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U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
Mark
One
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _______ to _______
Commission
File No. 001-40715
PetVivo
Holdings, Inc.
(Name
of small business issuer in its charter)
Nevada |
|
99-0363559 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
5151
Edina Industrial Blvd Suite 575
Edina,
Minnesota 55439
(Address
of principal executive offices)
(952)
405-6216
(Issuer’s
telephone number)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 |
|
PETV |
|
The
Nasdaq Stock Market LLC |
Warrants
to purchase Common Stock |
|
PETVW |
|
The
Nasdaq Stock Market LLC |
*The Company’s securities were suspended from
trading on The Nasdaq Stock Market (“Nasdaq”) on April 5, 2024. The Nasdaq Hearing Panel affirmed the decision to delist the
Company’s securities from Nasdaq on June 24, 2024. The Nasdaq Board of Directors declined to review the decision of the Hearing
Panel on July 25, 2024.. The Company expects that a Form 25 will be filed by Nasdaq with the Securities and Exchange Commission, which
would formally remove the Company’s common stock and warrants from listing and registration on Nasdaq. The Company has not been
notified when such Form 25-NSE will be filed, or otherwise informed by Nasdaq of when the delisting of its securities from Nasdaq is expected
to occur.
Securities
registered pursuant to Section 12(g) of the Act:
Common
Stock, $0.001
(Title
of Class)
Indicate
by check mark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (Section 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files. Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company.
|
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
Emerging
Growth Company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:
Class |
|
Outstanding
as of August 14, 2024 |
Common
Stock, $0.001
Preferred
Stock (Series A), $0.001 |
|
20,004,852
3,045,000 |
PETVIVO
HOLDINGS, INC.
FORM
10-Q
FOR
THE PERIOD ENDED June 30, 2024
INDEX
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Information
included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended
(“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This
information may involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or
achievements of PetVivo Holdings, Inc. (the “Company”), to be materially different from future results, performance, or achievements
expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans,
strategies, and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project”
or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based
on assumptions that may be incorrect, and there can be no assurance that the projections included in these forward-looking statements
will come to pass. Actual results of the Company could differ materially from those expressed or implied in the forward-looking statements.
Factors that might cause or contribute to such differences include, but are not limited to, those discussed in “Risk Factors”
included in documents we file from time to time with the U.S. Securities and Exchange Commission (the “SEC’), including our
Annual Report on Form 10-K for our fiscal year ended March 31, 2024, (“2023 10-K Report”) and risks described in other SEC
filings. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any
reason, even if new information becomes available or other events occur in the future.
PART
I.
ITEM
1. FINANCIAL STATEMENTS
PETVIVO
HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
June 30, 2024 (Unaudited) | | |
March 31, 2024 | |
| |
| | |
| |
Assets: | |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 12,414 | | |
$ | 87,403 | |
Accounts receivable | |
| 72,026 | | |
| 18,669 | |
Inventory, net (Note 3) | |
| 383,577 | | |
| 390,076 | |
Prepaid expenses and other assets (Note 4) | |
| 412,048 | | |
| 545,512 | |
Total Current Assets | |
| 880,065 | | |
| 1,041,660 | |
| |
| | | |
| | |
Property and Equipment, net (Note 5) | |
| 805,570 | | |
| 821,656 | |
| |
| | | |
| | |
Other Assets: | |
| | | |
| | |
Operating lease right-of-use assets | |
| 1,147,939 | | |
| 1,194,348 | |
Trademark and patents, net (Note 6) | |
| 27,866 | | |
| 30,099 | |
Security deposit | |
| 27,490 | | |
| 27,490 | |
Total Other Assets | |
| 1,203,295 | | |
| 1,251,937 | |
Total Assets | |
$ | 2,888,930 | | |
$ | 3,115,253 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity: | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 646,360 | | |
$ | 821,230 | |
Accrued expenses and other payables (Note 7) | |
| 246,378 | | |
| 243,030 | |
Operating lease liability – short term | |
| 190,980 | | |
| 190,589 | |
Note payable and accrued interest | |
| 7,463 | | |
| 157,521 | |
Total Current Liabilities | |
| 1,091,181 | | |
| 1,412,370 | |
Other Liabilities | |
| | | |
| | |
Operating lease liability (net of current portion) | |
| 956,959 | | |
| 1,003,759 | |
Note payable and accrued interest (net of current portion) | |
| 11,287 | | |
| 13,171 | |
Total Other Liabilities | |
| 968,246 | | |
| 1,016,930 | |
Total Liabilities | |
| 2,059,427 | | |
| 2,429,300 | |
| |
| | | |
| | |
Commitments and Contingencies (see Note 10) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity (Note 12): | |
| | | |
| | |
Preferred Stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and March 31, 2024 | |
| - | | |
| - | |
Common Stock, par value $0.001, 250,000,000 shares authorized, 19,904,852 and 17,058,620 issued and outstanding at June 30, 2024 and March 31, 2024, respectively | |
| 19,905 | | |
| 17,059 | |
Additional Paid-In Capital | |
| 85,655,985 | | |
| 83,468,218 | |
Accumulated Deficit | |
| (84,846,387 | ) | |
| (82,799,324 | ) |
Total Stockholders’ Equity | |
| 829,503 | | |
| 685,953 | |
Total Liabilities and Stockholders’ Equity | |
$ | 2,888,930 | | |
$ | 3,115,253 | |
The
accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
PETVIVO
HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
For the Three Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
| | |
| |
Revenues | |
$ | 123,751 | | |
$ | 117,183 | |
| |
| | | |
| | |
Cost of Sales (Note 2) | |
| 12,994 | | |
| 12,304 | |
| |
| | | |
| | |
Gross Profit | |
| 110,757 | | |
| 104,879 | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
| |
| | | |
| | |
Sales and Marketing | |
| 534,413 | | |
| 941,886 | |
General and administrative | |
| 1,233,261 | | |
| 1,762,798 | |
Research and development | |
| 387,515 | | |
| 293,772 | |
Total Operating Expenses | |
| 2,155,189 | | |
| 2,998,456 | |
| |
| | | |
| | |
Operating Loss | |
| (2,044,432 | ) | |
| (2,893,577 | ) |
| |
| | | |
| | |
Other Income (Expense) | |
| | | |
| | |
Interest expense | |
| (2,631 | ) | |
| - | |
Total Other Income (Expense) | |
| (2,631 | ) | |
| - | |
| |
| | | |
| | |
| |
| | | |
| | |
Income Tax Provision | |
| - | | |
| - | |
| |
| | | |
| | |
Net Loss | |
$ | (2,047,063 | ) | |
$ | (2,893,577 | ) |
| |
| | | |
| | |
Net Loss Per Share: | |
| | | |
| | |
Basic and Diluted | |
$ | (0.11 | ) | |
$ | (0.25 | ) |
| |
| | | |
| | |
Weighted Average Common Shares Outstanding: | |
| | | |
| | |
Basic and Diluted | |
| 18,683,975 | | |
| 11,657,035 | |
The
accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
PETVIVO
HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three
Months Ended June 30, 2024
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
- |
Total |
|
|
|
Common
Stock |
|
|
Additional
Paid-in |
|
|
Accumulated |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Total |
|
Balance
at March 31, 2024 |
|
|
17,058,620 |
|
|
$ |
17,059 |
|
|
$ |
83,468,218 |
|
|
$ |
(82,799,324 |
) |
- |
$ |
685,953 |
|
Common
stock sold |
|
|
1,889,434 |
|
|
|
1,889 |
|
|
|
1,320,711 |
|
|
|
- |
|
|
|
1,322,600 |
|
Conversion
of debt and interest to common stock |
|
|
430,798 |
|
|
|
431 |
|
|
|
301,127 |
|
|
|
- |
|
|
|
301,558 |
|
Stock
issued for services |
|
|
376,000 |
|
|
|
376 |
|
|
|
213,784 |
|
|
|
- |
|
|
|
214,160 |
|
Stock-based
compensation |
|
|
- |
|
|
|
- |
|
|
|
352,295 |
|
|
|
- |
|
|
|
352,295 |
|
Vesting
of restricted stock units |
|
|
150,000 |
|
|
|
150 |
|
|
|
(150 |
) |
|
|
- |
|
|
|
- |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,047,063 |
) |
- |
|
(2,047,063 |
) |
Balance
at June 30, 2024 |
|
|
19,904,852 |
|
|
$ |
19,905 |
|
|
$ |
85,655,985 |
|
|
$ |
(84,846,387 |
) |
- |
$ |
829,503 |
|
Three
Months Ended June 30, 2023
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Issued |
|
|
Total |
|
|
|
Common
Stock |
|
|
Additional
Paid-in |
|
|
Accumulated |
|
|
Common
Stock to be |
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Issued |
|
|
Total |
|
Balance
at March 31, 2023 |
|
|
10,950,220 |
|
|
$ |
10,950 |
|
|
$ |
72,420,604 |
|
|
$ |
(71,844,029 |
) |
|
$ |
137,500 |
|
|
$ |
725,025 |
|
Balance |
|
|
10,950,220 |
|
|
$ |
10,950 |
|
|
$ |
72,420,604 |
|
|
$ |
(71,844,029 |
) |
|
$ |
137,500 |
|
|
$ |
725,025 |
|
Common
stock sold |
|
|
793,585 |
|
|
|
794 |
|
|
|
2,092,800 |
|
|
|
- |
|
|
|
(137,500 |
) |
|
|
1,956,094 |
|
Stock
issued for services |
|
|
49,998 |
|
|
|
50 |
|
|
|
123,028 |
|
|
|
- |
|
|
|
- |
|
|
|
123,078 |
|
Stock-based
compensation |
|
|
- |
|
|
|
- |
|
|
|
413,030 |
|
|
|
- |
|
|
|
- |
|
|
|
413,030 |
|
Vesting
of restricted stock units in lieu of compensation |
|
|
30,300 |
|
|
|
31 |
|
|
|
74,558 |
|
|
|
- |
|
|
|
- |
|
|
|
74,589 |
|
Vesting
of restricted stock units |
|
|
6,250 |
|
|
|
6 |
|
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,893,577 |
) |
|
|
- |
|
|
|
(2,893,577 |
) |
Balance
at June 30, 2023 |
|
|
11,830,353 |
|
|
$ |
11,831 |
|
|
$ |
75,124,014 |
|
|
$ |
(74,737,606 |
) |
|
$ |
- |
|
|
$ |
398,239 |
|
Balance |
|
|
11,830,353 |
|
|
$ |
11,831 |
|
|
$ |
75,124,014 |
|
|
$ |
(74,737,606 |
) |
|
$ |
- |
|
|
$ |
398,239 |
|
The
accompanying condensed notes are an integral part of these unaudited consolidated financial statements.
PETVIVO
HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
June
30, 2024 |
|
|
June
30, 2023 |
|
|
|
For the Three Months Ended |
|
|
|
June
30, 2024 |
|
|
June
30, 2023 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss For The Period |
|
$ |
(2,047,063 |
) |
|
$ |
(2,893,577 |
) |
Adjustments
to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
352,295 |
|
|
|
413,030 |
|
Depreciation
and amortization |
|
|
33,497 |
|
|
|
31,149 |
|
Consulting
and investor relations services paid in stock |
|
|
176,273 |
|
|
|
244368 |
|
Stock
issued in lieu of compensation |
|
|
- |
|
|
|
74,589 |
|
Interest
on convertible debentures |
|
|
1,558 |
|
|
|
- |
|
Changes
in Operating Assets and Liabilities |
|
|
|
|
|
|
|
|
Decrease
(increase) in prepaid expenses and other current assets |
|
|
171,351 |
|
|
|
26,138 |
|
(Increase)
decrease in accounts receivable |
|
|
(53,357 |
) |
|
|
39,581 |
|
Decrease
(increase) in inventory |
|
|
6,499 |
|
|
|
(35,747 |
) |
(Decrease)
in accounts payable and accrued expenses |
|
|
(171,522 |
) |
|
|
(62,900 |
) |
Net
Cash Used in Operating Activities |
|
|
(1,530,469 |
) |
|
|
(2,163,369 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase
of equipment |
|
|
(15,178 |
) |
|
|
(47,394 |
) |
Net
Cash Used in Investing Activities |
|
|
(15,178 |
) |
|
|
(47,394 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds
from the sale of common stock and warrants |
|
|
1,322,600 |
|
|
|
1,956,094 |
|
Proceeds
from issuance of convertible debentures |
|
|
150,000 |
|
|
|
- |
|
Repayments
of notes payable |
|
|
(1,942 |
) |
|
|
(1,667 |
) |
(Net
Cash Provided by (Used in) Financing Activities |
|
|
1,470,658 |
|
|
|
1,954,427 |
|
|
|
|
|
|
|
|
|
|
Net
Decrease in Cash |
|
|
(74,989 |
) |
|
|
(256,336 |
) |
Cash
at Beginning of Period |
|
|
87,403 |
|
|
|
475,314 |
|
Cash
at End of Period |
|
$ |
12,414 |
|
|
$ |
218,978 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash
paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
2,631 |
|
|
$ |
437 |
|
Taxes |
|
$ |
- |
|
|
$ |
- |
|
Stock granted for consulting services |
|
$ |
161,000 |
|
|
$ |
- |
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
(Decrease)
increase to operating lease right of use asset and operating lease liability |
|
$ |
(105,876 |
) |
|
$ |
1,081,204 |
|
Convertible debentures and accrued interest converted to common stock |
|
$ |
301,558 |
|
|
$ |
- |
|
The
accompanying notes are an integral part of these unaudited consolidated financial statements.
PetVivo
Holdings, Inc.
Notes
to Financial Statements
June
30, 2024
(Unaudited)
NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(A)
Organization and Description
The
Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment and/or
management of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product
Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness
and other joint afflictions such as osteoarthritis in dogs and horses in September 2021. The Company has a pipeline of additional products
for the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials,
products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban
Minneapolis, Minnesota.
(B)
Basis of Presentation
PetVivo
Holdings, Inc. (the “Company”) was incorporated in Nevada under its former name in 2009 and entered its current business in
2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming
a wholly owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc.,
through a statutory merger, which is also a wholly-owned subsidiary of the Company.
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC.
Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion
of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim
financial information have been included. The results for the three months ended June 30, 2024, are not necessarily indicative of results
to be expected for the year ending March 31, 2025, or for any other interim period or for any future year. These unaudited condensed
consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included
in our Annual Report on Form 10-K for the year ended March 31, 2024.
(C)
Principles of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its two wholly owned Minnesota corporations, Gel-Del
Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated during consolidation.
(D)
Use of Estimates
In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment
of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision for
product returns, right of use lease assets and liabilities and valuation of deferred tax assets.
(E)
Cash and Cash Equivalents
The
Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash
equivalents. The Company had no
cash equivalents at June 30, 2024 and March 31, 2024.
(F)
Concentration Risk
The
Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At June 30, 2024
and March 31, 2024, the Company did not have cash balances in excess of the federally insured limits.
(G)
Accounts Receivable
Accounts
receivable consist primarily of amounts due from distributors (see revenue recognition). Accounts receivable is recorded based on management’s
assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the
results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the
collectability of our accounts receivable as well as a forecast of projected credit losses. We update our assessment on a quarterly basis,
which to date has not resulted in any material adjustments to the valuation of our accounts receivable since all receivables to date
have been collected. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe
that substantially all accounts receivable is fully collectible. Accordingly, as of June 30, 2024, and March 31, 2024, our allowance
for credit losses was zero.
In
fiscal 2023, the Company has adopted an accounting standard: Adoption of ASC 326, Financial Instruments - Credit Losses, which amends
the impairment model by requiring entities to use a forward-looking approach to estimate lifetime expected credit losses on certain types
of financial instruments, including trade receivables.
(H)
Inventory
Inventories
are recorded in accordance with Accounting Standards Codification (“ASC”) 330, Inventory, and are stated at the lower of
cost or net realizable value. We account for inventories using the first in first out (“FIFO”) methodology. Provisions for
inventory obsolescence are charged to Cost of Sales. There were no provisions for obsolescence for the three months ended June 30, 2024,
and 2023, respectively.
(I)
Property & Equipment
Property
and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged
to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual
values) over the assets estimated useful life of 3 to 5 years for production and computer equipment and furniture and 5 to 7 years for
leasehold improvements.
(J)
Patents and Trademarks
The
Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the
lesser of the useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by
considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.
(K)
Loss Per Share
Basic
loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period.
Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents
and potentially dilutive securities outstanding during the period.
The
Company had 10,089,178
warrants outstanding as of June 30, 2024, with
varying exercise prices ranging from $1.20
to $5.63
per share. The weighted average exercise price
for these warrants is $2.89
per share. These warrants are excluded from the
weighted average number of shares because they were considered anti-dilutive.
The
Company had 193,250 restricted stock units outstanding as of June 30, 2024, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,487,122 stock options outstanding as of June 30, 2024, with varying exercise prices ranging from $0.80 to $2.79 per share.
The weighted average exercise price for these options is $1.88 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company had 3,546,067 warrants outstanding as of June 30, 2023, with varying exercise prices ranging from $1.20 to $5.63 per share. The
weighted average exercise price for these warrants is $5.06 per share. These warrants are excluded from the weighted average number of
shares because they were considered anti-dilutive.
The
Company had 219,534 restricted stock units outstanding as of June 30, 2023, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,259,088 stock options outstanding as of June 30, 2023, with varying exercise prices ranging from $1.39 to $2.79 per share.
The weighted average exercise price for these options is $2.22 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company uses the guidance in Accounting Standards Codification (“ASC”) 260 to determine if-converted loss per share. ASC
260 states that convertible securities should be considered exercised on the latter of the first day of the reporting period’s
quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing
diluted EPS if the effect would be anti-dilutive.
(L)
Revenue Recognition
The
Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers.”
The
Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company
recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales
occur once control or title is transferred based on the commercial terms. Revenue is recognized upon delivery to the customer, which
is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for
these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not
have any significant financing components as payment is received at or shortly after the point of sale.
The
Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”)
on June 17, 2022. Contracts with the Distributor are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5% of gross monthly sales payable
in 45 days; the distribution fee is netted against revenue. The Agreement provides for a rebate payable to the Distributor based on annual
sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales
are subject to various right of return provisions; the Company uses an expected value method to estimate returns and has determined that
any returns would be immaterial as of June 30, 2024. As a result, there is no return liability recorded. Shipping and handling costs
are a fulfillment activity and are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $50,684 and $33,790,
respectively. This represents 41% and 29% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Assets
and liabilities (included in accrued expenses) under the MWI Veterinary Supply Co. Agreement were as follows:
SCHEDULE
OF RECOGNIZED REVENUE ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
March 31, 2024 | |
Accounts receivable: MWI Veterinary Supply Co. | |
$ | 53,352 | | |
$ | 18,669 | |
Rebate liability | |
| 57,264 | | |
| 57,264 | |
Distribution fee payable | |
| 8,176 | | |
| 7,583 | |
The
Company entered into a Distribution Services Agreement (the “Agreement”) with Covetrus North America LLC (“Covetrus”)
on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a rebate payable to the Distributor based on annual sales volume that is retroactively
applied. The rebate is estimated under the expected value method and is netted against revenue. Sales are subject to various right of
return provisions; the Company uses an expected value method to estimate returns and has determined that any returns would be immaterial
as of March 31, 2024. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and
are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $17,784 and
$0, respectively. This represents 14% and 0% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Accounts receivable from Covetrus were $17,784 and $0 at June 30, 2024, and March 31, 2024, respectively.
(M)
Research and Development
The
Company expenses research and development costs as incurred.
(N)
Fair Value of Financial Instruments
The
Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial
Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.
