PetVivo Reports Results for Third Quarter and First Nine Months of Fiscal 2026
MINNEAPOLIS, MN, US, Feb. 17, 2026 (GLOBE NEWSWIRE) --PetVivo Holdings, Inc. (OTCQX: PETV; OTC ID: PETVW), and its wholly owned subsidiaries PetVivo Animal Health and PetVivo AI, a leading biomedical company delivering innovative medical devices and therapeutics for equines and companion animals, reported financial and operational results for the third quarter and first nine months of its fiscal year 2026 ended December 31, 2025.
The company will hold a conference call today at 5:00 p.m. Eastern time to discuss the results and provide a business update, followed by a question-and-answer session (see dial-in information below).
Fiscal Q3 Operational Highlights
- Signed an exclusive 10-year white-label licensing agreement with Digital Landia for its breakthrough next-generation AgenticPet AI technology. AgenticPet features ten specialized diagnostic AI agents protected by five patent-pending innovations. The solution addresses the critical challenges facing today’s veterinary industry, particularly the skyrocketing client acquisition costs and the difficulty in capturing the fast-growing demographic of Gen Z pet parents.
- Launched the PetVivo.ai veterinary-practice platform, exclusively powered by Digital Landia’s AgenticPet AI technology, to select group of veterinarians under a beta-stage program. PetVivo.ai is a new AI-powered Software-as-a-Service platform for veterinarians which has demonstrated during this beta testing to deliver a 50%–90% reduction in veterinary customer acquisition cost—lowering it from $80–$400 typically spent per new customer target to less than $43 per target. PetVivo.ai employs automated AI-powered engagement that intelligently converts leads into paying veterinary customers.
PetVivo.ai complements PetVivo’s existing medical device offerings which it markets to a network of thousands of veterinary clinics across North America (including Mexico) and Europe. It provides a new recurring revenue stream for the company with high, 80% to 90%, gross margins and low-capex scalability. Interested veterinarians may request a free demo here.
- Digital Landia published a comprehensive technical whitepaper documenting the Agentic Pet AI Framework that powers PetVivo.ai and validates the technical foundation underlying the platform. It provides veterinary professionals, investors, and industry stakeholders with detailed visibility into the multi-agent artificial intelligence architecture that enables transformative clinical and economic benefits for their practice. It is available to download for free here.
- Joined forces with Veterinary Growth Partners (VGP), a management services organization (MSO) that supports veterinary practices with management and marketing tools, consulting, and vendor relationships designed to improve their efficiency and profitability. VGP has committed to actively promote PetVivo’s Spryng® with OsteoCushion® Technology and PrecisePRP™ to its expansive member network of more than 7,300 veterinary clinic members across the United States. PetVivo product training of the veterinarians in their network is currently underway, with plans to introduce the new PetVivo.ai practice management platform to VGP’s clinic membership in the near future.
- Launched online video explainer that walks viewers through the two-part ecosystem of PetVivo.ai, showing how it connects pet parents who need veterinary care with veterinary practices who need clients. Explains all 10 specialized AI agents, from behavioral scientists to radiologists, and demonstrates the complete user journey for both pet parents and veterinarians.
- Completed substantially Stage B of the company’s strategic partnership with PiezoBioMembrane, a spin-off from the University of Connecticut offering biodegradable piezoelectric materials for implantable and regenerative applications. The partnership is advancing the R&D of revolutionary functional biomaterials designed to promote regeneration, restoration and/or remodeling of damaged or injured tissue and bone in animals and humans.
Stage A of the three-phase joint R&D project successfully determined that materials of the partners’ respective products can be combined into a single offering that demonstrates piezoelectric activity that can potentially provide therapeutic benefits to animals and humans. Stage B determined that the combined product can be mass produced at scale and with preliminary indication of safety for administration in animals. Stage C, expected to begin in the second calendar quarter of 2026, will determine definitive safety and efficacy. The company also plans to initiate the process for FDA clearance for human applications.
