Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 204

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 14
Chunk 204
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net loss attributable to non-controlling interest” in the Company’s consolidated statements of
operations and comprehensive loss. All intercompany balances and transactions have been eliminated in the accompanying consolidated financial
statements.

Recently Adopted Accounting
Standards

In August 2020, the Financial Accounting Standards Board (“FASB”)
issued Accounting Standards Update (“ASU”) 2020-06 (“ASU 2020-06”), Debt — Debt with Conversion
and Other Options (Subtopic 470-20), to address the complexity associated with applying U.S. GAAP to certain financial instruments
with characteristics of liabilities and equity, which the Company adopted on April 1, 2023. ASU 2020-06 eliminated the beneficial conversion (and cash conversion) accounting models in
Subtopic 470-20 that require separate accounting for embedded conversion features, and simplified the settlement assessment to determine
whether it qualifies for equity classification. In addition, the new guidance requires entities to use the if-converted method to calculate
earnings per share for all convertible instruments and to include the effect of share settlement for instruments that may be settled in
cash or shares. The Company adopted ASU 2020-06 using the modified retrospective approach and applied the guidance to all financial instruments
that were outstanding as of the beginning of 2023. As the Company had not previously separated any financial instruments under the beneficial
conversion or cash conversion accounting models, there was no cumulative effect adjustment to the opening balance of retained earnings
as a result of adopting ASU 2020-06.

In November 2023, the FASB issued ASU-2023-07, Improvements
to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures about significant segment expenses. The amendments
in this update requires public entities to disclose significant segment expenses that are regularly provided to the Company’s Chief
Executive Officer as the Company’s Chief Operating Decision Maker (CODM). This ASU is effective for fiscal years beginning after December 15, 2023
(fiscal 2025 for the Company). We adopted this standard effective April 1, 2024 retrospectively for all periods presented. See
Note 14, “Variable Interest Entities,” for further information regarding our segment reporting.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements
to Tax Disclosures (Topic 740