Scott Grannis was Chief Economist from 1989 to 2007 at Western Asset Management Company, a Pasadena-based manager of fixed-income funds for institutional investors around the globe. He was a member of Western’s Investment Strategy Committee, was responsible for developing the firm’s domestic and international outlook, and provided consultation and advice on investment and asset allocation strategies to CFOs, Treasurers, and pension fund managers. He specialized in analysis of Federal Reserve policy and interest rate forecasting, and spearheaded the firm’s research into Treasury Inflation Protected Securities (TIPS). Prior to joining Western Asset, he was Senior Economist at the Claremont Economics Institute, an economic forecasting and consulting service headed by John Rutledge, from 1980 to 1986. From 1986 to 1989, he was Principal at Leland O’Brien Rubinstein Associates, a financial services firm that specialized in sophisticated hedging strategies for institutional investors.

Visit his blog: Calafia Beach Pundit (https://scottgrannis.blogspot.com/)

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Operator

Good day, and welcome to the Aethlon Medical Fiscal Year-end March 31, 2026, Financial Results and Corporate Update Conference Call. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Jim Frakes, CEO and CFO of Aethlon Medical. Please go ahead.

James Frakes
CEO, CFO, Chief Accounting Officer, Secretary & Director

Thank you, operator, and good afternoon, everyone. Welcome to Aethlon Medical’s Fiscal Year-end March 31, 2026, Earnings Conference Call. My name is Jim Frakes, and I’m the Chief Executive Officer and Chief Financial Officer of Aethlon Medical. At 4:15 p.m. Eastern Time today, Aethlon Medical released financial results for its fiscal year ended March 31, 2026. If you have not seen or received Aethlon Medical’s earnings release, please visit the Investors page at www.aethlonmedical.com to view it.

Following this introduction and the reading of the company’s forward-looking statement disclaimer, Dr. Steven LaRosa, our Chief Medical Officer, and I will provide an overview of Aethlon’s strategy and recent developments. I will then make some brief remarks on Aethlon’s financials. We will then open up the call for the Q&A session.

Before we start the business portion of the call, please note that the news release today and this call contain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934 as amended. The company cautions you that any statement that is not a statement of

Soccer fans hoping to watch the World Cup in person may need a housing-sized budget.

The tournament kicks off Thursday in Mexico City, launching a six-week event expected to draw between 5 million and 6 million fans across 16 North American host cities. But for many U.S. fans, getting inside the stadium has become a major financial hurdle, according to Realtor.com.

In five of the 11 U.S. host cities, the cheapest available World Cup tickets for late-stage tournament matches cost more than the average monthly mortgage payment in that market, Realtor.com reported, citing real estate research firm PropertyShark.

HERSHEY’S LAUNCHES LIMITED-EDITION CHRISTIAN PULISIC CHOCOLATE BARS HONORING THEIR HOMETOWN WORLD CUP STAR

A general view outside MetLife Stadium on June 9, 2026, in East Rutherford, New Jersey.  (Catherine Ivill – AMA/Getty Images)

That means fans in Miami, Dallas, Atlanta, Kansas City and the New York area could spend the equivalent of a mortgage payment — or more — for a single seat.  The figure does not include airfare, hotel stays, food, parking or merchandise.

The steepest prices are for the July 19 final at MetLife Stadium in East Rutherford, New Jersey. The least expensive seats are listed at $7,256, far above New York’s average monthly mortgage payment of $4,096 and average rent of $4,872, according to Realtor.com.

In Dallas, the cheapest tickets for the July 14 semifinal are listed at $2,391, slightly above the city’s average mortgage payment of $2,351. In Atlanta, the lowest-priced semifinal tickets are $2,208, above the average mortgage payment of $2,149, the outlet reported.

10 HOTTEST RENTAL HOUSING MARKETS IN THE US THIS SUMMER

A general view of FIFA World Cup 2026 signage at Kansas City Stadium on June 8, 2026, in Kansas City, Missouri. (Jay Biggerstaff/Getty Images / Getty Images)

Kansas City’s cheapest seats for a July 11 match are $1,567, compared with an average mortgage payment of $1,477. In Miami, the lowest-priced tickets for Colombia versus Portugal on June 27 are $2,700, nearly matching the city’s average mortgage payment and rent, according to Realtor.com.

Some consumers have already been priced out. A LiveSportsonTV survey of 1,008 U.S. soccer fans found that 52% had given up on buying World Cup tickets because of high prices.

“We’re seeing unprecedented prices for events like the World Cup because of supply and demand, to put it simply,” Mark Sanaiha of Macallan Capital said in a statement. “For years, the experience economy has outpaced wage growth, and younger generations aren’t planning to change that trajectory.”

AMERICANS OPTIMISTIC ABOUT INNOVATION ADDRESSING MAJOR CHALLENGES, SURVEY FINDS

A detailed view of a FIFA World Cup 2026 sign inside Dallas Stadium on April 13, 2026, in Arlington, Texas.  (Stacy Revere/Getty Images / Getty Images)

The pricing has also drawn scrutiny from state officials. Attorneys general in Texas, New York, New Jersey and California have launched probes into World Cup ticket pricing and packaging policies, Realtor.com reported.

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“Being honest about ticket sales is not complicated,” New Jersey Attorney General Jennifer Davenport said in a statement. “But FIFA has turned buying a ticket to the World Cup into a gauntlet of confusion, fake scarcity, and impossibly high prices — all at the expense of consumers and hardworking New Jerseyans.”