- Appointed Josh Ruben to PetVivo’s board of directors, bringing to PetVivo a wealth of experience in healthcare and life sciences finance, capital markets and corporate strategy, along with a proven track record in the execution of multi-billion-dollar M&A and capital transactions. His deep understanding of the life sciences industry and strategic insights into growth-stage companies will prove invaluable as PetVivo continues to expand its market presence. Ruben currently serves as the managing director of Life Sciences at Trinity Capital, focused on venture lending to healthcare companies. He previously served in financial director roles with RBC Capital Markets and Wells Fargo Securities.
- Exhibited at the American Association of Equine Practitioners conference in December where the company demonstrated the research-backed benefits of Spryng® to leading veterinarian sports medicine and rehabilitation experts. Such events help drive the greater adoption of Spryng® by expanding awareness among key decision-makers of its effectiveness in the management of osteoarthritis in animals.
- Continued to advance the commercial launch of PrecisePRP™, the company’s proprietary and revolutionary allogeneic platelet rich plasma (PRP) therapeutic product for horses and dogs. Sold under an exclusive licensing and supply agreement with VetStem, the product has been receiving favorable reports from veterinarians regarding its ease-of-use.
- Advanced the company’s strategic collaboration with Commonwealth Markets, the syndicated ownership group behind the 2023 Kentucky Derby winner. Commonwealth has integrated both Spryng® and PrecisePRP™ into the care protocols of its top-tier thoroughbred stables. These two products are now being used as a management solution to promote joint health, extend performance longevity, and support recovery in high-impact training and racing environments.
- Further developed the company’s entrance of the European marketplace after the engagement in the previous quarter of Nupsala Group, a leading UK-based veterinary group that operates as both a veterinary wholesaler and referral provider, with a specialization in musculoskeletal (MSK) health, orthobiologics, and regenerative medicine for companion animals and horses. Nupsala will inventory, market and offer Spryng® with OsteoCushion® technology throughout the U.K. Initial order was shipped, and the official education and training of Nupsala’s sale force is scheduled to begin before the end of the current calendar quarter. This new international engagement follows PetVivo’s previously announced first entrance into the international market with the signing of Eq Especialidades to distribute products in Mexico.
- Completed the accumulation of data from the earlier announced canine elbow pilot study conducted by Orthobiologic Innovations, a leader in R&D for regenerative and sports medicine. The study was led by two prominent veterinarians, Sherman and Debra Canapp, who are currently working in cooperation with the company’s technical service veterinarians to incorporate the results into a white paper in preparation for submission to industry journals for potential publication. Additional canine and equine studies for tolerance and efficacy of Spryng® and PrecisePRP™ are in the initial stages of development.
- Continued to advance the company’s pipeline of new products, which includes functional biomaterials and tissue and bone mimicking biomaterials that may be used to enhance the delivery of pharmacological agents and promote the regeneration, restoration and/or remodeling of damaged or injured tissue and bone in animals and humans.
Subsequent Events
- Health Canada formally acknowledged PetVivo’s Spryng® with OsteoCushion® Technology as a veterinary medical device for use in Canada. Opening up a large new market opportunity, this regulatory action represents a major milestone in the company’s global commercialization strategy and recognizes how the veterinarian-administered, intra-articular injectable device can support joint health and aid in the management of lameness and other joint-related afflictions in animals. The official acknowledgment paves the way for commercial launch in Canada which is planned for the beginning of the third calendar quarter of 2026.
- Digital Landia officially launched the public access beta to its AgenticPet B2C solution for pet owners. The launch includes access to 10 specialized AI agents: veterinarian, behavioral scientist, nutritionist, geneticist, vaccination specialist, trainer, blood analysis, radiologist, urinalysis, and fecal analysis. Users can access long term memory capabilities, multi-pet management and digital twin avatars. AgenticPet targets Gen Z pet owners who represent 20% of U.S. pet households, with ownership growing more than 43% annually.
AgenticPet has the capability to intake animal medical data, such as physician medical records, medical imaging and lab results and then assist the veterinarian in diagnosing afflictions and diseases and then suggest treatment options. Given how AgenticPet accomplishes this with an amazing 97% accuracy, this technology represents a paradigm shift in how we address the physical health of companion animals.
