Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1389

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 3
Chunk 1389
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 framework. This required extensive audit effort related to the application of the accounting framework.

How
the Critical Audit Matter Was Addressed in the Audit

Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included the following, among others: we obtained an understanding of, evaluated the design of
the operating effectiveness of controls over management’s process for the accounting treatment, read the agreements, and evaluated
the accounting for the warrant issuance. We tested management’s process, which included (i) evaluating the application of the accounting
framework used by management; (ii) tested the mathematical accuracy of management’s calculations; and (iii) tested the completeness
and accuracy of the underlying data used. Professionals with specialized skill and knowledge were used to assist in (i) evaluating management’s
application of the accounting framework and (ii) tested the mathematical accuracy of management’s calculation and conclusion related
to the accounting classification of the warrant issuances.

/s/
WithumSmith+Brown, PC

We
have served as Beyond Air, Inc.’s auditor since 2024.

East Brunswick,
New Jersey

June
20, 2025

F-2

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Stockholders and Board of Directors of

Beyond
Air, Inc.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheet of Beyond Air,
Inc. (the “Company”) as of March 31, 2024, the related consolidated statements of operations and comprehensive loss, stockholders’
equity and cash flows for the year ended March 31, 2024, and the related notes (the 2024 financial statements before the effects of the
adjustments discussed in Note 2 are not presented herein). In our opinion, the March 31, 2024 financial statements, before the effects
of the adjustments to respectively apply the change in accounting described in Note 2, present fairly, in all material respects, the financial
position of the Company as of March 31, 2024, and the results of its operations and its cash flows for the year ended March 31, 2024,
in conformity with accounting principles generally accepted in the United States of America.

We
were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change in accounting principle
described in Note 2 and accordingly, we do