Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1266

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1266
---
 As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.

/s/
Marcum LLP

We
have served as the Company’s auditor from 2019 to 2024.

Morristown, New Jersey

June
24, 2024

F-3

BEYOND
AIR, INC. AND SUBSIDIARIES

CONSOLIDATED
BALANCE SHEETS

(in
thousands, except share data)

    March 31, 2025  
    March 31, 2024 

    ASSETS 

    Current assets 

    Cash and cash equivalents 
    $4,665  
    $11,378 
  
    Marketable securities 
     2,252  
     23,090 
  
    Restricted cash 
     231  
     230 
  
    Accounts receivable 
     710  
     319 
  
    Inventory, net 
     2,417  
     2,127 
  
    Other current assets and prepaid expenses 
     5,743  
     6,792 
  
    Total current assets 
     16,018  
     43,936 

    Licensed right to use technology 
     1,222  
     1,427 
  
    Right-of-use lease assets 
     1,706  
     2,121 
  
    Property and equipment, net 
     11,013  
     9,364 
  
    Other assets 
     103  
     113 
  
    TOTAL ASSETS 
    $30,062  
    $56,961 

    LIABILITIES AND STOCKHOLDERS’ EQUITY 

    Current liabilities 

    Accounts payable 
    $1,950