The
guidance also establishes a fair value hierarchy for measurements of fair value as follows:
|
● |
Level
1 - quoted market prices in active markets for identical assets or liabilities. |
|
|
|
|
● |
Level
2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar
assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|
|
|
|
● |
Level
3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities. |
The
Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued
interest. The carrying amount of the Company’s financial instruments approximates their fair value as of June 30, 2024, and March
31, 2024, due to the short-term nature of these instruments and the Company’s borrowing rate of interest.
In
instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy,
the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is
significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to
the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation
of the Company’s note recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market,
and (iii) contractual prices.
The
Company had no assets and liabilities measured at fair value on a recurring basis on June 30, 2024, and March 31, 2024.
(O)
Stock-Based Compensation - Non-Employees
Equity
Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services
Stock-based compensation is accounted for based on the requirements of
ASC 718 – “Compensation – Stock Compensation” which requires recognition in the financial statements of the cost
of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee,
director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also
requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date
fair value of the award. The Company has elected to recognize forfeitures as they occur as permitted under Accounting Standards Update
(“ASU”) 2016-09 Improvements to Employee Share-Based Payment.
(P)
Stock-Based Compensation
Stock
options are valued using the Black-Scholes option-pricing model. The Black Scholes valuation model requires the input of highly subjective
assumptions. The assumptions include the expected term of the option, the expected volatility of the price of our common stock, the expected
dividend yield, and the risk-free interest rate. These estimates involve inherent uncertainties and the significant application of management’s
judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in
the future. We recognize compensation expense for these options on a straight-line basis over the requisite service period (see Note
11 – “Stockholders’ Equity”).
(Q)
Income Taxes
The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are determined based upon differences between financial
reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the
differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a
deferred tax asset will not be realized.
As
required by ASC 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant
tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not
threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of
being realized upon ultimate settlement with the relevant tax authority.
The
Company is not currently under examination by any federal or state jurisdiction.
The
Company’s policy is to record tax-related interest and penalties as a component of operating expenses.
(R)
Recent Accounting Pronouncements
The
Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the
periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted
accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported
financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s
financial management.
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an
Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required
under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no
separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity
contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The
ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance has been effective for the
fiscal year ending March 31, 2024, including subsequent interim periods.
The Company has evaluated the impact of the adoption of the standard on the consolidated financial statements and determined there has been no effect to our financial results.
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as insurance premium finance loans held for investment, at the net amount expected to be collected. The measurement
of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable
and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the condensed consolidated
financial statements for the three months ended June 30, 2024. The change had no impact on the Company’s financial statements.
All
other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.
NOTE
2 – RECLASSIFICATION OF PRIOR YEAR PRESENTATION
Reclassification.
Certain prior period amounts have been reclassified to conform to current period presentation.
Certain
prior year amounts have been reclassified for consistency with the current year presentation in the Consolidated Statements of Operations
related to Total Cost of Sales to exclude certain research and development costs and added as an Operating Expense. There were no reclassifications
made to the Consolidated Balance Sheets, Consolidated Statements of Changes in Stockholders’ Equity or Consolidated Statements
of Cash Flows.
NOTE
3 – INVENTORY
As
of June 30, 2024, and March 31, 2024, the Company had inventory of $383,577 and $390,076, respectively.
The
inventory components are as follows:
SCHEDULE
OF INVENTORY
| |
June 30, 2024 | | |
March 31, 2024 | |
Finished Goods | |
$ | 27,384 | | |
$ | 35,442 | |
Work in process | |
| 38,921 | | |
| 20,289 | |
Raw materials | |
| 317,272 | | |
| 334,345 | |
Total Net | |
$ | 383,577 | | |
$ | 390,076 | |
NOTE
4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS
As
of June 30, 2024, the Company had $412,048 in prepaid expenses and other current assets consisting primarily of $255,000 in investor
relations, $50,000 in Nasdaq and FINRA fees, $62,000 in insurance costs, and $14,000 in trade shows.
As
of March 31, 2024, the Company had $545,512 in prepaid expenses and other current assets consisting primarily of $217,000 in investor
relations services, $138,000 in insurance costs, $67,000 in Nasdaq and FINRA fees, $26,000 in consulting, and $44,000 in tradeshows,
NOTE
5 – PROPERTY AND EQUIPMENT
The
components of property and equipment were as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, 2024 | | |
March 31, 2024 | |
Leasehold improvements | |
$ | 418,041 | | |
$ | 418,041 | |
Production equipment | |
| 673,219 | | |
| 661,204 | |
R&D equipment | |
| 25,184 | | |
| 25,184 | |
Computer equipment and furniture | |
| 147,979 | | |
| 144,817 | |
Total, at cost | |
| 1,264,423 | | |
| 1,249,246 | |
Accumulated depreciation | |
| (458,853 | ) | |
| (427,590 | ) |
Total Net | |
$ | 805,570 | | |
$ | 821,656 | |
Depreciation
expense was $31,263 and $29,012 for the three months ended June 30, 2024 and 2023, respectively.
NOTE
6 – PATENTS AND TRADEMARKS
The
components of patents and trademarks, all of which are finite lived, were as follows:
SCHEDULE
OF COMPONENTS OF PATENTS AND TRADEMARKS
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Patents |
|
$ |
3,870,057 |
|
|
$ |
3,870,057 |
|
Trademarks |
|
|
26,142 |
|
|
|
26,142 |
|
Total
at cost |
|
|
3,896,199 |
|
|
|
3,896,199 |
|
Accumulated
Amortization |
|
|
(3,868,333 |
) |
|
|
(3,866,100 |
) |
Total
net |
|
$ |
27,866 |
|
|
$ |
30,099 |
|
During
the three months ended June 30, 2024, and 2023, amortization expenses were $2,234 and $2,138, respectively.
NOTE
7 – ACCRUED EXPENSES AND OTHER PAYABLES
The
components of accrued expenses were as follows:
SCHEDULE
OF COMPONENTS OF ACCRUED EXPENSES
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Accrued
payroll and related taxes |
|
$ |
127,310 |
|
|
$ |
111,353 |
|
Accrued
expenses |
|
|
119,068 |
|
|
|
131,677 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
246,378 |
|
|
$ |
243,030 |
|
NOTE
8 – NOTE PAYABLE
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. At June 30, 2024, and
March 31, 2024, the amount outstanding on the note was $18,750 and $20,528, respectively. At June 30, 2024, the Company classified $7,463
as a current liability and $11,287 in other liabilities. At March 31, 2024, the Company classified $7,521 as a current liability and
$13,171 in other liabilities.
In
October 2023 and amended in November 2023, the Company entered into a promissory note for $120,000. The note accrued interest at a rate
of 10% per annum. The principal and accrued interest were due in February 2024. The holder of the note had the option to convert the
principal and accrued interest into shares of the Company’s common stock at a conversion rate of $0.75 per share.
On
February 5, 2024, the note and accrued interest of $123,255 was converted into 164,340 shares of common stock.
In
March 2024, the Company entered into a convertible promissory note for $150,000. The note accrued interest at a rate of 10% per annum.
The principal and accrued interest were due in April 2024. The holder of the note had the option to convert the principal and accrued
interest into Units of the Company’s common stock and warrants at a conversion rate of $0.70 per Unit. On April 10, 2024, the company
entered into another promissory note for an additional $150,000 whereby the new principal balance was $300,000 with the same terms. On
April 29, 2024, the noteholder converted the $300,000 principal balance, along with $1,558 of accrued interest into Units, consisting
of 430,798 common shares, in addition to the Company issuing 430,798 warrants to purchase shares with a strike price of $1.50 per share
for a period of three years.
NOTE
9 – RETIREMENT PLAN
In
February 2021, the Company established a 401(k)-retirement plan for its employees in which eligible employees can contribute a percentage
of their compensation. The Company may also make discretionary contributions. For the three months ended June 30, 2024, and 2023, the
Company made contributions to the plan of $12,690 and $12,554, respectively.
NOTE
10 – COMMITMENTS AND CONTINGENCIES
Lease
Obligations
We
lease property and equipment under operating leases, typically with terms greater than 12 months, and determine if an arrangement contains
a lease at inception. In general, an arrangement contains a lease if there is an identified asset, and we have the right to direct the
use of and obtain substantially all of the economic benefit from the use of the identified asset. We record an operating lease liability
at the present value of lease payments over the lease term on the commencement date. The related right of use (“ROU”)
operating lease asset reflects rental escalation clauses, as well as renewal options and/or termination options. The exercise of lease
renewal and/or termination options is at our discretion and is included in the determination of the lease term and lease payment obligations
when it is deemed reasonably certain that the option will be exercised. When available, we use the rate implicit in the lease to discount
lease payments to present value; however, certain leases do not provide a readily determinable implicit rate. Therefore, we must estimate
our incremental borrowing rate to discount the lease payments based on information available at lease commencement.
We
classify our leases as buildings, vehicles or computer and office equipment and do not separate lease and nonlease components of contracts
for any of the aforementioned classifications. In accordance with applicable guidance, we do not record leases with terms that are less
than one year on the Condensed Consolidated Balance Sheets.
None
of our lease agreements contain material restrictive covenants or residual value guarantees.
Buildings
The
Company entered into an eighty-four-month lease for 3,577 square feet of newly constructed office, laboratory, and warehouse space located
in Edina, Minnesota in May 2017. The base rent has annual increases of 2% and the Company is responsible for its proportional share of
common space expenses, property taxes, and building insurance. This lease is terminable by the landlord if damage causes the property
to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days.
In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 in exchange for receipt
of a loan of $42,500 recorded to note payable. The monthly base rent as of June 30, 2024, and March 31, 2024, was $2,340.
The
Company entered into a sixty-three month lease for 2,400 square feet of office space located in Edina, Minnesota in January 2022. This
lease will expire in March 2027. The base rent has annual increases of 2.5% and the Company is responsible for its proportional share
of common space expenses, property taxes, and building insurance. The monthly base rent as of June 30, 2024, and March 31, 2024, was $2,808.
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 June 30, 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 June 30, 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 three months ended June 30, 2024, and 2023, was $12,655 and $19,318, respectively.
The
following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2024:
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY
|
|
|
|
|
2025 |
|
$ |
222,225 |
|
2026 |
|
|
226,166 |
|
2027 |
|
|
179,916 |
|
2028 |
|
|
114,410 |
|
2029 |
|
|
114,273 |
|
2030 |
|
|
117,228 |
|
Thereafter |
|
|
401,289 |
|
Total |
|
$ |
1,375,507 |
|
Less:
amount representing interest |
|
|
(227,568 |
) |
Total |
|
$ |
1,147,939 |
|
In
compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 7, 2026, March 2027, and June
2033, a treasury rate of 0.12%, 0.40%, 7.6%, and 4.39%, respectively, an operating lease right-of-use assets for approximately $1,148,000
and corresponding and equal operating lease liabilities for the leases. As of June 30, 2024, the present value of future base rent lease
payments based on the remaining lease terms and weighted average discount rate are approximately 5.1 years and 3.94%, respectively, are
as follows:
SCHEDULE OF BASE RENT LEASE PAYMENTS
| |
| |
Present value of future base rent lease payments | |
$ | 1,147,939 | |
Base rent payments included in prepaid expenses | |
| - | |
Present value of future base rent lease payments – net | |
$ | 1,147,939 | |
As
of June 30, 2024, the present value of future base rent lease payments – net is classified between current and non-current assets
and liabilities as follows:
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES
|
|
|
|
|
Operating
lease right-of-use asset |
|
$ |
1,147,939 |
|
Total
operating lease assets |
|
|
1,147,939 |
|
|
|
|
|
|
Operating
lease current liability |
|
|
190,980 |
|
Operating
lease other liability |
|
|
956,959 |
|
Total
operating lease liabilities |
|
$ |
1,147,939 |
|
Employment
Agreements
The
Company has employment agreements with its executive officers. As of June 30, 2024, these agreements contain severance benefits ranging
from one month to six months if terminated without cause.
NOTE
11 – GOING CONCERN
The
accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America, which contemplate continuation of the Company as a going concern.
The
Company incurred a net loss $2,047,063
for the three months ended June 30, 2024, had net cash used
in operating activities of $1,530,469
for the same period, and has an accumulated deficit
of $84,846,387 on
June 30, 2024. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period
of at least twelve months after the date of issuance of these financial statements. In view of these matters, the Company’s ability
to continue as a going concern is dependent upon the Company’s ability to achieve a level of profitability and/or to obtain adequate
financing through the issuance of debt or equity in order to finance its operations.
Management
believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going
concern. While the Company believes in its ability to raise additional funds, there can be no assurances to that effect. The ability
of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and
raise additional funds.
These
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE
12 – STOCKHOLDERS’ EQUITY
Equity
Incentive Plan
On
July 10, 2020, our Board of Directors unanimously approved the PetVivo Holdings, Inc. 2020 Equity Incentive Plan (the “2020 Plan”),
which authorized the issuance of up to 1,000,000 shares of our common stock as awards under the 2020 Plan, subject to approval by our
stockholders at the Annual Meeting of Stockholders held on September 22, 2020, when it was approved by our stockholders and became effective.
On October 14, 2022, the stockholders of the Company approved the PetVivo Holdings, Inc. Amended and Restated 2020 Equity Incentive Plan
(the “Amended Plan”), which increased the number of shares of the Company’s common stock which may be granted under
the Amended Plan from 1,000,000 to 3,000,000. Unless sooner terminated by the Board, the Amended Plan will terminate at midnight on July
10, 2030. The number of shares available to grant under the Plan was 1,134,235 at June 30, 2024.
Employees,
consultants, advisors of the Company (or any subsidiary), and non-employee directors of the Company will be eligible to receive awards
under the Amended Plan. In the case of consultants and advisors, however, their services cannot be in connection with the offer and sale
of securities in a capital-raising transaction nor directly or indirectly to promote or maintain a market for PetVivo common stock.
The
Amended Plan is administered by the Compensation Committee of our Board of Directors (the “Committee”), which has full power
and authority to determine when and to whom awards will be granted, and the type, amount, form of payment, any deferral payment, and
other terms and conditions of each award. Subject to provisions of the Amended Plan, the Committee may amend or waive the terms and conditions,
or accelerate the exercisability, of an outstanding award. The Committee also has the authority to interpret and establish rules and
regulations for the administration of the Amended Plan. In addition, the Board of Directors may also exercise the powers of the Committee.
The
aggregate number of shares of PetVivo common stock available and reserved to be issued under the Amended Plan is 3,000,000 shares, but
includes the following limits:
●
the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be
10,000 shares; provided that such limit will not apply to any election of a Non-Employee Director to receive shares of Common Stock in
lieu of all or a portion of any annual Board, committee, chair or other retainer, or any meeting fees otherwise payable in cash.
Awards
can be granted for no cash consideration or for any cash and other consideration as determined by the Committee. Awards may provide that
upon the grant or exercise thereof, the holder will receive cash, shares of PetVivo common stock, other securities or property, or any
combination of these in a single payment, installments, or on a deferred basis. The exercise price per share of any stock option and
the grant price of any stock appreciation right may not be less than the fair market value of PetVivo common stock on the date of grant.
The term of any award cannot be longer than ten years from the date of grant. Awards will be adjusted in the event of a stock dividend
or other distribution, recapitalization, forward or reverse stock split, reorganization, merger or other business combination, or similar
corporate transaction, in order to prevent dilution or enlargement of the benefits or potential benefits provided under the Amended Plan.
The
Amended Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock
units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents.
Common
Stock
For
the three months ended June 30, 2024, the Company issued 2,846,232 shares of common stock as follows:
i) |
1,889,434
shares in connection with the sale of stock in April and May 2024 in exchange for proceeds
of $1,322,600 at a price of $0.70 per share.
|
ii) |
430,798
shares in April 2024 in connection with the conversion of a convertible note plus interest
in exchange for proceeds of $301,558 at a price of $0.70 per share.
|
iii) |
320,000
shares in April 2024 to service providers for consulting services valued at market on the
date of grant of $173,400.
|
iv) |
56,000
shares in May 2024 to service providers for consulting services valued at market on the date
of grant of $40,760.
|
v) |
150,000
shares related to vesting of restricted stock units (“RSUs”), vesting in April 2024. |
|
|
For
the three months ended June 30, 2023, the Company issued 880,133 shares of common stock as follows:
i) |
793,585
shares in connection with the sale of stock in April 2023 in exchange for proceeds of $2,182,359 net of offering costs of $88,765,
at a price of $2.75 per share. The Company received $137,500 of those proceeds on March 31, 2023. The Company recorded this in common
stock to be issued at March 31, 2023, and moved it to common stock and additional paid-in capital upon the issuance of shares of
common stock in April 2023. |
ii) |
6,250
shares related to vesting of restricted stock units (“RSUs”), vesting in June 2023; |
iii) |
30,300
shares related to vesting of restricted stock units (“RSUs”) to John Lai, the Company’s Chief Executive Officer,
in lieu of compensation valued as of $74,589, based on the closing stock prices on the vesting date with 10,100 shares vesting in
April 2023, 10,100 shares vesting in May 2023, and 10,100 shares vesting in June 2023; |
iv) |
16,666
shares in April 2023 to service providers for consulting services valued at market on the date of grant of $48,581; |
v) |
16,666
shares in May 2023 to service providers for consulting services valued at market on the date of grant of $40,332; |
vi) |
16,666
shares in June 2023 to service providers for consulting services valued at market on the date of grant of $34,165. |
The
Company has issued shares of common stock to providers of investor relations services which are reported in the Condensed Consolidated
Statements of Changes in Stockholders’ Equity. The value of these shares are reported as a prepaid expense and are amortized to
expense over the contractual life of the respective consulting agreements. The amortization of stock issued for services as reported
in the Condensed Consolidated Statements of Operations and Cash Flows was $136,575 and $121,290 for the three months ended June 30, 2024,
and 2023, respectively.
Time-Based
Restricted Stock Units
We
have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock settled with common shares.
Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the
Condensed Consolidated Statements of Operations for time-based restricted stock units was $136,575 and $182,377 for the three months
ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was approximately $93,000 of total unrecognized compensation expense
related to time-based restricted stock units that is expected to be recognized over a weighted-average period of one year.
Our
time-based restricted stock unit activity for the year ended March 31, 2024, and the three months ended June 30, 2024 was as follows:
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS
| |
Units Outstanding | | |
Weighted
Average Grant
Date Fair Value
Per Unit | | |
Aggregate
Intrinsic Value (1) | |
Balance at March 31, 2023 | |
| 256,084 | | |
$ | 3.85 | | |
$ | 643,209 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (198,584 | ) | |
| 3.82 | | |
| - | |
Cancelled | |
| (25,500 | ) | |
| 3.77 | | |
| - | |
Balance at March 31, 2024 | |
| 32,000 | | |
| 4.08 | | |
$ | 32,000 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (155,000 | ) | |
| .88 | | |
| | |
Cancelled | |
| (5,000 | ) | |
| 3.04 | | |
| - | |
Balance at June 30, 2024 | |
| 193,250 | | |
$ | 1.09 | | |
$ | 98,558 | |
Stock
Options
Stock
options issued to employees and directors typically vest over three years (one year for directors) and have a contractual term of three
to seven years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for stock options was
$173,325 and $230,653 for the three months ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was approximately $740,000
of total unrecognized stock option expense which is expected to be recognized on a straight-line basis over a weighted-average period
of 1.4 years.
