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 and nine months ended December 31, 2021.
Highlights from the third quarter of 2022 and
recent weeks include the following:
- Generation of
revenue from sales of Spryng™
- Increased
emphasis on the sales and marketing of Spryng™
Management Commentary
“The most significant event on our financial
results during the last quarter results from the commercialization
and sale of our primary product, Spryng™, to veterinary clinics.”
Said John Lai, chief executive officer of PetVivo. “We ended our
first full quarter following the commencement of sales of Spryng™
with $51,004 in revenue.”
“We continue to use the proceeds from our
initial public offering to expand our sales and marketing efforts
to generate clinical data to gain vet acceptance and generate
increased revenue from the sale of Spryng™”.
Third Quarter Financial
Results
Revenues increased to $51,004 for the three
months ended December 31, 2021 compared to $507 for the three
months ended December 31, 2020, and consisted of sales of our
Spryng™ product to veterinary clinics. The increase in revenues is
due to the Company commercialization of its Spryng™ product in
September 2021.
Cost of sales increased to $98,997 for the three
months ended December 31, 2021 compared to $0 for the three months
ended December 31, 2021 and 2020, respectively. The increase is
directly related to increased sales of the Spryng™ product. Cost of
sales includes product costs related to the sale of products and
labor and overhead costs.
General and administrative (“G&A”) expenses
increased to $1,170,870 for the three months ended December 31,
2021 compared to $331,148 for the three months ended December 31,
2020. General and administrative expenses include compensation and
benefits, contracted services, consulting fees, stock compensation
and incremental public company costs.
Sales and marketing expenses were $404,462 and
$24,484 for the three months ended December 31, 2021 and 2020,
respectively. Sales and marketing expenses include compensation,
consulting, tradeshows and stock compensation costs to support the
launch of Spryng™.
Research and development (“R&D”) expenses
were $34,326 and $30,265 for the three months ended December 31,
2021 and 2020, respectively.
Other income was $15,522 for the three months
ended December 31, 2021 as compared to expense of $652,363 for the
three months ended December 31, 2020. Other income in 2021
consisted of net interest income. Other expense in 2020 consisted
primarily of derivative expense related to debt financing of
$970,600 and interest expense of $48,666 partially offset by a gain
on extinguishment of debt of $366,903.
Net loss for the three months ended December 31,
2021 was $1,642,129 or ($0.17) as compared to a net loss of
$1,037,753 or ($0.16) per share for the three months ended December
31, 2020. The increase was related to the infrastructure costs to
support the launch of Spryng™ and the incremental public company
costs. The weighted average number of shares outstanding was
9,756,945 compared to 6,442,549 for the three months ended December
31, 2021 and 2020, respectively.
Nine Month Financial
Results
Revenues increased to $60,126 for the nine
months ended December 31, 2021 compared to $7,303 for nine months
ended December 31, 2020, respectively, and consisted of sales to
veterinary clinics. The Company began commercialization of its
Spryng™ product in September 2021.
Cost of sales was $104,048 for the nine months
ended December 31, 2021 compared to $350 for the nine months ended
December 31, 2020. The increase is directly related to increased
sales of the Spryng™ product. Cost of sales includes product costs
related to the sale of products and labor and overhead costs. The
increase is primarily attributed to our increased sales.
G&A expenses were $2,258,001 and $1,515,968
for the nine months ended December 31, 2021 and 2020, respectively.
These expenses include compensation and benefits, contracted
services, consulting fees, stock compensation and incremental
public company costs.
Sales and marketing expenses were $689,960 and
$106,745 for the nine months ended December 31, 2021 and 2020,
respectively. Sales and marketing expenses include compensation,
consulting, tradeshows and stock compensation costs to support the
launch of Spryng™.
R&D expenses were $287,643 and $30,265 for
the nine months ended December 31, 2021 and 2020, respectively. The
increase was related to efforts to support the launch of
Spryng™.
