PetVivo (PETV) 10-Q 12 Feb 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2023	Feb. 09, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--03-31
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	55439
City Area Code	(952)
Local Phone Number	405-6216
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,770,018
Common Stock, par value $0.001
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	PETV
Security Exchange Name	NASDAQ
Warrants to purchase Common Stock
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	PETVW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 80,085	$ 475,314
Accounts receivable	518,686	86,689
Inventory	467,467	370,283
Prepaid expenses and other assets	426,646	491,694
Total Current Assets	1,492,884	1,423,980
Property and Equipment, net	823,280	630,852
Other Assets:
Operating lease right-of-use asset	1,253,815	317,981
Patents and trademarks, net	32,333	38,649
Security deposit	27,490	27,490
Total Other Assets	1,313,638	384,120
Total Assets	3,629,802	2,438,952
Current Liabilities
Accounts payable	1,094,152	588,713
Accrued expenses	241,959	779,882
Operating lease liability – short term	196,263	78,149
Notes payables and accrued interest	129,746	6,936
Total Current Liabilities	1,662,120	1,453,680
Non-Current Liabilities
Note payable and accrued interest (net of current portion)	15,030	20,415
Operating lease liability (net of current portion)	1,057,552	239,832
Total Non-Current Liabilities	1,072,582	260,247
Total Liabilities	2,734,702	1,713,927
Commitments and Contingencies (see Note 9)
Stockholders’ Equity:
Preferred Stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and March 31, 2023
Common Stock, par value $0.001, 250,000,000 shares authorized, 14,921,209 and 10,950,220 issued and outstanding at December 31, 2023 and March 31, 2023, respectively	14,921	10,950
Common Stock to be Issued		137,500
Common Stock Receivable	(27,000)
Additional Paid-In Capital	81,055,786	72,420,604
Accumulated Deficit	(80,148,607)	(71,844,029)
Total Stockholders’ Equity	895,100	725,025
Total Liabilities and Stockholders’ Equity	$ 3,629,802	$ 2,438,952

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	14,921,209	10,950,220
Common stock, shares outstanding	14,921,209	10,950,220

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 595,891	$ 510,109	$ 920,440	$ 791,563
Cost of Sales	183,087	223,687	406,270	424,866
Gross Profit	412,804	286,422	514,170	366,697
Operating Expenses:
Sales and Marketing	1,032,575	1,047,549	3,053,184	2,572,103
Research and Development	231,066	248,157	695,156	460,197
General and Administrative	1,282,787	1,309,534	4,737,374	3,738,876
Total Operating Expenses	2,546,428	2,605,240	8,485,714	6,771,176
Operating Loss	(2,133,624)	(2,318,818)	(7,971,544)	(6,404,479)
Other (Expense) Income
Loss on Extinguishment of Debt			(534,366)
Settlement Expense			(180,000)
Extinguishment of payables	385,874		385,874
Interest (Expense) Income	(2,098)	7,200	(4,542)	15,844
Total Other Income (Expense)	383,776	7,200	(333,034)	15,844
Loss before taxes	(1,749,848)	(2,311,618)	(8,304,578)	(6,388,635)
Income Tax Provision
Net Loss	$ (1,749,848)	$ (2,311,618)	$ (8,304,578)	$ (6,388,635)
Net Loss Per Share:
Earnings per share, basic	$ (0.12)	$ (0.23)	$ (0.64)	$ (0.64)
Earnings per share, diluted	$ (0.12)	$ (0.23)	$ (0.64)	$ (0.64)
Weighted Average Common Shares Outstanding:
Weighted average number of shares outstanding, basic	14,271,530	10,098,658	12,976,851	10,047,040
Weighted average number of shares outstanding, diluted	14,271,530	10,098,658	12,976,851	10,047,040

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Common Stock Receivable [Member]	Common Stock To Be Issued [Member]	Total
Beginning balance, value at Mar. 31, 2022	$ 9,988	$ 69,103,155	$ (63,126,421)			$ 5,986,722
Balance, shares at Mar. 31, 2022	9,988,361
Stock-based compensation		231,231				231,231
Net Loss			(1,965,428)			(1,965,428)
Balance at Jun. 30, 2022	$ 9,988	69,334,386	(65,091,849)			4,252,525
Balance, shares at Jun. 30, 2022	9,988,361
Beginning balance, value at Mar. 31, 2022	$ 9,988	69,103,155	(63,126,421)			5,986,722
Balance, shares at Mar. 31, 2022	9,988,361
Common stock and warrants sold, shares	118,164
Net Loss						(6,388,635)
Balance at Dec. 31, 2022	$ 10,106	70,289,100	(69,515,056)			784,150
Balance, shares at Dec. 31, 2022	10,106,525
Beginning balance, value at Jun. 30, 2022	$ 9,988	69,334,386	(65,091,849)			4,252,525
Balance, shares at Jun. 30, 2022	9,988,361
Stock issued for services	$ 25	49,895				49,920
Stock issued for services, shares	25,000
Stock-based compensation		305,971				305,971
Vesting of restricted stock units	$ 33	(33)
Vesting of restricted stock units, shares	33,250
Net Loss			(2,111,589)			(2,111,589)
Cash paid to exercise warrants	$ 49	66,509				66,558
Cash paid to exercise warrants, shares	48,664
Balance at Sep. 30, 2022	$ 10,095	69,756,728	(67,203,438)			2,563,385
Balance, shares at Sep. 30, 2022	10,095,275
Stock-based compensation		532,383				532,383
Vesting of restricted stock units	$ 11	(11)
Vesting of restricted stock units, shares	11,250
Net Loss			(2,311,618)			(2,311,618)
Balance at Dec. 31, 2022	$ 10,106	70,289,100	(69,515,056)			784,150
Balance, shares at Dec. 31, 2022	10,106,525
Beginning balance, value at Mar. 31, 2023	$ 10,950	72,420,604	(71,844,029)		$ 137,500	725,025
Balance, shares at Mar. 31, 2023	10,950,220
Common stock and warrants sold	$ 794	2,092,800			(137,500)	1,956,094
Common stock and warrants sold, shares	793,585
Stock issued for services	$ 50	123,028				123,078
Stock issued for services, shares	49,998
Stock-based compensation		413,030				413,030
Vesting of restricted stock units in lieu of compensation	$ 31	74,558				74,589
Vesting of restricted stock units in lieu of compensation, shares	30,300
Vesting of restricted stock units	$ 6	(6)
Vesting of restricted stock units, shares	6,250
Net Loss			(2,893,577)			(2,893,577)
Balance at Jun. 30, 2023	$ 11,831	75,124,014	(74,737,606)			398,239
Balance, shares at Jun. 30, 2023	11,830,353
Beginning balance, value at Mar. 31, 2023	$ 10,950	72,420,604	(71,844,029)		137,500	725,025
Balance, shares at Mar. 31, 2023	10,950,220
Common stock and warrants sold, shares	3,970,989
Net Loss						(8,304,578)
Value of stock and warrants issued on extinguishment of debt						509,310
Balance at Dec. 31, 2023	$ 14,921	81,055,786	(80,148,607)	(27,000)		895,100
Balance, shares at Dec. 31, 2023	14,921,209
Beginning balance, value at Jun. 30, 2023	$ 11,831	75,124,014	(74,737,606)			398,239
Balance, shares at Jun. 30, 2023	11,830,353
Common stock and warrants sold	$ 1,200	1,774,582				1,775,782
Common stock and warrants sold, shares	1,200,002
Stock issued for services	$ 350	740,628				740,978
Stock issued for services, shares	349,498
Stock-based compensation		607,017				607,017
Vesting of restricted stock units in lieu of compensation	$ 20	40,986				41,006
Vesting of restricted stock units in lieu of compensation, shares	20,200
Vesting of restricted stock units	$ 22	(22)
Vesting of restricted stock units, shares	22,000
Net Loss			(3,661,153)			(3,661,153)
Conversion of debt and interest to common stock	$ 385	577,115				577,500
Conversion of debt and interest to common stock, shares	385,000
Value of stock and warrants issued on extinguishment of debt		509,310				509,310
Cashless warrant exercise	$ 34	(34)
Cashless warrant exercise, shares	34,678
Balance at Sep. 30, 2023	$ 13,842	79,373,596	(78,398,759)			988,679
Balance, shares at Sep. 30, 2023	13,841,731
Common stock and warrants sold	$ 1,151	1,409,103		(27,000)		1,383,254
Common stock and warrants sold, shares	1,151,224
Stock issued for services	$ 167	292,958				293,125
Stock issued for services, shares	167,004
Stock-based compensation		517,390				517,390
Vesting of restricted stock units	$ 11	(11)
Vesting of restricted stock units, shares	11,250
Net Loss			(1,749,848)			(1,749,848)
Return of stock issued for services	$ (250)	(537,250)				(537,500)
Return of stock issued for services, shares	(250,000)
Balance at Dec. 31, 2023	$ 14,921	$ 81,055,786	$ (80,148,607)	$ (27,000)		$ 895,100
Balance, shares at Dec. 31, 2023	14,921,209