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Annually, we make predictive
assumptions regarding future stock price volatility, dividend yield, expected term, and forfeiture rate. The dividend yield assumption
is based on expected annual dividend yield on a grant date. To date, no dividends on common stock have been paid by us. Expected volatility
for grants is based on our average historical volatility over a similar period as the expected term assumption used for our options as
the expected volatility. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected
term of the options for each option group. We use the “simplified method” to determine the expected term of the stock option
grants. We utilize this method because we do not have sufficient public company exercise data in which to make a reasonable estimate.
The
following table sets forth the estimated fair values of our stock options granted:
SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
March
31,2024 |
|
Expected
term |
|
|
3
years |
|
|
|
6
years |
|
Expected
volatility |
|
|
93.2%
-210.5 |
% |
|
|
75.9%
- 95.7 |
% |
Risk-free
interest rate |
|
|
4.07%
- 4.35 |
% |
|
|
3.46%
– 4.52 |
% |
Expected
dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Fair
value on the date of grant |
|
$ |
0.64
– $2.79 |
|
|
$ |
1.20
- $2.75 |
|
Our
stock option activity for the year ended March 31, 2024, and the three months ending June 30, 2024 is as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
|
|
Options
Outstanding |
|
|
Weighted-
Average Exercise Price Per Share (1) |
|
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate Intrinsic
Value (2) |
|
Balance
at March 31, 2023 |
|
|
884,849 |
|
|
$ |
2.19 |
|
|
6.3
years |
|
$ |
100,200 |
|
Granted |
|
|
822,605 |
|
|
|
1.77 |
|
|
|
|
|
|
|
Cancelled |
|
|
(198,332 |
) |
|
|
2.03 |
|
|
|
|
|
|
|
Balance
at March 31, 2024 |
|
|
1,509,122 |
|
|
|
1.98 |
|
|
5.7
years |
|
$ |
- |
|
Granted |
|
|
122,000 |
|
|
|
0.80 |
|
|
|
|
|
|
|
Cancelled |
|
|
(144,000) |
|
|
|
2.04 |
|
|
|
|
|
|
|
Balance
at June 30, 2024 |
|
|
1,487,122 |
|
|
$ |
1.88 |
|
|
2.2
years |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable at June 30, 2024 |
|
|
679,083 |
|
|
|
|
|
|
|
|
|
|
|
Stock
options granted for the year ended March 31, 2024, and the three months ended June 30, 2024 were to employees and directors. The
fair value of these options on the date of grant was $1,107,799
and $1,347,255
for the year ended March 31, 2024, and the three months ended June 30, 2024, respectively.
Options
exercisable at June 30, 2024, had exercise prices ranging from $1.39 to $2.79.
The
following summarizes additional information about our stock options:
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Number
of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
|
936,707 |
|
|
|
709,394 |
|
Non
-vested options, end of period |
|
|
808,034 |
|
|
|
936,707 |
|
Vested
options, end of period |
|
|
679,083 |
|
|
|
572,415 |
|
|
|
Three Months
Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Weighted-average
grant date fair value of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
$ |
1.84 |
|
|
$ |
2.23 |
|
Non-vested
options, end of period |
|
$ |
1.59 |
|
|
$ |
1.84 |
|
Vested
options, end of period |
|
$ |
2.23 |
|
|
$ |
2.21 |
|
Forfeited
options, during the period |
|
$ |
2.04 |
|
|
$ |
2.03 |
|
Warrants
During
the three months ended June 30, 2024, the Company issued warrants to purchase an aggregate of 2,320,232 shares of common stock in connection
with the sale of stock in a private offering.
These
warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions:
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION
|
|
Three
Months Ended |
|
|
|
June
30, 2024 |
|
Stock
price on valuation date |
|
$ |
0.67
- $0.82 |
|
Exercise
price |
|
$ |
1.50 |
|
Term
(years) |
|
|
2.3
– 3.0 |
|
Volatility |
|
|
92.7%
- 95.7 |
% |
Risk-free
rate |
|
|
3.46%
- 4.15 |
% |
The
Company did not issue any warrants for the three months ended June 30, 2023.
A
summary of warrant activity for the year ended March 31, 2024, and the three months ended June 30, 2024 is as follows:
SCHEDULE OF WARRANT ACTIVITY
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Warrants
Exercisable |
|
|
Weighted-
Average
Exercisable
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2023 |
|
|
3,562,817 |
|
|
$ |
5.05 |
|
|
|
3,540,317 |
|
|
$ |
5.07 |
|
Granted
and issued |
|
|
4,386,463 |
|
|
|
1.80 |
|
|
|
|
|
|
|
|
|
Cashless
warrant exercises |
|
|
(63,584 |
) |
|
|
(1.34 |
) |
|
|
|
|
|
|
|
|
Expired |
|
|
(16,750 |
) |
|
|
(4.18 |
) |
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2024 |
|
|
7,768,946 |
|
|
|
3.29 |
|
|
|
7,768,946 |
|
|
|
3.28 |
|
Granted
and issued |
|
|
2,320,232 |
|
|
|
1.50 |
|
|
|
|
|
|
|
|
|
Outstanding,
June 30, 2024 |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
10,089,178 |
|
|
$ |
2.92 |
|
On
June 30, 2024, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows:
SCHEDULE OF RANGE OF WARRANT PRICES
|
|
Warrants
Outstanding |
|
|
Warrants
Exercisable |
|
Range
of Warrant
Exercise
Price |
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Life
(Years) |
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
$1.20-$2.00 |
|
|
6,510,184 |
|
|
$ |
1.55 |
|
|
|
2.78 |
|
|
|
2,955,945 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.01-4.00 |
|
|
535,438 |
|
|
|
2.54 |
|
|
|
1.23 |
|
|
|
396,268 |
|
|
|
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.01-5.63 |
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
2.36 |
|
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
2.72 |
|
|
|
6,395,769 |
|
|
$ |
3.61 |
|
Stock-based
compensation expense included in the Condensed Consolidated Statements of Operations for warrants was $40,835 and $0 for the three months
ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was $680,426 of future unrecognized warrant expense.
For
the three months ended June 30, 2024 and 2023, the total stock-based compensation on all instruments was $703,030 and $731,987, respectively.
NOTE
13 – SUBSEQUENT EVENTS
From
July 1, 2024, through the date of this 10Q filing, the Company sold 3,045,000
units representing 3,045,000
shares of its Series A convertible preferred stock in a private placement offering at a price of $.40
per unit, and 3,045,000
warrants to purchase shares of its common stock with a strike price of $.90
per share for a period of three
years, with various closings from July 10, 2024 through August 12, 2024, respectively. Net proceeds from the offering were
approximately $1,218,000.
There were no offering expenses with the private offering.
On
July 10, 2024, the Company issued 100,000 restricted shares of its common stock to an investor and public relations firm valued at $40,100.
The Company’s securities were suspended from trading on The Nasdaq Stock Market (“Nasdaq”) on April
5, 2024. The Nasdaq Hearing Panel affirmed the decision to delist the Company’s securities from Nasdaq on June 24, 2024. The Nasdaq
Board of Directors declined to review the decision of the Hearing Panel on July 25, 2024. The Company’s common stock and warrants
will not be delisted from Nasdaq until all available review and appeal procedures and periods available under the Nasdaq Listing Rules
have expired. Following the expiration of all review periods, the Company expects that a Form 25 will be filed by Nasdaq with the Securities
and Exchange Commission, which would formally remove the Company’s common stock and warrants from listing and registration on Nasdaq.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
PetVivo
Holdings, Inc. (the “Company,” “PetVivo,” “we” or “us) is an emerging biomedical device company
focused on the manufacturing, commercialization, and licensing of innovative medical devices and therapeutics for animals. The Company
has a pipeline of products for the treatment of animals. A portfolio of twenty-two patents protects the Company’s biomaterials, products,
production processes, and methods of use. The Company began commercialization of its lead product Spryng™ with OsteoCushion™
Technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions such as
osteoarthritis in dogs and horses, in the second quarter of its fiscal year ended March 31, 2022.
The
Company was incorporated in March 2009 under Nevada law under a different name. The Company operates as one segment from its corporate
headquarters in Edina, Minnesota.
CURRENT
BUSINESS OPERATIONS
The
Company is primarily engaged in the business of commercializing and licensing products in the veterinary market to treat and/or manage
afflictions of companion animals such as dogs and horses. Most of our technology was developed for human biomedical applications, and
we intend to leverage the investments already expended in their development to commercialize treatments for horses and companion animals
in a capital and time-efficient way.
The
Company’s initial product, Spryng™, and its pipeline products are derived from proprietary biomaterials that simulate a body’s
cellular tissue by virtue of their reliance upon natural protein and carbohydrate compositions which incorporate such “tissue building
blocks” as collagen, elastin, and proteoglycans such as heparin. Since these are naturally-occurring in the body, we believe they
have an enhanced biocompatibility with living tissues compared to synthetic biomaterials such as those based upon alpha-hydroxy polymers
(e.g PLA, PLGA, and the like), polyacrylamides, and other “natural” biomaterials that may lack the multiple proteins incorporated
into our biomaterials. These proprietary protein-based biomaterials are similar to the body’s tissue thus allowing integration
and tissue repair in long-term implantation in certain applications.
Our
initial product, Spryng™, is a veterinary medical device designed to help reinforce and/or augment articular cartilage tissue for
the management of lameness and other joint related afflictions, such as osteoarthritis, in horses and companion animals. Spryng™
is an intra-articular injectable product of biocompatible and insoluble particles that are slippery, wet-permeable, durable, and resilient
to enhance the force cushioning function of the synovial fluid and cartilage. The particles mimic natural cartilage in composition, structure,
and hydration. Multiple joints can be treated simultaneously. Our particles are comprised of collagen, elastin, and heparin, similar
components found in natural cartilage. These particles show an effectiveness to reinforce and/or augment the cartilage, which enhances
the functionality of the joint (e.g. provide cushion or shock-absorbing features to the joint and to provide joint lubricity).
Osteoarthritis,
a common inflammatory joint disease in both dogs and horses, is a chronic, progressive, degenerative joint disease that is caused by
a loss of synovial fluid and/or the deterioration of joint cartilage. Osteoarthritis affects approximately 14 million dogs and 1 million
horses in the $11 billion companion animal veterinary care and product sales market.
Despite
the market size, veterinary clinics and hospitals have very few treatments and/or drugs for use in treating osteoarthritis in dogs, horses,
and other pets. As there is no cure for osteoarthritis, current solutions treat symptoms, but do not manage the cause. The current treatment
for osteoarthritis in dogs generally consists of the use of nonsteroidal anti-inflammatory drugs (or “NSAIDs”) which are
approved to alleviate pain and inflammation but present the potential for side effects relating to gastrointestinal, kidney, and liver
damage and do not halt or slow joint degeneration. The Company offers an alternative to traditional treatments that only address the
symptoms of the affliction. Spryng™ with OsteoCushion™ technology addresses the affliction, loss of synovial fluid, and/or
the deterioration of joint cartilage, rather than treating just the symptoms and, to the best of our knowledge, has elicited minimal
adverse side effects in dogs and horses. Spryng™-treated dogs and horses have shown an increase in activity even after they no
longer are receiving pain medication or other treatments. Other treatments for osteoarthritis include steroid and/or hyaluronic acid
injections, which are used for treating pain, inflammation and/or joint lubrication, but can be slow acting and/or short lasting.
We
believe Spryng™ is an optimal solution to safely improve joint function in animals for several reasons:
|
● |
Spryng™
addresses the underlying problems which relate to deterioration of cartilage causing bones to contact each other and a lack of synovial
fluid. Spryng™ provides a biocompatible lubricious cushion to the joint, which establishes a barrier between the bones, thereby
protecting the remaining cartilage and bone. |
|
● |
Spryng™
is easily administered with the standard intra-articular injection technique. Multiple joints can be treated simultaneously. |
|
● |
Case
studies indicate many dogs and horses have long-lasting multi-month improvement in lameness after having been treated with Spryng™. |
|
● |
After
receiving a Spryng™ injection, many canines are able to discontinue the use of NSAID’s, eliminating the risk of negative
side effects. |
|
● |
Spryng™
is an effective and economical solution for treating osteoarthritis. A single injection of Spryng™ is approximately $600 to
$900 per joint and typically lasts for at least 12 months. |
Historically,
drug sales represent up to 30% of revenues at a typical veterinary practice (Veterinary Practice News). Revenues and margins at veterinary
practices are being eroded because online, big-box, and traditional pharmacies have recently started filling veterinary prescriptions.
Veterinary practices are looking for ways to replace lost prescription revenues with safe and effective products. Spryng™ is a
veterinarian-administered medical device that should expand practice revenues and margins. We believe that the increased revenues and
margins provided by Spryng™ will accelerate its adoption rate and propel it forward as the standard of care for canine and equine
lameness related to or due to synovial joint issues.
We
commenced sales of Spryng™ in the second quarter of fiscal 2022 and plan to increase our commercialization efforts of Spryng™
in the United States through our distribution relationship with MWI Veterinary Supply Co. (“MWI”)
and the use of sales reps, clinical studies, and market awareness to educate and inform key opinion leaders on the benefits of SpryngTM.
We
entered into a Distribution Services Agreement (“MWI Distribution Agreement”) with MWI on June 17, 2022. Pursuant to
the Agreement, we appointed MWI to distribute, advertise, promote, market, supply, and sell the Company’s lead product,
SpryngTM on an exclusive basis for two (2) years within the United States (the “Territory”), transitioning to
a non-exclusive basis thereafter; provided however that the Company shall extend the exclusivity for an additional one (1) year if
MWI achieves certain performance targets agreed upon by the parties. The Company can continue to sell Spryng™ within the
Territory to established accounts, which include: (a) customers who have purchased SpryngTM from the Company prior to the
date of the Agreement, (b) customers who require that they deal directly with the Company, (c) governmental agencies, and (d)
customers that order via the internet who are not directly solicited by MWI to purchase Spryng™. All customers must be
licensed veterinary practices.
In December 2023, the Company and MWI agreed to change the MWI Distribution
Agreement from an exclusive distribution agreement to a non-exclusive distribution agreement, effective as of January 1, 2024. This is
consistent with the Company’s strategy to create multiple sales channels for its products. In December 2023, the Company entered
into a non-exclusive distribution agreement (“Covetrus Distribution Agreement”), with Covettrus North America LLC (“Covetruss”)
to market, distribute and sell the Company’s products in the United States, including the District of Colombia. The Covetrus Distribution
Agreement has an initial term of one year, which will be automatically renewed, unless either party provides notice of non-renewal at
least thirty 30 days prior to the expiration of the term. Covetrus and MWI shall be collectively referred to as the “Distributors”
and the MWI Distribution Agreement and the Covetrus Distribution Agreement shall be collectively referred to as the “Distribution
Agreements.”
Spryng™
is classified as a veterinary medical device under the United States Food and Drug Administration (“FDA”) rules and pre-market
approval is not required by the FDA. Spryng™ completed a safety and efficacy study in rabbits in 2007. Since that time, more than
2,000 horses and dogs have been treated with Spryng™. We entered into a clinical trial services agreement with Colorado State University
on November 5, 2020. We expect this university clinical study to be completed in March 2024. Additionally, the Company successfully completed
an equine tolerance study in March 2022 and began two canine clinical studies with Ethos Veterinary Health, the first beginning in May
of 2022 with anticipated completion in October 2023, and the second beginning in June of 2023 with an expected completion in October
2024. We anticipate these and other studies that we plan to initiate will be primarily used to expand our distribution outlets since
the large international and national distributors generally require a third-party university study and other third-party studies prior
to including a product in their catalog of products.
We
manufacture our products in an ISO 7 certified clean room manufacturing facility in Minneapolis using our patented and scalable self-assembly
production process, which minimizes the infrastructure requirements and manufacturing risks to deliver a consistent, high-quality product
while being responsive to volume requirements. A second ISO cleanroom facility is expected to be operational later this year. We believe
that having two manufacturing facilities will help us minimize supply risks, allow for continued scaling of our production capacity,
and expand our research and development facilities.
We
also have a pipeline of therapeutic devices for both veterinary and human clinical applications. Some such devices may be regulated by
the FDA or other equivalent regulatory agencies, including but not limited to the Center for Veterinary Medicine (“CVM”).
We anticipate growing our product pipeline through the acquisition or in-licensing of additional proprietary products from human medical
device companies specifically for use in pets. In addition to commercializing our own products in strategic market sectors and in view
of the Company’s vast proprietary product pipeline, the Company may establish strategic out-licensing partnerships to provide secondary
revenues.
RESULTS
OF OPERATIONS
The
following discussion should be read in conjunction with our 2024 10-K Report and the condensed consolidated financial statements and
related notes in Item 1, Financial Statements appearing elsewhere in this Quarterly Report on Form 10-Q (“10-Q Report”).
The following discussion may contain forward-looking statements, and our actual results may differ
materially from the results suggested by these forward-looking statements. Factors that might cause such differences include, but are
not limited to, those discussed in Part I, Item 1A of our 2024 10-K Report under the heading “Risk Factors,” as updated and
supplemented by risks described in other SEC filings. The Company assumes no obligation to revise or update any forward-looking statements
for any reason, except as required by law.
We
are a smaller reporting company and have incurred substantial losses in connection with our operations. We will need substantial capital
to pursue our current plans to commercialize our initial product, Spryng™.
RESULTS
OF OPERATIONS
| |
For the Three Months Ended | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Revenues | |
$ | 123,751 | | |
$ | 17,183 | |
| |
| | | |
| | |
Cost of Sales | |
| 12,994 | | |
| 12,304 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 2,155,189 | | |
| 2,998,456 | |
| |
| | | |
| | |
Total Other Expense | |
| (2,631 | ) | |
| - | |
| |
| | | |
| | |
Net Loss | |
$ | (2,047,063 | ) | |
$ | (2,893,577 | ) |
| |
| | | |
| | |
Net loss per share - basic and diluted | |
$ | (0.11 | ) | |
$ | (0.25 | ) |
For
The Three Months Ended June 30, 2024, Compared to The Three Months Ended June 30, 2023
Total
Revenues. Revenues were $123,751 and $117,183 for the three months ended June 30, 2024 and 2023, respectively. Revenues in
the three months ended June 30, 2024, consist of sales of our Spryng™ products to our Distributors of $68,291 and to
veterinary clinics in the amount of $55,460. Revenues in the three months ended June 30, 2023, consist of sales of our Spryng™
products to our Distributor of $33,790 and to veterinary clinics in the amount of $83,393. The increase in our revenues in the three months ended
June 30, 2024, compared to the three months ended June 30, 2023, is due to sales to our Distributors pursuant to our Distribution
Agreements and decreased sales to veterinary clinics, due to clinics purchasing product from our distributor network.
Cost
of Sales. Cost of sales were $12,994 and $12,304 for the three months ended June 30, 2024 and 2023, respectively. Cost of sales
includes product costs related to the sale of our Spryng™ products and labor and overhead costs. Cost of sales in the three months
ended June 30, 2024, compared to the three months ended June 30, 2023 remained constant.
Operating
Expenses. Operating expenses were $2,155,189 and $2,998,456 for the three months ended June 30, 2024 and 2023, respectively.
The decrease is primarily due to decreased general and administrative (“G&A”) expenses and sales and marketing expenses
related to the sale of our Spryng™ products.
General
and administrative (“G&A”) expenses were $1,233,261 and $1,762,798 for the three months ended June 30, 2024 and 2023,
respectively. General and administrative expenses include compensation and benefits, contracted services, legal and consulting fees,
and stock compensation expenses.
Sales
and marketing expenses were $534,413 and $941,886 for the three months ended June 30, 2024 and 2023, respectively. Sales and marketing
expenses include compensation, consulting, tradeshows, and stock compensation costs to support the launch of our Spryng™ product.
