Company: PETVW
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001641172-25-018617
Chunk: 786

Company: PetVivo Holdings, Inc.
Filing Date: 2025-07-10
Form: 10-K
Item: Item 6
Chunk 786
---
4, 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 was included in other income on the Consolidated Statement of Operations.

NOTE
9 – NOTES PAYABLE AND ACCRUED INTEREST

In
January 2020, the Company entered into a lease amendment for our corporate office facility whereby the lease term was extended through
November of 2026 in exchange for a loan of $42,500. The note payable accrues interest at a rate of 6% per annum. As of March 31, 2025 and
2024, the amount outstanding on the note was $13,244 and $20,528, respectively. As of March 31, 2025, the Company classified $7,802 as a
current liability and $5,442 in other liabilities. As of March 31, 2024, the Company classified $7,356 as a current liability and $13,171
in other liabilities.

On December 20, 2024, the Company entered into a promissory note for $100,000. The note accrued interest at a rate of 12% per annum. The
entire unpaid principal balance, together with interest, shall be due and payable in full on or before the 20th day of June 2025, with
an amended maturity date of December 31, 2025. On March 3, 2025, the Company entered into another promissory note for an additional $200,000
with the same terms. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before the 3rd
day of September 3, 2025.

The
total non-convertible notes payables, including accrued interest, for these