Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 538

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 4
Chunk 538
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    $(.41) 
    $(.78)

For
The Fiscal Year Ended March 31, 2025 (“fiscal 2025”) Compared to The Year Ended March 31, 2024 (“fiscal 2024”)

Total
Revenues. Revenues were $1,132,533 in fiscal 2025 compared to $968,706 for fiscal 2024. Revenues in fiscal 2025 consisted of
sales of our Spryng® product to our Distributors of $956,159 and to veterinary clinics in the amount of $176,374. In fiscal 2024
consisted of sales of our Spryng® product to our Distributors of $731,813 and to veterinary clinics in the amount of $236,893. The
increase in our revenues in the twelve months ended March 31, 2025, is due to sales to our Distributors pursuant to our distribution
partnerships with Vedco and Clipper Distributing and sales of PrecisePRP product pursuant to our Exclusive License Agreement with VetStem.

28

Total
Cost of Sales. Cost of sales was $137,677 in fiscal 2025 compared to $101,823 for fiscal 2024. Cost of sales includes product
costs related to the sale of our Spryng® products, labor and certain overhead costs and direct costs of Precise PRP product pursuant
to our Exclusive License Agreement with VetStem. The Company has historically prepared a manufacturing allocation on a quarterly basis
based on certain manufacturing expenses as part of cost of sales.

Operating
Expenses. Operating expenses decreased to $9,050,575 in fiscal 2025 compared to $11,488,223 in fiscal 2024. Operating expenses
consisted of general and administrative, sales and marketing, and research and development expenses. The decrease is primarily due to
decreased G&A expenses and sales and marketing expenses related to the sale of our Spryng® product.

General
and administrative (“G&A”) expenses were $4,823,230 and $6,693,186 in fiscal 2025 and 2024, respectively. General and
administrative expenses include compensation and benefits, contracted services, consulting fees, stock compensation, and incremental
public company costs. The decrease is primarily due to decreased legal expenses as our corporate/secretary duties have been absorbed
by our internal general counsel. The decrease is also attributed to reduced investor relations consulting fees.

Sales