Research
and development (“R&D”) expenses were $387,515 and $293,772 for the three months ended June 30, 2024 and 2023, 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 $2,047,063 and $2,893,577 for the three months ended June 30, 2024
and 2023, respectively. The decrease was related to cost-cutting initiatives in general and administrative and sales and marketing expenses.
Other
Expense. Other expense was $2,631 for the three months ended June 30, 2024 compared to other expense of $0 for the three months
ended June 30, 2023. Other expense in 2024 consisted of interest expense.
Net
Loss. Our net loss for the three months ended June 30, 2024 was $2,047,063 or ($0.11) per share as compared to a net loss of
$2,893,577 or ($0.25) per share for the three months ended June 30, 2023. The decrease was related to cost-cutting initiatives in general
and administrative expenses and sales and marketing expenses. The weighted average number of shares outstanding was 18,683,975 compared
to 11,657,035 for the three months ended June 30, 2024 and 2023, respectively.
LIQUIDITY
AND CAPITAL RESOURCES
As
of June 30, 2024, our current assets were $880,065, including $12,414 in cash and cash equivalents. In comparison, our current liabilities
as of that date were $1,091,181 including $892,738 of accounts payable and accrued expenses. Our working capital deficit as of June 30,
2024 was $211,116.
From
July 1, 2024, through the date of this 10Q filing, the Company sold 3,045,000 units representing 3,045,000 shares of its
Series A convertible preferred stock in a private placement offering at a price of $.40 per unit, and 3,045,000 shares of its common
stock to purchase warrants with a strike price of $.90 per share for a period of three years, with various closings from July 10, 2024
through August 12, 2024, respectively. Net proceeds from the offering were approximately $1,218,000. There were no offering expenses
with the private offering.
On
July 10, 2024, the Company issued 100,000 restricted shares of its common stock to an investor and public relations firm valued at $40,100.
The
Company has continued to realize losses from operations. As a result of our private placement offering with proceeds of $1,098,000 from
the sale of Series A convertible preferred stock, we believe we will have sufficient cash to meet our anticipated operating costs and
capital expenditure requirements for at least the next three months. We will need to raise additional capital in the future to support
our efforts to commercialize Spryng™ and our ongoing operations. We expect to continue to raise additional capital through the
sale of our securities from time to time for the foreseeable future to fund our business expansion. Our ability to obtain such additional
capital will likely be subject to various factors, including our overall business performance and market conditions. There can be no
guarantee that the Company will be successful in its ability to raise additional capital to fund its business plan.
Net
Cash Used in Operating Activities – We used $1,530,469 of net cash in operating activities for the three months ended June
30, 2024. This cash used in operating activities was primarily attributable to our net loss of $2,047,063, partially offset by stock-based
compensation expense of $352,295, consulting services paid in stock of $214,160, and stock issued for investor relations services of $136,575.
Net
Cash Used in Investing Activities – We used $15,178 of net cash in investing activities for the three months ended June
30, 2024, consisting of costs capitalized for manufacturing and computer equipment.
Net
Cash Provided by Financing Activities – During the three months ended June 30, 2024, we provided net cash of $1,470,658
from the sale of common stock offset by $151,942 in repayments of notes payable.
Inventory
Inventories
are stated at cost, subject to the lower of cost or net realizable value. Cost includes materials, labor, and manufacturing overhead
related to the purchase and production of inventories. Net realizable value is the estimated selling price less estimated costs of completion,
disposal, and transportation. We regularly review inventory quantities on hand through an inventory count.
At
June 30, 2024, the Company’s inventory had a carrying value of $383,577 and was broken down into $27,384 of finished goods, $38,921
of work in process, and $317,272 in raw materials.
At
March 31, 2024, the Company’s inventory had a carrying value of $390,076 and was broken down into $35,442 of finished goods, $20,289
of work in process, and $334,345 in raw materials.
MATERIAL
COMMITMENTS
Note
Payable
As
of June 30, 2024, we are obligated on a note and accrued interest of $18,750.
OFF-BALANCE
SHEET ARRANGEMENTS
As
of June 30, 2024, and as of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources that are material to investors.
GOING
CONCERN
The
report of independent registered public accounting firm accompanying our June 30, 2024 financial statements contains an explanatory
paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared
assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities
and commitments in the ordinary course of business. Our working capital deficit at June 30, 2024 was $211,116. From July 1, 2024,
through the date of this annual report 10Q filing, the Company sold 3,045,000 units representing 3,045,000 shares of its Series A
convertible preferred stock in a private placement offering at a price of $.40 per unit, and 3,045,000 warrants to purchase shares
of its common stock to with a strike price of $.90 per share for a period of three years, with various closings
from July 10, 2024 through August 12, 2024, respectively. Net proceeds from the offering were approximately $1,218,000. There were
no offering expenses with the private offering. We believe the proceeds from this private placement offering are sufficient to fund
operations for the next three months (see Liquidity and Capital Resources above).
We
have continued to realize losses from operations. We will need to raise additional capital in the future to support our efforts to commercialize
Spryng™ and our ongoing operations. We expect to continue to raise additional capital through the sale of our securities from time
to time for the foreseeable future to fund our business expansion. Our ability to obtain such additional capital will likely be subject
to various factors, including our overall business performance and market conditions. There can be no guarantee that the Company will
be successful in its ability to raise additional capital to fund its business plan.
CRITICAL
ACCOUNTING POLICIES
We
prepare our consolidated financial statements in accordance with generally accepted accounting standards in the United States of America.
Our significant accounting policies are described in Note 1 to our condensed consolidated financial statements attached hereto. We believe
the following critical accounting policies involve the most significant judgments and estimates used in the preparation of the condensed
consolidated financial statements.
RECENTLY
ISSUED ACCOUNTING STANDARDS
The
Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the
periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted
accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported
financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s
financial management.
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
- Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an Entity’s
Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP.
Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded
conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative
scope exception, which will permit more equity contracts to qualify for the exceptions. The ASU also simplifies the diluted net income
per share calculation in certain areas. The new guidance has been effective for the fiscal year ending March 31, 2024, including subsequent interim periods.
The Company has evaluated the impact of the adoption of the standard on the consolidated financial statements and determined there has
been no effect to our financial results.
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as accounts receivable, at the net amount expected to be collected. The measurement of expected credit losses
is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts
that affect the collectability of the reported amount. The Company adopted this standard in the consolidated financial statements for
the year ended March 31, 2024. The change had no impact on the Company’s financial statements.
All
other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.
ITEM
3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required
ITEM
4. CONTROLS AND PROCEDURES
DISCLOSURE
CONTROLS AND PROCEDURES
Evaluation
of disclosure controls and procedures.
We
maintain controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or
submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in
the SEC’s rules and forms, and that such information is accumulated and communicated to our management including our principal
executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.
Based
upon their evaluation of those controls and procedures performed as of the end of the period covered by this report, our principal executive
officer and our principal financial officer concluded that our disclosure controls and procedures were effective.
Changes
in internal control over financial reporting.
There
were no significant changes in our internal control over financial reporting in the first quarter of our fiscal year ended March 31,
2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II. OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become involved in legal proceedings arising in the ordinary course of our business, the resolution of which we
do not anticipate would have, individually or in the aggregate, a material adverse effect on our business, financial condition, or results
of operations.
Refer
to Note 9. Commitments and Contingencies, in the Notes to Condensed Consolidated Financial Statements set forth in Part I, Item
1 Financial Statements of this Quarterly Report, for further information regarding legal contingencies.
ITEM
1A. RISK FACTORS
In
addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I,
Item 1A Risk Factors in our Annual Report on Form 10-K for our fiscal year ended March 31, 2024. The risks discussed in our Annual Report
on Form 10-K could materially affect our business, financial condition, and future results. The risks described in our Annual Report
on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem
to be insignificant also may materially and adversely affect our business, financial condition, or operating results in the future.
The Company’s common stock and warrants will
be delisted from Nasdaq
As previously reported, the Company’s securities
were suspended from trading on The Nasdaq Stock Market (“Nasdaq”) on April 5, 2024. The Nasdaq Hearing Panel affirmed the
decision to delist the Company’s securities from Nasdaq on June 24, 2024. The Nasdaq Board of Directors declined to review the decision
of the Hearing Panel on July 25, 2024.. The Company expects that a Form 25 will be filed by Nasdaq with the Securities and Exchange Commission,
which would formally remove the Company’s common stock and warrants from listing and registration on Nasdaq. The Company has not
been notified when such Form 25-NSE will be filed, or otherwise informed by Nasdaq of when the delisting of its securities from Nasdaq
is expected to occur.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sale of Securities
In
April and May 2024, the Company sold 1,889,434 shares of its common stock to ten accredited investors at a price of $0.70
per share for gross proceeds of $1,322,600.
In
April and May 2024, the company issued 376,000 shares to three service providers for consulting services valued at market on the
date of grant of $214,160.
All
of the transactions described above were exempt from registration in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended,
as a transaction by an issuer not involving a public offering. The consultants in these transactions represented their intention to acquire
these securities for investment only and not with a view to offer or sell, in connection with any distribution of the securities, and
appropriate legends were affixed to the share certificates and instruments issued in such transactions.
Purchases of Equity Securities by the Registrant
and Affiliated Purchasers
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURES
Not
required.
ITEM
5. OTHER INFORMATION
(c) Rule 10b5-1 Trading Plans
During the three months ended March 31, 2024, none
of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract,
instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions
of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation
S-K.
ITEM
6. EXHIBITS
The
following exhibits are filed as part of this Quarterly Report.
**
Filed herewith
PETVIVO
HOLDINGS, INC.
SIGNATURES
Pursuant
to the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
August
14, 2024 |
By: |
/s/
John Lai |
|
|
John
Lai |
|
Its: |
CEO,
President, and Director |
|
|
(Principal
Executive Officer) |
|
|
|
August
14, 2024 |
By: |
/s/
Garry Lowenthal |
|
|
Garry
Lowenthal |
|
Its: |
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
10.1
Effective
as of May 1, 2024, PetVivo Holdings, Inc. (the “Company”) reduced the salary of John Lai, its Chief Executive Officer and
President from $350,00 annually to $150,000 annually in connection with the Company’s cost reduction program. All other terms of
the employment agreement effective as of November 10, 2021, as amended, between the Company and Mr. Lai remain the same.
EXHIBIT
10.2
Effective
as of May 1, 2024, PetVivo Holdings, Inc. (the “Company”) reduced the salary of Randal Meyer, its Chief Operating Officer
from $270,00 annually to $150,000 annually in connection with the Company’s cost reduction program. All other terms of the employment
agreement effective as of November 10, 2021, as amended, between the Company and Mr. Meyer remain the same.
EXHIBIT
31.1
Certification
of Principal Executive Officer
Required
By Rule 13a-14(A) of the Securities Exchange Act of 1934, As Amended,
As
Adopted Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002
I,
John Lai, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of PetVivo Holdings, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
John Lai |
|
|
John
Lai |
|
|
CEO,
President, and Director |
|
|
(Principal
Executive Officer) |
EXHIBIT
31.2
Certification
of Principal Financial Officer
Required
By Rule 13a-14(A) of the Securities Exchange Act of 1934, As Amended,
As
Adopted Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002
I,
Garry Lowenthal, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of PetVivo Holdings, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
By: |
/s/
Garry Lowenthal |
|
|
Garry
Lowenthal |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
EXHIBIT
32.1
Certification
of Principal Executive Officer
Pursuant
to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section
906 of the Sarbanes-Oxley Act of 2002
In
connection with the Quarterly Report of PetVivo Holdings, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the
quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), John
Lai, Principal Executive Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as adopted
pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company. |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
Date:
August 14, 2024 |
By: |
/s/
John Lai |
|
|
John
Lai |
|
|
CEO,
President and Director |
|
|
(Principal
Executive Officer) |
EXHIBIT
32.2
Certification
of Principal Financial Officer
Pursuant
to 18 U.S.C. Section 1350, as Adopted Pursuant to
Section
906 of the Sarbanes-Oxley Act of 2002
In
connection with the Quarterly Report of PetVivo Holdings, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the
quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Garry Lowenthal, Principal Financial Officer of the Company, certifies to the best of his knowledge, pursuant to 18 U.S.C. § 1350, as
adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of
the Company. |
A
signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company
and furnished to the Securities and Exchange Commission or its staff upon request.
Date:
August 14, 2024 |
By: |
/s/
Garry Lowenthal |
|
|
Garry
Lowenthal |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
v3.24.2.u1
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Jun. 30, 2024 |
Aug. 14, 2024 |
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Entity File Number |
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|
|
Entity Registrant Name |
PetVivo
Holdings, Inc.
|
|
Entity Central Index Key |
0001512922
|
|
Entity Tax Identification Number |
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|
|
Entity Incorporation, State or Country Code |
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|
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v3.24.2.u1
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Current Assets |
|
|
Cash and cash equivalents |
$ 12,414
|
$ 87,403
|
Accounts receivable |
72,026
|
18,669
|
Inventory, net (Note 3) |
383,577
|
390,076
|
Prepaid expenses and other assets (Note 4) |
412,048
|
545,512
|
Total Current Assets |
880,065
|
1,041,660
|
Property and Equipment, net (Note 5) |
805,570
|
821,656
|
Other Assets: |
|
|
Operating lease right-of-use assets |
1,147,939
|
1,194,348
|
Trademark and patents, net (Note 6) |
27,866
|
30,099
|
Security deposit |
27,490
|
27,490
|
Total Other Assets |
1,203,295
|
1,251,937
|
Total Assets |
2,888,930
|
3,115,253
|
Current Liabilities |
|
|
Accounts payable |
646,360
|
821,230
|
Accrued expenses and other payables (Note 7) |
246,378
|
243,030
|
Operating lease liability – short term |
190,980
|
190,589
|
Note payable and accrued interest |
7,463
|
157,521
|
Total Current Liabilities |
1,091,181
|
1,412,370
|
Other Liabilities |
|
|
Operating lease liability (net of current portion) |
956,959
|
1,003,759
|
Note payable and accrued interest (net of current portion) |
11,287
|
13,171
|
Total Other Liabilities |
968,246
|
1,016,930
|
Total Liabilities |
2,059,427
|
2,429,300
|
Commitments and Contingencies (see Note 10) |
|
|
Stockholders’ Equity (Note 12): |
|
|
Preferred Stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2024 and March 31, 2024 |
|
|
Common Stock, par value $0.001, 250,000,000 shares authorized, 19,904,852 and 17,058,620 issued and outstanding at June 30, 2024 and March 31, 2024, respectively |
19,905
|
17,059
|
Additional Paid-In Capital |
85,655,985
|
83,468,218
|
Accumulated Deficit |
(84,846,387)
|
(82,799,324)
|
Total Stockholders’ Equity |
829,503
|
685,953
|
Total Liabilities and Stockholders’ Equity |
$ 2,888,930
|
$ 3,115,253
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v3.24.2.u1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares issued |
0
|
0
|
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0
|
0
|
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$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
250,000,000
|
250,000,000
|
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19,904,852
|
17,058,620
|
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19,904,852
|
17,058,620
|
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v3.24.2.u1
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 123,751
|
$ 117,183
|
Cost of Sales (Note 2) |
12,994
|
12,304
|
Gross Profit |
110,757
|
104,879
|
Operating Expenses: |
|
|
Sales and Marketing |
534,413
|
941,886
|
General and administrative |
1,233,261
|
1,762,798
|
Research and development |
387,515
|
293,772
|
Total Operating Expenses |
2,155,189
|
2,998,456
|
Operating Loss |
(2,044,432)
|
(2,893,577)
|
Other Income (Expense) |
|
|
Interest expense |
(2,631)
|
|
Total Other Income (Expense) |
(2,631)
|
|
Loss before taxes |
(2,047,063)
|
(2,893,577)
|
Income Tax Provision |
|
|
Net Loss |
$ (2,047,063)
|
$ (2,893,577)
|
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - $ / shares
|
3 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
Net Loss Per Share, Basic |
$ (0.11)
|
$ (0.25)
|
Net Loss Per Share, Diluted |
$ (0.11)
|
$ (0.25)
|
Weighted Average Common Shares Outstanding, Basic |
18,683,975
|
11,657,035
|
Weighted Average Common Shares Outstanding, Diluted |
18,683,975
|
11,657,035
|
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- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Common Stock to be Issued [Member] |
Total |
Balance at Mar. 31, 2023 |
$ 10,950
|
$ 72,420,604
|
$ (71,844,029)
|
$ 137,500
|
$ 725,025
|
Balance, shares at Mar. 31, 2023 |
10,950,220
|
|
|
|
|
Common stock sold |
$ 794
|
2,092,800
|
|
(137,500)
|
$ 1,956,094
|
Common stock sold, shares |
793,585
|
|
|
|
880,133
|
Stock issued for services |
$ 50
|
123,028
|
|
|
$ 123,078
|
Stock issued for services, shares |
49,998
|
|
|
|
|
Stock-based compensation |
|
413,030
|
|
|
413,030
|
Vesting of restricted stock units |
$ 6
|
(6)
|
|
|
|
Vesting of restricted stock units, shares |
6,250
|
|
|
|
|
Net loss |
|
|
(2,893,577)
|
|
(2,893,577)
|
Vesting of restricted stock units in lieu of compensation |
$ 31
|
74,558
|
|
|
74,589
|
Vesting of restricted stock units in lieu of compensation, shares |
30,300
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 11,831
|
75,124,014
|
(74,737,606)
|
|
398,239
|
Balance, shares at Jun. 30, 2023 |
11,830,353
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 17,059
|
83,468,218
|
(82,799,324)
|
|
685,953
|
Balance, shares at Mar. 31, 2024 |
17,058,620
|
|
|
|
|
Common stock sold |
$ 1,889
|
1,320,711
|
|
|
$ 1,322,600
|
Common stock sold, shares |
1,889,434
|
|
|
|
2,846,232
|
Conversion of debt and interest to common stock |
$ 431
|
301,127
|
|
|
$ 301,558
|
Conversion of debt and interest to common stock, shares |
430,798
|
|
|
|
|
Stock issued for services |
$ 376
|
213,784
|
|
|
214,160
|
Stock issued for services, shares |
376,000
|
|
|
|
|
Stock-based compensation |
|
352,295
|
|
|
352,295
|
Vesting of restricted stock units |
$ 150
|
(150)
|
|
|
|
Vesting of restricted stock units, shares |
150,000
|
|
|
|
|
Net loss |
|
|
(2,047,063)
|
|
(2,047,063)
|
Balance at Jun. 30, 2024 |
$ 19,905
|
$ 85,655,985
|
$ (84,846,387)
|
|
$ 829,503
|
Balance, shares at Jun. 30, 2024 |
19,904,852
|
|
|
|
|
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v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Loss For The Period |
$ (2,047,063)
|
$ (2,893,577)
|
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: |
|
|
Stock-based compensation |
352,295
|
413,030
|
Depreciation and amortization |
33,497
|
31,149
|
Consulting and investor relations services paid in stock |
176,273
|
244,368
|
Stock issued in lieu of compensation |
|
74,589
|
Interest on convertible debentures |
1,558
|
|
Changes in Operating Assets and Liabilities |
|
|
Decrease (increase) in prepaid expenses and other current assets |
171,351
|
26,138
|
(Increase) decrease in accounts receivable |
(53,357)
|
39,581
|
Decrease (increase) in inventory |
6,499
|
(35,747)
|
(Decrease) in accounts payable and accrued expenses |
(171,522)
|
(62,900)
|
Net Cash Used in Operating Activities |
(1,530,469)
|
(2,163,369)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of equipment |
(15,178)
|
(47,394)
|
Net Cash Used in Investing Activities |
(15,178)
|
(47,394)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from the sale of common stock and warrants |
1,322,600
|
1,956,094
|
Proceeds from issuance of convertible debentures |
150,000
|
|
Repayments of notes payable |
(1,942)
|
(1,667)
|
(Net Cash Provided by (Used in) Financing Activities |
1,470,658
|
1,954,427
|
Net Decrease in Cash |
(74,989)
|
(256,336)
|
Cash at Beginning of Period |
87,403
|
475,314
|
Cash at End of Period |
12,414
|
218,978
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
Interest |
2,631
|
437
|
Taxes |
|
|
Stock granted for consulting services |
161,000
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES |
|
|
(Decrease) increase to operating lease right of use asset and operating lease liability |
(105,876)
|
1,081,204
|
Convertible debentures and accrued interest converted to common stock |
$ 301,558
|
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
|
3 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION |
NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(A)
Organization and Description
The
Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment and/or
management of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product
Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness
and other joint afflictions such as osteoarthritis in dogs and horses in September 2021. The Company has a pipeline of additional products
for the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials,
products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban
Minneapolis, Minnesota.
