Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 78

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 78
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 payments for qualified research and development expenditures
from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received
due to the uncertainty of receipt. For the three months ended June 30, 2025 and June 30, 2024, the Company received $0.1 million and
$0, respectively, in AU Tax Rebates.

Supplier
Concentration

The
Company relies on third-party suppliers to provide materials for its devices and consumables.

For
the three months ended June 30, 2025, the Company purchased approximately 89% of its materials from two third-party vendors, with these
vendors representing 56% and 33%, respectively. For the three months ended June 30, 2024, the Company purchased approximately 87% of
its materials from one third-party vendor.

Leases

Operating
lease assets are included within operating lease right-of-use assets, and the corresponding operating lease obligation on the consolidated
balance sheets as of June 30, 2025 and March 31, 2025 in accordance with ASC 842, Leases. The Company has elected not to present
short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal
terms that the Company is reasonably certain to exercise. All other lease assets and lease liabilities are recognized based on the present
value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit
rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the
present value of lease payments.

    14

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
3 PROPERTY AND EQUIPMENT

Property
and equipment consist of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT 

    (in thousands) 
    June 30, 2025  
    March 31, 2025 

    Clinical and medical equipment 
    $1,090  
    $1,048 
  
    Equipment deployable as part of a service offering 
     13,383  
     13,511 
  
    Computer equipment 
     951  
     927 
  
    Furniture and fixtures 
     499