PetVivo Holdings appoints new accounting firm

PetVivo Holdings, Inc. (OTCQB:PETV), a medical device company based in Edina, Minnesota, has announced a change in its independent registered public accounting firm. According to InvestingPro data, the company faces some financial challenges, with a current ratio of 0.42 indicating short-term liquidity constraints and an EBITDA of -$8.49 million for the last twelve months. The company filed an 8-K with the Securities and Exchange Commission on Monday, reporting the resignation of its previous accounting firm, Assurance Dimensions, LLC, effective April 1, 2025, and the engagement of Stephano Slack LLC as its new auditor.

Assurance Dimensions, which also operated under the name McNamara and Associates, LLC, stepped down in line with its decision to cease auditing publicly traded companies. The reports on PetVivo's consolidated financial statements for the fiscal years ending March 31, 2024, and March 31, 2023, by Assurance Dimensions did not contain any adverse opinions or disclaimers and were not modified regarding uncertainties, audit scope, or accounting principles.

The company has confirmed that there were no disagreements or reportable events with Assurance Dimensions during the fiscal years ended March 31, 2024, and March 31, 2023, as well as the subsequent interim period through December 31, 2024, that would have impacted the auditor's reports. The company's financial performance shows annual revenue of $0.96 million with a -8.6% growth rate, while maintaining a notably high gross profit margin of 76.13%.

With the transition, PetVivo Holdings has engaged Stephano Slack LLC as its new independent registered public accounting firm for the fiscal year ending March 31, 2025. Prior to this appointment, PetVivo did not consult with Stephano Slack on any accounting principles or transactions, nor were there any disagreements or reportable events involving the newly appointed firm.

The company has provided Assurance Dimensions with the disclosures regarding the change in accountants and has included a letter from Assurance Dimensions to the Audit Committee of the company dated April 1, 2025, as an exhibit to the 8-K filing.

This announcement comes as PetVivo, known for its veterinary medical devices, continues its operations in the surgical and medical instruments sector under the SIC code 3841. The company's headquarters remain at 5251 Edina Industrial Blvd, Edina, MN 55439, and it continues to trade on the OTCQB market under the ticker PETV. For a comprehensive analysis of PetVivo's financial health and future prospects, including additional ProTips and detailed metrics, visit InvestingPro, where you'll find an in-depth Pro Research Report covering what really matters for informed investment decisions.

This report is based on a press release statement from the SEC filing by PetVivo Holdings, Inc.

In other recent news, PetVivo Holdings Inc. reported a significant 191% sequential increase in revenue for Q3 FY2025, reaching $583,000, largely due to its expanded distribution network. Despite a slight 2% year-over-year decline, the company maintained a strong gross margin of 89.5% and reduced its net loss compared to the previous year. Additionally, PetVivo Holdings secured $5 million in equity financing through Series B Convertible Preferred Stock, with an initial $600,000 already received and an option for an additional $4.4 million. The company also extended CEO John Lai's contract, increasing his annual salary to at least $150,000, reflecting a commitment to stable leadership.

Moreover, PetVivo entered into financial agreements involving promissory notes, raising $200,000 from board member Michael Eldred and an additional $500,000 from existing shareholders. These notes carry interest rates of 12% and 10%, respectively, and include warrants for purchasing shares of common stock. The company continues to focus on expanding its presence in the veterinary market, aiming to engage corporate veterinary clinic networks and introduce new products. These developments are part of PetVivo's ongoing efforts to secure funding and enhance its market position in the veterinary medical device sector.

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