Company: AEMD
Filing Date: 2025-06-26
Form Type: 10-K
Source: 0001683168-25-004780
Chunk: 1994

Company: AETHLON MEDICAL INC
Filing Date: 2025-06-26
Form: 10-K
Item: Item 16
Chunk 1994
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 periods, disclosure and transition. Our practice is to recognize interest and/or penalties related to income tax
matters in income tax expense. During the years ended March 31, 2025 and 2024, we did not recognize any interest or penalties relating
to tax matters.

At and for the years ended March 31, 2025 and
2024, management does not believe the Company has any uncertain tax positions. Accordingly, there are no unrecognized tax benefits at March
31, 2025 or March 31, 2024.

Our tax returns remain open for examination by
the applicable authorities, generally 3 years for federal and 4 years for state. We are currently not under examination by any taxing
authorities.

8. COMMITMENTS AND CONTINGENCIES

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

We have had the following material changes to
our contractual obligations and commitments outside the ordinary course of business during the fiscal year ended March 31, 2025:

LEASE COMMITMENTS

Office, Lab and Manufacturing Space Leases

In December 2020, we entered into an agreement
to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space located at 11555 Sorrento Valley Road,
Suite 203, San Diego, California 92121 and 11575 Sorrento Valley Road, Suite 200, San Diego, California 92121, respectively. The agreement
carries a term of 63 months and we took possession of the office space effective October 1, 2021. We took possession of the laboratory
space effective January 1, 2022. In October 2021, we entered into another lease for approximately 2,655 square feet of space to house
our manufacturing operations located at 11588 Sorrento Valley Road, San Diego, California 92121. The term is for 55 months and we took
possession of the manufacturing space in August 2022. The current monthly base rent under the office and laboratory component of the lease
is $14,590. The current monthly base rent under the manufacturing component of the lease is $12,824.

The office, lab and manufacturing leases are coterminous
with a remaining term of 24 months. The weighted average discount rate is 4.25%.

As of March 31, 2025, we have right-of-use lease
assets of $601,846.

The following table presents