Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 117

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part II, Item 8
Chunk 117
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 receives a fixed rental fee over the term of the arrangement. Contract terms
(generally one-to-three years) vary by customer and may include options to terminate the contract or options to extend the contract.
The LungFit® PH lease agreements are accounted for as operating leases. The non-lease components, including consumables and device-related
services are combined with the predominant lease component under the practical expedient. The fixed rental fee is recognized over the
period of the lease agreement on a straight-line basis.

The
Company recognized $1.1
million and $0.3
million in LungFit® PH lease revenues for the three months ended December 31, 2024 and December 31, 2023, respectively, included
revenues in the accompanying unaudited condensed  consolidated statements of operations. The Company received
approximately $1.0
million and $0.3
million in cash associated with leases which the Company is the lessor for the three months ended December 31, 2024 and December
31,2023, respectively. The Company has recorded $0.2
million and $0
million in deferred revenue as of December 31, 2024 and December 31, 2023, respectively.

The
Company recognized $2.6
million and $0.7
million in LungFit® PH lease revenues for the nine months ended December 31, 2024 and December 31, 2023, respectively, included
revenues in the accompanying unaudited condensed consolidated statements of operations. The Company received approximately $2.1
million and $0.4
million in cash associated with leases which the Company is the for lessor for the nine months ended December 31, 2024 and December
31,2023, respectively. The Company has recorded $0
million and $0.1
million in deferred revenue as of December 31, 2024 and December 31, 2023, respectively.

     25 

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED 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