- Digital Landia reported that the public launch of its B2C AgenticPet solution “crushed expectations” with the onboarding of 1,000+ active beta users in less than 72 hours, and thereby validating the massive pent up demand for AI-driven preventive pet healthcare. The rapid adoption confirms the market thesis that pet owners are desperately seeking proactive solutions that catch health issues before symptoms emerge rather than relying upon outdated reactive care models. The success of the beta program also strengthens the value proposition of the B2B PeteVivo.ai for thousands of veterinarian clinics in the PetVivo nationwide network.
- Exhibited PetVivo’s lead veterinarian products at the Florida Veterinary Medical Association Ocala Equine Conference held last week at the World Equestrian Center in Ocala, Florida. The company is planning to exhibit at three more major conferences this Spring which are typically significant drivers of product adoption and new sales.
Management Commentary
“Our third fiscal quarter represented another period of rapid transformation and platform advancement, as we continued to intensify our focus and apply our limited resources on the greatest opportunities ahead of us,” commented PetVivo CEO, John Lai. “Many of these new opportunities were introduced over the course of the past year and have required extraordinary attention and time to ensure their successful launch.
“From the beginning, our primary objective has been to create for our stakeholders the greatest opportunities for rapid growth and market expansion. This includes generating strong recurring revenue streams that support the highest potential valuation for our company.
“The clinical validation and broad market adoption of our flagship product, Spryng with OsteoCushion Technology, has brought us far along toward this goal. And now this has set the stage for the launch of technology and products that promise to exceed even Spryng’s great potential.
“We have made tremendous progress with new strategic alliances and collaborations with several new technology partners, including Digital Landia. During the third quarter, we signed an exclusive 10-year white-label licensing agreement for their breakthrough next-generation AgenticPet AI technology.
“Among this technology’s many capabilities, the solution addresses the critical challenges facing today’s veterinary industry, including skyrocketing client acquisition costs and the difficulty in capturing the fast-growing demographic of Gen Z pet parents. Following this signing, we moved quickly to launch online our new PetVivo.ai veterinary practice platform that is exclusively powered by this AgenticPet AI technology.
“PetVivo.ai is a new AI-powered Software-as-a-Service platform for veterinarians that we believe is the first of its kind on the market. It provides us with what we believe to be a strong first-mover advantage in the industry. Under the beta launch, we have engaged a select group of veterinarian practices for PetVivo.ai who have provided us with tremendous positive feedback and valuable results. PetVivo.ai. has demonstrated a remarkable 50% to 90% reduction in veterinary customer acquisition cost—lowering it from the $80 to $400 typically spent per target customer down to less than $43 each.
“This highly effective AI-powered solution greatly complements our medical device offerings which we market to our network of thousands of veterinary clinics across North America and Europe. PetVivo.ai creates a new recurring revenue stream with high, 80% to 90% gross margins, combined with low-capex scalability.
“In support of the launch of PetVivo.ai, during the quarter Digital Landia published a comprehensive technical whitepaper that documents the Agentic Pet AI Framework that powers this technology. The paper validates the technical foundation underlying our new B2B platform. It provides veterinary professionals, investors and industry stakeholders with detailed visibility into the multi-agent artificial intelligence architecture that enables its transformative clinical and economic benefits.
“Given the strength of this report, we expect our PetVivo AI solution to rival mainstream AI applications in terms of adoption rates. We also expect it to create tremendous visibility for our existing brands and eventually for the other new solutions in our product pipeline.
“For our part, during the quarter we launched an online video explainer that walks you through the two-part ecosystem of PetVivo.ai. It shows how PetVivo.ai intelligently connects pet parents with veterinary practices looking for new clients. If you haven’t yet watched it, we very much encourage you to do so, as then you will understand why we are so excited about this new offering.
“Another exciting event that occurred in the current quarter is Digital Landia’s launch of its public access beta to its B2C AgenticPet solution for pet owners. The launch targets Gen Z pet owners who represent 20% of U.S. pet households, and where pet ownership is growing at more than 43% annually.