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss For The Period	$ (8,304,578)	$ (6,388,635)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock-based compensation	1,537,437	1,069,585
Depreciation and amortization	93,691	91,785
Investor relations services paid in stock	289,913	258,844
Consulting services paid in stock	339,641
Stock issued in lieu of compensation	115,595
Loss on extinguishment of debt	534,366
Interest on convertible debentures	2,444
Extinguishment of payables	(385,874)
Changes in Operating Assets and Liabilities
Decrease (increase) in prepaid expenses and other current assets	55,174	(140,930)
Increase in accounts receivable	(431,997)	(504,248)
Increase in inventory	(97,184)	(276,569)
Increase in accounts payable and accrued expenses	353,390	389,921
Accrued interest on note payable	2,498
Net Cash Used In Operating Activities	(5,895,484)	(5,500,247)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(279,802)	(293,851)
Net Cash Used in Investing Activities	(279,802)	(293,851)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the sale of common stock and warrants	5,115,130
Proceeds from issuance of convertible debentures	550,000
Proceeds from issuance of note payable	120,000
Proceeds from exercise of warrants		66,558
Repayments of notes payable	(5,073)	(4,754)
Net Cash Provided by Financing Activities	5,780,057	61,804
Net Decrease in Cash	(395,229)	(5,732,294)
Cash at Beginning of Period	475,314	6,106,827
Cash at End of Period	80,085	374,533
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	1,224	2,388
Taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES
Convertible debentures and accrued interest converted to common stock	577,500
Prepaid stock issued for services	280,040	49,920
Increase to operating lease right of use asset and operating lease	$ 1,081,204

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	9 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization and Description The Company is in the business of licensing and commercializing our 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. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and nine months ended December 31, 2023, are not necessarily indicative of results to be expected for the year ending March 31, 2024, or for any other interim period or for any future year. These unaudited consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2023. (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation. (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision for product returns, right of use lease assets and liabilities and valuation of deferred tax assets. (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with original maturity of three months or less to be cash equivalents. The Company had no (F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At December 31, 2023, the Company did not have cash balances in excess of the federally insured limits. (G) Accounts Receivable Accounts receivable consists primarily of amounts due from a distributor (see revenue recognition). Accounts receivable is recorded based on management’s assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the collectability of our accounts receivable as well as a forecast of projected credit losses. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable since all receivables to date have been collected. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe that substantially all accounts receivable are fully collectible. Accordingly, as of December 31, 2023 and March 31, 2023, our allowance for credit losses was zero (H) Inventory Inventories are recorded in accordance with Accounting Standards Codification (“ASC”) 330, Inventory, and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (“FIFO”) methodology. Provisions for inventory obsolescence are charged to Cost of Sales. There were no (I) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the assets estimated useful life of 3 5 5 7 (J) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of the useful life of 60 (K) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company had 5,799,709 1.20 5.63 3.89 The Company had 166,084 The Company had 1,529,788 1.03 2.79 2.06 The Company had 3,634,817 1.20 5.63 5.04 The Company had 328,168 The Company had 755,849 1.39 2.79 2.17 The Company uses the guidance in ASC 260 to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised on the latter of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be anti-dilutive. (L) Revenue Recognition The Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers.” The Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales occur once control or title is transferred based on the commercial terms. Revenue is recognized upon delivery to the customer, which is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”) on June 17, 2022. Contracts with the Distributor are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5 For the three months ended December 31, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 439,922 456,502 74 89 For the nine months ended December 31, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 595,891 574,766 65 73 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES December 31, 2023 March 31, 2023 Accounts receivable $ 409,032 $ 81,510 Rebate liability 57,264 28,000 Distribution fee payable 39,026 5,187 The Company entered into a Distribution Services Agreement (the “Agreement”) with Covetrus North America LLC (“Covetrus”) on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment is due within 60 days. The Agreement provides for a rebate payable to the Distributor based on annual sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales are subject to various right of return provisions; the Company uses an expected value method to estimate returns and has determined that any returns would be immaterial as of December 31, 2023. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and are reported as cost of sales. For the three and nine months ended December 31, 2023 the Company recognized revenue from product sales to Covetrus of $ 106,704 18 12 106,074 (M) Research and Development The Company expenses research and development costs as incurred. (N) Fair Value of Financial Instruments The Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2023 and March 31, 2023, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s note recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market, and (iii) contractual prices. The Company had no (O) Stock-Based Compensation Stock-based compensation is accounted for based on the requirements of ASC 718 – “Compensation – Stock Compensation”‘ which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date fair value of the award. The Company has elected to recognized forfeitures as they occur as permitted under Accounting Standards Update (“ASU”) 2016-09 Improvements to Employee Share-Based Payment. (P) Income Taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. (Q) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of the standard on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried at amortized cost, such as accounts receivable, at the net amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the consolidated financial statements for the nine months ended December 31, 2023. The change had no impact on the Company’s financial statements. All other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.

INVENTORY

INVENTORY	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	NOTE 2 – INVENTORY As of December 31, 2023 and March 31, 2023, the Company had inventory of $ 467,467 370,283 The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2023 March 31, 2023 Finished Goods $ 102,177 $ 13,159 Work in process 20,289 53,398 Raw materials 345,001 303,726 Total $ 467,467 $ 370,283

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Dec. 31, 2023
Prepaid Expenses And Other Current Assets
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS As of December 31, 2023, the Company had $ 426,646 111,000 193,000 41,000 19,000 30,000 As of March 31, 2023, the Company had $ 491,694 115,000 130,000 63,000 56,000 42,000 42,000 19,000

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2023 March 31, 2023 Leasehold improvements $ 393,886 $ 216,159 Production equipment 656,057 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 144,817 121,732 Total, at cost 1,219,944 940,142 Accumulated depreciation (396,664 ) (309,290 ) Total Net $ 823,280 $ 630,852 Depreciation expense was $ 28,286 28,719 87,374 54,044

PATENTS AND TRADEMARKS

PATENTS AND TRADEMARKS	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
PATENTS AND TRADEMARKS	NOTE 5 – PATENTS AND TRADEMARKS The components of patents and trademarks, all of which are finite-lived, were as follows: SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS December 31, 2023 March 31, 2023 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,863,866 ) (3,857,550 ) Total net $ 32,333 $ 38,649 Amortization expense was $ 2,041 2,227 6,316 4,466

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 – ACCRUED EXPENSES The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES December 31, 2023 March 31, 2023 Accrued expenses $ 241,959 $ 188,666 Accrued payroll and related taxes - 258,978 Accrued lease termination expense - 332,238 Total $ 241,959 $ 779,882 Pursuant to a lease wherein our subsidiary, Gel-Del Technologies, Inc., was the lessee until and through the lease’s termination in fiscal year 2018, the Company had recorded $ 332,238 53,636 385,874

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 7 – NOTES PAYABLE In January 2020, the Company entered into a lease amendment for our corporate office facility whereby the lease term was extended through November of 2026 in exchange for a loan of $ 42,500 6 22,278 27,351 7,248 15,030 6,936 20,415 In October 2023 and amended in November 2023, the Company entered into a promissory note for $ 120,000 10 February 2024 2,498 The holder of the note has the option to convert the principal and accrued interest into shares of the Company’s common stock at a conversion rate of $0.75 per share 123,255 164,340

RETIREMENT PLAN

RETIREMENT PLAN	9 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 8 – RETIREMENT PLAN In February 2021, the Company established a 401(k) retirement plan for its employees in which eligible employees can contribute a percentage of their compensation. The Company may also make discretionary contributions. For the three months ended December 31, 2023 and 2022, the Company made contributions to the plan of $ 12,014 8,183 37,422 14,341

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Lease Obligations We lease property and equipment under operating leases, typically with terms greater than 12 months, and determine if an arrangement contains a lease at inception. In general, an arrangement contains a lease if there is an identified asset and we have the right to direct the use of and obtain substantially all of the economic benefit from the use of the identified asset. We record an operating lease liability at the present value of lease payments over the lease term on the commencement date. The related right of use (‘‘ROU”) operating lease asset reflects rental escalation clauses, as well as renewal options and/or termination options. The exercise of lease renewal and/or termination options is at our discretion and is included in the determination of the lease term and lease payment obligations when it is deemed reasonably certain that the option will be exercised. When available, we use the rate implicit in the lease to discount lease payments to present value; however, certain leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We classify our leases as buildings, vehicles or computer and office equipment and do not separate lease and nonlease components of contracts for any of the aforementioned classifications. In accordance with applicable guidance, we do not record leases with terms that are less than one year on the Consolidated Balance Sheets. None of our lease agreements contain material restrictive covenants or residual value guarantees. Buildings The Company entered into an eighty-four 3,577 2 In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 42,500 2,340 2,294 The Company entered into a sixty-three 2,400 2.5 2,740 2,673 On January 10, 2023, the Company entered into a new lease agreement for approximately 14,000 8,420 2.5 The lease will terminate on June 30, 2033 five years 8,420 Vehicles We leased vehicles for certain members of our field sales organization in the nine months ended December 31, 2023, under a vehicle fleet program whereby the noncancelable lease is for a term of 48 150,000 Operating lease expense for the three months ended December 31, 2023 and 2022, was $ 91,647 51,994 266,912 101,954 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2023: SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 49,104 2025 199,956 2026 203,898 2027 181,434 2028 114,410 2029 114,273 Thereafter 518,517 Total 1,381,592 Less: amount representing interest (127,777 ) Total $ 1,253,815 In compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 2026, March 2027, and June 2033 0.12 0.40 7.6 4.39 1,465,000 4.6 4.05 SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,253,815 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,253,815 As of December 31, 2023, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 1,253,815 Total operating lease assets 1,253,815 Operating lease current liability 196,263 Operating lease non-current liability 1,057,552 Total operating lease liabilities $ 1,253,815 Employment Agreements The Company has employment agreements with its executive officers. As of December 31, 2023, these agreements contain severance benefits ranging from one month to six months if terminated without cause. Legal Proceedings David Masters, a former employee, board member, and consultant to the Company, has threatened to file suit against the Company to recover in excess of $ 2 180,000 In September 2023, Masters executed the long-term agreement and the Company recorded a settlement expense of $ 180,000

