Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 15

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 in accrued expenses) under the MWI Veterinary Supply Co. Agreement were as follows:

 SCHEDULE
OF RECOGNIZED REVENUE ASSETS AND LIABILITIES

    December 31, 2024 
    March 31, 2024
  
    Accounts receivable: MWI Veterinary Supply Co. 
    $151,164  
    $18,669 
  
    Rebate liability 
     57,264  
     57,264 
  
    Distribution fee payable 
     8,835  
     7,583 

The
Company entered into a Distribution Services Agreement (the “Covetrus Agreement”) with Covetrus North America LLC (“Covetrus”)
on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Covetrus
Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Product sales occur
once control or title is transferred based on the commercial terms in the Covetrus Agreement. Revenue is recognized upon delivery to
the Distributor; payment is due within 60 days. The Covetrus Agreement provides for a rebate payable to the Distributor based on annual
sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales
are subject to various rights of return provisions; the Company uses an expected value method to estimate returns and has determined
that any returns would be immaterial as of December 31, 2024. As a result, there is no return liability recorded. Shipping and handling
costs are a fulfillment activity and are reported as cost of sales.

For
the three months ended December 31, 2024, and 2023, the Company recognized revenue from product sales under the Covetrus Agreement of
$17,606 and $106,704, respectively. This represents 3% and 18% of total revenues for the three-month period ended December 31, 2024,
and 2023, respectively. The Company had Accounts Receivable from Covetrus at December 31, 2024, and March 31, 2024 of $17,784 and $0,
respectively.

For
the nine months ended December 31, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $35,212 and
$106