Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 28

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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,000, to be effective upon execution
of a long form agreement containing these and other settlement terms. The parties appointed the mediator as arbitrator to resolve any
disputes arising during the drafting of the long form agreement on commercially reasonable terms. In early 2023, Masters commenced arbitration
to have certain terms in the long form agreement decided. The arbitrator issued an award setting the final terms of the agreement. Soon
thereafter, Masters refused to execute the long form agreement set by the arbitrator; terminated the law firm representing him in the
mediation, negotiations, and arbitration; suggested that the arbitration award was tainted by a conflict of interest; and threatened
the claims set forth above.

In
September 2023, Masters executed the long-term agreement, and the Company recorded a settlement expense of $180,000. The settlement was
paid in October 2023.

In February 2025, we received a complaint for a dispute with a vendor with
a value less than $75,000 for a heating, ventilation, and air conditioning (HVAC) unit. 

NOTE
11 – GOING CONCERN

The
accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America, which contemplate continuation of the Company as a going concern.

The
Company incurred a net loss $5,979,594 for the nine months ended December 31, 2024, had net cash used in operating activities of $4,091,978
for the same period, and has an accumulated deficit of $88,778,918 on December 31, 2024. These conditions raise substantial doubt about
the Company’s ability to continue as a going concern for a period of at least twelve months after the date of issuance of these
financial statements. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s
ability to achieve a level of profitability and/or to obtain adequate financing through the issuance of debt or equity in order to finance
its operations.

 Management
believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going
concern. While the Company believes in its ability to raise additional funds, there can be no assurances to that effect. The ability
of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and
raise additional funds.

These
consolidated