AKSO HEALTH GROUP AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars, except for shares) As of September 30, As of March 31, Note 2024 2024 USD USD ASSETS Current assets Cash and

HEALTH GROUP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

in U.S. dollars, except for shares)

notes to the unaudited condensed consolidated financial statements

HEALTH GROUP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)

in U.S. dollars, except for shares)

notes to the unaudited condensed consolidated financial statements

HEALTH GROUP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)

in U.S. dollars, except share data)

notes to the unaudited condensed consolidated financial statements

HEALTH GROUP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

in U.S. dollars, except share data)

notes to the unaudited condensed consolidated financial statements

HEALTH GROUP AND SUBSIDIARIES

TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1 - BUSINESS DESCRIPTION

and description of business

Health Group, formerly known as Xiaobai Maimai Inc., is a limited company incorporated under the laws of the Cayman Islands on April

25, 2016. Akso Health Group ("Akso Health"), its subsidiaries, and consolidated variable interest entities ("VIEs")

(collectively the "Company"), previously operated an online Peer to Peer ("P2P") marketplace business and micro-lending

business in the People's Republic of China (the "PRC"). Since May 2019, the Company has ceased to issue new loans through

its micro-lending business and since October 2019, the Company has ceased to conduct its P2P business. On December 30, 2020, the Company

completed the disposition transaction of its P2P business.

May 2020, the Company launched its social e-commerce platform to offer high-quality and affordable branded products through collaboration

with online and offline merchants. In addition, the Company is in the process of developing a new business as a cancer therapy and radiotherapy

oncology service provider with operations in the U.S. The Company plans to open 2 vaccine research centers and 100 radiation oncology

centers to be located on the east coast serving cancer patients in need of varying stages of treatment, including specialized radiation

therapy centers for radiotherapy (RT), personalized consultation, conventional treatment planning, and other cancer related treatment

services. On December 3, 2021, the shareholders approved the Company's plan to change its name to "Akso Health Group".

In January 2022, three centers were established in US and the Company started its business of sales of medical devices in US market.

In April 2022, the Company started its sales of medical devices in China market through its subsidiary Qingdao Akso Health Management

Co., Ltd. In May 2023, the Company disposed its social E-commerce business and would focus on healthcare business in the future. In April

15, 2024, the Company, through its wholly owned subsidiary Tianjin Akso Enterprise Management Co., Ltd. acquired 50% equity interests

in Tianjin Wangyi Cloud Technology Co., Ltd, and exploring its business in the field of clinic and Internet hospital, and at the end

of June 2024, the Company acquired additional 25% equity interests of Tianjin Wangyi Cloud Technology Co., Ltd. from minority shareholders.

of September 30, 2024, the Company's principal subsidiaries are as follows:

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

accompanying unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting

principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities

and Exchange Commission ("SEC"), regarding financial reporting, and include all normal and recurring adjustments that management

of the Company considers necessary for a fair presentation of its financial position and operating results. The results of operations

for the six months ended September 30, 2024 are not necessarily indicative of results to be expected for any other interim period or

for the full year of 2024. Certain prior year balances in the consolidated statements of operations and comprehensive (loss) and cash

flows have been reclassified to the current year's presentation.

consolidated financial statements and notes to the consolidated financial statements are presented in United States dollars ("US

Dollar" or "US$" or "$").

accompanying unaudited condensed consolidated financial statements include the financial statements of the Company, its subsidiaries,

its consolidated VIEs and VIE's subsidiaries for which the Company is the primary beneficiary. All inter-company transactions and

balances have been eliminated upon consolidation.

to the disposal of the social E-commerce business, which represented a strategic shift and had a major effect on the Company's

results of operations, revenues, costs and expenses related to the social E-commerce business have been reclassified in the accompanying

consolidated financial statements as discontinued operations for all the periods presented. Assets and liabilities of the social E-commerce

business were reclassified separately from other assets and liabilities of the Company on the consolidated balance sheets. Refer to Note

order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted

businesses, the Company operates its marketplace and restricted businesses in the PRC through certain PRC domestic companies, whose equity

interests are held by certain management members of the Company or onshore nominees of the Company ("Nominee Shareholders").

The Company obtained control over these PRC domestic companies by entering into a series of contractual arrangements with these PRC domestic

companies and their respective Nominee Shareholders. These contractual agreements cannot be unilaterally terminated by the Nominee Shareholders

or the PRC domestic companies. As a result, the Company maintains the ability to control these PRC domestic companies and is entitled

to substantially all of the economic benefits from these PRC domestic companies. Management concluded that these PRC domestic companies

are VIEs of the Company, of which the Company is the ultimate primary beneficiary. As such, the Company consolidated financial results

of these PRC domestic companies and their subsidiaries in the Group's consolidated financial statements. The principal terms of

the agreements entered into amongst the VIEs, their respective shareholders and the WFOE are further described below.

Business Cooperation Agreements

Exclusive Business Cooperation Agreements enable the WOFE to receive substantially all of the assets and business of the VIEs in the

PRC. Under these Agreements, the WOFE has the exclusive right to provide the VIEs with comprehensive technical support, consulting services

and other services during the term of these Agreements, including but not limited to software licensing; development, maintenance and

update of software, network systems, hardware and database; technical support and training for employees; consultancy on technology and

market information; business management consultation; marketing and promotion services, etc. The WOFE has the right to determine the

fees associated with the services it provides based on the technical difficulty and complexity of the services, the actual labor costs

it incurs for providing the services and some other factors during the relevant period. This Agreements remain effective unless otherwise

terminated in writing by WOFE.

2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Interest Pledge Agreements

to the Equity Interest Pledge Agreements, each Shareholder of the VIEs agreed to pledge their equity interest in the VIEs to the WOFE

to secure the performance of the VIEs' obligations under the Exclusive Business Cooperation Agreements and any such agreements

to be entered into in the future. Shareholders of the VIEs agreed not to transfer, sell, pledge, dispose of or otherwise create any encumbrance

on their equity interests in the VIEs without the prior written consent of the WOFE. The Pledges became effective on such date when the

pledge of the Equity Interest contemplated herein were registered with the relevant administration for industry and commerce (the "AIC")

and remain effective until all contract obligations have been fully performed and all secured indebtedness has been fully paid.

to the Exclusive Option Agreements, each of the Shareholders of the VIE irrevocably grant the WOFE an irrevocable and exclusive right

to purchase, or designate one or more persons (including individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate

organizations) to purchase the equity interests in the VIEs then held by such Shareholder of the VIEs once or at multiple times at any

time in part or in whole at the WOFE's sole and absolute discretion to the extent permitted by Chinese laws at the price of RMB

1 or at the price of the minimum amount of consideration permitted by the applicable PRC law at the time when such purchase occurs. These

three Agreements remain effective until all equity interests held by the shareholders of the VIEs in the VIEs have been transferred or

assigned to the WOFE and/or its designees.

to the three Loan Agreements, the WOFE agreed to lend each of the Shareholders of VIEs a loan only to subscribe to the registered capital

of the VIEs. The repayment of the loan shall be made by permitting the WOFE to execute its exclusive right to purchase shares from the

shareholders of the VIEs under the Exclusive Option Agreement as the repayment is equivalent to the consideration of the purchased shares.

The term of these loans is 10 years, which may be extended upon mutual written consent of all parties.

Shareholder of the VIEs, executed a Power of Attorney agreement with the WOFE and the VIEs, whereby Shareholders of the VIEs irrevocably