Company: PETVW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023398
Chunk: 28

Company: PetVivo Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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2. This lease will expire in March 2027.
The base rent has annual increases of 2.5% and the Company is responsible for its proportional share of common space expenses, property
taxes, and building insurance. The monthly base rent as of September 30, 2025, and March 31, 2025, was $2,879.

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 has taken 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 September 30, 2025, and March 31, 2025, was $8,631.

Lease
Termination

The
Company terminated its ten-year lease agreement on the 14,073 square foot production and warehouse space effective June 30, 2025. As
consideration for the early termination of the lease, the Company paid the Landlord the unamortized portion of lease commissions, unamortized
rent abatement, legal fees, termination fee, management fee and unamortized tenant improvements. In addition, the Company was responsible
for paying all costs to release a mechanical lien attached to the property, including the costs related to the lien along with all legal
fees and other costs incurred by the landlord. The Company also paid a fee equal to six months of base rent, common area maintenance,
and real estate taxes for the unrented office area consisting of 3,794 rentable square feet as part of the termination of the lease.
Total fees incurred for the termination of the lease for the six months ended September 30, 2025 and 2024 were $314,768 and $0, respectively.

Vehicles
and Other Operating Leases

The
Company leased vehicles for certain members of its field sales organization during the three months ended June 30, 2024, under a vehicle
fleet program whereby the noncancelable lease was for a term of 48 months. During the year