Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 797

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 6
Chunk 797
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26, 2024 (the “Maturity Date”), bear interest at a rate of 10% per annum and automatically convert
into shares of the Company’s common stock on the earlier of (i) the Maturity Date or (ii) upon the occurrence of certain events
prior to the Maturity Date, including, without limitation, the sale of common stock of at least $2 million.

On
August 11, 2023, the Company entered into Convertible Debenture Conversion Agreements (“Conversion Agreements”) with the
three debenture holders (“Debenture Holders”). Pursuant to the Conversion Agreements, each Debenture Holder agreed to voluntarily
and immediately convert the outstanding balance on their Convertible Debenture into shares of the Company’s common stock prior
to January 26, 2024, the maturity date of the Convertible Debentures, provided that the Company adjust the original conversion rate to
one share of the Company’s common stock for each $1.50 of principal (reduced from $1.60 in the Convertible Debenture) and pay an
amount equal to six months of interest (the “New Conversion Rate”) and grant warrants to the Debenture Holders providing
each Debenture Holder with the right to purchase the number of shares of the Company’s common stock issued to the Debenture Holder
in the conversion. The Debenture Holders converted $550,000 in Convertible Debentures and accrued interest of $27,500 into 385,000 shares
of the Company’s common stock and warrants (“Warrants”) to purchase an aggregate of 385,000 shares of the Company’s
common stock. The Warrants are exercisable any time on or after February 5, 2024 and prior to August 10, 2026 at an exercise price of
$2.00 per share.

As
a result of the inducement to the Debenture Holders to voluntarily convert the outstanding balance of their Convertible Debentures
prior to their maturity date, the Company recognized a loss on extinguishment of debt of $534,366.
The loss is comprised of the fair value of the warrants issued of $463,476,
as determined by the Black Scholes model; the value of additional shares issued of $45,834
as a result of the lower conversion rate to one share of the Company’s common stock issued and the additional interest of
$25,056