Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 155

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1A
Chunk 155
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2024. Cost of sales includes product
costs related to the sale of our Spryng® products, labor and certain overhead costs and direct costs of Precise PRP product pursuant
to our Exclusive License Agreement with VetStem. The Company has historically prepared a manufacturing allocation on a quarterly basis
based on certain manufacturing expenses as part of cost of sales.

Operating
Expenses. Operating expenses decreased to $9,050,575 in fiscal 2025 compared to $11,488,223 in fiscal 2024. Operating expenses
consisted of general and administrative, sales and marketing, and research and development expenses. The decrease is primarily due to
decreased G&A expenses and sales and marketing expenses related to the sale of our Spryng® product.

General
and administrative (“G&A”) expenses were $4,823,230 and $6,693,186 in fiscal 2025 and 2024, respectively. General and
administrative expenses include compensation and benefits, contracted services, consulting fees, stock compensation, and incremental
public company costs. The decrease is primarily due to decreased legal expenses as our corporate/secretary duties have been absorbed
by our internal general counsel. The decrease is also attributed to reduced investor relations consulting fees.

Sales
and marketing expenses were $2,644,095 and $3,399,666 in fiscal 2025 and 2024, respectively. Sales and marketing expenses includes compensation,
consulting, tradeshows, and advertising and promotion costs to support the launch of our Spryng® product. The decrease is primarily
due to the termination of an expensive marketing agency relationship and reduced trade show participation.

Research
and development (“R&D”) expenses were $1,583,250 and $1,395,371 in fiscal 2025 and 2024, respectively. The increase was
related to clinical studies and efforts to support the launch of Spryng®.

Operating
Loss. As a result of the foregoing, our operating loss was $8,055,720 and $10,621,340 in fiscal 2025 and 2024, respectively.
The decreased loss was related to decreased general and administrative expenses and sales and marketing expenses.

Other
Income (Expense). Other expense was ($343,446) in fiscal 2025 compared to other expense of ($333,955) in fiscal 2024. Other
expense in fiscal 2025 consisted of extinguishment of payables of $66,076, sublease rental