GOING CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 10 – GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company incurred net losses of $ 8,304,578 5,895,484 80,148,607 Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and raise additional funds. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY Equity Incentive Plan On July 10, 2020, our Board of Directors unanimously approved the PetVivo Holdings, Inc. 2020 Equity Incentive Plan (the “2020 Plan”), which authorized the issuance of up to 1,000,000 1,000,000 3,000,000 843,535 Employees, consultants, advisors of the Company (or any subsidiary), and non-employee directors of the Company will be eligible to receive awards under the Amended Plan. In the case of consultants and advisors, however, their services cannot be in connection with the offer and sale of securities in a capital-raising transaction nor directly or indirectly to promote or maintain a market for PetVivo common stock. The Amended Plan is administered by the Compensation Committee of our Board of Directors (the “Committee”), which has full power and authority to determine when and to whom awards will be granted, and the type, amount, form of payment, any deferral payment, and other terms and conditions of each award. Subject to provisions of the Amended Plan, the Committee may amend or waive the terms and conditions, or accelerate the exercisability, of an outstanding award. The Committee also has the authority to interpret and establish rules and regulations for the administration of the Amended Plan. In addition, the Board of Directors may also exercise the powers of the Committee. The aggregate number of shares of PetVivo common stock available and reserved to be issued under the Amended Plan is 3,000,000 ● the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be 10,000 Awards can be granted for no cash consideration or for any cash and other consideration as determined by the Committee. Awards may provide that upon the grant or exercise thereof, the holder will receive cash, shares of PetVivo common stock, other securities or property, or any combination of these in a single payment, installments, or on a deferred basis. The exercise price per share of any stock option and the grant price of any stock appreciation right may not be less than the fair market value of PetVivo common stock on the date of grant. The term of any award cannot be longer than ten years from the date of grant. Awards will be adjusted in the event of a stock dividend or other distribution, recapitalization, forward or reverse stock split, reorganization, merger or other business combination, or similar corporate transaction, in order to prevent dilution or enlargement of the benefits or potential benefits provided under the Amended Plan. The Amended Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents. Convertible Debentures On July 27, 2023, the Company issued convertible promissory notes (“Convertible Debentures”) in the aggregate amount of $ 550,000 January 26, 2024 10 2 On August 11, 2023, the Company entered into Convertible Debenture Conversion Agreements (“Conversion Agreements”) with the three debenture holders (“Debenture Holders”). Pursuant to the Conversion Agreements, each Debenture Holder agreed to voluntarily and immediately convert the outstanding balance on their Convertible Debenture into shares of the Company’s common stock prior to January 26, 2024 1.50 1.60 550,000 27,500 385,000 385,000 2.00 As a result of the inducement to the Debenture Holders to voluntarily convert the outstanding balance of their Convertible Debentures prior to their maturity date, the Company recognized a loss on extinguishment of debt of $ 534,366 463,476 45,834 25,056 2,444 509,310 Sale of Common Stock On August 4, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with two accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a registered direct offering (the “Registered Offering”) 1,200,002 1.50 1,200,002 1,775,782 24,218 502,417 1,273,365 2.00 On December 6, 2023, the Company entered into a Private Offering (the “Purchase Agreement”) with five accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a direct offering 352,224 0.90 352,224 317,000 27,000 145,820 171,180 1.50 Common Stock For the nine months ended December 31, 2023, the Company issued 3,970,989 i) 793,585 2,182,359 88,765 2.75 137,500 ii) 6,250 iii) 30,300 74,589 10,100 10,100 10,100 iv) 16,666 48,581 v) 16,666 40,332 vi) 16,666 34,165 vii) 16,666 35,332 viii) 42,000 89,040 ix) 1,200,002 1,775,782 24,218 1.50 x) 385,000 577,500 27,500 1.50 xi) 12,212 22,500 1.33 xii) 16,666 32,332 xiii) 250,000 537,500 xiv) 22,000 xv) xvi) 20,200 41,006 10,100 10,100 16,666 31,999 xvii) 7,500 14,775 xviii) 22,466 41,084 1.35 xix) 125,000 200,000 xx) ( 250,000 537,500 xxi) 600,000 870,000 63,107 806,893 xxii) 133,666 255,305 xxiii) 1,250 xxiv) 16,666 23,747 xxv) 16,672 14,071 xxvi) 352,224 290,000 xxvii) 74,000 89,033 2,672 86,361 xxviii) 10,000 For the nine months ended December 31, 2022, the Company issued 118,164 i) 24,217 1.33 32,188 ii) 24,447 1.41 34,370 iii) 25,000 49,920 iv) 44,500 10,000 22,000 1,250 11,250 In August 2023, the Company granted 250,000 537,500 The Company has issued shares of common stock to providers of investor relations services which are reported in the Condensed Consolidated Statements of Changes in Stockholders’ Equity. The value of these shares are reported as a prepaid expense and are amortized to expense over the contractual life of the respective consulting agreements. The amortization of stock issued for services as reported in the Condensed Consolidated Statements of Operations and Cash Flows was $ 124,103 108,794 289,913 258,844 Time-Based Restricted Stock Units We have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock-settled with common shares. Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for time-based restricted stock units was $ 182,377 662,726 547,131 228,000 six months Our time-based restricted stock unit activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 was as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Outstanding Weighted Average Grant Date Fair Value Per Unit Aggregate Intrinsic Value (1) Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 Granted 60,600 2.89 - Vested (177,184 ) 3.99 - Balance at March 31, 2023 256,084 3.85 643,209 Vested (90,000 ) 3.50 - Balance at December 31, 2023 166,084 $ 4.04 $ 176,049 (1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the period. Stock Options Stock options issued to employees and directors typically vest over three years seven years 276,328 350,006 785,451 480,792 1,247,000 1.5 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Annually, we make predictive assumptions regarding future stock price volatility, dividend yield, expected term, and forfeiture rate. The dividend yield assumption is based on expected annual dividend yield on a grant date. To date, no dividends on common stock have been paid by us. Expected volatility for grants is based on our average historical volatility over a similar period as the expected term assumption used for our options as the expected volatility. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. We use the “simplified method” to determine the expected term of the stock option grants. We utilize this method because we do not have sufficient public company exercise data in which to make a reasonable estimate. The following table sets forth the estimated fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION Nine Months Ended Year Ended December 31, 2023 March 31, 2023 Expected term 7 7 Expected volatility 75.9 95.6 % 111.7 146.9 % Risk-free interest rate 3.46 4.48 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.06 2.74 $ 1.87 2.79 Our stock option activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Options Outstanding Weighted- Average Exercise Price Per Share (1) Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (2) Balance at March 31, 2022 195,000 $ 1.56 6.9 $ 100,200 Granted 714,849 2.37 Cancelled (25,000 ) 2.46 Balance at March 31, 2023 884,849 2.19 6.3 307,750 Granted 664,939 1.88 Cancelled (20,000 ) 1.99 Balance at December 31, 2023 1,529,788 $ 2.06 5.9 $ - Options exercisable at December 31, 2023 466,084 (1) The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. (2) The aggregate intrinsic value of stock options outstanding was based on our closing stock price on the last trading day of the period. Stock options granted for the year ended March 31, 2023 and the nine months ended December 31, 2023 were to employees and directors. The fair value of these options on the date of grant was $ 1,543,087 984,552 Options exercisable at December 31, 2023 had exercise prices ranging from $ 1.39 2.79 The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Nine Months Ended Year Ended December 31, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non-vested options, end of period 1,063,704 709,394 Vested options, end of period 466,084 175,455 Nine Months Ended Year Ended December 31, 2023 Mar 31, 2023 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 2.23 $ 1.56 Non-vested options, end of period $ 1.95 $ 2.23 Vested options, end of period $ 2.31 $ 2.01 Forfeited options, during the period $ - $ - Warrants During the nine months ended December 31, 2023 the Company issued warrants to purchase an aggregate of 2,317,226 i) 1,200,002 1,273,365 ii) 385,000 463,476 iii) 300,000 234,741 iv) 80,000 87,485 v) 352,224 These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION Nine Months Ended December 31, 2023 Stock price on valuation date $ 1.03 2.15 Exercise price $ 1.50 2.75 Term (years) 2.0 3.0 Volatility 78.0 83.3 % Risk-free rate 4.33 4.64 % A summary of warrant activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 Exercised for cash (48,664 ) (1.36 ) Granted and issued - - Cashless warrant exercises - - Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Granted and issued 2,317,226 2.04 Cashless warrant exercises (63,584 ) (1.34 ) Expired (16,750 ) (4.18 ) Outstanding, December 31, 2023 5,799,709 $ 3.89 4,075,537 $ 4.67 On December 31, 2023, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 2,220,715 $ 1.84 2.70 635,713 $ 1.43 2.01 4.00 535,438 2.54 1.48 396,268 2.50 4.01 5.63 3,043,556 5.63 2.61 3,043,556 5.63 Total 5,799,709 $ 3.89 2.54 4,075,537 $ 4.67 Stock-based compensation expense included in the Consolidated Statements of Operations for warrants was $ 58,685 0 204,855 41,662 It is expected that the Company will recognize expense after December 31, 2023 related to warrants issued, outstanding, and valued using the Black Scholes pricing model as of December 31, 2023 of approximately $ 117,000 For the three months ended December 31, 2023 and 2022, the total stock-based compensation on all instruments was $ 517,390 305,971 1,653,032 1,069,585

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS On February 2, 2024, the Company sold 1,386,469 .90 1,248,000 1.50

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)	9 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description	(A) Organization and Description The Company is in the business of licensing and commercializing our 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. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota.
Basis of Presentation	(B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in PetVivo, Inc. becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and nine months ended December 31, 2023, are not necessarily indicative of results to be expected for the year ending March 31, 2024, or for any other interim period or for any future year. These unaudited consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2023.
Principles of Consolidation	(C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation.
Use of Estimates	(D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment of property and equipment and intangibles, estimate of fair value of share-based payments, distributor rebate payable, provision for product returns, right of use lease assets and liabilities and valuation of deferred tax assets.
Cash and Cash Equivalents	(E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with original maturity of three months or less to be cash equivalents. The Company had no
Concentration Risk	(F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At December 31, 2023, the Company did not have cash balances in excess of the federally insured limits.
Accounts Receivable	(G) Accounts Receivable Accounts receivable consists primarily of amounts due from a distributor (see revenue recognition). Accounts receivable is recorded based on management’s assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the collectability of our accounts receivable as well as a forecast of projected credit losses. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable since all receivables to date have been collected. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe that substantially all accounts receivable are fully collectible. Accordingly, as of December 31, 2023 and March 31, 2023, our allowance for credit losses was zero
Inventory	(H) Inventory Inventories are recorded in accordance with Accounting Standards Codification (“ASC”) 330, Inventory, and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (“FIFO”) methodology. Provisions for inventory obsolescence are charged to Cost of Sales. There were no
Property & Equipment	(I) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the assets estimated useful life of 3 5 5 7
Patents and Trademarks	(J) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of the useful life of 60
Loss Per Share	(K) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company had 5,799,709 1.20 5.63 3.89 The Company had 166,084 The Company had 1,529,788 1.03 2.79 2.06 The Company had 3,634,817 1.20 5.63 5.04 The Company had 328,168 The Company had 755,849 1.39 2.79 2.17 The Company uses the guidance in ASC 260 to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised on the latter of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be anti-dilutive.
Revenue Recognition	(L) Revenue Recognition The Company recognizes revenue in accordance with ASC 606 “Revenue from Contracts with Customers.” The Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales occur once control or title is transferred based on the commercial terms. Revenue is recognized upon delivery to the customer, which is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”) on June 17, 2022. Contracts with the Distributor are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5 For the three months ended December 31, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 439,922 456,502 74 89 For the nine months ended December 31, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 595,891 574,766 65 73 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES December 31, 2023 March 31, 2023 Accounts receivable $ 409,032 $ 81,510 Rebate liability 57,264 28,000 Distribution fee payable 39,026 5,187 The Company entered into a Distribution Services Agreement (the “Agreement”) with Covetrus North America LLC (“Covetrus”) on December 18, 2023. Contracts with Covetrus are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon delivery to the Distributor; payment is due within 60 days. The Agreement provides for a rebate payable to the Distributor based on annual sales volume that is retroactively applied. The rebate is estimated under the expected value method and is netted against revenue. Sales are subject to various right of return provisions; the Company uses an expected value method to estimate returns and has determined that any returns would be immaterial as of December 31, 2023. As a result, there is no return liability recorded. Shipping and handling costs are a fulfillment activity and are reported as cost of sales. For the three and nine months ended December 31, 2023 the Company recognized revenue from product sales to Covetrus of $ 106,704 18 12 106,074
Research and Development	(M) Research and Development The Company expenses research and development costs as incurred.
Fair Value of Financial Instruments	(N) Fair Value of Financial Instruments The Company applies the accounting guidance under ASC 820-10, “Fair Value Measurements”, as well as certain related Financial Accounting Standards Board (“FASB”) staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2023 and March 31, 2023, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s note recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market, and (iii) contractual prices. The Company had no
Stock-Based Compensation	(O) Stock-Based Compensation Stock-based compensation is accounted for based on the requirements of ASC 718 – “Compensation – Stock Compensation”‘ which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date fair value of the award. The Company has elected to recognized forfeitures as they occur as permitted under Accounting Standards Update (“ASU”) 2016-09 Improvements to Employee Share-Based Payment.
Income Taxes	(P) Income Taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses.
Recent Accounting Pronouncements	(Q) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of the standard on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried at amortized cost, such as accounts receivable, at the net amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the consolidated financial statements for the nine months ended December 31, 2023. The change had no impact on the Company’s financial statements. All other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables)	9 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES	Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES December 31, 2023 March 31, 2023 Accounts receivable $ 409,032 $ 81,510 Rebate liability 57,264 28,000 Distribution fee payable 39,026 5,187

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2023 March 31, 2023 Finished Goods $ 102,177 $ 13,159 Work in process 20,289 53,398 Raw materials 345,001 303,726 Total $ 467,467 $ 370,283

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2023 March 31, 2023 Leasehold improvements $ 393,886 $ 216,159 Production equipment 656,057 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 144,817 121,732 Total, at cost 1,219,944 940,142 Accumulated depreciation (396,664 ) (309,290 ) Total Net $ 823,280 $ 630,852

PATENTS AND TRADEMARKS (Tables)

PATENTS AND TRADEMARKS (Tables)	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS	The components of patents and trademarks, all of which are finite-lived, were as follows: SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS December 31, 2023 March 31, 2023 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,863,866 ) (3,857,550 ) Total net $ 32,333 $ 38,649

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES	The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES December 31, 2023 March 31, 2023 Accrued expenses $ 241,959 $ 188,666 Accrued payroll and related taxes - 258,978 Accrued lease termination expense - 332,238 Total $ 241,959 $ 779,882

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY	The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2023: SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 49,104 2025 199,956 2026 203,898 2027 181,434 2028 114,410 2029 114,273 Thereafter 518,517 Total 1,381,592 Less: amount representing interest (127,777 ) Total $ 1,253,815
SCHEDULE OF BASE RENT LEASE PAYMENTS	SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,253,815 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,253,815
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES	As of December 31, 2023, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 1,253,815 Total operating lease assets 1,253,815 Operating lease current liability 196,263 Operating lease non-current liability 1,057,552 Total operating lease liabilities $ 1,253,815

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS	Our time-based restricted stock unit activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 was as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Outstanding Weighted Average Grant Date Fair Value Per Unit Aggregate Intrinsic Value (1) Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 Granted 60,600 2.89 - Vested (177,184 ) 3.99 - Balance at March 31, 2023 256,084 3.85 643,209 Vested (90,000 ) 3.50 - Balance at December 31, 2023 166,084 $ 4.04 $ 176,049 (1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the period.
SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION	The following table sets forth the estimated fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION Nine Months Ended Year Ended December 31, 2023 March 31, 2023 Expected term 7 7 Expected volatility 75.9 95.6 % 111.7 146.9 % Risk-free interest rate 3.46 4.48 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.06 2.74 $ 1.87 2.79
SCHEDULE OF STOCK OPTION ACTIVITY	Our stock option activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Options Outstanding Weighted- Average Exercise Price Per Share (1) Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (2) Balance at March 31, 2022 195,000 $ 1.56 6.9 $ 100,200 Granted 714,849 2.37 Cancelled (25,000 ) 2.46 Balance at March 31, 2023 884,849 2.19 6.3 307,750 Granted 664,939 1.88 Cancelled (20,000 ) 1.99 Balance at December 31, 2023 1,529,788 $ 2.06 5.9 $ - Options exercisable at December 31, 2023 466,084 (1) The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. (2) The aggregate intrinsic value of stock options outstanding was based on our closing stock price on the last trading day of the period.
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS	The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Nine Months Ended Year Ended December 31, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non-vested options, end of period 1,063,704 709,394 Vested options, end of period 466,084 175,455 Nine Months Ended Year Ended December 31, 2023 Mar 31, 2023 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 2.23 $ 1.56 Non-vested options, end of period $ 1.95 $ 2.23 Vested options, end of period $ 2.31 $ 2.01 Forfeited options, during the period $ - $ -
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION	These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION Nine Months Ended December 31, 2023 Stock price on valuation date $ 1.03 2.15 Exercise price $ 1.50 2.75 Term (years) 2.0 3.0 Volatility 78.0 83.3 % Risk-free rate 4.33 4.64 %
SCHEDULE OF WARRANT ACTIVITY	A summary of warrant activity for the year ended March 31, 2023 and the nine months ended December 31, 2023 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 Exercised for cash (48,664 ) (1.36 ) Granted and issued - - Cashless warrant exercises - - Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Granted and issued 2,317,226 2.04 Cashless warrant exercises (63,584 ) (1.34 ) Expired (16,750 ) (4.18 ) Outstanding, December 31, 2023 5,799,709 $ 3.89 4,075,537 $ 4.67
SCHEDULE OF RANGE OF WARRANT PRICES	On December 31, 2023, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 2,220,715 $ 1.84 2.70 635,713 $ 1.43 2.01 4.00 535,438 2.54 1.48 396,268 2.50 4.01 5.63 3,043,556 5.63 2.61 3,043,556 5.63 Total 5,799,709 $ 3.89 2.54 4,075,537 $ 4.67

SCHEDULE OF RECOGNIZED REVENUE

SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 409,032	$ 81,510
Rebate liability	57,264	28,000
Distribution fee payable	$ 39,026	$ 5,187

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash equivalents	$ 0		$ 0
Allowance for credit losses	0		0		$ 0
Provisions for inventory obsolescence	0		$ 0		0
Monthly sales gross percentage			5%
Revenue from contract with customer	595,891	$ 510,109	$ 920,440	$ 791,563
Fair value, net asset (liability)	0		0		$ 0
Product [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 439,922	$ 456,502	$ 595,891	$ 574,766
Percentage of net revenue	74%	89%	65%	73%
Sales To Convetrus [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 106,704		$ 106,704
Percentage of net revenue	18%		12%
Accounts receivable net	$ 106,074		$ 106,074
Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			5,799,709	3,634,817
Restricted Stock Units (RSUs) [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			166,084	328,168
Share-Based Payment Arrangement, Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			1,529,788	755,849
Patents and Trademarks [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of intangible assets	60 months		60 months
Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	$ 1.06		$ 1.06		$ 1.87
Minimum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	1.20	$ 1.20	1.20	$ 1.20
Minimum [Member] | Share-Based Payment Arrangement, Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	1.03	1.39	1.03	1.39
Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	2.74		2.74		$ 2.79
Maximum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	5.63	5.63	5.63	5.63
Maximum [Member] | Share-Based Payment Arrangement, Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	2.79	2.79	2.79	2.79
Weighted Average [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	3.89	5.04	3.89	5.04
Weighted Average [Member] | Share-Based Payment Arrangement, Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise price	$ 2.06	$ 2.17	$ 2.06	$ 2.17
Production and Computer Equipment and Furniture [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets	3 years		3 years
Production and Computer Equipment and Furniture [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets	5 years		5 years
Leasehold Improvements [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets	5 years		5 years
Leasehold Improvements [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets	7 years		7 years

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Finished Goods	$ 102,177	$ 13,159
Work in process	20,289	53,398
Raw materials	345,001	303,726
Total	$ 467,467	$ 370,283

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	$ 467,467	$ 370,283

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Prepaid expenses and other assets	$ 426,646	$ 491,694
Investor Relations [Member]
Prepaid expenses and other assets	111,000	115,000
Insurance Costs [Member]
Prepaid expenses and other assets	193,000	130,000
Trade Shows [Member]
Prepaid expenses and other assets	41,000	42,000
Nasdaq and FINRA Fees [Member]
Prepaid expenses and other assets	19,000	63,000
Software Subscription Fees [Member]
Prepaid expenses and other assets	$ 30,000	19,000
Board Compensation [Member]
Prepaid expenses and other assets		56,000
Supplier Advance [Member]
Prepaid expenses and other assets		$ 42,000

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total, at cost	$ 1,219,944	$ 940,142
Accumulated depreciation	(396,664)	(309,290)
Total Net	823,280	630,852
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	393,886	216,159
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	656,057	577,067
Research and Development Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	25,184	25,184
Computer Equipment and Furniture [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 144,817	$ 121,732

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 28,286	$ 28,719	$ 87,374	$ 54,044

SCHEDULE OF COMPONENTS OF PATEN

SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 3,870,057	$ 3,870,057
Trademarks	26,142	26,142
Total at cost	3,896,199	3,896,199
Accumulated Amortization	(3,863,866)	(3,857,550)
Total net	$ 32,333	$ 38,649

PATENTS AND TRADEMARKS (Details

PATENTS AND TRADEMARKS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,041	$ 2,227	$ 6,316	$ 4,466

SCHEDULE OF COMPONENTS OF ACCRU

SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued expenses	$ 241,959	$ 188,666
Accrued payroll and related taxes		258,978
Accrued lease termination expense		332,238
Total	$ 241,959	$ 779,882

ACCRUED EXPENSES (Details Narra

ACCRUED EXPENSES (Details Narrative) - USD ($)	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Lease termination liability payable	$ 332,238	$ 332,238
Accounts payable	53,636
Extinguishment of debt	$ 385,874

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 05, 2024	Oct. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023	Jan. 31, 2020
Subsequent Event [Line Items]
Notes payable		$ 120,000		$ 22,278	$ 27,351	$ 42,500
Debt instrument, interest rate		10%				6%
Notes payable, current liabilities				7,248	6,936
Notes payable other liabilities				15,030	$ 20,415
Debt instrument maturity date		February 2024
Interest accrued on notes payable				$ 2,498
Common stock conversion basis				The holder of the note has the option to convert the principal and accrued interest into shares of the Company’s common stock at a conversion rate of $0.75 per share
Conversion of convertible securities			$ 577,500
Subsequent Event [Member]
Subsequent Event [Line Items]
Conversion of convertible securities	$ 123,255
Conversion of convertible securities shares	164,340

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Discretionary contributions	$ 12,014	$ 8,183	$ 37,422	$ 14,341

SCHEDULE OF MATURITY OF ANNUAL

SCHEDULE OF MATURITY OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 49,104
2025	199,956
2026	203,898
2027	181,434
2028	114,410
2029	114,273
Thereafter	518,517
Total	1,381,592
Less: amount representing interest	(127,777)
Total	$ 1,253,815

SCHEDULE OF BASE RENT LEASE PAY

SCHEDULE OF BASE RENT LEASE PAYMENTS (Details)	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Present value of future base rent lease payments	$ 1,253,815
Base rent payments included in prepaid expenses
Present value of future base rent lease payments – net	$ 1,253,815

SCHEDULE OF LEASE CURRENT AND N

SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 1,253,815
Total operating lease assets	1,253,815	$ 317,981
Operating lease current liability	196,263	78,149
Operating lease non-current liability	1,057,552	$ 239,832
Total operating lease liabilities	$ 1,253,815

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)		1 Months Ended				3 Months Ended		9 Months Ended
	Jan. 10, 2023 USD ($) ft²	Sep. 30, 2023 USD ($)	Jan. 31, 2022 ft²	Jan. 31, 2020 USD ($)	May 31, 2017 ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Operating lease term					84 months
Area of land | ft²					3,577
Annual increase in base rent, percentage					2%
Lease extension description								the extended lease terms to June 2026, November 2026, March 2027, and June 2033
Notes payable				$ 42,500		$ 22,278		$ 22,278		$ 120,000	$ 27,351
Operating lease right use of asset						1,253,815		1,253,815			317,981
Total						$ 1,253,815		$ 1,253,815
Weighted average remaining lease term						4 years 7 months 6 days		4 years 7 months 6 days
Weighted average discount rate						4.05%		4.05%
David Masters [Member]
Loss Contingencies [Line Items]
Legal settlement amount								$ 180,000
Settlement expense		$ 180,000
David Masters [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Litigation reserve						$ 2,000,000		$ 2,000,000
June 2026 [Member]
Loss Contingencies [Line Items]
Operating lease treasury rate						0.12%		0.12%
November 2026 [Member]
Loss Contingencies [Line Items]
Operating lease treasury rate						0.40%		0.40%
March 2027 [Member]
Loss Contingencies [Line Items]
Operating lease treasury rate						7.60%		7.60%
June 2023 [Member]
Loss Contingencies [Line Items]
Operating lease treasury rate						4.39%		4.39%
Vehicles [Member]
Loss Contingencies [Line Items]
Lease term						48 months		48 months
Operating lease right use of asset						$ 150,000		$ 150,000
Operating lease expense						91,647	$ 51,994	266,912	$ 101,954
Extended Lease Term to 2026 [Member]
Loss Contingencies [Line Items]
Lease extension description				In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026
Notes payable				$ 42,500
Base rent						2,340		2,340			2,294
Total						1,465,000		1,465,000
January 2022 Lease [Member]
Loss Contingencies [Line Items]
Operating lease term			63 months
Area of land | ft²			2,400
Annual increase in base rent, percentage			2.50%
Base rent						2,740		2,740			$ 2,673
January 10, 2023 Lease[Member]
Loss Contingencies [Line Items]
Area of land | ft²	14,000
Annual increase in base rent, percentage	2.50%
Base rent	$ 8,420					$ 8,420		$ 8,420
Lease termination	The lease will terminate on June 30, 2033
Renewal term	5 years

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 1,749,848	$ 3,661,153	$ 2,893,577	$ 2,311,618	$ 2,111,589	$ 1,965,428	$ 8,304,578	$ 6,388,635
Net cash used in operating activities							5,895,484	$ 5,500,247
Accumulated deficit	$ 80,148,607						$ 80,148,607		$ 71,844,029

SCHEDULE OF TIME BASED RESTRICT

SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Time-Based Restricted Stock Units [Member] - USD ($)		9 Months Ended	12 Months Ended
		Dec. 31, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Time based RSU's, Balance		256,084	372,668
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 3.85	$ 4.07
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 643,209	$ 760,243
Time based RSU's Granted			60,600
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Granted			$ 2.89
Time based RSU's Vested		(90,000)	(177,184)
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested		$ 3.50	$ 3.99
Time based RSU's, Balance		166,084	256,084
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 4.04	$ 3.85
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 176,049	$ 643,209
[1]The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the period.

SCHEDULE OF ESTIMATED FAIR VALU

SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION (Details) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Expected term	7 years	7 years
Expected volatility, minimum	75.90%	111.70%
Expected volatility, maximum	95.60%	146.90%
Risk-free interest rate, minimum	3.46%	2.96%
Risk-free interest rate, maximum	4.48%	4.35%
Expected dividend yield	0%	0%
Minimum [Member]
Fair value on the date of grant	$ 1.06	$ 1.87
Maximum [Member]
Fair value on the date of grant	$ 2.74	$ 2.79

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)		9 Months Ended	12 Months Ended
		Dec. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Options Outstanding, Beginning		884,849	195,000
Weighted Average Exercise Price Per Share, Beginning	[1]	$ 2.19	$ 1.56
Weighted Average Remaining Contractual Life		5 years 10 months 24 days	6 years 3 months 18 days	6 years 10 months 24 days
Aggregate Intrinsic Value, Beginning	[2]	$ 307,750	$ 100,200
Options Outstanding, Granted		664,939	714,849
Weighted Average Exercise Price Per Share, Granted	[1]	$ 1.88	$ 2.37
Options Outstanding, Cancelled		(20,000)	(25,000)
Weighted Average Exercise Price Per Share, Cancelled	[1]	$ 1.99	$ 2.46
Options Outstanding, Ending		1,529,788	884,849	195,000
Weighted Average Exercise Price Per Share, Ending	[1]	$ 2.06	$ 2.19	$ 1.56
Aggregate Intrinsic Value, Ending	[2]		$ 307,750	$ 100,200
Options exercisable		466,084
[1]The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant.[2]The aggregate intrinsic value of stock options outstanding was based on our closing stock price on the last trading day of the period.

SCHEDULE OF ADDITIONAL INFORMAT

SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Equity [Abstract]
Non-vested options, beginning of year	709,394	195,000
Non -vested options, end of year	1,063,704	709,394
Vested options, end of year	466,084	175,455
Weighted-average grant date fair value, non-vested options, beginning of year	$ 2.23	$ 1.56
Weighted-average grant date fair value, non-vested options, end of year	1.95	2.23
Weighted-average grant date fair value, vested options, end of year	2.31	2.01
Weighted-average grant date fair value, forfeited options, during the year

SCHEDULE OF WARRANT_S USING BLA

SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION (Details) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Term (years)	7 years	7 years
Volatility, minimum	75.90%	111.70%
Volatility, maximum	95.60%	146.90%
Risk-free rate, minimum	3.46%	2.96%
Risk-free rate, maximum	4.48%	4.35%
Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock price on valuation date	$ 1.06	$ 1.87
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock price on valuation date	$ 2.74	$ 2.79
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Volatility, minimum	78%
Volatility, maximum	83.30%
Risk-free rate, minimum	4.33%
Risk-free rate, maximum	4.64%
Warrant [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock price on valuation date	$ 1.03
Exercise price	$ 1.50
Term (years)	2 years
Warrant [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock price on valuation date	$ 2.15
Exercise price	$ 2.75
Term (years)	3 years

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Beginning balance	3,562,817	3,757,484
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 5.05	$ 4.95
Warrants Exercisable, Outstanding, Beginning balance	3,540,317	3,693,734
Weighted-Average Exercise Price, Beginning balance	$ 5.07	$ 5
Number of Warrants, Exercised for cash		(48,664)
Weighted-Average Exercise Price, Exercised for cash		$ (1.36)
Number of Warrants, Granted and issued	2,317,226
Weighted-Average Exercise Price, Granted and issued	$ 2.04
Number of Warrants, Cashless warrant exercises	(63,584)
Weighted-Average Exercise Price, Cashless warrant exercises	$ (1.34)
Number of Warrants, Expired	(16,750)	(146,003)
Weighted-Average Exercise Price, Expired	$ (4.18)	$ (3.70)
Number of Warrants, Outstanding, Ending balance	5,799,709	3,562,817
Weighted-Average Exercise Price, Outstanding, Ending balance	$ 3.89	$ 5.05
Warrants Exercisable, Outstanding, Ending balance	4,075,537	3,540,317
Weighted-Average Exercise Price, Ending balance	$ 4.67	$ 5.07

SCHEDULE OF RANGE OF WARRANT PR

SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	5,799,709
Weighted-Average Exercise Price, outstanding	$ 3.89	$ 5.05	$ 4.95
Weighted-Average Remaining Contractual Life (Years), Outstanding	2 years 6 months 14 days
Number of Warrants, Exercisable	4,075,537	3,540,317	3,693,734
Weighted-Average Exercise Price, Exercisable	$ 4.67	$ 5.07	$ 5
Range One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	2,220,715
Weighted-Average Exercise Price, outstanding	$ 1.84
Weighted-Average Remaining Contractual Life (Years), Outstanding	2 years 8 months 12 days
Number of Warrants, Exercisable	635,713
Weighted-Average Exercise Price, Exercisable	$ 1.43
Range One [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	1.20
Range One [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 2
Range Two [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	535,438
Weighted-Average Exercise Price, outstanding	$ 2.54
Weighted-Average Remaining Contractual Life (Years), Outstanding	1 year 5 months 23 days
Number of Warrants, Exercisable	396,268
Weighted-Average Exercise Price, Exercisable	$ 2.50
Range Two [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	2.01
Range Two [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 4
Range Three [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	3,043,556
Weighted-Average Exercise Price, outstanding	$ 5.63
Weighted-Average Remaining Contractual Life (Years), Outstanding	2 years 7 months 9 days
Number of Warrants, Exercisable	3,043,556
Weighted-Average Exercise Price, Exercisable	$ 5.63
Range Three [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	4.01
Range Three [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 5.63

