Company: AEMD
Filing Date: 2025-06-26
Form Type: 10-K
Source: 0001683168-25-004780
Chunk: 397

Company: AETHLON MEDICAL INC
Filing Date: 2025-06-26
Form: 10-K
Item: Item 1B
Chunk 397
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 material respects, the consolidated
financial position of the Company as of March 31, 2025, and the consolidated results of its operations and its cash flows for the year
then ended, in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of the Company
as of and for the year ended March 31, 2024 (the “fiscal 2024 consolidated financial statements”), before the effects of the
retroactive adjustments described in Note 4 with respect to the one-for-eight reverse stock split effective as of the close of business
on June 6, 2025 with an effective trading date of June 9, 2025, and the comparative disclosures related to the adoption of updated segment
reporting standards as discussed in Note 9, were audited by other auditors whose report dated June 27, 2024, expressed an unqualified
opinion, with an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern on
those statements. We also audited the adjustments described in Note 1 that were applied retroactively to the fiscal 2024 consolidated
financial statements to reflect the June 9, 2025 one-for-eight reverse stock split, as described in in Note 4 and with respect to segment
reporting in Note 9, and the related disclosures therein. In our opinion, such adjustments and related disclosures are appropriate and
have been properly applied. We were not engaged to audit, review, or apply any procedures to the fiscal 2024 consolidated financial statements
of the Company other than with respect to the adjustment and disclosures referred to herein and, accordingly, we do not express an opinion
or any other form of assurance on the fiscal 2024 consolidated financial statements taken as a whole.

Substantial Doubt About the Company’s
Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires
additional working capital to achieve its operating plans. These conditions raise substantial doubt about the Company’s ability
to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1 to the consolidated financial
statements. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification