Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 29

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit
rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the
present value of lease payments.

NOTE
3 PROPERTY AND EQUIPMENT

Property
and equipment consist of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT

    (in thousands) 
    December 31, 2024  
    March 31, 2024 

    Clinical and medical equipment 
    $1,938  
    $2,174 
  
    Equipment deployable as part of a service offering 
     12,863  
     8,208 
  
    Computer equipment 
     927  
     860 
  
    Furniture and fixtures 
     505  
     534 
  
    Leasehold improvements 
     509  
     612 
  
    Property
    and equipment, gross 
     16,742  
     12,388 
  
    Accumulated depreciation 
     (5,089) 
     (3,024)
  
    Property
    and equipment, net 
    $11,652  
    $9,364 

Depreciation
and amortization for the three months ended December 31, 2024 and December 31, 2023 was $0.8 million and $0.4 million, respectively.

Depreciation
and amortization for the nine months ended December 31, 2024 and December 31, 2023 was $2.2 million and $1.2 million, respectively.

     17 

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
4 STOCKHOLDERS’ EQUITY

On
February 4, 2022, the Company entered into an At-The-Market Equity Offering Sales Agreement with Truist Securities, Inc (the “2022
ATM”), allowing the Company to sell its common stock for aggregate sales proceeds of up to $50 million from time to time and at
various prices, subject to the conditions and limitations set forth in the 2022 ATM. If shares of the Company’s common stock are
sold, there is a 3% fee paid to the sales agent. Pursuant to the “baby shelf