Chunk 323
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 prior
to January 26, 2024, the maturity date of the Convertible Debentures, provided that the Company adjust the original conversion rate to
one share of the Company’s common stock for each $1.50 of principal (reduced from $1.60 in the Convertible Debenture) and pay an
amount equal to six months of interest (the “New Conversion Rate”) and grant warrants to the Debenture Holders providing
each Debenture Holder with the right to purchase the number of shares of the Company’s common stock issued to the Debenture Holder
in the conversion. The Debenture Holders converted $550,000 in Convertible Debentures and accrued interest of $27,500 into 385,000 shares
of the Company’s common stock and warrants (“Warrants”) to purchase an aggregate of 385,000 shares of the Company’s
common stock. The Warrants are exercisable any time on or after February 5, 2024 and prior to August 10, 2026 at an exercise price of
$2.00 per share.

As
a result of the inducement to the Debenture Holders to voluntarily convert the outstanding balance of their Convertible Debentures
prior to their maturity date, the Company recognized a loss on extinguishment of debt of $534,366.
The loss is comprised of the fair value of the warrants issued of $463,476,
as determined by the Black Scholes model; the value of additional shares issued of $45,834
as a result of the lower conversion rate to one share of the Company’s common stock issued and the additional interest of
$25,056
which is the amount of interest credited to the Debenture Holders over the actual interest earned of $2,444.
The value of the warrants and additional shares issued of $509,310
is reflected in the Consolidated Statements of Changes In Stockholders’ Equity.

    F-18

On
February 5, 2024, an investor in our Company became a greater than 10% shareholder of the Company converted an
outstanding promissory note dated October 16, 2023, as amended on November 13, 2023 (the “Convertible Note”), in the
amount of $120,000,
plus accrued interest of $3,255
into 164,340
shares of the Company’s common stock. The maturity date of the Convertible Note was