(B)
Basis of Presentation
PetVivo
Holdings, Inc. (the “Company”) was incorporated in Nevada under its former name in 2009 and entered its current business in
2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming
a wholly owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc.,
through a statutory merger, which is also a wholly-owned subsidiary of the Company.
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC.
Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion
of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim
financial information have been included. The results for the three months ended June 30, 2024, are not necessarily indicative of results
to be expected for the year ending March 31, 2025, or for any other interim period or for any future year. These unaudited condensed
consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included
in our Annual Report on Form 10-K for the year ended March 31, 2024.
(C)
Principles of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its two wholly owned Minnesota corporations, Gel-Del
Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated during consolidation.
(D)
Use of Estimates
In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment
of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision for
product returns, right of use lease assets and liabilities and valuation of deferred tax assets.
(E)
Cash and Cash Equivalents
The
Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash
equivalents. The Company had no
cash equivalents at June 30, 2024 and March 31, 2024.
(F)
Concentration Risk
The
Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At June 30, 2024
and March 31, 2024, the Company did not have cash balances in excess of the federally insured limits.
(G)
Accounts Receivable
Accounts
receivable consist primarily of amounts due from distributors (see revenue recognition). Accounts receivable is recorded based on management’s
assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the
results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the
collectability of our accounts receivable as well as a forecast of projected credit losses. We update our assessment on a quarterly basis,
which to date has not resulted in any material adjustments to the valuation of our accounts receivable since all receivables to date
have been collected. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe
that substantially all accounts receivable is fully collectible. Accordingly, as of June 30, 2024, and March 31, 2024, our allowance
for credit losses was zero.
In
fiscal 2023, the Company has adopted an accounting standard: Adoption of ASC 326, Financial Instruments - Credit Losses, which amends
the impairment model by requiring entities to use a forward-looking approach to estimate lifetime expected credit losses on certain types
of financial instruments, including trade receivables.
(H)
Inventory
Inventories
are recorded in accordance with Accounting Standards Codification (“ASC”) 330, Inventory, and are stated at the lower of
cost or net realizable value. We account for inventories using the first in first out (“FIFO”) methodology. Provisions for
inventory obsolescence are charged to Cost of Sales. There were no provisions for obsolescence for the three months ended June 30, 2024,
and 2023, respectively.
(I)
Property & Equipment
Property
and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged
to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual
values) over the assets estimated useful life of 3 to 5 years for production and computer equipment and furniture and 5 to 7 years for
leasehold improvements.
(J)
Patents and Trademarks
The
Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the
lesser of the useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by
considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.
(K)
Loss Per Share
Basic
loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period.
Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents
and potentially dilutive securities outstanding during the period.
The
Company had 10,089,178
warrants outstanding as of June 30, 2024, with
varying exercise prices ranging from $1.20
to $5.63
per share. The weighted average exercise price
for these warrants is $2.89
per share. These warrants are excluded from the
weighted average number of shares because they were considered anti-dilutive.
The
Company had 193,250 restricted stock units outstanding as of June 30, 2024, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,487,122 stock options outstanding as of June 30, 2024, with varying exercise prices ranging from $0.80 to $2.79 per share.
The weighted average exercise price for these options is $1.88 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company had 3,546,067 warrants outstanding as of June 30, 2023, with varying exercise prices ranging from $1.20 to $5.63 per share. The
weighted average exercise price for these warrants is $5.06 per share. These warrants are excluded from the weighted average number of
shares because they were considered anti-dilutive.
The
Company had 219,534 restricted stock units outstanding as of June 30, 2023, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,259,088 stock options outstanding as of June 30, 2023, with varying exercise prices ranging from $1.39 to $2.79 per share.
The weighted average exercise price for these options is $2.22 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company uses the guidance in Accounting Standards Codification (“ASC”) 260 to determine if-converted loss per share. ASC
260 states that convertible securities should be considered exercised on the latter of the first day of the reporting period’s
quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing
diluted EPS if the effect would be anti-dilutive.
(L)
Revenue Recognition
The
Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers.”
The
Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company
recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales
occur once control or title is transferred based on the commercial terms. Revenue is recognized upon delivery to the customer, which
is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for
these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not
have any significant financing components as payment is received at or shortly after the point of sale.
The
Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”)
on June 17, 2022. Contracts with the Distributor are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5% of gross monthly sales payable
in 45 days; the distribution fee is netted against revenue. The Agreement provides for a rebate payable to the Distributor based on annual
sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales
are subject to various right of return provisions; the Company uses an expected value method to estimate returns and has determined that
any returns would be immaterial as of June 30, 2024. As a result, there is no return liability recorded. Shipping and handling costs
are a fulfillment activity and are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $50,684 and $33,790,
respectively. This represents 41% and 29% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Assets
and liabilities (included in accrued expenses) under the MWI Veterinary Supply Co. Agreement were as follows:
SCHEDULE
OF RECOGNIZED REVENUE ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
March 31, 2024 | |
Accounts receivable: MWI Veterinary Supply Co. | |
$ | 53,352 | | |
$ | 18,669 | |
Rebate liability | |
| 57,264 | | |
| 57,264 | |
Distribution fee payable | |
| 8,176 | | |
| 7,583 | |
The
Company entered into a Distribution Services Agreement (the “Agreement”) with Covetrus North America LLC (“Covetrus”)
on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a rebate payable to the Distributor based on annual sales volume that is retroactively
applied. The rebate is estimated under the expected value method and is netted against revenue. Sales are subject to various right of
return provisions; the Company uses an expected value method to estimate returns and has determined that any returns would be immaterial
as of March 31, 2024. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and
are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $17,784 and
$0, respectively. This represents 14% and 0% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Accounts receivable from Covetrus were $17,784 and $0 at June 30, 2024, and March 31, 2024, respectively.
(M)
Research and Development
The
Company expenses research and development costs as incurred.
(N)
Fair Value of Financial Instruments
The
Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial
Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.
The
guidance also establishes a fair value hierarchy for measurements of fair value as follows:
|
● |
Level
1 - quoted market prices in active markets for identical assets or liabilities. |
|
|
|
|
● |
Level
2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar
assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|
|
|
|
● |
Level
3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities. |
The
Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued
interest. The carrying amount of the Company’s financial instruments approximates their fair value as of June 30, 2024, and March
31, 2024, due to the short-term nature of these instruments and the Company’s borrowing rate of interest.
In
instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy,
the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is
significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to
the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation
of the Company’s note recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market,
and (iii) contractual prices.
The
Company had no assets and liabilities measured at fair value on a recurring basis on June 30, 2024, and March 31, 2024.
(O)
Stock-Based Compensation - Non-Employees
Equity
Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services
Stock-based compensation is accounted for based on the requirements of
ASC 718 – “Compensation – Stock Compensation” which requires recognition in the financial statements of the cost
of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee,
director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also
requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date
fair value of the award. The Company has elected to recognize forfeitures as they occur as permitted under Accounting Standards Update
(“ASU”) 2016-09 Improvements to Employee Share-Based Payment.
(P)
Stock-Based Compensation
Stock
options are valued using the Black-Scholes option-pricing model. The Black Scholes valuation model requires the input of highly subjective
assumptions. The assumptions include the expected term of the option, the expected volatility of the price of our common stock, the expected
dividend yield, and the risk-free interest rate. These estimates involve inherent uncertainties and the significant application of management’s
judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in
the future. We recognize compensation expense for these options on a straight-line basis over the requisite service period (see Note
11 – “Stockholders’ Equity”).
(Q)
Income Taxes
The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are determined based upon differences between financial
reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the
differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a
deferred tax asset will not be realized.
As
required by ASC 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant
tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not
threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of
being realized upon ultimate settlement with the relevant tax authority.
The
Company is not currently under examination by any federal or state jurisdiction.
The
Company’s policy is to record tax-related interest and penalties as a component of operating expenses.
(R)
Recent Accounting Pronouncements
The
Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the
periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted
accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported
financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s
financial management.
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an
Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required
under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no
separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity
contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The
ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance has been effective for the
fiscal year ending March 31, 2024, including subsequent interim periods.
The Company has evaluated the impact of the adoption of the standard on the consolidated financial statements and determined there has been no effect to our financial results.
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as insurance premium finance loans held for investment, at the net amount expected to be collected. The measurement
of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable
and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the condensed consolidated
financial statements for the three months ended June 30, 2024. The change had no impact on the Company’s financial statements.
All
other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.
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v3.24.2.u1
RECLASSIFICATION OF PRIOR YEAR PRESENTATION
|
3 Months Ended |
Jun. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
RECLASSIFICATION OF PRIOR YEAR PRESENTATION |
NOTE
2 – RECLASSIFICATION OF PRIOR YEAR PRESENTATION
Reclassification.
Certain prior period amounts have been reclassified to conform to current period presentation.
Certain
prior year amounts have been reclassified for consistency with the current year presentation in the Consolidated Statements of Operations
related to Total Cost of Sales to exclude certain research and development costs and added as an Operating Expense. There were no reclassifications
made to the Consolidated Balance Sheets, Consolidated Statements of Changes in Stockholders’ Equity or Consolidated Statements
of Cash Flows.
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v3.24.2.u1
INVENTORY
|
3 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
3 – INVENTORY
As
of June 30, 2024, and March 31, 2024, the Company had inventory of $383,577 and $390,076, respectively.
The
inventory components are as follows:
SCHEDULE
OF INVENTORY
| |
June 30, 2024 | | |
March 31, 2024 | |
Finished Goods | |
$ | 27,384 | | |
$ | 35,442 | |
Work in process | |
| 38,921 | | |
| 20,289 | |
Raw materials | |
| 317,272 | | |
| 334,345 | |
Total Net | |
$ | 383,577 | | |
$ | 390,076 | |
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v3.24.2.u1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
3 Months Ended |
Jun. 30, 2024 |
Prepaid Expenses And Other Current Assets |
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
NOTE
4 – PREPAID EXPENSES AND OTHER CURRENT ASSETS
As
of June 30, 2024, the Company had $412,048 in prepaid expenses and other current assets consisting primarily of $255,000 in investor
relations, $50,000 in Nasdaq and FINRA fees, $62,000 in insurance costs, and $14,000 in trade shows.
As
of March 31, 2024, the Company had $545,512 in prepaid expenses and other current assets consisting primarily of $217,000 in investor
relations services, $138,000 in insurance costs, $67,000 in Nasdaq and FINRA fees, $26,000 in consulting, and $44,000 in tradeshows,
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v3.24.2.u1
PROPERTY AND EQUIPMENT
|
3 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
The
components of property and equipment were as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, 2024 | | |
March 31, 2024 | |
Leasehold improvements | |
$ | 418,041 | | |
$ | 418,041 | |
Production equipment | |
| 673,219 | | |
| 661,204 | |
R&D equipment | |
| 25,184 | | |
| 25,184 | |
Computer equipment and furniture | |
| 147,979 | | |
| 144,817 | |
Total, at cost | |
| 1,264,423 | | |
| 1,249,246 | |
Accumulated depreciation | |
| (458,853 | ) | |
| (427,590 | ) |
Total Net | |
$ | 805,570 | | |
$ | 821,656 | |
Depreciation
expense was $31,263 and $29,012 for the three months ended June 30, 2024 and 2023, respectively.
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v3.24.2.u1
PATENTS AND TRADEMARKS
|
3 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
PATENTS AND TRADEMARKS |
NOTE
6 – PATENTS AND TRADEMARKS
The
components of patents and trademarks, all of which are finite lived, were as follows:
SCHEDULE
OF COMPONENTS OF PATENTS AND TRADEMARKS
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Patents |
|
$ |
3,870,057 |
|
|
$ |
3,870,057 |
|
Trademarks |
|
|
26,142 |
|
|
|
26,142 |
|
Total
at cost |
|
|
3,896,199 |
|
|
|
3,896,199 |
|
Accumulated
Amortization |
|
|
(3,868,333 |
) |
|
|
(3,866,100 |
) |
Total
net |
|
$ |
27,866 |
|
|
$ |
30,099 |
|
During
the three months ended June 30, 2024, and 2023, amortization expenses were $2,234 and $2,138, respectively.
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v3.24.2.u1
ACCRUED EXPENSES AND OTHER PAYABLES
|
3 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
ACCRUED EXPENSES AND OTHER PAYABLES |
NOTE
7 – ACCRUED EXPENSES AND OTHER PAYABLES
The
components of accrued expenses were as follows:
SCHEDULE
OF COMPONENTS OF ACCRUED EXPENSES
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Accrued
payroll and related taxes |
|
$ |
127,310 |
|
|
$ |
111,353 |
|
Accrued
expenses |
|
|
119,068 |
|
|
|
131,677 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
246,378 |
|
|
$ |
243,030 |
|
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.2.u1
NOTE PAYABLE
|
3 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
NOTE PAYABLE |
NOTE
8 – NOTE PAYABLE
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. At June 30, 2024, and
March 31, 2024, the amount outstanding on the note was $18,750 and $20,528, respectively. At June 30, 2024, the Company classified $7,463
as a current liability and $11,287 in other liabilities. At March 31, 2024, the Company classified $7,521 as a current liability and
$13,171 in other liabilities.
In
October 2023 and amended in November 2023, the Company entered into a promissory note for $120,000. The note accrued interest at a rate
of 10% per annum. The principal and accrued interest were due in February 2024. The holder of the note had the option to convert the
principal and accrued interest into shares of the Company’s common stock at a conversion rate of $0.75 per share.
On
February 5, 2024, the note and accrued interest of $123,255 was converted into 164,340 shares of common stock.
In
March 2024, the Company entered into a convertible promissory note for $150,000. The note accrued interest at a rate of 10% per annum.
The principal and accrued interest were due in April 2024. The holder of the note had the option to convert the principal and accrued
interest into Units of the Company’s common stock and warrants at a conversion rate of $0.70 per Unit. On April 10, 2024, the company
entered into another promissory note for an additional $150,000 whereby the new principal balance was $300,000 with the same terms. On
April 29, 2024, the noteholder converted the $300,000 principal balance, along with $1,558 of accrued interest into Units, consisting
of 430,798 common shares, in addition to the Company issuing 430,798 warrants to purchase shares with a strike price of $1.50 per share
for a period of three years.
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v3.24.2.u1
RETIREMENT PLAN
|
3 Months Ended |
Jun. 30, 2024 |
Retirement Benefits [Abstract] |
|
RETIREMENT PLAN |
NOTE
9 – RETIREMENT PLAN
In
February 2021, the Company established a 401(k)-retirement plan for its employees in which eligible employees can contribute a percentage
of their compensation. The Company may also make discretionary contributions. For the three months ended June 30, 2024, and 2023, the
Company made contributions to the plan of $12,690 and $12,554, respectively.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
10 – COMMITMENTS AND CONTINGENCIES
Lease
Obligations
We
lease property and equipment under operating leases, typically with terms greater than 12 months, and determine if an arrangement contains
a lease at inception. In general, an arrangement contains a lease if there is an identified asset, and we have the right to direct the
use of and obtain substantially all of the economic benefit from the use of the identified asset. We record an operating lease liability
at the present value of lease payments over the lease term on the commencement date. The related right of use (“ROU”)
operating lease asset reflects rental escalation clauses, as well as renewal options and/or termination options. The exercise of lease
renewal and/or termination options is at our discretion and is included in the determination of the lease term and lease payment obligations
when it is deemed reasonably certain that the option will be exercised. When available, we use the rate implicit in the lease to discount
lease payments to present value; however, certain leases do not provide a readily determinable implicit rate. Therefore, we must estimate
our incremental borrowing rate to discount the lease payments based on information available at lease commencement.
We
classify our leases as buildings, vehicles or computer and office equipment and do not separate lease and nonlease components of contracts
for any of the aforementioned classifications. In accordance with applicable guidance, we do not record leases with terms that are less
than one year on the Condensed Consolidated Balance Sheets.
None
of our lease agreements contain material restrictive covenants or residual value guarantees.
Buildings
The
Company entered into an eighty-four-month lease for 3,577 square feet of newly constructed office, laboratory, and warehouse space located
in Edina, Minnesota in May 2017. The base rent has annual increases of 2% and the Company is responsible for its proportional share of
common space expenses, property taxes, and building insurance. This lease is terminable by the landlord if damage causes the property
to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days.
In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 in exchange for receipt
of a loan of $42,500 recorded to note payable. The monthly base rent as of June 30, 2024, and March 31, 2024, was $2,340.
The
Company entered into a sixty-three month lease for 2,400 square feet of office space located in Edina, Minnesota in January 2022. This
lease will expire in March 2027. The base rent has annual increases of 2.5% and the Company is responsible for its proportional share
of common space expenses, property taxes, and building insurance. The monthly base rent as of June 30, 2024, and March 31, 2024, was $2,808.
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 June 30, 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 June 30, 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 three months ended June 30, 2024, and 2023, was $12,655 and $19,318, respectively.
The
following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2024:
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY
|
|
|
|
|
2025 |
|
$ |
222,225 |
|
2026 |
|
|
226,166 |
|
2027 |
|
|
179,916 |
|
2028 |
|
|
114,410 |
|
2029 |
|
|
114,273 |
|
2030 |
|
|
117,228 |
|
Thereafter |
|
|
401,289 |
|
Total |
|
$ |
1,375,507 |
|
Less:
amount representing interest |
|
|
(227,568 |
) |
Total |
|
$ |
1,147,939 |
|
In
compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 7, 2026, March 2027, and June
2033, a treasury rate of 0.12%, 0.40%, 7.6%, and 4.39%, respectively, an operating lease right-of-use assets for approximately $1,148,000
and corresponding and equal operating lease liabilities for the leases. As of June 30, 2024, the present value of future base rent lease
payments based on the remaining lease terms and weighted average discount rate are approximately 5.1 years and 3.94%, respectively, are
as follows:
SCHEDULE OF BASE RENT LEASE PAYMENTS
| |
| |
Present value of future base rent lease payments | |
$ | 1,147,939 | |
Base rent payments included in prepaid expenses | |
| - | |
Present value of future base rent lease payments – net | |
$ | 1,147,939 | |
As
of June 30, 2024, the present value of future base rent lease payments – net is classified between current and non-current assets
and liabilities as follows:
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES
|
|
|
|
|
Operating
lease right-of-use asset |
|
$ |
1,147,939 |
|
Total
operating lease assets |
|
|
1,147,939 |
|
|
|
|
|
|
Operating
lease current liability |
|
|
190,980 |
|
Operating
lease other liability |
|
|
956,959 |
|
Total
operating lease liabilities |
|
$ |
1,147,939 |
|
Employment
Agreements
The
Company has employment agreements with its executive officers. As of June 30, 2024, these agreements contain severance benefits ranging
from one month to six months if terminated without cause.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
GOING CONCERN
|
3 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
11 – GOING CONCERN
The
accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the
United States of America, which contemplate continuation of the Company as a going concern.
