Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1276

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1276
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 a conformity assessment by a notified body in the European Union (the “EU”), as well as comparable foreign regulatory
authorities’ reviews or approvals in other countries or regions.

    F-9

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES

Basis
of Presentation and Principles of Consolidation

These
consolidated financial statements include the accounts of the Company and the accounts of all of the Company’s subsidiaries
and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. As the Company has both the
power to direct activities of Beyond Cancer Ltd. and its affiliates (“Beyond Cancer”) that most significantly impact
Beyond Cancer’s economic performance and the right to receive benefits and losses that may potentially be significant, these
financial statements are fully consolidated with those of the Company. The non-controlling owners’ 20%
interest in Beyond Cancer’s net assets and result of operations and the 11.8%
interest in NeuroNOS Ltd. and its affiliates (“NeuroNos”) net assets
and result of operations is reported as “non-controlling interest” on the Company’s consolidated balance sheets and
as “net loss attributable to non-controlling interest” in the Company’s consolidated statements of operations and comprehensive
loss. The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S.
(“GAAP”). All intercompany balances and transactions have been eliminated in the accompanying consolidated financial statements.

Use
of Estimates

The
preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S.
GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses for the reporting period. Actual results could significantly differ from those estimates. On an ongoing basis, the Company
evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and
clinical trial agreements, stock-based compensation, impairment assessments, accounting for licensed rights to use technologies and
other long-lived assets, the valuation of warrants, the valuation of derivatives, contingency recognition and accruals and the
determination of valuation allowance requirements on deferred tax attributes.

    F-10

BEYOND AIR, INC