Aethlon Medical, Inc. (AEMD) Earnings Call Transcript & Summary

Greetings, and welcome to the virtual Aethlon Medical 2020 Annual Stockholders Meeting. [Operator Instructions] As a reminder, this conference is being recorded. I'd now like to turn the floor over to your host, Dr. Charles Fisher, Chairman of the Board of Directors for Aethlon Medical. Please go ahead, sir.

Good morning to everyone. My name is Charles Fisher, and I'm the Chairman of the Board of Directors of Aethlon Medical. I'm very happy to welcome you to the Aethlon Medical 2020 Annual Shareholders Meeting. The meeting is now officially -- will now officially come to order. The time is 8:02 and on September 15, 2020. And the polls are now open for voting on all matters to be presented. As you know, we are hosting today's meeting through a virtual online platform hosted by Issuer Direct. Before we proceed with the formal business of the meeting, I'd like to introduce to you with the members of the Board and the business team who are with us today. The other members of the Board with us virtually today are Dr. Timothy Rodell, CEO; Edward Broenniman; Dr. Chetan Shah; Sabrina Martucci Johnson; and Guy Cipriani. The officers of the company with us virtually today are Dr. Timothy Rodell, CEO; and Mr. James Frakes, Chief Financial Officer. I'd also like to introduce Michael Lorber of Squar Milner LLP, the company's independent registered public accounting firm; and Julie Robinson, Seth Skolnik and [ Ranjit Bains ] of Cooley LLP, the company's outside legal counsel, who are in attendance -- also in attendance virtually and available to respond to appropriate questions as needed. Our order of business is the following: we will proceed with the formal order -- formal business of the meeting in the order set forth in the notice of annual meeting and proxy statement. We will first present the 4 proposals submitted for approval by our Board. We will take questions related to the proposals after the proposals have been presented, after which we will announce the preliminary results of the voting. As I mentioned earlier, the polls are open for voting for all matters to be presented. Each share of common stock is entitled to 1 vote. After I describe each item to be voted on, we will close the polls. We will not accept ballots, proxies, revocations or changes after the closing of the polls. If you have already submitted your vote by proxy and do not wish to change your vote, you do not need to vote now. And your shares will be voted as previously instructed. If you intend to vote and have not already done so, you must submit your vote online now in order for it to be counted. If you have not voted, I encourage you to vote online now. Stockholders of record and registered beneficial owners may submit questions or comments for the Q&A portion of this meeting. Once past the log-in screen, please click on the ask question box on the left side of your screen, type in your question and hit submit. We will try to answer questions submitted that are germane to the proposals and/or this meeting as and if we have time. Please submit your questions now to make sure they are received in a timely fashion for our review and response. Will the Secretary please report at this time with respect to the mailing of the notice of the meeting and the stockholders list?

I have at this meeting a complete list of the holders of record of the company's common stock on July 24, 2020, the record date for this meeting. A list of stockholders of record is available for inspection by stockholders during this meeting for any reason germane to this meeting. I also have an affidavit certifying that on July 28, 2020, a notice of Annual Meeting of Stockholders of the company was deposited in the United States mail to all stockholders of record at the close of business on July 24, 2020.

Thank you, Jim. At this point, I'm appointing Mr. Frakes to act as an inspector of election at this meeting. Mr. Frakes has taken and subscribed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. His function is to decide upon the qualification of the voters, accept their votes and when all balloting -- when balloting and all matters is completed, to tally the final votes. Will the Secretary please report at this time with respect to the existence of a quorum?

Proxies have been received for 8,409,432 of the 12,070,393 shares of common stock outstanding on the record date, which represents approximately 69.67% of the total number of outstanding shares. This constitutes a quorum for the meeting today, and we may now carry out the official business of the meeting.

Thank you, Jim. We will now proceed with the formal business of this meeting. After all the proposals have been described, we will answer any questions related to the proposals submitted online. As a reminder, we ask that any comments or questions during this portion of the meeting pertain only to these proposals. Please submit any questions as soon as possible for our review. There are 4 proposals to be considered by the stockholders at this meeting. The first item of business is election of 6 Directors to serve until the Annual Meeting of Stockholders in 2021 and until their successors are elected. The nominees are -- for Director are; Edward G. Broenniman; Guy F. Cipriani; Charles J. Fisher, Jr., M.D.; Sabrina Martucci Johnson; Timothy C. Rodell, M.D.; and Chetan S. Shah, M.D. The second item of business today is the ratification of the appointment of Squar Milner as our independent registered public accounting firm for the fiscal year ending March 31, 2021. The third item of business today is the advisory note on the executive compensation of the company's named executive officers as described in the proxy statement. The stockholders have been asked to vote on an advisory basis as described in the proxy statement. The fourth item of business today is the approval of the company's 2020 equity incentive plan as described in the proxy statement relating to this meeting. That was the final proposal for today's meeting. We will now review if there are any questions submitted about the proposals before we close the polls. As a reminder, we will only review and answer questions at this time that pertain to the proposals. Please note that our discussion today may include forward-looking statements, and our actual results may differ materially from those discussed here. Additional information concerning factors that could raise such a difference can be found in our most recent report -- filed quarterly report on Form 10-Q. Mr. Frakes, are there any questions?

There are no questions.