Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 48

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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ENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
11 – LEASE REVENUES (continued)

The
following schedule presents the minimum future lease payments under the LungFit® PH lease arrangements that were in place as of December
31, 2024 (in thousands): 

SCHEDULE
OF MATURITY OF FUTURE LEASE PAYMENTS 

    Future lease payments under the LungFit® PH lease arrangements (in thousands) 
    December 31 

    2025 
    $973 
  
    2026 
     2,934 
  
    2027 
     1,631 
  
    2028 
     356 
  
    Total 
    $5,894 

The
LungFit® PH devices are included in Property and Equipment (Note 3) and have the useful life of five years. Depreciation expense
related to leased LungFit® PH devices was $0.6 million and $0.6 million for the three months ended December 31, 2024 and December
31, 2023, respectively.

Depreciation
expense related to leased LungFit® PH devices was $1.7 million and $0.7 million for the nine months ended December 31, 2024 and December
31, 2023, respectively.

The
depreciation expense related to customer leased devices is included in the cost of revenue in the unaudited condensed consolidated
statements of operations and comprehensive loss.

Capitalized
sales commissions

Sales
commissions related to obtaining LungFit® PH lease agreements are accounted for as initial direct costs and are capitalized and amortized
on a straight-line basis over the lease term. Total capitalized costs for the three and nine months ended December 31, 2024 and December
31, 2023 were immaterial.

NOTE
12 – SUBSEQUENT EVENTS

None.

 26 

ITEM
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Note
Regarding Forward-Looking Statements

This
Quarterly Report on Form 10-Q (this “Form 10-Q”) contains “forward-looking statements.” We intend such forward-looking
statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in
this Form