Company: XAIR
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023243
Chunk: 70

Company: Beyond Air, Inc.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part II, Item 8
Chunk 70
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of Presentation

The
unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles
in the United States (“U.S. GAAP”) for interim financial information and with the instructions to the Form 10-Q. Accordingly,
they do not include all the information and footnotes required to be presented for complete financial statements. The accompanying unaudited
condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion
of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed
consolidated balance sheet as of March 31, 2025 has been derived from the audited consolidated financial statements included in the Company’s
Annual Report on Form 10-K for the year ended March 31, 2025 (the “2025 Annual Report”), filed with the U.S. Securities and
Exchange Commission (the “SEC”) on June 20, 2025. The unaudited condensed consolidated financial statements and related disclosures
should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto included
in the 2025 Annual Report on Form 10-K.

Principles
of Consolidation

These
unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of all of the Company’s
subsidiaries and a variable interest entity (“VIE”) for which the Company is the primary beneficiary. As the Company has
both the power to direct activities of Beyond Cancer Ltd. and its affiliates (“Beyond Cancer”) and of NeuroNOS Ltd. and its
affiliates (“NeuroNos”) that most significantly impact these entities’ economic performance and the right to receive
benefits and losses that may potentially be significant, these financial statements are fully consolidated with those of the Company.
The non-controlling owners’ 20% interest in Beyond Cancer’s net assets and result of operations and the 11.8% interest in
NeuroNos’ net assets and result of operations is reported as “non-controlling interest” on the Company’s unaudited
condensed consolidated balance sheets and as “net loss attributable to non-controlling interest” in the Company’s unaudited
condensed consolidated statements of operations and comprehensive loss. All intercompany balances and transactions have been eliminated
in the accompanying unaudited condensed consolidated financial statements.

Use
of Estimates

The
preparation of financial statements in conformity