Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 35

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 per share.

The
certificate of designation of rights and preferences has an optional conversion provision whereby each share of Series A Preferred Stock
shall be convertible at any time at the option of a holder into shares of Common Stock. The Series A Preferred Stock also has an automatic
conversion whereby the preferred shares shall automatically convert into Common Stock upon the one year anniversary of the issuance of
the Series A Preferred Stock.

Time-Based
Restricted Stock Units

We
have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock settled with common shares.
Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the
Consolidated Statements of Operations for time-based restricted stock units was $44,114 and $182,377 for the three months ended December
31, 2024, and 2023, respectively and $271,838 and $662,726 for the nine months ended December 31, 2024, and 2023, respectively. At December
31, 2024, there was approximately $120,000 of total unrecognized compensation expense related to time-based restricted stock units that
is expected to be recognized over a weighted-average period of five months.

Our
time-based restricted stock unit activity for the year ended March 31, 2024, and the nine months ended December 31, 2024 was as follows:

 SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS

    Units Outstanding 
    Weighted Average Grant Date Fair Value Per Unit 
    Aggregate Intrinsic Value (1)
  
    Balance at March 31, 2023 
     256,084  
    $3.85  
    $643,209 
  
    Granted 
     -  
     -  
     - 
  
    Vested 
     (198,584) 
     3.82  
     -   
  
    Cancelled 
     (25,500) 
     3.77  
     -   
  
    Balance at March 31, 2024 
     32,000  
     4.08  
    $32,000 
  
    Granted 
     531,250  
     0.67  

    Vested 
     (355,126) 
     0.95  

    Cancelled 
     (10,000) 
     3.04