Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1689

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 5
Chunk 1689
---
ization 
     8,066  
     5,713 
  
    Other 
     (15) 
     12 
  
    Depreciation 
     (2,337) 
     (1,924)
  
    Stock-based compensation 
     7,556  
     10,327 
  
    Capital loss carryforward 
     -  
     1,401 
  
    Reserves and accruals 
     36  
     1,200 
  
    Right-of-use asset 
     (298) 
     (376)
  
    Lease liability 
     333  
     413 

    Net deferred tax 
     64,240  
     59,169 
  
    Valuation allowance 
     (64,240) 
     (59,169)
  
    Net deferred tax asset 
    $-  
    $- 

A reconciliation of income tax expense calculated
at the federal enacted statutory rate of 21% is as follows:

 SCHEDULE
OF STATUTORY US FEDERAL EFFECTIVE RATE

    March 31, 2025  
    March 31, 2024 
  
    Federal income tax at statutory rate 
     (21.00)% 
     (21.00)%
  
    State income tax, net of federal benefit 
     (2.73) 
     (2.51)
  
    Permanent items 
     (0.58) 
     (0.05)
  
    Non-deductible compensation 
     10.45  
     0.00 
  
    Change in valuation allowance 
     10.46  
     22.51 
  
    Research and development tax credits 
     (0.12) 
     (0.80)
  
    Foreign tax rate differential 
     0.65  
     0.08 
  
    Other 
     2.87  
     1.77 
  
    Change to foreign NOL’s 
     0.00  
     0.00 
  
    Effective income tax expense rate 
     0.00% 
     0.00%

Inflation Reduction Act

On August 16, 2022, the Inflation
Reduction Act of 2022 (the “Act”) was signed into law. The Act includes a new 15% corporate