Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 96

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 13
Chunk 96
---
i
    Lee

    /s/
    William Forbes
     
    Director
     
    June
    20, 2025
  
    William
    Forbes

    /s/
    Robert Carey
     
    Director
     
    June
    20, 2025
  
    Robert
    Carey

105

BEYOND
AIR, INC. AND SUBSIDIARIES

CONSOLIDATED
FINANCIAL STATEMENTS

AS
OF MARCH 31, 2025

INDEX

    Page

    Report of Independent Registered Public Accounting Firm WithumSmith+Brown, PC (PCAOB ID:100)
    F-2

    Report of Independent Registered Public Accounting Firm Marcum LLP (PCAOB ID:688)
    F-3

    Consolidated Balance Sheets
    F-4

    Consolidated Statements of Operations and Comprehensive Loss
    F-5

    Consolidated Statements of Changes in Stockholders’ Equity
    F-6

    Consolidated Statements of Cash Flows
    F-8

    Notes to Consolidated Financial Statements
    F-9
    – F-33

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board
of Directors and Stockholders 

Beyond
Air, Inc.

Opinion
on the Consolidated Financial Statements

We
have audited the accompanying consolidated balance sheet of Beyond Air, Inc. (the “Company”) as of March 31, 2025, and
the related consolidated statements of operations and comprehensive loss, changes in stockholders’ equity, and cash flows for
the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our
opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Beyond Air, Inc.
as of March 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with accounting
principles generally accepted in the United States of America.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 2 to the consolidated financial statements, the Company has suffered recurring losses from operations, has
experienced negative cash flows from operating activities since inception, and has an accumulated deficit, that raise