Company: AEMD
Filing Date: 2025-06-26
Form Type: 10-K
Source: 0001683168-25-004780
Chunk: 891

Company: AETHLON MEDICAL INC
Filing Date: 2025-06-26
Form: 10-K
Item: Item 5
Chunk 891
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 be communicated to the audit committee
and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially
challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ Haskell & White LLP

HASKELL & WHITE LLP

We have served as the Company’s auditor since 2024.

Irvine,
California

June 26, 2025

 F-3 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the shareholders and the board of directors of Aethlon Medical,
Inc.:

Opinion on the Financial Statements

We have audited, before the effects of the adjustments to retrospectively
apply the changes in presentation of the Company’s segment disclosure described in Notes 1 and 9 and the effects of the 1-for-8
reverse stock split described in Note 4, the accompanying consolidated balance sheet of Aethlon Medical, Inc. and its subsidiary (the
"Company") as of March 31, 2024, the related consolidated statements of operations and comprehensive loss, equity, and cash
flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements, before the effects of the adjustments to retrospectively apply the changes in presentation
of the Company’s segment disclosure described in Notes 1 and 9 and the effects of the 1-for-8 reverse stock split described in Note
4, present fairly, in all material respects, the financial position of the Company as of March 31, 2024, and the results of their operations
and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

We were not engaged to audit, review, or apply any procedures to the
adjustments to retrospectively apply the changes in segment presentation described in Notes 1 and 9 and reverse stock split in Note 4,
and accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been
properly applied. The adjustments were audited by other auditors.

Going Concern Uncertainty

The accompanying consolidated financial statements have been prepared
assuming the Company will continue as a going concern. As discussed in Note 1 of the consolidated financial statements, the Company has
recurring losses from operations, an accumulated deficit, expects to incur