Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 208

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 208
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 handling costs are a fulfillment
activity and are reported as cost of sales. In February 2025, the Company mutually terminated its non-exclusive distribution
agreement with Covetrus.

    F-10

For
the years ended March 31, 2025 and 2024, the Company recognized revenue from product sales to Covetrus of $44,015 and $105,637, respectively.
This represents 4% and 11% of total revenues for the years ended March 31, 2025 and 2024, respectively. There were no accounts receivable
from Covetrus at March 31, 2025 and 2024.

In
December 2024, the Company entered into new wholesale distribution partnerships with Vedco, Inc. (“Vedco”) and Clipper Distributing,
LLC (“Clipper”). A distribution service agreement was not signed with either distribution partner. Contracts with both distribution
partners are evidenced by individual executed purchase orders. The purchase orders consist of a single performance obligation related
to the sale of our pet care products. Product sales occur once control or title is transferred based on the terms in the purchase order.
Revenue is recognized upon delivery to the Distributor; payment is due within 30 days. Neither distribution partnership provides for
a distribution fee payable or a rebate payable.

For
the years ended March 31, 2025 and 2024, the Company recognized revenue from product sales to Vedco of $288,929 and $0, respectively.
This represents 26% and 0% of total revenues for the years ended March 31, 2025 and 2024, respectively. Accounts receivable from Vedco
was $53,904 and $0 at March 31, 2025 and 2024.

For
the years ended March 31, 2025 and 2024, the Company recognized revenue from product sales to Clipper of $194,504
and $0,
respectively. This represents 17%
and 0%
of total revenues for the years ended March 31, 2025 and 2024, respectively. There were no
 accounts receivable from Clipper at March 31, 2025 and 2024.

(M)
Research and Development

The
Company expenses research and development costs as incurred.

(N)
Fair Value of Financial Instruments

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a framework
for all fair value