Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 1136

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 9
Chunk 1136
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monthly base rent as of March 31, 2025 and 2024 was $2,879
and $2,808,
respectively.

On
January 10, 2023, the Company entered into a new lease agreement for approximately 14,000 square feet of production and warehouse space
with a commencement date of April 1, 2023, which is when the control and right of use for this asset took place. The initial monthly
base rent is $8,420 and has annual increases of 2.5%. The Company is also responsible for its proportional share of common space expenses,
property taxes, and building insurance. The lease will terminate on June 30, 2033, and the Company has a renewal option for a period
of five years. The monthly base rent as of March 31, 2025 and 2024 was $8,631 and $8,420, respectively.

Vehicles

The Company leased vehicles for certain members of its field sales organization during the years ended March 31, 2025 and 2024, under
a vehicle fleet program whereby the noncancelable lease was for a term of 48 months. During the year ended March 31, 2025, all of the
leased vehicles under the vehicle fleet program were sold and the Company recognized a loss of $1,018 on the sale of the leased vehicles,
reported in other income (expense). As a result of the sale, right-of-use assets were reduced by $53,168 and lease liability was reduced
by $53,168. As of March 31, 2024, in addition to monthly rental fees specific to the vehicles, there are fixed monthly non-lease components
that have been included in the ROU operating lease assets and operating lease liabilities. The non-lease components are not significant.

Operating
lease expense for the years ended March 31, 2025, and 2024, was $167,339 and $145,004, respectively.

The
following is a maturity analysis of the approximate annual undiscounted cash flows of the operating lease liabilities as of March 31,
2025:

 SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY

    2026 
    $169,000 
  
    2027 
     164,000 
  
    2028 
     112,000 
  
    2029 
     114,000