Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 74

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 74
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 exchange for delivering the goods.

Amounts
billed in advance of performance obligations being satisfied are recognized as deferred revenue.

The
Company records the costs of shipping devices and consumables in cost of revenue in its unaudited condensed consolidated statements of
operations and comprehensive loss.

    11

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)

Fair
Value Measurements

As
of June 30, 2025 and March 31, 2025, the Company’s financial instruments included restricted cash, marketable securities, accounts
payable, long-term debt and liability classified warrants. The carrying amounts reported in the accompanying consolidated financial statements
for cash and cash equivalents, restricted cash and marketable securities approximate their respective fair values because of the short-term
nature of these accounts. The carrying value of the Company’s long-term debt approximates fair value based on current interest
rates for similar types of borrowings and is in Level 3 of the fair value hierarchy. The liability classified warrants liability is recorded
at fair value and is Level 3 of the fair value hierarchy.

The
following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis:

The
fair value amounts as of June 30, 2025 are:

 SCHEDULE OF FAIR VALUE ON A RECURRING BASIS 

    (in thousands) 
    Total  
    Level 1  
    Level 2  
    Level 3 

    Marketable securities: 

    Mutual funds 
    $1,487  
    $1,487  
    $-  
    $- 
  
    Total assets measured and recorded at fair value 
    $1,487  
    $1,487  
    $-  
    $- 

    Liabilities: 

    Warrant liability 
    $21  
    $-  
    $-  
    $21 
  
    Total liabilities measured and recorded at fair value 
    $21  
    $-  
    $-  
    $21 

The
fair value amounts as of March 31, 2025 are:

    (in thousands) 
    Total  
    Level 1