PETV PetVivo Holdings Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

November 14, 2023

Date of Report (Date of earliest event reported)

 

PETVIVO HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada		001-40715		99-0363559
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

5251 Edina Industrial Blvd. Edina, Minnesota		55349
(Address of principal executive offices)		(Zip Code)

 

(952) 405-6216

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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		PETV		The Nasdaq Stock Market LLC
Warrants		PETVW		The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). 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. ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition.

 

On November 14, 2023, PetVivo Holdings, Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 2.02 by reference.

 

The information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)	Exhibits.
99.1	Press Release of PetVivo Holdings, Inc. dated November 14, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	PETVIVO HOLDINGS, INC.
Date: November 14, 2023	By:	/s/ John Lai
	Name:	John Lai
	Title:	Chief Executive Officer

 

 

 

Exhibit 99.1

 

PetVivo Reports Second Quarter of Fiscal 2024 Financial Results

 

Conference call begins at 4:00 p.m. Central time today

 

EDINA, MN (November 14, 2023) – PetVivo Holdings, Inc. (Nasdaq: PETV), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, announces financial results for the three months ended September 30, 2023 (“second quarter of 2024”).

 

Key highlights from the second quarter of 2024 and through November 14, 2023, include the following:

 

	●	Released clinical study results which demonstrate the benefit and tolerability of an intra-articular injection of Spryng™ into the stifle joint for dogs with suspected cruciate ligament rupture (similar to ACL tear in humans);
	●	Raised $2.35 million from the sale of the Company’s common stock in a convertible note offering and a registered direct offering in the second quarter of 2024;
	●	Entered into an At-The-Market Sales Agreement (“ATM Sales Agreement”) with ThinkEquity, LLC for the sale of shares of the Company’s common stock with an aggregate offering price of up to $2.5 million.

 

Subsequent to September 30, 2023, the Company raised an aggregate of $870,000 in gross proceeds from sales under its ATM Sales Agreement.

 

Management Commentary

 

“We are excited about the progress the Company has made this past quarter, including the recent release to the veterinary community of beneficial clinical trial results related to PetVivo’s innovative medical device, Spryng™ with OsteoCushion™ Technology,” said John Lai, Chief Executive Officer of PetVivo Holdings, Inc. “The clinical trial data and corresponding results, provided by Ethos Veterinary Health, a nationally renowned operator of 145 world-class specialty veterinary hospitals, indicated significant improvement in the thirty-nine dogs injected with Spryng. All primary and secondary clinical endpoints related to pain, lameness and quality of life were achieved. This clinical trial demonstrates that Spryng™ is a reasonable, non-invasive alternative for patients with cranial cruciate disease (“CCD”) when patient and/or owner factors preclude surgical intervention.”

 

Second Quarter Financial Results

 

For The Three Months Ended September 30, 2023 Compared to The Three Months Ended September 30, 2022

 

Total Revenues. Revenues were $207,366 and $223,280 for three months ended September 30, 2023 and 2022, respectively. Revenues in the three months ended September 30, 2023 consist of sales of our Spryng™ product to MWI Veterinary Supply Co. (“our Distributor”) of $143,606 and to veterinary clinics in the amount of $63,760. In the three months ended September 30, 2022, our revenues of $223,280 consisted of sales of our Spryng™ product to our Distributor of $118,264 and to veterinary clinics in the amount of $105,016.

 

Cost of Sales. Cost of sales was $140,913 and $148,149 for the three months ended September 30, 2023 and 2022, respectively. Cost of sales includes product costs related to the sale of our Spryng™ product and labor and overhead costs.

 

Operating Expenses. Operating expenses were $3,010,796 and $2,194,689 for the three months ended September 30, 2023 and 2022, respectively. Operating expenses consisted of general and administrative, sales and marketing, and research and development expenses. The increase is primarily due to increased general and administrative expenses and sales and marketing expenses related to the sale of our Spryng™ product.

 

Operating Loss. As a result of the foregoing, our operating loss was $2,944,343 and $2,119,568 for the three months ended September 30, 2023 and 2022, respectively. The increase was related to costs to support the launch of Spryng™.

