Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1307

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 2
Chunk 1307
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     223  
     275 
  
    Total short-term accrued expenses 
    $2,045  
    $8,402 

    F-25

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 LEASES

Lessees are required
to recognize operating and financing lease liabilities and corresponding right-of-use assets on the consolidated balance sheets and
provide disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. There were no
new leases entered into during the years ended March 31, 2025 and March 31, 2024. The right-of use assets and operating lease
liability are as follows (in thousands):

 SCHEDULE
OF OPERATING LEASE LIABILITY

    March 31, 2025  
    March 31, 2024 

    Right-of-use assets 
    $1,706  
    $2,121 

    Operating lease liability short-term 
    $396  
    $418 
  
    Operating lease liability long-term 
     1,486  
     1,898 
  
    Total 
    $1,882  
    $2,316 

Operating lease liabilities and their corresponding
right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments
to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in the Company’s
leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed
rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar
term, in a similar economic environment. Operating lease expense is recognized on a straight-line basis over the lease term and is included
in general and administrative and research development expenses.

The Company has other operating lease agreements with
commitments of less than one year or that are not significant, of which the Company recognized $0.2 million in general and administrative
expenses and less than $0.1 million in research and development expenses for the year ended March 31, 2025. For the year ended March 31,
2024, the Company recognized $0.5 million in general and administrative expenses and $0.1 million in research and development expenses
for other operating lease