Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 821

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 7
Chunk 821
---

    ●
    Provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that
    could have a material effect on financial statements.

Because
of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our
management assessed the effectiveness of our internal control over financial reporting as of March 31, 2025. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in
Internal Control — Integrated Framework (revised 2013). This assessment included an evaluation of the design and procedures of
our control over financial reporting.

During
the audit, we had a material audit adjustment for derivative liabilities and warrant discount with our convertible notes. Management
has evaluated the effectiveness of the company’s Internal Control Over Financial Reporting (“ICFR”) and, due to the
material weakness, management has concluded that ICFR was not effective as of the end of the fiscal year ending March 31, 2025. The company
plans on tightening the ICFR controls moving forward and will be accounting for derivative liabilities and warrant discount.

Based
on our assessment, our management concluded that as of March 31, 2025, our internal control over financial reporting was not
effective.

ITEM
9B. OTHER INFORMATION

During
the fiscal quarter ended March 31, 2025, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of
1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was
intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as
defined in Item 408(a) of Regulation S-K.

ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENTS INSPECTIONS

Not
Applicable.

32

PART
III

ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERN