Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 792

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 6
Chunk 792
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able for a period of 45 days. In
January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 in exchange for
receipt of a loan of $42,500
recorded to note payable. The monthly base rent as of March 31, 2025, and 2024 was $2,386
and $2,340,
respectively.

    F-15

The
Company entered into a 63 sixty-three month lease for 2,400
square feet of office space located in Edina, Minnesota in January 2022. This lease will expire in March 2027. The base rent has
annual increases of 2.5%
and the Company is responsible for its proportional share of common space expenses, property taxes, and building insurance. The
monthly base rent as of March 31, 2025 and 2024 was $2,879
and $2,808,
respectively.

On
January 10, 2023, the Company entered into a new lease agreement for approximately 14,000 square feet of production and warehouse space
with a commencement date of April 1, 2023, which is when the control and right of use for this asset took place. The initial monthly
base rent is $8,420 and has annual increases of 2.5%. The Company is also responsible for its proportional share of common space expenses,
property taxes, and building insurance. The lease will terminate on June 30, 2033, and the Company has a renewal option for a period
of five years. The monthly base rent as of March 31, 2025 and 2024 was $8,631 and $8,420, respectively.

Vehicles

The Company leased vehicles for certain members of its field sales organization during the years ended March 31, 2025 and 2024, under
a vehicle fleet program whereby the noncancelable lease was for a term of 48 months. During the year ended March 31, 2025, all of the
leased vehicles under the vehicle fleet program were sold and the Company recognized a loss of $1,018 on the sale of the leased vehicles,
reported in other income (expense). As a result of the sale, right-of-use assets were reduced by $53,168 and lease liability was reduced
by $53,168. As of March 31, 2024, in addition to monthly rental