Other income was $41,294 for the nine months
ended December 31, 2021 as compared to expense of $1,553,738 for
the nine months ended December 31, 2020. Other income in 2021
consisted of the forgiveness of PPP Loan of $31,680 and net
interest income of $9,614. Other expense in 2020 consisted
primarily of derivative expense related to debt financing of
$1,702,100 and interest expense of $219,539.
Net loss for the nine months ended December 31,
2021 was $3,238,232 or ($0.38) as compared to a net loss of $
3,199,763 or ($0.53) per share for the nine months ended December
31, 2020. The weighted average number of shares outstanding was
8,426,135 compared to 6,006,382 for the nine months ended December
31, 2021 and 2020, respectively.
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://audience.mysequire.com/webinar-view?webinar_id=c0d62920-a22f-4c6e-bd3f-c9a2d44daecb.
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: Thursday, February 10, 2022Time: 4:00 p.m CT (5:00 pm
ET)Dial-in number: +1 (669) 900-6833Conference ID:
99870885526Passcode: 297536
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
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
December 31, 2021(Unaudited) |
|
|
March 31, 2021 |
Assets: |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,553,738 |
|
|
|
$ |
23,578 |
|
Accounts receivable |
|
3,186 |
|
|
|
|
- |
|
Inventory, net |
|
104,965 |
|
|
|
|
- |
|
Prepaid expenses and other assets |
|
373,505 |
|
|
|
|
123,575 |
|
Total Current Assets |
|
8,035,394 |
|
|
|
|
147,153 |
|
|
|
|
|
|
|
|
Property and Equipment,
net |
|
269,226 |
|
|
|
|
214,038 |
|
|
|
|
|
|
|
|
Other Assets: |
|
|
|
|
|
|
Deferred offering costs |
|
- |
|
|
|
|
280,163 |
|
Operating lease right-of-use asset |
|
137,921 |
|
|
|
|
157,760 |
|
Trademark and patents, net |
|
40,738 |
|
|
|
|
27,932 |
|
Security deposits |
|
12,830 |
|
|
|
|
8,201 |
|
Total Other Assets |
|
191,489 |
|
|
|
|
474,056 |
|
Total Assets |
$ |
8,496,109 |
|
|
|
$ |
835,247 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity (Deficit) |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
263,267 |
|
|
|
$ |
408,873 |
|
Accrued expenses |
|
|
805,937 |
|
|
|
|
554,012 |
|
Convertible notes and accrued interest |
|
|
- |
|
|
|
|
235,671 |
|
Accrued expenses – related parties |
|
|
- |
|
|
|
|
36,808 |
|
Operating lease liability – current portion |
|
|
27,011 |
|
|
|
|
26,582 |
|
PPP Loan and accrued interest |
|
|
3,769 |
|
|
|
|
39,020 |
|
Notes payable and accrued interest - directors |
|
|
- |
|
|
|
|
20,000 |
|
Notes payable and accrued interest – related party |
|
|
- |
|
|
|
|
44,554 |
|
Note payable and accrued interest (current portion) |
|
|
6,456 |
|
|
|
|
39,528 |
|
Total Current Liabilities |
|
|
1,106,440 |
|
|
|
|
1,405,048 |
|
Other Liabilities |
|
|
|
|
|
|
|
Note payable and accrued
interest (net of current portion) |
|
|
28,837 |
|
|
|
|
- |
|
Operating lease liability (net of current portion) |
|
|
110,910 |
|
|
|
|
131,178 |
|
Share-settled debt obligation – related party, net of debt
discount |
|
|
- |
|
|
|
|
196,000 |
|
Total Other Liabilities |
|
|
139,747 |
|
|
|
|
327,178 |
|
Total Liabilities |
|
|
1,246,187 |
|
|
|
|
1,732,226 |
|
Commitments and Contingencies
