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PetVivo Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $200,720, slightly down from $207,366 in the same quarter of the previous year. The revenues were primarily from sales of the company's Spryng™ products.
Cost of sales for the quarter was $21,162, similar to $21,862 in the previous year, indicating stable production costs.
Operating expenses decreased to $2,352,598 from $3,129,847, reflecting cost-cutting measures in general and administrative as well as sales and marketing expenses.
The company reported an operating loss of $2,173,040, compared to $2,944,343 in the previous year, attributed to reduced operating expenses.
Other expenses were $2,453, down from $716,810, which included a loss on extinguishment of debt and a settlement expense in the previous year.
Net loss for the quarter was $2,175,493, or $0.11 per share, compared to $3,661,153, or $0.28 per share, in the previous year.
The company had a working capital deficit of $611,633 as of September 30, 2024, with current assets of $1,246,384 and current liabilities of $1,858,017.
PetVivo continues to focus on commercializing its Spryng™ product, with ongoing efforts to increase distribution and market awareness.
The filing also highlights the company's need to raise additional capital to support its operations and commercial efforts.
PetVivo's management acknowledges the challenges of operating with a working capital deficit and the need for additional financing to sustain business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PetVivo Holdings Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.