PetVivo Holdings, Inc. (Nasdaq: PETV
,
PETVW), an emerging biomedical device
company focused on the commercialization of innovative medical
therapeutics for animals, announces financial results for the three
and six months ended September 30, 2021.
Highlights from the second quarter of 2022 and
recent weeks include the following (all comparisons are with the
second quarter of 2021, unless otherwise indicated):
- Raised
approximately $11,254,000 from a registered public offering of our
units, which closed on August 13, 2021
- Uplisted to
Nasdaq in connection with the registered offering, where our common
stock and warrants trade under the symbols “PETV” and “PETVW,”
respectively
- Rebranded Kush™
as Spryng™ and commenced sales of Spryng™
- Made several
key hires to strengthen our management team
Management Commentary
“The most significant event from last quarter
was raising $9,781,000 in net proceeds in our registered offering,”
said John Lai, Chief Executive Officer of PetVivo. “We ended the
quarter with cash of over $8.8 million.”
“We are using the net proceeds from this
offering to expand our sales and marketing efforts to gain vet
acceptance and generate revenue from the sale of Spryng™. We also
engaged Kick as our advertising agency across multiple marketing
services disciplines.”
Mr. Lai continued, “We also added key members to
our manufacturing team to ensure our manufacturing capacity to
support the launch of Spryng™.”
Second Quarter Financial
Results
Revenue was $4,977 for the three months ended
September 30, 2021 compared with $4,790 for the three months ended
September 30, 2020, and consisted of sales to veterinary
clinics.
Cost of sales was $-0- and $350 for the three
months ended September 30, 2021 and 2020, respectively.
General and administrative expenses were
$756,186 and $787,427 for the three months ended September 30, 2021
and 2020, respectively.
Sales and marketing expenses were $235,767 and
$35,580 for the three months ended September 30, 2021 and 2020,
respectively.
Research and development expenses were $116,380
and $ -0- for the three months ended September 30, 2021 and 2020,
respectively. The increase was related to efforts to support the
launch of Spryng™.
Other expense was $2,118 for the three months
ended September 30, 2021 as compared to $529,435 for the three
months ended September 30, 2020. Other expense in 2021 consisted of
interest expense. Other expense in 2020 consisted primarily of
derivative expense related to debt financing of $389,300 and
interest expense of $140,651.
Net loss for the three months ended September
30, 2021 was $(1,105,474) or ($0.13) as compared to a net loss of
$(1,348,002) or ($0.23) per share for the three months ended
September 30, 2020. Net loss decreased primarily due to the
derivative expense recognized on the debt financing in 2020.
Six Month Financial Results
Revenue was $9,122 and $6,797 for six months
ended September 30, 2021 and 2020, respectively, and consisted of
sales to veterinary clinics.
Cost of sales was $5,051 and $350 for the six
months ended September 30, 2021 and 2020, respectively.
General and administrative expenses were
$1,087,131 and $1,184,820 for the six months ended September 30,
2021 and 2020, respectively.
Sales and marketing expenses were $285,498 and
$82,262 for the six months ended September 30, 2021 and 2020,
respectively.
Research and development expenses were $253,317
and $ -0- for the six months ended September 30, 2021 and 2020,
respectively. The increase was related to efforts to support the
launch of Spryng™.
Other income was $25,772 for the six months
ended September 30, 2021 as compared to expense of $901,375 for the
six months ended September 30, 2020. Other income in 2021 consisted
of the forgiveness of PPP Loan and accrued interest of $31,680
partially offset by and interest expense of $5,908. Other expense
in 2020 consisted primarily of derivative expense related to debt
financing of $731,500 and interest expense of $170,873.
Net loss for the six months ended September 30,
2021 was $(1,596,103) or ($0.21) as compared to a net loss of
$(2,162,010) or ($0.37) per share for the six months ended
September 30, 2020. Net loss decreased primarily due to the
derivative expense recognized on the debt financing in 2020.
Conference Call and Webcast
A live webcast of the conference call and
related earnings release materials can be accessed on PetVivo’s
Investor Relations website at https://petvivo.com/pages/investors.
A replay of the webcast will be available through the same link
following the conference call.
The conference call can be accessed live over
the phone by dialing 1-(346) 248-7799. The conference ID is
96523640792 and the Passcode is 058908.
About PetVivo
Holdings, Inc.
PetVivo Holdings, Inc. is an emerging biomedical
device company currently focused on the manufacturing,
commercialization and licensing of innovative medical devices and
therapeutics for animals. The Company's strategy is to leverage
human therapies for the treatment of dogs and horses in a capital
and time efficient way. A key component of this strategy is the
accelerated timeline to revenues for veterinary medical devices,
which enter the market much earlier than more stringently regulated
pharmaceuticals and biologics.
PetVivo has a pipeline of seventeen products for
the treatment of animals and people. A portfolio of twenty-one
patents protects the Company's biomaterials, products, production
processes and methods of use. The Company’s lead product SPRYNG™, a
veterinarian-administered, intraarticular injection for the
treatment of osteoarthritis in dogs and horses, is scheduled for
expanded commercial sale in the fourth quarter of this year.