 

 

Other (Expense) Income. Other expense was $716,810 for the three months ended September 30, 2023 as compared to other income of $7,979 for the three months ended September 30, 2022. Other expense in 2023 consisted of a loss on extinguishment of debt of $534,366, a settlement to a former employee and interest expense. Other income in 2022 consisted of net interest income.

 

Net Loss. Our net loss for the three months ended September 30, 2023 was $3,661,153 or ($0.28) per share as compared to a net loss of $2,111,589 or ($0.21) per share for the three months ended September 30, 2022. The increase was related to the costs to support the launch of Spryng™ and loss on extinguishment of debt. The weighted average number of shares outstanding was 12,987,641 and 10,053,463 for the three months ended September 30, 2023 and 2022, respectively.

 

Year to Date Financial Results

 

Revenues. Revenues were $324,549 for six the months ended September 30, 2023 compared to revenues of $281,454 in the six months ended September 30, 2022. Revenues in the six months ended September 30, 2023 consisted of sales of our Spryng™ product to our Distributor of $177,395 and to veterinary clinics in the amount of $147,154. In the six months ended September 30, 2022, our revenues of $281,454 consisted of sales of our Spryng™ product to our Distributor of $118,264 and to veterinary clinics in the amount of $163,190.

 

Cost of Sales. Cost of sales was $223,183 and $201,179 for the six months ended September 30, 2023 and 2022, respectively. Cost of sales includes product costs related to the sale of products and labor and overhead costs.

 

Operating Expenses. Operating expenses were $5,939,287 and $4,165,936 for the six months ended September 30, 2023 and 2022, respectively. Operating expenses consisted of general and administrative, sales and marketing, and research and development expenses. The increase is primarily due to increased general and administrative expenses and sales and marketing expenses related to the sale of our Spryng™ product.

 

Operating Loss. As a result of the foregoing, our operating loss was $5,837,920 and $4,085,661 for the six months ended September 30, 2023 and 2022, respectively. The increase in our operating loss, was related to the costs to support the launch of Spryng™, stock issued for services and stock compensation.

 

Other (Expense) Income. Other expense was $716,810 for the six months ended September 30, 2023 as compared to other income of $8,644 for the six months ended September 30, 2022. Other expense in 2023 consisted of a loss on extinguishment of debt of $534,366, a settlement to a former employee and interest expense. Other income in 2022 consisted of interest income.

 

Net Loss. Our net loss for the six months ended September 30, 2023 was $6,554,730 or ($0.53) per share as compared to a net loss of $4,077,017 or ($0.41) per share for the six months ended September 30, 2022. The weighted average number of shares outstanding was 12,325,973 and 10,021,090 for the six months ended September 30, 2023 and 2022, respectively.

 

Balance Sheet and Inventory

 

As of September 30, 2023, our current assets were $2,015,826, including $55,254 in cash and cash equivalents. Our working capital as of September 30, 2023 was $100,517.

 

Conference Call and Webcast

 

A live webcast of the conference call and related earnings release materials can be accessed on the Company’s Investor Relations website at:

 

https://audience.mysequire.com/webinar-view?webinar_id=13014345-4054-48e0-b0d9-f0b425d9e51c

 

 

A replay of the webcast will be available through the same link following the conference call. Participants can also access the call using the dial-in details below:

 

Date: November 14, 2023

Time: 4:00 p.m. CT (5:00 pm ET)

Dial-in number: +1 669 444 9171

Conference ID: 88693059825

Passcode: 802278

 

About PetVivo Holdings, Inc.

 

PetVivo Holdings, Inc. (the “Company”) is in the business of licensing and commercializing its 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 twenty patents protects the Company’s biomaterials, products, production processes and methods of use.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Disclosure Information

 

The Company uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information, and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts.

 

Contact:

 

John Lai, CEO

PetVivo Holdings, Inc.

