Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 667

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 1
Chunk 667
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 lenders including
its Chief Executive Officer Steven Lisi and director Robert Carey. The Term Sheet was approved by each of the Company’s independent
and disinterested directors, and the Audit Committee following the receipt of a recommendation from an independent investment bank. The
Term Sheet provides for the following expected terms: (i) principal amount of $11,500,000; (ii) ten-year term; (iii) interest of 15%
per annum of which 3% shall be payable in cash and 12% payable in kind through June
30, 2026 and thereafter all in cash; (iv) a royalty interest of 8% of the Company’s net sales on a quarterly
basis from July 2026 until the facility is repaid in full; and (v) the Company shall issue the lenders warrants to purchase shares of
the Company’s common stock at an exercise price of $0.3793 per share, in an aggregate amount equal to the quotient of the principal
divided by the exercise price. The Company finalized this loan and security agreement on November 1, 2024.

Director
Independence

Our
Board of Directors has determined that each of Erick Lucera, Yoori Lee, William Forbes and Robert F. Carey is independent within the
meaning of Rule 5605(a)(2) of the Nasdaq Listing Rules and the rules and regulations promulgated by the SEC. In making its independence
determinations, the Board of Directors sought to identify and analyze all of the facts and circumstances related to any relationship
between a director, his immediate family and the Company and our affiliates and did not rely on categorical standards other than those
contained in the Nasdaq rule referenced above.

ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit
Fees

On
December 17, 2024, our audit committee dismissed Marcum as the Company’s independent registered public accounting firm, and approved
the engagement of Withum as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2025,
effective immediately.

The
aggregate fees billed for (i) the fiscal year ended March 31, 2025 for professional services rendered by Withum for the audit of our
annual financial statements provided by Withum and in part by Marcum, in connection with statutory and regulatory filings or engagements
for this fiscal period, and (ii) the fiscal year ended March 31, 2024 for professional services rendered