(see Note 13) |
|
|
|
|
|
|
|
Stockholders’ Equity
(Deficit): |
|
|
|
|
|
|
|
Preferred stock, par value
$0.001, 20,000,000 shares authorized, issued 0 and 0 shares
outstanding at December 31, 2021 and March 31, 2021 |
|
|
|
|
|
|
|
Common stock, par value
$0.001, 250,000,000 shares authorized, issued 9,757,728 and
6,799,113 shares outstanding at December 31, 2021 and March 31,
2021, respectively |
|
|
9,758 |
|
|
|
|
6,799 |
|
Additional Paid-In Capital |
|
|
68,589,822 |
|
|
|
|
57,207,648 |
|
Accumulated Deficit |
|
|
(61349,658 |
) |
|
|
|
(58,111,426 |
) |
Total Stockholders’ Equity (Deficit) |
|
|
7,249,922 |
|
|
|
|
(896,979 |
) |
Total Liabilities and Stockholders’ Equity (Deficit) |
|
$ |
8,496,109 |
|
|
|
$ |
835,247 |
|
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
Three Months EndedDecember
31, |
|
|
Nine Months EndedDecember
31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
Revenues |
|
$ |
51,004 |
|
|
|
$ |
507 |
|
|
|
$ |
60,126 |
|
|
|
$ |
7,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
|
98,997 |
|
|
|
|
- |
|
|
|
|
104,048 |
|
|
|
|
350 |
|
|
Gross Profit (Loss) |
|
|
(47,993 |
) |
|
|
|
507 |
|
|
|
|
(43,922 |
) |
|
|
|
6,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing |
|
|
404,462 |
|
|
|
|
24,484 |
|
|
|
|
689,960 |
|
|
|
|
106,745 |
|
|
Research and Development |
|
|
34,326 |
|
|
|
|
30,265 |
|
|
|
|
287,643 |
|
|
|
|
30,265 |
|
|
General and Administrative |
|
|
1,170,870 |
|
|
|
|
331,148 |
|
|
|
|
2,258,001 |
|
|
|
|
1,515,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
1,609,658 |
|
|
|
|
385,897 |
|
|
|
|
3,235,604 |
|
|
|
|
1,652,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(1,657,651 |
) |
|
|
|
(385,390 |
) |
|
|
|
(3,279,526 |
) |
|
|
|
(1,646,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of Asset |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
482 |
|
|
Gain on Debt Restructuring |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
516 |
|
|
Gain on Debt Extinguishment |
|
|
- |
|
|
|
|
366,903 |
|
|
|
|
- |
|
|
|
|
366,903 |
|
|
Forgiveness of PPP loan and accrued interest |
|
|
- |
|
|
|
|
- |
|
|
|
|
31,680 |
|
|
|
|
- |
|
|
Derivative Expense |
|
|
- |
|
|
|
|
(970,600 |
) |
|
|
|
- |
|
|
|
|
(1,702,100 |
) |
|
Interest Income (Expense) |
|
|
15,522 |
|
|
|
|
(48,666 |
) |
|
|
|
9,614 |
|
|
|
|
(219,539 |
) |
|
Total Other Income (Expense) |
|
|
15,522 |
|
|
|
|
(652,363 |
) |
|
|
|
41,294 |
|
|
|
|
(1,553,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss before taxes |
|
|
(1,642,129 |
) |
|
|
|
(1,037,753 |
) |
|
|
|
(3,238,232 |
) |
|
|
|
(3,199,763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(1,642,129 |
) |
|
|
$ |
(1,037,753 |
) |
|
|
$ |
(3,238,232 |
) |
|
|
$ |
(3,199,763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.17 |
) |
|
|
$ |
(0.16 |
) |
|
|
$ |
(0.38 |
) |
|
|
$ |
(0.53 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
9,756,945 |
|
|
|
|
6,442,549 |
|
|
|
|
8,426,135 |
|
|
|
|
6,006,382 |
The accompanying notes are an integral part of
these unaudited condensed consolidated financial statementsShares
retroactively restated for 1-for-4 reverse stock split in December
of 2020
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