Email: info1@petvivo.com

(952) 405-6216

 

(Tables to follow)

 

 

PETVIVO HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

		September 30, 2023 (Unaudited)				March 31, 2023
Assets:
Current Assets
Cash and cash equivalents		$	55,254			$	475,314
Accounts receivable			155,888				86,689
Inventory			434,080				370,283
Prepaid expenses and other assets			1,370,604				491,694
Total Current Assets			2,015,826				1,423,980
Property and Equipment, net			665,381				630,852
Other Assets:
Operating lease right-of-use asset			1,318,666				317,981
Patents and trademarks, net			34,374				38,649
Security deposit			27,490				27,490
Total Other Assets			1,380,530				384,120
Total Assets		$	4,061,737			$	2,438,952
Liabilities and Stockholders’ Equity:
Current Liabilities
Accounts payable		$	912,040			$	588,713
Accrued expenses			818,357				779,882
Operating lease liability – short term			177,773				78,149
Note payable and accrued interest			7,139				6,936
Total Current Liabilities			1,915,309				1,453,680
Non-Current Liabilities
Note payable and accrued interest (net of current portion)			16,856				20,415
Operating lease liability (net of current portion)			1,140,893				239,832
Total Non-Current Liabilities			1,157,749				260,247
Total Liabilities			3,073,058				1,713,927
Commitments and Contingencies
Stockholders’ Equity:
Preferred Stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding at September 30, 2023 and March 31, 2023			-				-
Common Stock, par value $0.001, 250,000,000 shares authorized, 13,841,731 and 10,950,220 issued and outstanding at September 30, 2023 and March 31, 2023, respectively			13,842				10,950
Common Stock to be Issued			-				137,500
Additional Paid-In Capital			79,373,596				72,420,604
Accumulated Deficit			(78,398,759	)			(71,844,029	)
Total Stockholders’ Equity			988,679				725,025
Total Liabilities and Stockholders’ Equity		$	4,061,737			$	2,438,952

 

 

PETVIVO HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

		Three Months Ended September 30,								Six Months Ended September 30,
		2023				2022				2023				2022
Revenues		$	207,366			$	223,280			$	324,549			$	281,454
Cost of Sales			140,913				148,159				223,182				201,179
Gross Profit			66,453				75,121				101,367				80,275
Operating Expenses:
Sales and Marketing			1,078,725				867,985				2,020,611				1,524,554
Research and Development			240,281				140,384				464,088				212,040
General and Administrative			1,691,790				1,186,320				3,454,588				2,429,342
Total Operating Expenses			3,010,796				2,194,689				5,939,287				4,165,936
Operating Loss			(2,944,343	)			(2,119,568	)			(5,837,920	)			(4,085,661	)
Other (Expense) Income
Loss on Extinguishment of Debt			(534,366	)			-				(534,366	)			-
Settlement Expense			(180,000	)			-				(180,000	)			-
Interest (Expense) Income			(2,444	)			7,979				(2,444	)			8,644
Total Other (Expense) Income			(716,810	)			7,979				(716,810	)			8,644
			-				-				-				-
Loss before taxes			(3,661,153	)			(2,111,589	)			(6,554,730	)			(4,077,017	)
Income Tax Provision			-				-				-				-
Net Loss		$	(3,661,153	)		$	(2,111,589	)		$	(6,554,730	)		$	(4,077,017	)
Net Loss Per Share:
Basic and Diluted		$	(0.28	)		$	(0.21	)		$	(0.53	)		$	(0.41	)
Weighted Average Common Shares Outstanding:
Basic and Diluted			12,987,641				10,053,463				12,325,973				10,021,090

 

v3.23.3

Cover	Nov. 14, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 14, 2023
Entity File Number	001-40715
Entity Registrant Name	PETVIVO HOLDINGS, INC.
Entity Central Index Key	0001512922
Entity Tax Identification Number	99-0363559
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5251 Edina Industrial Blvd.
Entity Address, City or Town	Edina
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55349
City Area Code	(952)
Local Phone Number	405-6216
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Common Stock [Member]
Title of 12(b) Security	Common Stock
Trading Symbol	PETV
Security Exchange Name	NASDAQ
Warrants
Title of 12(b) Security	Warrants
Trading Symbol	PETVW
Security Exchange Name	NASDAQ

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