Company: PETVW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023398
Chunk: 18

Company: PetVivo Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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U requires an entity to recognize expected credit losses rather than losses incurred for financial assets.
The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those
fiscal years. The Company adopted this new guidance effective January 1, 2023, utilizing the modified retrospective transition method.
The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but did change
how the allowance for credit losses is determined.

     12 

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires
public entities to disclose significant segment expenses and other segment items on an interim and annual basis and provide in interim
periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does
not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine
its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating
segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years
beginning after December 15, 2024. The Company adopted the guidance for the annual reporting period ended March 31, 2025. There was no
impact on the Company’s reportable segments identified.

NOTE
2 – INVENTORY

Inventory
consists of the following at September 30, 2025, and March 31, 2025:

The
inventory components are as follows:

SCHEDULE OF INVENTORY 

    September 30, 2025  
    March 31, 2025 
  
    Finished Goods 
    $335,176  
    $21,782 
  
    Work in process 
     12,382  
     41,540 
  
    Raw materials 
     230,735  
     260,182 
  
    Total Net 
    $578,293  
    $323,504 

NOTE
3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS

As
of September 30, 2025, the Company had $475,517 in prepaid expenses and other current assets consisting primarily of $113,000 of supplier
advance, $225,000 in