Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 370

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 16
Chunk 370
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 333  
     413 

    Net deferred tax 
     64,240  
     59,169 
  
    Valuation allowance 
     (64,240) 
     (59,169)
  
    Net deferred tax asset 
    $-  
    $- 

A reconciliation of income tax expense calculated
at the federal enacted statutory rate of 21% is as follows:

 SCHEDULE
OF STATUTORY US FEDERAL EFFECTIVE RATE

    March 31, 2025  
    March 31, 2024 
  
    Federal income tax at statutory rate 
     (21.00)% 
     (21.00)%
  
    State income tax, net of federal benefit 
     (2.73) 
     (2.51)
  
    Permanent items 
     (0.58) 
     (0.05)
  
    Non-deductible compensation 
     10.45  
     0.00 
  
    Change in valuation allowance 
     10.46  
     22.51 
  
    Research and development tax credits 
     (0.12) 
     (0.80)
  
    Foreign tax rate differential 
     0.65  
     0.08 
  
    Other 
     2.87  
     1.77 
  
    Change to foreign NOL’s 
     0.00  
     0.00 
  
    Effective income tax expense rate 
     0.00% 
     0.00%

Inflation Reduction Act

On August 16, 2022, the Inflation
Reduction Act of 2022 (the “Act”) was signed into law. The Act includes a new 15% corporate minimum tax and a 1% excise tax
on the value of corporate stock repurchases, net of new share issuances, after December 31, 2022. These provisions did not have a material
impact on the Company’s consolidated financial position as of March 31, 2025.

    F-30

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 13 COMMITMENTS AND CONTINGENCIES 

License Agreements

In August 2015, Beyond Air Ltd., a wholly-owned subsidiary
of the Company (“BA Ltd.”) entered