Company: PETVW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023398
Chunk: 50

Company: PetVivo Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
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 to fund its
business plan.

CRITICAL
ACCOUNTING POLICIES

We
prepare our consolidated financial statements in accordance with generally accepted accounting standards in the United States of America.
Our significant accounting policies are described in Note 1 to our condensed consolidated financial statements attached hereto. We believe
the following critical accounting policies involve the most significant judgments and estimates used in the preparation of the condensed
consolidated financial statements.

RECENTLY
ISSUED ACCOUNTING STANDARDS

The
Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effective dates during the
periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally
accepted accounting principles and do not believe that any new or modified principles will have a material impact on the
Company’s reported financial position or operations in the near term. The applicability of any standard is subject to formal
review of the Company’s financial management.

In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as accounts receivable, at the net amount expected to be collected. The measurement of expected credit losses
is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts
that affect the collectability of the reported amount. The Company adopted this standard in the consolidated financial statements for
the year ended March 31, 2025. The change had no impact on the Company’s financial statements.

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