“AgenticPet has the capability to intake animal medical data, such as physician medical records, medical imaging and lab results, used this to assist veterinarians in diagnosing afflictions and diseases, and suggests treatment options. Given how AgenticPet determines the correct diagnosis with an amazing 97% accuracy, this technology represents a paradigm shift in how we address the physical health of companion animals.
“Digital Landia recently reported that the launch of the B2C AgenticPet “crushed expectations” with the onboarding of 1,000+ active beta users in less than 72 hours. This rapid onboarding clearly validates the massive pent-up demand for AI-driven preventive pet healthcare.
“It confirms that pet owners are desperately seeking proactive solutions that catch health issues before symptoms emerge, rather than relying upon outdated reactive care models. The success of the beta program also strengthens the value proposition of our B2B PetVivo.ai solution for thousands of veterinarian clinics in the PetVivo nationwide network.
“During the quarter we also joined forces with Austin, Texas-based, Veterinary Growth Partners. As a management services organization (MSO), VGP supports veterinary practices with service that improve their efficiency and profitability.
“VGP has committed to actively promote our Spryng with OsteoCushion Technology and PrecisePRP™ to its expansive member network of more than 7,300 veterinary clinic members across the United States. Product training of the veterinarians in their network is currently underway, and we’re planning to introduce our new PetVivo.ai practice management platform to VGP’s clinic membership following this training period for Spryng.
“Also, during the quarter, we substantially completed Stage B of our strategic partnership with PiezoBioMembrane who offers advanced biodegradable piezoelectric materials for implantable and regenerative applications. Stage A of the three-stage R&D project successfully determined that materials of our respective products can be combined into a single offering and demonstrated its piezoelectric activity can potentially provide therapeutic benefits to animals and humans. Stage B determined that the combined product can be mass produced at scale and with preliminary indication of safety for administration in animals.
“Stage C, which is expected to begin in the second calendar quarter of 2026, will determine definitive safety and efficacy. We are also planning to soon initiate the process for FDA clearance for human applications.
“We have continued to advance the commercial launch of our PrecisePRP™ solution, a proprietary and revolutionary allogeneic platelet rich plasma (PRP) regenerative product for horses and dogs that complements our Spryng product offering. Part of these efforts have included exhibiting the benefits of PrecisePRP and Spryng at various major industry conferences. Such events help drive the greater adoption of our products by expanding awareness among key decision-makers of their effectiveness in the management of osteoarthritis in animals.
“During the quarter, we also further developed our entrance of the European marketplace after our engagement of Nupsala Group in the previous quarter. For those unfamiliar, Nupsala is a leading UK-based veterinary group that operates as both a veterinary wholesaler and referral provider.
“Nupsala has begun to inventory, market and offer Spryng throughout the U.K. The official education and training of Nupsala’s sales force is scheduled to begin before the end of this current calendar quarter.
“The combination of Spryng with PrecisePRP has been receiving very favorable reports from veterinarians, especially regarding their ease-of-use and effectiveness in the management of osteoarthritis in horses and companion animals. These results led to Health Canada recently acknowledging Spryng as a veterinary medical device for use in Canada.
“This action represents a major milestone in our global commercialization strategy as the first such recognition by an international regulatory body. As such, it has created a large new international market opportunity. The Canadian animal healthcare market is reportedly growing at 6.8% CAGR to exceed $4.4 billion by 2031.
“The official acknowledgment by Health Canada paves the way for commercial launch in the country. Preparations are underway and we’re currently planning for the official launch at the beginning of the third calendar quarter of 2026.
“Meanwhile, we will continue to expand the awareness of the benefits of both innovative products among key decision-makers, including presenting at several major conferences this year. These conferences are typically significant drivers of product adoption and new sales.
“We also continue to advance our pipeline of new products. This includes new functional biomaterials and tissue and bone mimicking biomaterials that may be used to enhance the delivery of pharmacological agents or promote the regeneration, restoration and/or remodeling of damaged or injured tissue and bone in animals and humans.
“Altogether, our technologies have created an exciting future for PetVivo that is transformative to not only veterinarians and the patients they serve, but potentially for humans as well.