The
Company incurred a net loss $2,047,063
for the three months ended June 30, 2024, had net cash used
in operating activities of $1,530,469
for the same period, and has an accumulated deficit
of $84,846,387 on
June 30, 2024. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period
of at least twelve months after the date of issuance of these financial statements. In view of these matters, the Company’s ability
to continue as a going concern is dependent upon the Company’s ability to achieve a level of profitability and/or to obtain adequate
financing through the issuance of debt or equity in order to finance its operations.
Management
believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going
concern. While the Company believes in its ability to raise additional funds, there can be no assurances to that effect. The ability
of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and
raise additional funds.
These
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
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v3.24.2.u1
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
12 – STOCKHOLDERS’ EQUITY
Equity
Incentive Plan
On
July 10, 2020, our Board of Directors unanimously approved the PetVivo Holdings, Inc. 2020 Equity Incentive Plan (the “2020 Plan”),
which authorized the issuance of up to 1,000,000 shares of our common stock as awards under the 2020 Plan, subject to approval by our
stockholders at the Annual Meeting of Stockholders held on September 22, 2020, when it was approved by our stockholders and became effective.
On October 14, 2022, the stockholders of the Company approved the PetVivo Holdings, Inc. Amended and Restated 2020 Equity Incentive Plan
(the “Amended Plan”), which increased the number of shares of the Company’s common stock which may be granted under
the Amended Plan from 1,000,000 to 3,000,000. Unless sooner terminated by the Board, the Amended Plan will terminate at midnight on July
10, 2030. The number of shares available to grant under the Plan was 1,134,235 at June 30, 2024.
Employees,
consultants, advisors of the Company (or any subsidiary), and non-employee directors of the Company will be eligible to receive awards
under the Amended Plan. In the case of consultants and advisors, however, their services cannot be in connection with the offer and sale
of securities in a capital-raising transaction nor directly or indirectly to promote or maintain a market for PetVivo common stock.
The
Amended Plan is administered by the Compensation Committee of our Board of Directors (the “Committee”), which has full power
and authority to determine when and to whom awards will be granted, and the type, amount, form of payment, any deferral payment, and
other terms and conditions of each award. Subject to provisions of the Amended Plan, the Committee may amend or waive the terms and conditions,
or accelerate the exercisability, of an outstanding award. The Committee also has the authority to interpret and establish rules and
regulations for the administration of the Amended Plan. In addition, the Board of Directors may also exercise the powers of the Committee.
The
aggregate number of shares of PetVivo common stock available and reserved to be issued under the Amended Plan is 3,000,000 shares, but
includes the following limits:
●
the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be
10,000 shares; provided that such limit will not apply to any election of a Non-Employee Director to receive shares of Common Stock in
lieu of all or a portion of any annual Board, committee, chair or other retainer, or any meeting fees otherwise payable in cash.
Awards
can be granted for no cash consideration or for any cash and other consideration as determined by the Committee. Awards may provide that
upon the grant or exercise thereof, the holder will receive cash, shares of PetVivo common stock, other securities or property, or any
combination of these in a single payment, installments, or on a deferred basis. The exercise price per share of any stock option and
the grant price of any stock appreciation right may not be less than the fair market value of PetVivo common stock on the date of grant.
The term of any award cannot be longer than ten years from the date of grant. Awards will be adjusted in the event of a stock dividend
or other distribution, recapitalization, forward or reverse stock split, reorganization, merger or other business combination, or similar
corporate transaction, in order to prevent dilution or enlargement of the benefits or potential benefits provided under the Amended Plan.
The
Amended Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock
units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents.
Common
Stock
For
the three months ended June 30, 2024, the Company issued 2,846,232 shares of common stock as follows:
i) |
1,889,434
shares in connection with the sale of stock in April and May 2024 in exchange for proceeds
of $1,322,600 at a price of $0.70 per share.
|
ii) |
430,798
shares in April 2024 in connection with the conversion of a convertible note plus interest
in exchange for proceeds of $301,558 at a price of $0.70 per share.
|
iii) |
320,000
shares in April 2024 to service providers for consulting services valued at market on the
date of grant of $173,400.
|
iv) |
56,000
shares in May 2024 to service providers for consulting services valued at market on the date
of grant of $40,760.
|
v) |
150,000
shares related to vesting of restricted stock units (“RSUs”), vesting in April 2024. |
|
|
For
the three months ended June 30, 2023, the Company issued 880,133 shares of common stock as follows:
i) |
793,585
shares in connection with the sale of stock in April 2023 in exchange for proceeds of $2,182,359 net of offering costs of $88,765,
at a price of $2.75 per share. The Company received $137,500 of those proceeds on March 31, 2023. The Company recorded this in common
stock to be issued at March 31, 2023, and moved it to common stock and additional paid-in capital upon the issuance of shares of
common stock in April 2023. |
ii) |
6,250
shares related to vesting of restricted stock units (“RSUs”), vesting in June 2023; |
iii) |
30,300
shares related to vesting of restricted stock units (“RSUs”) to John Lai, the Company’s Chief Executive Officer,
in lieu of compensation valued as of $74,589, based on the closing stock prices on the vesting date with 10,100 shares vesting in
April 2023, 10,100 shares vesting in May 2023, and 10,100 shares vesting in June 2023; |
iv) |
16,666
shares in April 2023 to service providers for consulting services valued at market on the date of grant of $48,581; |
v) |
16,666
shares in May 2023 to service providers for consulting services valued at market on the date of grant of $40,332; |
vi) |
16,666
shares in June 2023 to service providers for consulting services valued at market on the date of grant of $34,165. |
The
Company has issued shares of common stock to providers of investor relations services which are reported in the Condensed Consolidated
Statements of Changes in Stockholders’ Equity. The value of these shares are reported as a prepaid expense and are amortized to
expense over the contractual life of the respective consulting agreements. The amortization of stock issued for services as reported
in the Condensed Consolidated Statements of Operations and Cash Flows was $136,575 and $121,290 for the three months ended June 30, 2024,
and 2023, respectively.
Time-Based
Restricted Stock Units
We
have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock settled with common shares.
Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the
Condensed Consolidated Statements of Operations for time-based restricted stock units was $136,575 and $182,377 for the three months
ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was approximately $93,000 of total unrecognized compensation expense
related to time-based restricted stock units that is expected to be recognized over a weighted-average period of one year.
Our
time-based restricted stock unit activity for the year ended March 31, 2024, and the three months ended June 30, 2024 was as follows:
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS
| |
Units Outstanding | | |
Weighted
Average Grant
Date Fair Value
Per Unit | | |
Aggregate
Intrinsic Value (1) | |
Balance at March 31, 2023 | |
| 256,084 | | |
$ | 3.85 | | |
$ | 643,209 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (198,584 | ) | |
| 3.82 | | |
| - | |
Cancelled | |
| (25,500 | ) | |
| 3.77 | | |
| - | |
Balance at March 31, 2024 | |
| 32,000 | | |
| 4.08 | | |
$ | 32,000 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (155,000 | ) | |
| .88 | | |
| | |
Cancelled | |
| (5,000 | ) | |
| 3.04 | | |
| - | |
Balance at June 30, 2024 | |
| 193,250 | | |
$ | 1.09 | | |
$ | 98,558 | |
(1) |
The
aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the
period. |
Stock
Options
Stock
options issued to employees and directors typically vest over three years (one year for directors) and have a contractual term of three
to seven years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for stock options was
$173,325 and $230,653 for the three months ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was approximately $740,000
of total unrecognized stock option expense which is expected to be recognized on a straight-line basis over a weighted-average period
of 1.4 years.
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Annually, we make predictive
assumptions regarding future stock price volatility, dividend yield, expected term, and forfeiture rate. The dividend yield assumption
is based on expected annual dividend yield on a grant date. To date, no dividends on common stock have been paid by us. Expected volatility
for grants is based on our average historical volatility over a similar period as the expected term assumption used for our options as
the expected volatility. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected
term of the options for each option group. We use the “simplified method” to determine the expected term of the stock option
grants. We utilize this method because we do not have sufficient public company exercise data in which to make a reasonable estimate.
The
following table sets forth the estimated fair values of our stock options granted:
SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
March
31,2024 |
|
Expected
term |
|
|
3
years |
|
|
|
6
years |
|
Expected
volatility |
|
|
93.2%
-210.5 |
% |
|
|
75.9%
- 95.7 |
% |
Risk-free
interest rate |
|
|
4.07%
- 4.35 |
% |
|
|
3.46%
– 4.52 |
% |
Expected
dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Fair
value on the date of grant |
|
$ |
0.64
– $2.79 |
|
|
$ |
1.20
- $2.75 |
|
Our
stock option activity for the year ended March 31, 2024, and the three months ending June 30, 2024 is as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
|
|
Options
Outstanding |
|
|
Weighted-
Average Exercise Price Per Share (1) |
|
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate Intrinsic
Value (2) |
|
Balance
at March 31, 2023 |
|
|
884,849 |
|
|
$ |
2.19 |
|
|
6.3
years |
|
$ |
100,200 |
|
Granted |
|
|
822,605 |
|
|
|
1.77 |
|
|
|
|
|
|
|
Cancelled |
|
|
(198,332 |
) |
|
|
2.03 |
|
|
|
|
|
|
|
Balance
at March 31, 2024 |
|
|
1,509,122 |
|
|
|
1.98 |
|
|
5.7
years |
|
$ |
- |
|
Granted |
|
|
122,000 |
|
|
|
0.80 |
|
|
|
|
|
|
|
Cancelled |
|
|
(144,000) |
|
|
|
2.04 |
|
|
|
|
|
|
|
Balance
at June 30, 2024 |
|
|
1,487,122 |
|
|
$ |
1.88 |
|
|
2.2
years |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable at June 30, 2024 |
|
|
679,083 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
The
exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the
date of grant. |
|
|
(2) |
The
aggregate intrinsic value of stock options outstanding was based on our closing stock price on the last trading day of the period. |
Stock
options granted for the year ended March 31, 2024, and the three months ended June 30, 2024 were to employees and directors. The
fair value of these options on the date of grant was $1,107,799
and $1,347,255
for the year ended March 31, 2024, and the three months ended June 30, 2024, respectively.
Options
exercisable at June 30, 2024, had exercise prices ranging from $1.39 to $2.79.
The
following summarizes additional information about our stock options:
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Number
of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
|
936,707 |
|
|
|
709,394 |
|
Non
-vested options, end of period |
|
|
808,034 |
|
|
|
936,707 |
|
Vested
options, end of period |
|
|
679,083 |
|
|
|
572,415 |
|
|
|
Three Months
Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Weighted-average
grant date fair value of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
$ |
1.84 |
|
|
$ |
2.23 |
|
Non-vested
options, end of period |
|
$ |
1.59 |
|
|
$ |
1.84 |
|
Vested
options, end of period |
|
$ |
2.23 |
|
|
$ |
2.21 |
|
Forfeited
options, during the period |
|
$ |
2.04 |
|
|
$ |
2.03 |
|
Warrants
During
the three months ended June 30, 2024, the Company issued warrants to purchase an aggregate of 2,320,232 shares of common stock in connection
with the sale of stock in a private offering.
These
warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions:
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION
|
|
Three
Months Ended |
|
|
|
June
30, 2024 |
|
Stock
price on valuation date |
|
$ |
0.67
- $0.82 |
|
Exercise
price |
|
$ |
1.50 |
|
Term
(years) |
|
|
2.3
– 3.0 |
|
Volatility |
|
|
92.7%
- 95.7 |
% |
Risk-free
rate |
|
|
3.46%
- 4.15 |
% |
The
Company did not issue any warrants for the three months ended June 30, 2023.
A
summary of warrant activity for the year ended March 31, 2024, and the three months ended June 30, 2024 is as follows:
SCHEDULE OF WARRANT ACTIVITY
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Warrants
Exercisable |
|
|
Weighted-
Average
Exercisable
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2023 |
|
|
3,562,817 |
|
|
$ |
5.05 |
|
|
|
3,540,317 |
|
|
$ |
5.07 |
|
Granted
and issued |
|
|
4,386,463 |
|
|
|
1.80 |
|
|
|
|
|
|
|
|
|
Cashless
warrant exercises |
|
|
(63,584 |
) |
|
|
(1.34 |
) |
|
|
|
|
|
|
|
|
Expired |
|
|
(16,750 |
) |
|
|
(4.18 |
) |
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2024 |
|
|
7,768,946 |
|
|
|
3.29 |
|
|
|
7,768,946 |
|
|
|
3.28 |
|
Granted
and issued |
|
|
2,320,232 |
|
|
|
1.50 |
|
|
|
|
|
|
|
|
|
Outstanding,
June 30, 2024 |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
10,089,178 |
|
|
$ |
2.92 |
|
On
June 30, 2024, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows:
SCHEDULE OF RANGE OF WARRANT PRICES
|
|
Warrants
Outstanding |
|
|
Warrants
Exercisable |
|
Range
of Warrant
Exercise
Price |
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Life
(Years) |
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
$1.20-$2.00 |
|
|
6,510,184 |
|
|
$ |
1.55 |
|
|
|
2.78 |
|
|
|
2,955,945 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.01-4.00 |
|
|
535,438 |
|
|
|
2.54 |
|
|
|
1.23 |
|
|
|
396,268 |
|
|
|
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.01-5.63 |
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
2.36 |
|
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
2.72 |
|
|
|
6,395,769 |
|
|
$ |
3.61 |
|
Stock-based
compensation expense included in the Condensed Consolidated Statements of Operations for warrants was $40,835 and $0 for the three months
ended June 30, 2024, and 2023, respectively. At June 30, 2024, there was $680,426 of future unrecognized warrant expense.
For
the three months ended June 30, 2024 and 2023, the total stock-based compensation on all instruments was $703,030 and $731,987, respectively.
|
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v3.24.2.u1
SUBSEQUENT EVENTS
|
3 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13 – SUBSEQUENT EVENTS
From
July 1, 2024, through the date of this 10Q filing, the Company sold 3,045,000
units representing 3,045,000
shares of its Series A convertible preferred stock in a private placement offering at a price of $.40
per unit, and 3,045,000
warrants to purchase shares of its common stock with a strike price of $.90
per share for a period of three
years, with various closings from July 10, 2024 through August 12, 2024, respectively. Net proceeds from the offering were
approximately $1,218,000.
There were no offering expenses with the private offering.
On
July 10, 2024, the Company issued 100,000 restricted shares of its common stock to an investor and public relations firm valued at $40,100.
The Company’s securities were suspended from trading on The Nasdaq Stock Market (“Nasdaq”) on April
5, 2024. The Nasdaq Hearing Panel affirmed the decision to delist the Company’s securities from Nasdaq on June 24, 2024. The Nasdaq
Board of Directors declined to review the decision of the Hearing Panel on July 25, 2024. The Company’s common stock and warrants
will not be delisted from Nasdaq until all available review and appeal procedures and periods available under the Nasdaq Listing Rules
have expired. Following the expiration of all review periods, the Company expects that a Form 25 will be filed by Nasdaq with the Securities
and Exchange Commission, which would formally remove the Company’s common stock and warrants from listing and registration on Nasdaq.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)
|
3 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description |
(A)
Organization and Description
The
Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment and/or
management of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product
Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness
and other joint afflictions such as osteoarthritis in dogs and horses in September 2021. The Company has a pipeline of additional products
for the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials,
products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban
Minneapolis, Minnesota.
|
Basis of Presentation |
(B)
Basis of Presentation
PetVivo
Holdings, Inc. (the “Company”) was incorporated in Nevada under its former name in 2009 and entered its current business in
2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming
a wholly owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc.,
through a statutory merger, which is also a wholly-owned subsidiary of the Company.
The
accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC.
Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion
of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim
financial information have been included. The results for the three months ended June 30, 2024, are not necessarily indicative of results
to be expected for the year ending March 31, 2025, or for any other interim period or for any future year. These unaudited condensed
consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included
in our Annual Report on Form 10-K for the year ended March 31, 2024.
|
Principles of Consolidation |
(C)
Principles of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its two wholly owned Minnesota corporations, Gel-Del
Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated during consolidation.
|
Use of Estimates |
(D)
Use of Estimates
In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment
of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision for
product returns, right of use lease assets and liabilities and valuation of deferred tax assets.
|
Cash and Cash Equivalents |
(E)
Cash and Cash Equivalents
The
Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash
equivalents. The Company had no
cash equivalents at June 30, 2024 and March 31, 2024.
|
Concentration Risk |
(F)
Concentration Risk
The
Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At June 30, 2024
and March 31, 2024, the Company did not have cash balances in excess of the federally insured limits.
|
Accounts Receivable |
(G)
Accounts Receivable
Accounts
receivable consist primarily of amounts due from distributors (see revenue recognition). Accounts receivable is recorded based on management’s
assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the
results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the
collectability of our accounts receivable as well as a forecast of projected credit losses. We update our assessment on a quarterly basis,
which to date has not resulted in any material adjustments to the valuation of our accounts receivable since all receivables to date
have been collected. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe
that substantially all accounts receivable is fully collectible. Accordingly, as of June 30, 2024, and March 31, 2024, our allowance
for credit losses was zero.
In
fiscal 2023, the Company has adopted an accounting standard: Adoption of ASC 326, Financial Instruments - Credit Losses, which amends
the impairment model by requiring entities to use a forward-looking approach to estimate lifetime expected credit losses on certain types
of financial instruments, including trade receivables.
|
Inventory |
(H)
Inventory
Inventories
are recorded in accordance with Accounting Standards Codification (“ASC”) 330, Inventory, and are stated at the lower of
cost or net realizable value. We account for inventories using the first in first out (“FIFO”) methodology. Provisions for
inventory obsolescence are charged to Cost of Sales. There were no provisions for obsolescence for the three months ended June 30, 2024,
and 2023, respectively.
|
Property & Equipment |
(I)
Property & Equipment
Property
and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged
to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual
values) over the assets estimated useful life of 3 to 5 years for production and computer equipment and furniture and 5 to 7 years for
leasehold improvements.
|
Patents and Trademarks |
(J)
Patents and Trademarks
The
Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the
lesser of the useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by
considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.
|
Loss Per Share |
(K)
Loss Per Share
Basic
loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period.
Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents
and potentially dilutive securities outstanding during the period.
The
Company had 10,089,178
warrants outstanding as of June 30, 2024, with
varying exercise prices ranging from $1.20
to $5.63
per share. The weighted average exercise price
for these warrants is $2.89
per share. These warrants are excluded from the
weighted average number of shares because they were considered anti-dilutive.
The
Company had 193,250 restricted stock units outstanding as of June 30, 2024, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,487,122 stock options outstanding as of June 30, 2024, with varying exercise prices ranging from $0.80 to $2.79 per share.
The weighted average exercise price for these options is $1.88 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company had 3,546,067 warrants outstanding as of June 30, 2023, with varying exercise prices ranging from $1.20 to $5.63 per share. The
weighted average exercise price for these warrants is $5.06 per share. These warrants are excluded from the weighted average number of
shares because they were considered anti-dilutive.
The
Company had 219,534 restricted stock units outstanding as of June 30, 2023, which are excluded from the weighted average number of shares
because they were considered anti-dilutive.
The
Company had 1,259,088 stock options outstanding as of June 30, 2023, with varying exercise prices ranging from $1.39 to $2.79 per share.
