Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 39

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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, L.P, a Delaware limited partnership (“Avenue 2” and, together
with Avenue, the “Lenders”) in the nine months ended December 31, 2023 and are liability classified. No warrants were exercised
in this period. All other warrants outstanding are equity classified.

Upon
completion of the Securities Purchase Agreement II and in accordance with their original terms, the 233,843 liability classified warrants
issued to Avenue in connection with a convertible debt issuance had their re-priced exercise price of $1.66 per share repriced to $0.3793
per share. The previously issued warrants have been, and will continue to be, liability classified and remeasured at each reporting period
until they are exercised, expire, reclassified or otherwise settled. The adjustment in the statements of operations for the exercise
price has been recorded as a revaluation of warrants fair value.

     20 

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
5 OTHER CURRENT ASSETS AND PREPAID EXPENSES

A
summary of current assets and prepaid expenses as of December 31, 2024 and March 31, 2024 is as follows (in thousands):

 SCHEDULE OF CURRENT ASSETS AND PREPAID EXPENSES

    December 31, 2024  
    March 31, 2024 
  
    Research and development 
    $150  
    $104 
  
    Insurance 
     199  
     886 
  
    Prepaid rents and tenant improvement 
     6  
     49 
  
    Demonstration materials 
     144  
     228 
  
    Value added tax receivable 
     85  
     229 
  
    Deposits to secure manufacturing materials 
     4,377  
     5,019 
  
    Other 
     183  
     277 
  
    Total 
    $5,144  
    $6,792 
  
    Prepaid expenses and other
    current assets 
    $5,144  
    $6,792 

NOTE
6 ACCRUED EXPENSES

A
summary of the accrued expenses as of December 31, 2024 and March 31, 2024 is as follows (in thousands):

 SUMMARY OF ACCRUED EXPENSES