Company: PETVW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023398
Chunk: 15

Company: PetVivo Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 as of September 30, 2025, and March
31, 2025. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and are reported
as cost of sales. In February 2025, the Company mutually terminated its non-exclusive distribution agreement with Covetrus.

For
the three months ended September 30, 2025, and 2024, the Company did not recognize revenue from product sales under the Agreement. The
Company did not have any Accounts Receivable from Covetrus at September 30, 2025, and March 31, 2025.

For
the six months ended September 30, 2025, and 2024, the Company recognized revenue from product sales under the Agreement of $0 and $17,784,
respectively. This represents 0% and 5% of total revenues for the six months ended September 30, 2025, and 2024, respectively.

In
December 2024, the Company entered into new distribution partnerships with Vedco, Inc. (“Vedco”) and Clipper Distributing,
LLC (“Clipper”). A distribution service agreement was not signed with either distribution partner. Contracts with both distribution
partners are evidenced by individual executed purchase orders. The purchase orders consist of a single performance obligation related
to the sale of our pet care products. Product sales occur once control or title is transferred based on the terms of the purchase order.
Revenue is recognized upon delivery to the Distributor; payment is due within 30 days. Neither distribution partnership provides for
a distribution fee payable or a rebate payable.

For
the three months ended September 30, 2025 and 2024, the Company recognized revenue from product sales to Vedco of $227,498 and $0, respectively.
This represents 75% and 0% of total revenues for the three months ended September 30, 2025 and 2024, respectively.

For
the six months ended September 30, 2025 and 2024, the Company recognized revenue from product sales to Vedco of $425,878 and $0, respectively.
This represents 71% and 0% of total revenues for the six months ended September 30, 2025 and 2024, respectively.

Accounts
receivable from Vedco was $124,969 and $0 at September 30, 2025, and March 31, 2025.

For