Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 16

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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,704, respectively. This represents 4% and 18% of total revenues for the nine months ended December 31, 2024, and 2023, respectively.

    12

(M)
Research and Development

The
Company expenses research and development costs as incurred.

(N)
Fair Value of Financial Instruments

The
Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial
Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

The
guidance also establishes a fair value hierarchy for measurements of fair value as follows:

    ●
    Level 1 - quoted market
    prices in active markets for identical assets or liabilities.

    ●
    Level 2 - inputs other
    than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities,
    quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable
    or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

    ●
    Level 3 - unobservable
    inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The
Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued
interest. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2024, and
March 31, 2024, due to the short-term nature of these instruments and the Company’s borrowing rate of interest.

In
instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy,
the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is
significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to