Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 311

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1B
Chunk 311
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future contract payments, which is included in accrued expenses as of March 31, 2025. The licensing fee will be amortized over sixty
(60)
months, the term of the agreement. The licensing
agreement also has a nominal royalty fee payment between 3%
to 4.5%,
commencing in the seventh month of the licensing agreement. The royalty fee expense for the years ended March 31, 2025 and 2024 were
$0 and $0, respectively. We also issued 250,000 warrants, with a strike price of $1.25 per share for a term of three years.
The total warrant expense is valued at $46,030 to be amortized over thirty-six months.

For
the years ended March 31, 2025 and 2024, amortization expenses was $50,000 and $0, respectively.

NOTE
8 – ACCRUED EXPENSES

The
components of accrued expenses were as follows:

 SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES

    March 31, 2025  
    March 31, 2024 
  
     Contract payable 
    $500,000  
    $- 
  
    Accrued payroll and related taxes 
     284,312  
     111,353 
  
    Accrued expenses 
     164,242  
     131,677 
  
    Total 
    $948,554  
    $243,030 

Pursuant
to a lease on our manufacturing facility, the Company had recorded $332,238
as a payable to the lessor. As of March 31, 2024, the Company determined that this payable along with other vendor payables of
$53,636,
totaling $385,874 was included in accounts payable had exceeded the statute of limitations for payments, despite the
Company’s best efforts to pay, and was unable to do so. As of March 31, 2025, the Company determined that $66,075 of accounts
payable had exceeded the statute of limitations for payments for the period ending March 31, 2025. As a result, following legal
advice, a total of $66,075 and
$385,874
of these payables were extinguished from the Company’s balance sheets at March 31, 2025 and 2024, respectively and the gain on
extinguishment of debt