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

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials,
products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban
Minneapolis, Minnesota.

(B)
Basis of Presentation

PetVivo
Holdings, Inc. (the “Company”) was incorporated in Nevada under its former name in 2009 and entered its current business
in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming
a wholly owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc.,
through a statutory merger, which is also a wholly-owned subsidiary of the Company.

The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the
SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In
the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair
presentation of the interim financial information have been included. The results for the nine months ended December 31, 2024, are
not necessarily indicative of results to be expected for the year ending March 31, 2025, or for any other interim period or for any
future year. These unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated
financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2024.

(C)
Principles of Consolidation

The
accompanying consolidated financial statements include the accounts of the Company and its two wholly owned Minnesota corporations, Gel-Del
Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated during consolidation.

(D)
Use of Estimates

In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful