Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 1010

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1B
Chunk 1010
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 to continue as a going concern. Management’s plans in regard to these matters are also described in
Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this
uncertainty. Our opinion is not modified with respect to this matter.

Retrospective
Application of a Change in Accounting Principle

The
consolidated financial statements of the Company as of and for the year ended March 31, 2024, before the effects of retrospective
application of a change in accounting principle described in Note 2 to the consolidated financial statements, were audited by other
auditors whose report, dated June 24, 2024, expressed an unqualified opinion on those statements. We audited the adjustments to the
2024 consolidated financial statements to retrospectively apply the change in accounting principle due to the adoption of Accounting
Standards Update 2023-07, Segment Reporting, as described in Note 2. In our opinion, such adjustments are appropriate and
have been properly applied. However, we were not engaged to audit, review, or apply any procedures to the 2024 consolidated
financial statements of the Company other than with respect to the retrospective adjustments and, accordingly, we do not express an
opinion or any form of assurance on the 2024 consolidated financial statements taken as a whole.

Basis
for Opinion

These
consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with
the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect
to Beyond Air, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.

We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether these consolidated financial statements are free of material misstatement, whether due to
error or fraud. Beyond Air, Inc. is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting
but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial
reporting. Accordingly, we