Company: PETVW
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001493152-25-006783
Chunk: 26

Company: PetVivo Holdings, Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 rent as of December 31, 2024, and March 31, 2024,
was $2,808.

    18

On
January 10, 2023, the Company entered into a new lease agreement for approximately 14,000 square feet of production and warehouse space
with a commencement date of April 1, 2023, which is when the control and right of use for this asset has taken place. The initial monthly
base rent is $8,420 and has annual increases of 2.5%. The Company is also responsible for its proportional share of common space expenses,
property taxes, and building insurance. The lease will terminate on June 30, 2033, and the Company has a renewal option for a period
of five years. The monthly base rent as of December 31, 2024, and March 31, 2024, was $8,420.

Vehicles

We
leased vehicles for certain members of our field sales organization in the three months ended June 30, 2023, under a vehicle fleet program
whereby the noncancelable lease is for a term of 48 months. The Company recognized an operating lease right-of-use asset for approximately
$150,000 and corresponding and equal operating lease liability for the lessee. As of December 31, 2024, in addition to monthly rental
fees specific to the vehicle, there are fixed monthly non-lease components that have been included in the ROU operating lease assets
and operating lease liabilities. The non-lease components are not significant.

Operating
lease expense for the nine months ended December 31, 2024, and 2023, was $36,397 and $91,647 respectively.

The
following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2024:

 SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY

    2025 
    $222,224 
  
    2026 
     226,166 
  
    2027 
     179,916 
  
    2028 
     114,410 
  
    2029 
     114,273 
  
    2030 
     117,228 
  
    Thereafter 
     401,289 
  
    Total 
    $1,375,506 
  
    Less: amount representing interest