Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 1239

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 9A
Chunk 1239
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 full reserve against this asset. The change in the valuation allowance during the years ended
March 31, 2025 and 2024 was approximately $2,279,000 and
$3,037,000,
respectively. The net operating loss carryforwards prior to 2019, if not utilized, generally expire twenty years from the date the loss was
incurred, and losses incurred after 2019 are carried forward indefinitely and subject to annual limitations for
federal and Minnesota purposes.

Of
the approximately $44,300,000 in net operating loss carryforwards, approximately $7,000,000 has been accumulated in our pre-merger operating
subsidiary, Gel-Del Technologies, Inc. IRC 382 provides guidance around whether or not the Company is able to utilize the pre-merger
Gel-Del Technologies, Inc. net operating loss of approximately $7,000,000. Management is currently analyzing whether or not these pre-merger
dollars will be allowable if our deferred tax asset is ever realized.

The reconciliation of the statutory federal rate to the Company’s effective income tax rate is as follows:

 SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

    2025  
    2024 
  
    Tax benefits at statutory rate 
     21.0% 
     21.0%
  
    State income tax benefit, net of federal 
     7.7% 
     7.7%
  
    Gross Effective Rate 
     28.7% 
     28.7%
  
    Valuation allowance 
     (28.7%) 
     (28.7%)
  
    Net effective rate 
     -  
     - 

The
Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As
of March 31, 2025 and 2024, the Company had no accrued interest and penalties related to uncertain tax positions.

The
Company is subject to taxation in the U.S. and Minnesota. Our tax years for 2020 and forward are subject to examination by tax authorities.
The Company is not currently under examination by any tax authority.

Management
has evaluated tax positions in accordance with FASB ASC 740, and has not identified any tax positions, other than those discussed above,
that require disclosure.

NOTE 16 – SEGMENT REPORTING

The
Company manages the business activities