Company: PETVW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001493152-25-011967
Chunk: 8

Company: PetVivo Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
ited consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”) for interim financial reporting and pursuant to the rules and regulations of
the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required
by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring)
considered necessary for a fair presentation of the interim financial information have been included. The results for the three months
ended June 30, 2025, are not necessarily indicative of results to be expected for the year ending March 31, 2026, or for any other interim
period or for any future year. These unaudited consolidated interim financial statements should be read in conjunction with the audited
financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2025.

(C)
Principles of Consolidation

The
accompanying consolidated financial statements include all the accounts of PetVivo Holdings, Inc., and its two wholly owned Minnesota
corporations, Gel-Del Technologies, Inc. and PetVivo Animal Health, Inc. (collectively, the “Company”). All intercompany
transactions have been eliminated upon consolidation.

The
Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has
elected to comply with certain reduced public company reporting requirements.

    8

(D)
Use of Estimates

In
preparation of the consolidated financial statements in conformity with generally accepted accounting principles, management is required
to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets
and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ
from those estimates. Significant estimates include allowance for credit losses, inventory obsolescence, estimated useful lives and potential
impairment of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision
for product returns, right of use lease assets and liabilities and valuation of deferred tax assets.

(E)
Cash and Cash Equivalents

The
Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents.
The Company had no cash equivalents at June 30, 202