Disclosure Information
PetVivo 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, CEOPetVivo Holdings,
Inc.Email: info1@petvivo.com(952) 405-6216
(Tables to follow)
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
September 30,
2021(Unaudited) |
|
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
|
8,817,472 |
|
|
|
$ |
23,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory, net |
|
|
74,637 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
618,813 |
|
|
|
|
123,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Assets |
|
|
9,510,922 |
|
|
|
|
147,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment,
net |
|
|
207,400 |
|
|
|
|
214,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred offering costs |
|
|
- |
|
|
|
|
280,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use asset |
|
|
144,577 |
|
|
|
|
157,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademark and patents, net |
|
|
43,024 |
|
|
|
|
27,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security deposit |
|
|
8,201 |
|
|
|
|
8,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Assets |
|
|
195,802 |
|
|
|
|
474,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
9,914,124 |
|
|
|
$ |
835,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity (Deficit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
1,178,526 |
|
|
|
$ |
962,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes and accrued interest |
|
|
- |
|
|
|
|
235,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued expenses – related parties |
|
|
- |
|
|
|
|
36,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability – current portion |
|
|
26,882 |
|
|
|
|
26,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP Loan and accrued interest |
|
|
5,967 |
|
|
|
|
39,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable and accrued interest - directors |
|
|
- |
|
|
|
|
20,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable and accrued interest – related party |
|
|
- |
|
|
|
|
44,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable and accrued interest |
|
|
6,358 |
|
|
|
|
39,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
1,217,733 |
|
|
|
|
1,405,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable and accrued
interest |
|
|
30,442 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating lease liability (net of current portion) |
|
|
117,695 |
|
|
|
|
131,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-settled debt obligation – related party, net of debt
discount |
|
|
- |
|
|
|
|
196,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Liabilities |
|
|
148,137 |
|
|
|
|
327,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
1,365,870 |
|
|
|
$ |
1,732,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
(Deficit): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value
$0.001, 20,000,000 shares authorized, issued 0 and 0 shares
outstanding at September 30, 2021 and March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value
$0.001, 250,000,000 shares authorized, issued 9,731,343 and
6,799,113 shares outstanding at September 30, 2021 and March 31,
2021, respectively |
|
|
9,731 |
|
|
|
|
6,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid-In Capital |
|
|
68,246,052 |
|
|
|
|
57,207,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Deficit |
|
|
(59,707,529 |
) |
|
|
|
(58,111,426 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity (Deficit) |
|
|
8,548,254 |
|
|
|
|
(896,979 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Equity (Deficit) |
|
$ |
9,914,124 |
|
|
|
$ |
835,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
Three Months EndedSeptember
30, |
|
|
Six Months EndedSeptember
30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
2020 |
|
|
Revenues |
|
$ |
4,977 |
|
|
|
$ |
4,790 |
|
|
|
$ |
9,122 |
|
|
$ |
6,797 |
|
|
Cost of
Sales |
|
|
- |
|
|
|
|
350 |
|
|
|
|
5,051 |
|
|
|
350 |
|
|
Gross Profit (Loss) |
|
|
4,977 |
|
|
|
|
4,440 |
|
|
|
|
4,071 |
|
|
|
6,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing |
|
|
235,767 |
|
|
|
|
35,580 |
|
|
|
|
285,498 |
|
|
|
82,262 |
|
|
Research and Development |
|
|
116,380 |
|
|
|
|
- |
|
|
|
|
253,317 |
|
|
|
- |
|
|
General and Administrative |
|
|
756,186 |
|
|
|
|
787,427 |
|
|
|
|
1,087,131 |
|
|
|
1,184,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,108,333 |
|
|
|
|
823,007 |
|
|
|
|
1,625,946 |
|
|
|
1,267,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
$ |
(1,103,356 |
|
) |
|
$ |
(818,567 |
|
) |
|
$ |
(1,621,875 |
) |
|
$ |
(1,260,635 |
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of Asset |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
482 |
|
|
Gain on Debt Restructuring |
|
|
- |
|
|
|
|
516 |
|
|
|
|
- |
|
|
|
516 |
|
|
Forgiveness of PPP loan and accrued interest |
|
|
- |
|
|
|
|
- |
|
|
|
|
31,680 |
|
|
|
- |
|
|
Derivative Expense |
|
|
- |
|
|
|
|
(389,300 |
) |
|
|
|
- |
|
|
|
(731,500 |
) |
|
Interest Expense |
|
|
(2,118 |
) |
|
|
|
(140,651 |
|
) |
|
|
(5,908 |
) |
|
|
(170,873 |
|
) |
Total Other Income (Expense) |
|
|
(2,118 |
) |
|
|
|
(529,435 |
|
) |
|
|
25,772 |
|
|
|
(901,375 |
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss before taxes |
|
$ |
(1,105,474 |
|
) |
|
$ |
(1,348,002 |
|
) |
|
$ |
(1,596,103 |
) |
|
$ |
(2,162,010 |
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
(1,105,474 |
|
) |
|
|
(1,348,002 |
|
) |
|
|
(1,596,103 |
) |
|
|
(2,162,010 |
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.13 |
|
) |
|
$ |
(0.23 |
|
) |
|
$ |
(0.21 |
) |
|
$ |
(0.37 |
|
) |
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
8,749,233 |
|
|
|
|
5,839,086 |
|
|
|
|
7,757,099 |
|
|
|
5,787,107 |
|
|
Shares retroactively restated for 1-for-4 reverse
stock split in December of 2020
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