Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 160

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 160
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 upon their
evaluation of those controls and procedures performed as of the end of the period covered by this report, our principal executive officer
and our principal financial officer concluded that our disclosure controls and procedures were not effective.

31

Management’s
annual report on internal control over financial reporting

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting as defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934. Our internal control
over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP) and includes those policies
and procedures that:

    ●
    Pertain
    to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

    ●
    Provide
    reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
    generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations
    of our management and our directors; and

    ●
    Provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that
    could have a material effect on financial statements.

Because
of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those
systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our
management assessed the effectiveness of our internal control over financial reporting as of March 31, 2025. In making this assessment,
management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in
Internal Control — Integrated Framework (revised 2013). This assessment included an evaluation of the design and procedures of
our control over financial reporting.

During
the audit, we had a material audit adjustment for derivative liabilities and warrant discount with our convertible notes. Management
has evaluated the effectiveness of the company’s Internal Control Over Financial Reporting (“ICFR”) and, due to the
material weakness, management has concluded that ICF