The weighted average exercise price for these options is $2.22 per share. These stock options are excluded from the weighted average
number of shares because they were considered anti-dilutive.
The
Company uses the guidance in Accounting Standards Codification (“ASC”) 260 to determine if-converted loss per share. ASC
260 states that convertible securities should be considered exercised on the latter of the first day of the reporting period’s
quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing
diluted EPS if the effect would be anti-dilutive.
|
Revenue Recognition |
(L)
Revenue Recognition
The
Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers.”
The
Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company
recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales
occur once control or title is transferred based on the commercial terms. Revenue is recognized upon delivery to the customer, which
is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for
these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not
have any significant financing components as payment is received at or shortly after the point of sale.
The
Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”)
on June 17, 2022. Contracts with the Distributor are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5% of gross monthly sales payable
in 45 days; the distribution fee is netted against revenue. The Agreement provides for a rebate payable to the Distributor based on annual
sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales
are subject to various right of return provisions; the Company uses an expected value method to estimate returns and has determined that
any returns would be immaterial as of June 30, 2024. As a result, there is no return liability recorded. Shipping and handling costs
are a fulfillment activity and are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $50,684 and $33,790,
respectively. This represents 41% and 29% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Assets
and liabilities (included in accrued expenses) under the MWI Veterinary Supply Co. Agreement were as follows:
SCHEDULE
OF RECOGNIZED REVENUE ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
March 31, 2024 | |
Accounts receivable: MWI Veterinary Supply Co. | |
$ | 53,352 | | |
$ | 18,669 | |
Rebate liability | |
| 57,264 | | |
| 57,264 | |
Distribution fee payable | |
| 8,176 | | |
| 7,583 | |
The
Company entered into a Distribution Services Agreement (the “Agreement”) with Covetrus North America LLC (“Covetrus”)
on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Agreement.
The contracts 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 commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment
is due within 60 days. The Agreement provides for a rebate payable to the Distributor based on annual sales volume that is retroactively
applied. The rebate is estimated under the expected value method and is netted against revenue. Sales are subject to various right of
return provisions; the Company uses an expected value method to estimate returns and has determined that any returns would be immaterial
as of March 31, 2024. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and
are reported as cost of sales.
For
the three months ended June 30, 2024, and 2023, the Company recognized revenue from product sales under the Agreement of $17,784 and
$0, respectively. This represents 14% and 0% of total revenues for the three-month period ended June 30, 2024, and 2023, respectively.
Accounts receivable from Covetrus were $17,784 and $0 at June 30, 2024, and March 31, 2024, respectively.
|
Research and Development |
(M)
Research and Development
The
Company expenses research and development costs as incurred.
|
Fair Value of Financial Instruments |
(N)
Fair Value of Financial Instruments
The
Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial
Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers
the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants
would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.
The
guidance also establishes a fair value hierarchy for measurements of fair value as follows:
|
● |
Level
1 - quoted market prices in active markets for identical assets or liabilities. |
|
|
|
|
● |
Level
2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar
assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|
|
|
|
● |
Level
3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities. |
The
Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued
interest. The carrying amount of the Company’s financial instruments approximates their fair value as of June 30, 2024, and March
31, 2024, due to the short-term nature of these instruments and the Company’s borrowing rate of interest.
In
instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy,
the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is
significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to
the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation
of the Company’s note recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market,
and (iii) contractual prices.
The
Company had no assets and liabilities measured at fair value on a recurring basis on June 30, 2024, and March 31, 2024.
|
Stock-Based Compensation - Non-Employees |
(O)
Stock-Based Compensation - Non-Employees
Equity
Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services
Stock-based compensation is accounted for based on the requirements of
ASC 718 – “Compensation – Stock Compensation” which requires recognition in the financial statements of the cost
of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee,
director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also
requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date
fair value of the award. The Company has elected to recognize forfeitures as they occur as permitted under Accounting Standards Update
(“ASU”) 2016-09 Improvements to Employee Share-Based Payment.
|
Stock-Based Compensation |
(P)
Stock-Based Compensation
Stock
options are valued using the Black-Scholes option-pricing model. The Black Scholes valuation model requires the input of highly subjective
assumptions. The assumptions include the expected term of the option, the expected volatility of the price of our common stock, the expected
dividend yield, and the risk-free interest rate. These estimates involve inherent uncertainties and the significant application of management’s
judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in
the future. We recognize compensation expense for these options on a straight-line basis over the requisite service period (see Note
11 – “Stockholders’ Equity”).
|
Income Taxes |
(Q)
Income Taxes
The
Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are determined based upon differences between financial
reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the
differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a
deferred tax asset will not be realized.
As
required by ASC 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant
tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not
threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of
being realized upon ultimate settlement with the relevant tax authority.
The
Company is not currently under examination by any federal or state jurisdiction.
The
Company’s policy is to record tax-related interest and penalties as a component of operating expenses.
|
Recent Accounting Pronouncements |
(R)
Recent Accounting Pronouncements
The
Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the
periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted
accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported
financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s
financial management.
In
August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an
Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required
under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no
separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity
contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The
ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance has been effective for the
fiscal year ending March 31, 2024, including subsequent interim periods.
The Company has evaluated the impact of the adoption of the standard on the consolidated financial statements and determined there has been no effect to our financial results.
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected
loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried
at amortized cost, such as insurance premium finance loans held for investment, at the net amount expected to be collected. The measurement
of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable
and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the condensed consolidated
financial statements for the three months ended June 30, 2024. The change had no impact on the Company’s financial statements.
All
other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES |
Assets
and liabilities (included in accrued expenses) under the MWI Veterinary Supply Co. Agreement were as follows:
SCHEDULE
OF RECOGNIZED REVENUE ASSETS AND LIABILITIES
| |
June 30, 2024 | | |
March 31, 2024 | |
Accounts receivable: MWI Veterinary Supply Co. | |
$ | 53,352 | | |
$ | 18,669 | |
Rebate liability | |
| 57,264 | | |
| 57,264 | |
Distribution fee payable | |
| 8,176 | | |
| 7,583 | |
|
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v3.24.2.u1
INVENTORY (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
The
inventory components are as follows:
SCHEDULE
OF INVENTORY
| |
June 30, 2024 | | |
March 31, 2024 | |
Finished Goods | |
$ | 27,384 | | |
$ | 35,442 | |
Work in process | |
| 38,921 | | |
| 20,289 | |
Raw materials | |
| 317,272 | | |
| 334,345 | |
Total Net | |
$ | 383,577 | | |
$ | 390,076 | |
|
X |
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v3.24.2.u1
PROPERTY AND EQUIPMENT (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
The
components of property and equipment were as follows:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
June 30, 2024 | | |
March 31, 2024 | |
Leasehold improvements | |
$ | 418,041 | | |
$ | 418,041 | |
Production equipment | |
| 673,219 | | |
| 661,204 | |
R&D equipment | |
| 25,184 | | |
| 25,184 | |
Computer equipment and furniture | |
| 147,979 | | |
| 144,817 | |
Total, at cost | |
| 1,264,423 | | |
| 1,249,246 | |
Accumulated depreciation | |
| (458,853 | ) | |
| (427,590 | ) |
Total Net | |
$ | 805,570 | | |
$ | 821,656 | |
|
X |
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v3.24.2.u1
PATENTS AND TRADEMARKS (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS |
The
components of patents and trademarks, all of which are finite lived, were as follows:
SCHEDULE
OF COMPONENTS OF PATENTS AND TRADEMARKS
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Patents |
|
$ |
3,870,057 |
|
|
$ |
3,870,057 |
|
Trademarks |
|
|
26,142 |
|
|
|
26,142 |
|
Total
at cost |
|
|
3,896,199 |
|
|
|
3,896,199 |
|
Accumulated
Amortization |
|
|
(3,868,333 |
) |
|
|
(3,866,100 |
) |
Total
net |
|
$ |
27,866 |
|
|
$ |
30,099 |
|
|
X |
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v3.24.2.u1
ACCRUED EXPENSES AND OTHER PAYABLES (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES |
The
components of accrued expenses were as follows:
SCHEDULE
OF COMPONENTS OF ACCRUED EXPENSES
|
|
June
30, 2024 |
|
|
March
31, 2024 |
|
Accrued
payroll and related taxes |
|
$ |
127,310 |
|
|
$ |
111,353 |
|
Accrued
expenses |
|
|
119,068 |
|
|
|
131,677 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
246,378 |
|
|
$ |
243,030 |
|
|
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY |
The
following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2024:
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY
|
|
|
|
|
2025 |
|
$ |
222,225 |
|
2026 |
|
|
226,166 |
|
2027 |
|
|
179,916 |
|
2028 |
|
|
114,410 |
|
2029 |
|
|
114,273 |
|
2030 |
|
|
117,228 |
|
Thereafter |
|
|
401,289 |
|
Total |
|
$ |
1,375,507 |
|
Less:
amount representing interest |
|
|
(227,568 |
) |
Total |
|
$ |
1,147,939 |
|
|
SCHEDULE OF BASE RENT LEASE PAYMENTS |
SCHEDULE OF BASE RENT LEASE PAYMENTS
| |
| |
Present value of future base rent lease payments | |
$ | 1,147,939 | |
Base rent payments included in prepaid expenses | |
| - | |
Present value of future base rent lease payments – net | |
$ | 1,147,939 | |
|
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES |
As
of June 30, 2024, the present value of future base rent lease payments – net is classified between current and non-current assets
and liabilities as follows:
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES
|
|
|
|
|
Operating
lease right-of-use asset |
|
$ |
1,147,939 |
|
Total
operating lease assets |
|
|
1,147,939 |
|
|
|
|
|
|
Operating
lease current liability |
|
|
190,980 |
|
Operating
lease other liability |
|
|
956,959 |
|
Total
operating lease liabilities |
|
$ |
1,147,939 |
|
|
X |
- DefinitionSchedule Of Base Rent Lease Payments [TableTextBlock]
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS |
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS
| |
Units Outstanding | | |
Weighted
Average Grant
Date Fair Value
Per Unit | | |
Aggregate
Intrinsic Value (1) | |
Balance at March 31, 2023 | |
| 256,084 | | |
$ | 3.85 | | |
$ | 643,209 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (198,584 | ) | |
| 3.82 | | |
| - | |
Cancelled | |
| (25,500 | ) | |
| 3.77 | | |
| - | |
Balance at March 31, 2024 | |
| 32,000 | | |
| 4.08 | | |
$ | 32,000 | |
Granted | |
| 321,250 | | |
| .72 | | |
| | |
Vested | |
| (155,000 | ) | |
| .88 | | |
| | |
Cancelled | |
| (5,000 | ) | |
| 3.04 | | |
| - | |
Balance at June 30, 2024 | |
| 193,250 | | |
$ | 1.09 | | |
$ | 98,558 | |
(1) |
The
aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the
period. |
|
SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION |
The
following table sets forth the estimated fair values of our stock options granted:
SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
March
31,2024 |
|
Expected
term |
|
|
3
years |
|
|
|
6
years |
|
Expected
volatility |
|
|
93.2%
-210.5 |
% |
|
|
75.9%
- 95.7 |
% |
Risk-free
interest rate |
|
|
4.07%
- 4.35 |
% |
|
|
3.46%
– 4.52 |
% |
Expected
dividend yield |
|
|
0 |
% |
|
|
0 |
% |
Fair
value on the date of grant |
|
$ |
0.64
– $2.79 |
|
|
$ |
1.20
- $2.75 |
|
|
SCHEDULE OF STOCK OPTION ACTIVITY |
Our
stock option activity for the year ended March 31, 2024, and the three months ending June 30, 2024 is as follows:
SCHEDULE OF STOCK OPTION ACTIVITY
|
|
Options
Outstanding |
|
|
Weighted-
Average Exercise Price Per Share (1) |
|
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate Intrinsic
Value (2) |
|
Balance
at March 31, 2023 |
|
|
884,849 |
|
|
$ |
2.19 |
|
|
6.3
years |
|
$ |
100,200 |
|
Granted |
|
|
822,605 |
|
|
|
1.77 |
|
|
|
|
|
|
|
Cancelled |
|
|
(198,332 |
) |
|
|
2.03 |
|
|
|
|
|
|
|
Balance
at March 31, 2024 |
|
|
1,509,122 |
|
|
|
1.98 |
|
|
5.7
years |
|
$ |
- |
|
Granted |
|
|
122,000 |
|
|
|
0.80 |
|
|
|
|
|
|
|
Cancelled |
|
|
(144,000) |
|
|
|
2.04 |
|
|
|
|
|
|
|
Balance
at June 30, 2024 |
|
|
1,487,122 |
|
|
$ |
1.88 |
|
|
2.2
years |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
exercisable at June 30, 2024 |
|
|
679,083 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
The
exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the
date of grant. |
|
|
(2) |
The
aggregate intrinsic value of stock options outstanding was based on our closing stock price on the last trading day of the period. |
|
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS |
The
following summarizes additional information about our stock options:
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS
|
|
Three
Months Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Number
of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
|
936,707 |
|
|
|
709,394 |
|
Non
-vested options, end of period |
|
|
808,034 |
|
|
|
936,707 |
|
Vested
options, end of period |
|
|
679,083 |
|
|
|
572,415 |
|
|
|
Three Months
Ended |
|
|
Year
Ended |
|
|
|
June
30, 2024 |
|
|
Mar
31, 2024 |
|
Weighted-average
grant date fair value of: |
|
|
|
|
|
|
|
|
Non-vested
options, beginning of period |
|
$ |
1.84 |
|
|
$ |
2.23 |
|
Non-vested
options, end of period |
|
$ |
1.59 |
|
|
$ |
1.84 |
|
Vested
options, end of period |
|
$ |
2.23 |
|
|
$ |
2.21 |
|
Forfeited
options, during the period |
|
$ |
2.04 |
|
|
$ |
2.03 |
|
|
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION |
These
warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions:
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION
|
|
Three
Months Ended |
|
|
|
June
30, 2024 |
|
Stock
price on valuation date |
|
$ |
0.67
- $0.82 |
|
Exercise
price |
|
$ |
1.50 |
|
Term
(years) |
|
|
2.3
– 3.0 |
|
Volatility |
|
|
92.7%
- 95.7 |
% |
Risk-free
rate |
|
|
3.46%
- 4.15 |
% |
|
SCHEDULE OF WARRANT ACTIVITY |
A
summary of warrant activity for the year ended March 31, 2024, and the three months ended June 30, 2024 is as follows:
SCHEDULE OF WARRANT ACTIVITY
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Warrants
Exercisable |
|
|
Weighted-
Average
Exercisable
Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2023 |
|
|
3,562,817 |
|
|
$ |
5.05 |
|
|
|
3,540,317 |
|
|
$ |
5.07 |
|
Granted
and issued |
|
|
4,386,463 |
|
|
|
1.80 |
|
|
|
|
|
|
|
|
|
Cashless
warrant exercises |
|
|
(63,584 |
) |
|
|
(1.34 |
) |
|
|
|
|
|
|
|
|
Expired |
|
|
(16,750 |
) |
|
|
(4.18 |
) |
|
|
|
|
|
|
|
|
Outstanding,
March 31, 2024 |
|
|
7,768,946 |
|
|
|
3.29 |
|
|
|
7,768,946 |
|
|
|
3.28 |
|
Granted
and issued |
|
|
2,320,232 |
|
|
|
1.50 |
|
|
|
|
|
|
|
|
|
Outstanding,
June 30, 2024 |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
10,089,178 |
|
|
$ |
2.92 |
|
|
SCHEDULE OF RANGE OF WARRANT PRICES |
On
June 30, 2024, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows:
SCHEDULE OF RANGE OF WARRANT PRICES
|
|
Warrants
Outstanding |
|
|
Warrants
Exercisable |
|
Range
of Warrant
Exercise
Price |
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
|
Weighted-
Average
Remaining
Contractual
Life
(Years) |
|
|
Number
of
Warrants |
|
|
Weighted-
Average
Exercise
Price |
|
$1.20-$2.00 |
|
|
6,510,184 |
|
|
$ |
1.55 |
|
|
|
2.78 |
|
|
|
2,955,945 |
|
|
$ |
1.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.01-4.00 |
|
|
535,438 |
|
|
|
2.54 |
|
|
|
1.23 |
|
|
|
396,268 |
|
|
|
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.01-5.63 |
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
2.36 |
|
|
|
3,043,556 |
|
|
|
5.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
10,089,178 |
|
|
$ |
2.89 |
|
|
|
2.72 |
|
|
|
6,395,769 |
|
|
$ |
3.61 |
|
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Cash equivalents |
$ 0
|
|
$ 0
|
Provisions for inventory obsolescence |
$ 0
|
$ 0
|
|
Monthly sales gross percentage |
5.00%
|
|
|
Revenue from contract with customer |
$ 123,751
|
117,183
|
|
Fair value, net asset (liability) |
0
|
|
0
|
Product [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Revenue from contract with customer |
$ 50,684
|
$ 33,790
|
|
Percentage of net revenue |
41.00%
|
29.00%
|
|
Sales to Convetrus [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Revenue from contract with customer |
$ 17,784
|
$ 0
|
|
Percentage of net revenue |
14.00%
|
0.00%
|
|
Accounts receivable net |
$ 17,784
|
|
$ 0
|
Warrant [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Antidilutive securities excluded from computation of earnings per share amount |
10,089,178
|
3,546,067
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Antidilutive securities excluded from computation of earnings per share amount |
193,250
|
219,534
|
|
Equity Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Antidilutive securities excluded from computation of earnings per share amount |
1,487,122
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Antidilutive securities excluded from computation of earnings per share amount |
|
1,259,088
|
|
Patents and Trademarks [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Estimated useful life of intangible assets |
60 months
|
|
|
Minimum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
$ 0.64
|
|
$ 1.20
|
Minimum [Member] | Warrant [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
1.20
|
$ 1.20
|
|
Minimum [Member] | Equity Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
0.80
|
|
|
Minimum [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
|
1.39
|
|
Maximum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
2.79
|
|
$ 2.75
|
Maximum [Member] | Warrant [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
5.63
|
5.63
|
|
Maximum [Member] | Equity Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
2.79
|
|
|
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
|
2.79
|
|
