UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF ...

Financial Performance - Net revenues for the six months ended September 30, 2022, were $11,872,421, compared to $245,924 for the same period in 2021, representing a significant increase[6]. - Gross profit for the six months ended September 30, 2022, was $1,141,220, compared to $245,924 in 2021, indicating a substantial improvement[6]. - The net income attributable to Akso's shareholders for the six months ended September 30, 2022, was $810,338, a significant turnaround from a loss of $8,916,114 in 2021[6]. - For the six months ended September 30, 2022, the net income was $826,436 compared to a net loss of $8,916,114 for the same period in 2021[12]. - The company reported a comprehensive loss of $2,371,626 for the six months ended September 30, 2022, compared to a loss of $8,128,145 in 2021, showing improvement[6]. - The Company reported net revenues of $11,876,023 for the six months ended September 30, 2022, a decrease from $246,552 in the same period of 2021[57]. - The Company generated $11,858,313 in revenue from medical devices for the six months ended September 30, 2022, with no revenue reported in the same period of 2021[57]. - For the six months ended September 30, 2022, three customers accounted for 84.4% of total revenues, indicating a significant customer concentration risk[107]. Expenses and Liabilities - Total operating expenses decreased from $8,715,752 in 2021 to $2,191,410 in 2022, a reduction of approximately 74.9%[6]. - Total current liabilities decreased from $38,394,202 to $10,977,240, a reduction of approximately 71.4%[1]. - Cash flows from operating activities resulted in a net cash used of $1,334,116, a significant decrease from the net cash provided of $824,655 in the prior year[12]. - The net cash used in financing activities was $27,513,849, contrasting with net cash provided of $9,340,265 in the same period last year[12]. - Total current liabilities decreased to $48,044 as of September 30, 2022, from $89,205 as of March 31, 2022, representing a reduction of approximately 46%[36]. - Total shareholders' equity decreased from $12,283,606 to $9,930,054, a decline of approximately 19.2%[4]. Cash and Assets - Cash and cash equivalents decreased from $21,925,322 to $9,990,561, a drop of approximately 54.4%[3]. - As of September 30, 2022, cash and cash equivalents at the end of the year were $9,990,561, down from $15,456,824 at the end of the previous year[12]. - Cash and cash equivalents decreased to $674,477 as of September 30, 2022, down from $2,394,869 as of March 31, 2022[36]. - Total current assets decreased from $50,624,351 to $20,870,986, a decline of approximately 58.8%[3]. - Total assets as of September 30, 2022, amounted to $20,907,294, a decrease from $50,679,784 as of March 31, 2021[180]. - Inventory value decreased to USD 899,555 as of September 30, 2022, from USD 7.80 million as of March 31, 2022[119]. - Accounts receivable increased significantly to USD 7.99 million as of September 30, 2022, compared to USD 85,386 as of March 31, 2022[113]. Business Operations and Strategy - The company is developing a new business as a cancer therapy and radiotherapy oncology service provider, planning to open 2 vaccine research centers and 100 radiation oncology centers on the U.S. east coast[16]. - In January 2022, the company established three centers in the U.S. and began sales of medical devices in the U.S. market, expanding its operational footprint[16]. - The company has ceased its P2P business and micro-lending operations since 2019, marking a strategic shift in its business model[15]. - The company plans to continue its market expansion in China with the sales of medical devices starting in April 2022[16]. - The company began its business in the US market for the sale of medical devices in February 2022, expanding its market presence[43]. Legal and Compliance - The company relies on the legal enforceability of its VIE structure, which poses risks if found non-compliant with PRC laws[30]. - The company initiated legal proceedings against Jiuzheng Company for defaults, with an allowance for uncollectible other receivables changing to US$4.1 million as of September 30, 2022[122]. - The company has a loan agreement with Webao Limited for US$2.0 million at a 0% interest rate, with a balance of US$2.0 million due as of March 31, 2022[136]. Shareholder Information - The company has 69,763,933 shares outstanding as of September 30, 2022, unchanged from March 31, 2022[4]. - The company has a total authorized number of ordinary shares of 500,000,000, with a par value of $0.0001 each[149]. - The company completed a private placement on September 17, 2021, raising approximately $10.02 million by selling 6,340,000 units at $1.58 per unit[150]. - As of September 30, 2022, there were 6,340,000 warrants outstanding, each with a weighted average exercise price of $3.00 and a remaining contractual life of 4 years[152]. - The company authorized a share repurchase program of up to $25 million, having repurchased 1,165,883 ADSs for a total consideration of $3,988,370[170]. Tax and Regulatory Matters - The company’s subsidiaries in the U.S. are subject to federal and state income taxes, with a federal tax rate of 21% and a state tax rate of 6.5% for New York[141]. - The company has a full valuation allowance on net deferred tax assets for the years ended March 31, 2022, 2021, and 2020, indicating uncertainty regarding realization[90]. Risks and Challenges - The ongoing COVID-19 pandemic continues to adversely affect the company's business and financial results, with uncertainty regarding its future impact[108]. - The company experienced a foreign currency translation adjustment due to the RMB's exchange rate, which was 7.1135 as of September 30, 2022, compared to 6.4434 as of September 30, 2021[100]. - The company has a vendor concentration risk, with one vendor accounting for 100% of the purchases in the medical devices business started in April 2022[107].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020. OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR o SHELL COMPANY REPORT PURSUANT TO SECT ...

Hexindai Inc. (HX) Q1 2020 Results Earnings Conference Call September 18, 2019 8:00 AM ET Company Participants Daisy Wang - Investor Relation Xiaobo An - Chairman and CEO Kerrie Zhang - CFO Conference Call Participants Josh Vogel - Sidoti & Company Operator Hello, ladies and gentlemen, and thank you for standing by for Hexindai's First Quarter Fiscal Year 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and ...

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Hexindai Inc. (HX) Q4 2019 Results Earnings Conference Call June 18, 2019 8:00 AM ET Company Participants Daisy Wang - Investor Relation Xiaobo An - Chairman and CEO Lili Hua - Chief Operating Officer Johnson Zhang - CFO Conference Call Participants Josh Vogel - Sidoti & Company Operator Hello ladies and gentlemen and thank you for standing by for Hexindai’s Fourth Quarter and Fiscal Year 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. After management’s prepared remar ...