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)							1 Months Ended																3 Months Ended					9 Months Ended		12 Months Ended
	Feb. 02, 2024	Dec. 06, 2023	Aug. 11, 2023	Aug. 04, 2023	Jul. 27, 2023	Oct. 14, 2022	Jan. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	May 30, 2023	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Aug. 10, 2023	Oct. 13, 2022	Jul. 10, 2020	Jan. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate amount of convertiable promissory note																												$ 550,000
Interest rate										10%																									6%
Loss on extinguishment of debt																												534,366
Interest income																							$ (2,098)			7,200		(4,542)	15,844
Value of warrants and additional shares issued																								$ 509,310				$ 509,310
Sale of stock number of shares issued in transaction				1,200,002				352,224	600,000	125,000						793,585
Weighted average strike price				$ 1.50												$ 2.75
Warrants sale of stock, shares								2,317,226															2,317,226					2,317,226
Proceeds from offering of shares				$ 1,775,782				$ 290,000	$ 870,000	$ 200,000						$ 2,182,359	$ 137,500
Payments of stock issuance costs				$ 24,218												$ 88,765
Proceeds from issuance of common stock																												$ 145,820
Proceeds from issuance of warrants																												171,180
Vesting of restricted stock units in lieu of compensation																								41,006	$ 74,589
Stock issued for services, value								$ 14,071	23,747	$ 255,305													$ 293,125	740,978	123,078		$ 49,920
Stock repurchased during period shares								74,000		250,000
Stock repurchased during period value										$ 537,500
Deferred offering costs								$ 2,672	63,107														2,672					2,672
Proceeds from issuance initial public offering								86,361	$ 806,893
Proceeds from other equity								$ 89,033
Warrant cash proceeds
Amortization of stock issued for services																							124,103			108,794		$ 289,913	258,844
Stock options contractual term																												5 years 10 months 24 days		6 years 3 months 18 days	6 years 10 months 24 days
Stock-based Compensation																							$ 517,390			305,971		$ 1,653,032	1,069,585
Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options exercisable, exercise price								$ 1.39															$ 1.39					$ 1.39
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Options exercisable, exercise price								$ 2.79															$ 2.79					$ 2.79
Convertible Debentures [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debentures conversion, principal amount converted			$ 577,500
Debentures conversion, accrued interest converted			$ 27,500
Debentures conversion, shares issued			385,000
Weighted average strike price			$ 1.50
Warrant Holders [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock number of shares issued in transaction												12,212									24,447	24,217
Weighted average strike price											$ 1.35	$ 1.33									$ 1.41	$ 1.33		$ 1.35
Warrants sale of stock, shares											41,084	22,500												41,084
Sale of stock number of shares issued in transaction warrant											22,466
Warrant cash proceeds																					$ 34,370	$ 32,188
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units, shares								10,000		1,250		22,000		6,250				11,250	44,500	1,250	22,000	10,000
Time-Based Restricted Stock Units [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units, shares																												90,000		177,184
Restricted stock compensation expense																							$ 182,377			182,377		$ 662,726	547,131
Warrants outstanding								$ 228,000															228,000					$ 228,000
Unrecognized compensation expenses recognition period																												6 months
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized compensation expenses recognition period																												1 year 6 months
Stock options vesting period																												3 years
Stock options contractual term																												7 years
Stock-based Compensation																							276,328			350,006		$ 785,451	480,792
Unrecognized compensation expenses								$ 1,247,000															$ 1,247,000					$ 1,247,000
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 1.50
Sale of stock number of shares issued in transaction	1,386,469
Weighted average strike price	$ 0.90
Proceeds from issuance of private placement							$ 317,000
Proceeds from stock plans							$ 27,000
Proceeds from issuance of common stock	$ 1,248,000
Registered Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants sale of stock, shares												1,200,002
Registered Offering valued												$ 1,273,365
Private Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants sale of stock, shares								352,224															352,224					352,224
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants outstanding								$ 117,000															$ 117,000					$ 117,000
Stock-based Compensation																							$ 58,685			$ 0		$ 204,855	$ 41,662
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Value of warrants and additional shares issued
Common stock, shares																							1,151,224	1,200,002	793,585			3,970,989	118,164
Vesting of restricted stock units, shares																							11,250	22,000	6,250	11,250	33,250
Vesting of restricted stock units in lieu of compensation, shares																								20,200	30,300
Vesting of restricted stock units in lieu of compensation																								$ 20	$ 31
Stock issued for services, shares																							167,004	349,498	49,998		25,000
Stock issued for services, value																							$ 167	$ 350	$ 50		$ 25
Sale of stock number of shares issued in transaction warrant																								34,678
Warrant cash proceeds																							$ 11	$ 22	$ 6	$ 11	$ 33
Chief Executive Officer [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units, shares												10,100
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units in lieu of compensation, shares												20,200																30,300
Vesting of restricted stock units in lieu of compensation												$ 41,006																$ 74,589
Vesting of restricted stock units, shares													10,100	10,100	10,100	10,100
Service Provider [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares								16,672	16,666	133,666	16,666	16,666	16,666	16,666	16,666	16,666					25,000
Stock issued for services, value											$ 31,999	$ 32,332	$ 35,332	$ 34,165	$ 40,332	$ 48,581					$ 49,920
Service Provider [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares												300,000
Stock issued for services, value												$ 234,741
Service Provider One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares												250,000	42,000
Stock issued for services, value												$ 537,500	$ 89,040
Service Provider One [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares												80,000
Service Provider One [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, value												$ 87,485
Service One Provider [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares											7,500
Stock issued for services, value											$ 14,775
Employees and Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value of options on the date of grant																												$ 984,552		$ 1,543,087
2020 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of common stock authorized																																		1,000,000
Amended Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of common stock authorized						3,000,000																											1,000,000
Number of shares available to grant								843,535															843,535					843,535
Common stock available and reserved to be issued						3,000,000
Interest rate					$ 2,000,000
Amended Plan [Member] | Non-employee Director [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Maximum aggregate number of shares of common stock granted						10,000
Debenture Subscription Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Aggregate amount of convertiable promissory note					$ 550,000
Debentures maturity date					Jan. 26, 2024
Interest rate					10%
Convertible Debenture Conversion Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debentures maturity date			Jan. 26, 2024
Conversion price			$ 1.50																													$ 1.60
Debentures conversion, principal amount converted			$ 550,000
Debentures conversion, accrued interest converted			$ 27,500
Debentures conversion, shares issued			385,000
Debentures conversion, warrants issued			385,000
Warrant exercise price			$ 2
Loss on extinguishment of debt																												$ 534,366
Interest expense			$ 25,056
Interest income			$ 2,444
Convertible Debenture Conversion Agreements [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debentures conversion, shares issued			385,000
Debetures conversion, value of shares issued			$ 463,476
Convertible Debenture Conversion Agreements [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debetures conversion, value of shares issued			$ 45,834
Purchase Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price				$ 2
Sale of stock number of shares issued in transaction				1,200,002
Weighted average strike price				$ 1.50				$ 1.50															$ 1.50					$ 1.50
Warrants sale of stock, shares				1,200,002
Proceeds from offering of shares				$ 1,775,782
Payments of stock issuance costs				24,218
Purchase Agreement [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from offering of shares				1,273,365
Purchase Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceeds from offering of shares				$ 502,417
Purchase Agreements [Member] | Five Investor [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock number of shares issued in transaction		352,224
Weighted average strike price		$ 0.90

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended				9 Months Ended
	Feb. 02, 2024	Aug. 04, 2023	Dec. 31, 2023	Nov. 30, 2023	Oct. 31, 2023	Apr. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Number of shares sold		1,200,002	352,224	600,000	125,000	793,585
Sale price per share		$ 1.50				$ 2.75
Proceeds from common stock to be issued							$ 145,820
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares sold	1,386,469
Sale price per share	$ 0.90
Proceeds from common stock to be issued	$ 1,248,000
Warrant exercise price	$ 1.50