Weighted Average [Member] | Warrant [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
2.89
|
5.06
|
|
Weighted Average [Member] | Equity Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
$ 1.88
|
|
|
Weighted Average [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Weighted average, exercise price |
|
$ 2.22
|
|
Production and Computer Equipment and Furniture [Member] | Minimum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Estimated useful life of assets |
3 years
|
|
|
Production and Computer Equipment and Furniture [Member] | Maximum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Estimated useful life of assets |
5 years
|
|
|
Leasehold Improvements [Member] | Minimum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Estimated useful life of assets |
5 years
|
|
|
Leasehold Improvements [Member] | Maximum [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Estimated useful life of assets |
7 years
|
|
|
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SCHEDULE OF INVENTORY (Details) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
|
Finished Goods |
$ 27,384
|
$ 35,442
|
Work in process |
38,921
|
20,289
|
Raw materials |
317,272
|
334,345
|
Total Net |
$ 383,577
|
$ 390,076
|
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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Prepaid expenses and other assets |
$ 412,048
|
$ 545,512
|
Investor Relations [Member] |
|
|
Prepaid expenses and other assets |
255,000
|
217,000
|
Nasdaq and FINRA Fees [Member] |
|
|
Prepaid expenses and other assets |
50,000
|
67,000
|
Insurance Costs [Member] |
|
|
Prepaid expenses and other assets |
62,000
|
138,000
|
Trade Shows [Member] |
|
|
Prepaid expenses and other assets |
$ 14,000
|
44,000
|
Consulting [Member] |
|
|
Prepaid expenses and other assets |
|
$ 26,000
|
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v3.24.2.u1
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Property, Plant and Equipment [Line Items] |
|
|
Total, at cost |
$ 1,264,423
|
$ 1,249,246
|
Accumulated depreciation |
(458,853)
|
(427,590)
|
Total Net |
805,570
|
821,656
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total, at cost |
418,041
|
418,041
|
Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total, at cost |
673,219
|
661,204
|
R&D Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total, at cost |
25,184
|
25,184
|
Computer Equipment and Furniture [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total, at cost |
$ 147,979
|
$ 144,817
|
X |
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v3.24.2.u1
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Patents |
$ 3,870,057
|
$ 3,870,057
|
Trademarks |
26,142
|
26,142
|
Total at cost |
3,896,199
|
3,896,199
|
Accumulated Amortization |
(3,868,333)
|
(3,866,100)
|
Total net |
$ 27,866
|
$ 30,099
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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v3.24.2.u1
NOTE PAYABLE (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
|
|
|
Apr. 29, 2024 |
Feb. 05, 2024 |
Apr. 30, 2024 |
Oct. 31, 2023 |
Jun. 30, 2024 |
Apr. 10, 2024 |
Mar. 31, 2024 |
Jan. 31, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Notes payable |
|
|
|
$ 120,000
|
$ 18,750
|
|
$ 20,528
|
$ 42,500
|
Debt instrument, interest rate, percentage |
|
|
|
10.00%
|
|
|
|
6.00%
|
Notes payable, current liabilities |
|
|
|
|
7,463
|
|
7,521
|
|
Note payable other liabilities |
|
|
|
|
11,287
|
|
$ 13,171
|
|
Debt instrument maturity date |
|
|
|
February 2024
|
|
|
|
|
Debt instrument, convertible, conversion price |
|
|
$ 0.70
|
$ 0.75
|
|
|
|
|
Conversion of convertible securities |
|
$ 123,255
|
|
|
$ 301,558
|
|
|
|
Conversion of convertible securities shares |
|
164,340
|
|
|
|
|
|
|
Debt conversion converted shares issued |
|
|
430,798
|
|
|
|
|
|
Convertible Debt [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument, interest rate, percentage |
|
|
|
|
|
|
10.00%
|
|
Debt instrument, convertible, conversion price |
|
|
|
|
|
|
$ 0.70
|
|
Convertible promissory note |
|
|
|
|
|
$ 150,000
|
$ 150,000
|
|
Debt instrument face amount |
$ 300,000
|
|
|
|
|
$ 300,000
|
|
|
Accured interest |
$ 1,558
|
|
|
|
|
|
|
|
Debt conversion converted shares issued |
430,798
|
|
|
|
|
|
|
|
Warrants to purchase shares |
430,798
|
|
|
|
|
|
|
|
Warrants price per share |
$ 1.50
|
|
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.24.2.u1
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details)
|
Jun. 30, 2024
USD ($)
|
Commitments and Contingencies Disclosure [Abstract] |
|
2025 |
$ 222,225
|
2026 |
226,166
|
2027 |
179,916
|
2028 |
114,410
|
2029 |
114,273
|
2030 |
117,228
|
Thereafter |
401,289
|
Total |
1,375,507
|
Less: amount representing interest |
(227,568)
|
Total |
$ 1,147,939
|
X |
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v3.24.2.u1
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($)
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
|
Operating lease right-of-use asset |
$ 1,147,939
|
|
Total operating lease assets |
1,147,939
|
$ 1,194,348
|
Operating lease current liability |
190,980
|
190,589
|
Operating lease other liability |
956,959
|
$ 1,003,759
|
Total operating lease liabilities |
$ 1,147,939
|
|
X |
- DefinitionOperating lease right-of-use current asset.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative)
|
|
1 Months Ended |
3 Months Ended |
|
|
Jan. 10, 2023
USD ($)
ft²
|
Jan. 31, 2022
ft²
|
Jan. 31, 2020
USD ($)
|
May 31, 2017
ft²
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2024
USD ($)
|
Oct. 31, 2023
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease term |
|
|
|
84 months
|
|
|
|
|
Area of land | ft² |
|
|
|
3,577
|
|
|
|
|
Annual increase in base rent, percentage |
|
|
|
2.00%
|
|
|
|
|
Lease extension description |
|
|
|
|
the extended lease terms to June 2026, November 7, 2026, March 2027, and June
2033
|
|
|
|
Notes payable |
|
|
$ 42,500
|
|
$ 18,750
|
|
$ 20,528
|
$ 120,000
|
Operating lease right use of asset |
|
|
|
|
1,147,939
|
|
1,194,348
|
|
Total |
|
|
|
|
$ 1,147,939
|
|
|
|
Weighted average remaining lease term |
|
|
|
|
5 years 1 month 6 days
|
|
|
|
Weighted average discount rate |
|
|
|
|
3.94%
|
|
|
|
June 2026 [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease treasury rate |
|
|
|
|
0.12%
|
|
|
|
November 7, 2026 [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease treasury rate |
|
|
|
|
0.40%
|
|
|
|
March 2027 [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease treasury rate |
|
|
|
|
7.60%
|
|
|
|
June 2023 [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease treasury rate |
|
|
|
|
4.39%
|
|
|
|
Vehicles [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Lease term |
|
|
|
|
|
48 months
|
|
|
Operating lease right use of asset |
|
|
|
|
|
$ 150,000
|
|
|
Operating lease expense |
|
|
|
|
$ 12,655
|
$ 19,318
|
|
|
Extended Lease Term to 2026 [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Lease extension description |
|
|
In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026
|
|
|
|
|
|
Notes payable |
|
|
$ 42,500
|
|
|
|
|
|
Base rent |
|
|
|
|
2,340
|
|
2,340
|
|
Total |
|
|
|
|
1,148,000
|
|
|
|
January 2022 Lease [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Operating lease term |
|
63 months
|
|
|
|
|
|
|
Area of land | ft² |
|
2,400
|
|
|
|
|
|
|
Annual increase in base rent, percentage |
|
2.50%
|
|
|
|
|
|
|
Base rent |
|
|
|
|
2,808
|
|
2,808
|
|
January 10, 2023 Lease[Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Area of land | ft² |
14,000
|
|
|
|
|
|
|
|
Annual increase in base rent, percentage |
2.50%
|
|
|
|
|
|
|
|
Base rent |
$ 8,420
|
|
|
|
$ 8,420
|
|
$ 8,420
|
|
Renewal term |
5 years
|
|
|
|
|
|
|
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v3.24.2.u1
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Net Income (Loss) Attributable to Parent |
$ 2,047,063
|
$ 2,893,577
|
|
Net Cash Provided by (Used in) Operating Activities |
1,530,469
|
$ 2,163,369
|
|
Retained Earnings (Accumulated Deficit) |
$ 84,846,387
|
|
$ 82,799,324
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
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SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
Time based RSU's, Balance |
|
32,000
|
256,084
|
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Balance |
|
$ 4.08
|
$ 3.85
|
Time based RSU's, Aggregate Intrinsic Value, RSU's, Balance |
[1] |
$ 32,000
|
$ 643,209
|
Time based RSU's, Granted |
|
321,250
|
|
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Granted |
|
$ 0.72
|
|
Time based RSU's, Vested |
|
(155,000)
|
(198,584)
|
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested |
|
$ 0.88
|
$ 3.82
|
Time based RSU's, Cancelled |
|
(5,000)
|
(25,500)
|
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Cancelled |
|
$ 3.04
|
$ 3.77
|
Time based RSU's, Balance |
|
193,250
|
32,000
|
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Balance |
|
$ 1.09
|
$ 4.08
|
Time based RSU's, Aggregate Intrinsic Value, RSU's, Balance |
[1] |
$ 98,558
|
$ 32,000
|
|
|
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v3.24.2.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Equity [Abstract] |
|
|
|
|
Options Outstanding, Beginning |
|
1,509,122
|
884,849
|
|
Weighted Average Exercise Price Per Share, Beginning |
[1] |
$ 1.98
|
$ 2.19
|
|
Weighted Average Remaining Contractual Life |
|
2 years 2 months 12 days
|
5 years 8 months 12 days
|
6 years 3 months 18 days
|
Aggregate Intrinsic Value, Beginning |
[2] |
|
$ 100,200
|
|
Options Outstanding, Granted |
|
122,000
|
822,605
|
|
Weighted Average Exercise Price Per Share, Granted |
[1] |
$ 0.80
|
$ 1.77
|
|
Options Outstanding, Cancelled |
|
(144,000)
|
(198,332)
|
|
Weighted Average Exercise Price Per Share, Cancelled |
[1] |
$ 2.04
|
$ 2.03
|
|
Options Outstanding, Ending |
|
1,487,122
|
1,509,122
|
884,849
|
Weighted Average Exercise Price Per Share, Ending |
[1] |
$ 1.88
|
$ 1.98
|
$ 2.19
|
Aggregate Intrinsic Value, Ending |
[2] |
|
|
$ 100,200
|
Options exercisable |
|
679,083
|
|
|
|
|
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SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Equity [Abstract] |
|
|
Non-vested options, beginning of year |
936,707
|
709,394
|
Non -vested options, end of year |
808,034
|
936,707
|
Vested options, end of year |
679,083
|
572,415
|
Weighted-average grant date fair value, non-vested options, beginning of year |
$ 1.84
|
$ 2.23
|
Weighted-average grant date fair value, non-vested options, end of year |
1.59
|
1.84
|
Weighted-average grant date fair value, vested options, end of year |
2.23
|
2.21
|
Weighted-average grant date fair value, forfeited options, during the year |
$ 2.04
|
$ 2.03
|
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v3.24.2.u1
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION (Details) - $ / shares
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Term (years) |
3 years
|
6 years
|
Volatility, minimum |
93.20%
|
75.90%
|
Volatility, maximum |
210.50%
|
95.70%
|
Risk-free rate, minimum |
4.07%
|
3.46%
|
Risk-free rate, maximum |
4.35%
|
4.52%
|
Minimum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Stock price on valuation date |
$ 0.64
|
$ 1.20
|
Maximum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Stock price on valuation date |
2.79
|
$ 2.75
|
Warrant [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Exercise price |
$ 1.50
|
|
Volatility, minimum |
92.70%
|
|
Volatility, maximum |
95.70%
|
|
Risk-free rate, minimum |
3.46%
|
|
Risk-free rate, maximum |
4.15%
|
|
Warrant [Member] | Minimum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Stock price on valuation date |
$ 0.67
|
|
Term (years) |
2 years 3 months 18 days
|
|
Warrant [Member] | Maximum [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Stock price on valuation date |
$ 0.82
|
|
Term (years) |
3 years
|
|
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v3.24.2.u1
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares
|
3 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants, Outstanding, Beginning balance |
7,768,946
|
3,562,817
|
Weighted-Average Exercise Price, Outstanding, Beginning balance |
$ 3.29
|
$ 5.05
|
Warrants Exercisable, Outstanding, Beginning balance |
7,768,946
|
3,540,317
|
Weighted-Average Exercisable Price, Beginning balance |
$ 3.28
|
$ 5.07
|
Number of Warrants, Granted and issued |
2,320,232
|
4,386,463
|
Weighted-Average Exercise Price, Granted and issued |
$ 1.50
|
$ 1.80
|
Number of Warrants, Cashless warrant exercises |
|
(63,584)
|
Weighted-Average Exercise Price, Cashless warrant exercises |
|
$ (1.34)
|
Number of Warrants, Expired |
|
(16,750)
|
Weighted-Average Exercise Price, Expired |
|
$ (4.18)
|
Number of Warrants, Outstanding, Ending balance |
10,089,178
|
7,768,946
|
Weighted-Average Exercise Price, Outstanding, Ending balance |
$ 2.89
|
$ 3.29
|
Warrants Exercisable, Outstanding, Ending balance |
10,089,178
|
7,768,946
|
Weighted-Average Exercisable Price, Ending balance |
$ 2.92
|
$ 3.28
|
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SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares
|
3 Months Ended |
|
|
Jun. 30, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding |
10,089,178
|
|
|
Weighted-Average Exercise Price, outstanding |
$ 2.89
|
$ 3.29
|
$ 5.05
|
Weighted-Average Remaining Contractual Life (Years), Outstanding |
2 years 8 months 19 days
|
|
|
Number of Warrants, Exercisable |
6,395,769
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 3.61
|
|
|
Range One [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding |
6,510,184
|
|
|
Weighted-Average Exercise Price, outstanding |
$ 1.55
|
|
|
Weighted-Average Remaining Contractual Life (Years), Outstanding |
2 years 9 months 10 days
|
|
|
Number of Warrants, Exercisable |
2,955,945
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 1.57
|
|
|
Range One [Member] | Minimum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
1.20
|
|
|
Range One [Member] | Maximum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
$ 2.00
|
|
|
Range Two [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding |
535,438
|
|
|
Weighted-Average Exercise Price, outstanding |
$ 2.54
|
|
|
Weighted-Average Remaining Contractual Life (Years), Outstanding |
1 year 2 months 23 days
|
|
|
Number of Warrants, Exercisable |
396,268
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 2.50
|
|
|
Range Two [Member] | Minimum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
2.01
|
|
|
Range Two [Member] | Maximum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
$ 4.00
|
|
|
Range Three [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Number of Warrants, Outstanding |
3,043,556
|
|
|
Weighted-Average Exercise Price, outstanding |
$ 5.63
|
|
|
Weighted-Average Remaining Contractual Life (Years), Outstanding |
2 years 4 months 9 days
|
|
|
Number of Warrants, Exercisable |
3,043,556
|
|
|
Weighted-Average Exercise Price, Exercisable |
$ 5.63
|
|
|
Range Three [Member] | Minimum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
4.01
|
|
|
Range Three [Member] | Maximum [Member] |
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
Warrant exercise price |
$ 5.63
|
|
|
X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the warrant plan.
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v3.24.2.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
|
Oct. 14, 2022 |
May 31, 2024 |
Apr. 30, 2024 |
Jun. 30, 2023 |
May 31, 2023 |
Apr. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Oct. 31, 2023 |
Oct. 13, 2022 |
Jul. 10, 2020 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock sold, shares |
|
|
|
|
|
|
|
2,846,232
|
880,133
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
|
1,889,434
|
1,889,434
|
|
|
793,585
|
|
|
|
|
|
|
|
|
Proceeds from offering of shares |
|
$ 1,322,600
|
$ 1,322,600
|
|
|
$ 2,182,359
|
$ 137,500
|
|
|
|
|
|
|
|
Sale of stock price per share |
|
$ 0.70
|
$ 0.70
|
|
|
$ 2.75
|
|
|
|
|
|
|
|
|
Number of conversion shares issued |
|
|
430,798
|
|
|
|
|
|
|
|
|
|
|
|
Number of conversion shares issued value |
|
|
$ 301,558
|
|
|
|
|
|
|
|
|
|
|
|
Convertible conversion price |
|
|
$ 0.70
|
|
|
|
|
|
|
|
|
$ 0.75
|
|
|
Stock issued for services |
|
|
|
|
|
|
|
$ 214,160
|
$ 123,078
|
|
|
|
|
|
Payments of stock issuance costs |
|
|
|
|
|
$ 88,765
|
|
|
|
|
|
|
|
|
Vesting of restricted stock units in lieu of compensation |
|
|
|
|
|
|
|
|
74,589
|
|
|
|
|
|
Amortization of stock issued for services |
|
|
|
|
|
|
|
136,575
|
121,290
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
$ 352,295
|
413,030
|
|
|
|
|
|
Stock options contractual term |
|
|
|
|
|
|
|
2 years 2 months 12 days
|
|
5 years 8 months 12 days
|
6 years 3 months 18 days
|
|
|
|
Stock based compensation |
|
|
|
|
|
|
|
$ 703,030
|
731,987
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
40,835
|
0
|
|
|
|
|
|
Unrecognized warrant expenses |
|
|
|
|
|
|
|
$ 680,426
|
|
|
|
|
|
|
Private Offering [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants to purchase of stock, shares |
|
|
|
|
|
|
|
2,320,232
|
|
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
$ 1.39
|
|
|
|
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
|
$ 2.79
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of restricted stock units, shares |
|
|
150,000
|
6,250
|
|
|
|
|
|
|
|
|
|
|
Time-Based Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
$ 136,575
|
182,377
|
|
|
|
|
|
Unrecognized warrant expenses |
|
|
|
|
|
|
|
$ 93,000
|
|
|
|
|
|
|
Unrecognized compensation expenses recognition period |
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
$ 173,325
|
$ 230,653
|
|
|
|
|
|
Unrecognized compensation expenses recognition period |
|
|
|
|
|
|
|
1 year 4 months 24 days
|
|
|
|
|
|
|
Stock options vesting period |
|
|
|
|
|
|
|
3 years
|
|
|
|
|
|
|
Unrecognized compensation expenses |
|
|
|
|
|
|
|
$ 740,000
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options contractual term |
|
|
|
|
|
|
|
3 years
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options contractual term |
|
|
|
|
|
|
|
7 years
|
|
|
|
|
|
|
Service Provider [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock issued for services, shares |
|
56,000
|
320,000
|
16,666
|
16,666
|
16,666
|
|
|
|
|
|
|
|
|
Stock issued for services |
|
$ 40,760
|
$ 173,400
|
$ 34,165
|
$ 40,332
|
$ 48,581
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vesting of restricted stock units, shares |
|
|
|
10,100
|
10,100
|
10,100
|
|
|
|
|
|
|
|
|
Vesting of restricted stock units in lieu of compensation, shares |
|
|
|
|
|
|
|
|
30,300
|
|
|
|
|
|
Vesting of restricted stock units in lieu of compensation |
|
|
|
|
|
|
|
|
$ 74,589
|
|
|
|
|
|
Director [Member] | Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options vesting period |
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
Employees and Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of options on the date of grant |
|
|
|
|
|
|
|
$ 1,347,255
|
|
$ 1,107,799
|
|
|
|
|
2020 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares of common stock authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
Amended Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares of common stock authorized |
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
Number of shares available to grant |
|
|
|
|
|
|
|
1,134,235
|
|
|
|
|
|
|
Common stock available and reserved to be issued |
3,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended Plan [Member] | Non-employee Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum aggregate number of shares of common stock granted |
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
Jul. 10, 2024 |
Jul. 01, 2024 |
May 31, 2024 |
Apr. 30, 2024 |
Jun. 30, 2023 |
Apr. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Number of shares sold |
|
|
1,889,434
|
1,889,434
|
|
793,585
|
|
|
Sale of stock price per share |
|
|
$ 0.70
|
$ 0.70
|
|
$ 2.75
|
|
|
Number of restricted shares issued, value |
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted shares issued |
|
|
|
150,000
|
6,250
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Number of shares sold |
|
3,045,000
|
|
|
|
|
|
|
Warrants to purchase shares |
|
3,045,000
|
|
|
|
|
|
|
Warrants price per share |
|
$ 0.90
|
|
|
|
|
|
|
Warrants term |
|
3 years
|
|
|
|
|
|
|
Proceeds from issuance of private placement |
|
$ 1,218,000
|
|
|
|
|
|
|
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Number of restricted shares issued |
100,000
|
|
|
|
|
|
|
|
Number of restricted shares issued, value |
$ 40,100
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Number of shares sold |
|
3,045,000
|
|
|
|
|
|
|
Sale of stock price per share |
|
$ 0.40
|
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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PetVivo (QB) (USOTC:PETV)
過去 株価チャート
から 7 2024 まで 8 2024
PetVivo (QB) (USOTC:PETV)
過去 株価チャート
から 8 2023 まで 8 2024