“Looking ahead, we expect to see continued sales momentum and market penetration for the duration of fiscal 2026 and beyond. In fact, we have never been in a better position to accelerate our growth and expand across high growth U.S. and international markets. The U.S. animal health market alone is expected to double to $11.3 billion by 2030, with such massive growth providing us strong tailwinds.
“To better tap this market opportunity, we are in advanced discussions with an outside sales and marketing firm that specializes in our industry and brings an experienced sales team and established distribution network. They would complement our in-house sales team. We hope to provide additional details on this soon.
“As we continue to grow and expand over the coming quarters, we will remain committed to advancing the best in pet health solutions, and ensuring our products reach more veterinary professionals and pet owners – with our success in these efforts driving greater value for our stakeholders.”
Fiscal Q3 and First Nine Months of Fiscal 2026 Financial Results
For the company’s financial results for the quarter and nine month period ended December 31, 2025, please see the Form 10Q as provided on the company’s website here or at sec.gov, as well as see the Consolidated Statements of Operations and Consolidated Balance Sheet included below.
Conference Call
PetVivo management will host a conference call later today to discuss the fiscal third quarter’s financial and operational results, followed by a question-and-answer period.
Date: Tuesday, February 17, 2026
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: +1 719 359 4580
Conference ID: 82997673848
Passcode: 956814
Webcast (live and replay): Click Here
A replay of the webcast will be available through the same link following the conference call.
The conference call webcast is also available via a link in the Investors section of the company’s website at petvivo.com/investors.
About PetVivo Holdings
PetVivo Holdings Inc. (OTCQX: PETV; OTCID: PETVW), through its wholly owned subsidiaries PetVivo Animal Health, Inc. and PetVivo AI, Inc., is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals.
The company 's strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a robust pipeline of products for the treatment of animals and people. A portfolio of twelve patents and six trade secrets protect the Company 's biomaterials, products, production processes and methods of use. The company’s lead products SPRYNG® with OsteoCushion® technology, a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses, and PrecisePRP®, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians, are currently available for commercial sale.
To learn more, visit petvivo.com or sprynghealth.com.
Disclosure Information
PetVivo uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company’s Investor Relations website, in addition to following the company’s press releases, SEC filings, public conference calls, presentations and webcasts.
Forward-Looking Commercial Statements
The foregoing information regarding PetVivo Holdings, Inc. (the “Company”), including its subsidiaries may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
John Lai, CEO
PetVivo Holdings, Inc.
Email Contact
Tel (952) 405-6216
PETVIVO HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| December 31, 2025 | March 31, 2025 | |||||||
| Assets: | ||||||||
| Current Assets | ||||||||
| Cash | $ | 18,164 | $ | 227,689 | ||||
| Accounts receivable, net of allowance for credit losses | 29,862 | 60,573 | ||||||
| Subscriptions and warrant exercise receivable (Note 15) | 202,500 | 4,400,000 | ||||||
| Inventory (Note 3) | 605,390 | 323,504 | ||||||
| Investments | 150,000 | 150,000 | ||||||
| Prepaid expenses and other assets (Note 4) | 377,362 | 447,801 | ||||||
| Total Current Assets | 1,383,278 | 5,609,567 | ||||||
| Property and Equipment, net (Note 5) | 463,630 | 766,874 | ||||||
| Other Assets: | ||||||||
| Operating lease right-of-use | 70,560 | 961,539 | ||||||
