Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 2597

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 9C
Chunk 2597
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 annually to offset future
taxable income, if any. This limitation would generally apply in the event of a cumulative change in ownership of the Company of more
than 50% within a three-year period. The Company has performed a study as of March 31, 2021 and determined that on or around February
15, 2017 and February 15, 2020 ownership changes for purposes of Section 382 have occurred. The annual limitations caused by these prior
ownership changes will no longer impact the utilizations of NOL’s after March 31, 2022. The Company has not updated the study since
March 31, 2021 and therefore has not determined if any other NOL limitations exist.

The components of net loss before the provision for
income taxes are as follows (in thousands):

SCHEDULE
OF PROFIT (LOSS) BEFORE TAXES

    For the Year Ended March 31, 2025  
    For the Year Ended March 31, 2024 
  
    Domestic 
    $(42,186) 
    $(54,757)
  
    Foreign 
     (6,293) 
     (9,538)
  
    Total 
    $(48,479) 
    $(64,295)

The tax effects of temporary
differences that gave rise to significant portions of the deferred tax assets were as follows (in thousands):

 SCHEDULE
OF DEFERRED TAX ASSET/LIABILITY

    March
                                            31, 2025  
    March 31, 2024 
  
    Net operating loss carryforwards 
    $48,702  
    $40,263 
  
    Research and development tax credits 
     2,197  
     2,140 
  
    Research and development tax credit capitalization 
     8,066  
     5,713 
  
    Other 
     (15) 
     12 
  
    Depreciation 
     (2,337) 
     (1,924)
  
    Stock-based compensation 
     7,556  
     10,327 
  
    Capital loss carryforward 
     -  
     1,401 
  
    Reserves and accruals 
     36  
     1,200 
  
    Right-of-use asset 
     (298) 
     (376)
  
    Lease liability 
     333  
     413