Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 27

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
     (320,356)
  
    Total 
    $1,055,150 

    19

In
compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 7, 2026, March 2027, and June
2033, a treasury rate of 0.12%, 0.40%, 7.9%, and 4.39%, respectively, an operating lease right-of-use assets for approximately $1,055,000
and corresponding and equal operating lease liabilities for the leases. As of December 31, 2024, the present value of future base rent
lease payments based on the remaining lease terms and weighted average discount rate are approximately 3.9 years and 4.19%, respectively,
are as follows:

 SCHEDULE OF BASE RENT LEASE PAYMENTS

    Present value of future base rent lease payments 
    $1,055,150 
  
    Base rent payments included in prepaid expenses 
     -   
  
    Present value of future base rent lease payments – net 
    $1,055,150 

As
of December 31, 2024, the present value of future base rent lease payments – net is classified between current and non-current
assets and liabilities as follows:

 SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES

    Operating lease right-of-use asset 
    $1,055,150 
  
    Total operating lease assets 
     1,055,150 

    Operating lease current liability 
     191,766 
  
    Operating lease other liability 
     863,384 
  
    Total operating lease liabilities 
    $1,055,150 

Employment
Agreements

The
Company has employment agreements with its executive officers. As of December 31, 2024, these agreements contain severance benefits ranging
from one month to six months if terminated without cause.

Legal
Proceedings

David
Masters, a former employee, board member, and consultant to the Company, has threatened to file suit against the Company to recover in
excess of $2 million. Masters’ threatened litigation relates to allegations that the Company promised him additional compensation,
shares, warrants, and future employment while he was associated with the Company. The Company mediated these claims with Masters in 2022
and executed a mediated settlement agreement resolving these claims for a one-time payment of $180