| Patents and trademarks, net (Note 6) | 20,967 | 23,725 | ||||||
| Licensing Agreements, net (Note 7) | 2,424,889 | 1,950,000 | ||||||
| Security deposit | 12,830 | 27,490 | ||||||
| Total Other Assets | 2,529,246 | 2,962,754 | ||||||
| Total Assets | $ | 4,376,154 | $ | 9,339,195 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 385,641 | $ | 821,081 | ||||
| Accrued expenses (Note 8) | 541,203 | 948,554 | ||||||
| Operating lease liabilities – current portion | 61,577 | 163,834 | ||||||
| Notes payable and accrued interest – current portion (Note 9) | - | 312,865 | ||||||
| Convertible notes payable and accrued interest, net of debt discount of $0 and $149,644 (Note 10) | - | 1,622,377 | ||||||
| Derivative liabilities | - | 448,089 | ||||||
| Total Current Liabilities | 988,421 | 4,316,800 | ||||||
| Other Liabilities | ||||||||
| Operating lease liabilities (net of current portion) | 8,983 | 797,705 | ||||||
| Notes payable and accrued interest (net of current portion) (Note 10) | - | 5,442 | ||||||
| Total Other Liabilities | 8,983 | 803,147 | ||||||
| Total Liabilities | 997,404 | 5,119,947 | ||||||
| Commitments and Contingencies (see Note 12) | ||||||||
| Stockholders’ Equity: (Note 13) | ||||||||
| Preferred Stock, par value $0.001, 20,000,000 shares authorized: | ||||||||
| Series A Preferred stock: 0 and 3,045,000 shares issued and outstanding at December 31, 2025 and March 31, 2025 | - | 3,045 | ||||||
| Series B Preferred stock: 5,000,000 shares issued and outstanding at December 31, 2025 and March 31, 2025 | 5,000 | 5,000 | ||||||
| Common Stock, par value $0.001, 250,000,000 shares authorized, 34,450,942, and 24,181,537 issued and outstanding at December 31, 2025 and March 31, 2025, respectively | 34,451 | 24,182 | ||||||
| Additional Paid-In Capital | 102,326,693 | 95,385,511 | ||||||
| Accumulated Deficit | (98,987,394 | ) | (91,198,490 | ) | ||||
| Total Stockholders’ Equity | 3,378,750 | 4,219,248 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 4,376,154 | $ | 9,339,195 |
PETVIVO HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 286,108 | $ | 583,313 | $ | 886,892 | $ | 907,783 | ||||||||
| Cost of Sales | 141,396 | 61,497 | 335,396 | 95,653 | ||||||||||||
| Gross Profit | 144,712 | 521,816 | 551,496 | 812,130 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Sales and Marketing | 760,770 | 723,461 | 2,169,745 | 1,878,180 | ||||||||||||
| Research and Development | 322,991 | 371,953 | 924,937 | 1,224,642 | ||||||||||||
| General and Administrative | 1,252,406 | 1,184,807 | 3,557,953 | 3,685,186 | ||||||||||||
| Total Operating Expenses | 2,336,167 | 2,280,221 | 6,652,635 | 6,788,008 | ||||||||||||
| Operating Loss | (2,191,455 | ) | (1,758,405 | ) | (6,101,139 | ) | (5,975,878 | ) | ||||||||
| Other (Expense) Income | ||||||||||||||||
| Loss on Disposal of Assets | - | - | (149,125 | ) | - | |||||||||||
| Unrealized Loss on Change in Derivative Liabilities | - | - | (320,404 | ) | - | |||||||||||
| Other Income | - | 25,745 | 111,518 | 25,745 | ||||||||||||
| Interest Income | - | - | 13,099 | - | ||||||||||||
| Interest Expense | - | (24,378 | ) | (1,064,250 | ) | (29,461 | ) | |||||||||
| Total Other Income (Expense) | - | 1,367 | (1,409,162 | ) | (3,716 | ) | ||||||||||
| Loss before taxes | (2,191,455 | ) | (1,757,038 | ) | (7,510,301 | ) | (5,979,594 | ) | ||||||||
| Income Tax Provision | - | - | - | - | ||||||||||||
| Net Loss | (2,191,455 | ) | (1,757,038 | ) | (7,510,301 | ) | (5,979,594 | ) | ||||||||
| Less: Series B Preferred Stock Dividends | (125,000 | ) | - | (278,603 | ) | - | ||||||||||
| Net Loss Available to Common Stockholders | $ | (2,316,455 | ) | $ | (1,757,038 | ) | $ | (7,788,904 | ) | $ | (5,979,594 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic and Diluted | $ | (0.07 | ) | $ | (0.09 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic and Diluted | 33,674,322 | 20,632,921 | 28,534,080 | 19,786,608 |
See accompanying notes to these unaudited condensed consolidated financial statements.
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