Company: XAIR
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001493152-25-005678
Chunk: 98

Company: Beyond Air, Inc.
Filing Date: 2025-02-10
Form: 10-Q
Item: Part II, Item 8
Chunk 98
---
 Rebates”). The Company does not record AU Tax Rebates until payment is received
due to the uncertainty of receipt. In the nine months ended December 31, 2024 and December 31, 2023, the Company did not receive any
AU Tax Rebates.

     16 

BEYOND
AIR, INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE
2 SIGNIFICANT ACCOUNTING POLICIES AND OTHER RISKS AND UNCERTAINTIES (continued)

Supplier
Concentration

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

In
the three months ended December 31, 2024, the Company purchased approximately 96% of its materials from two third-party vendors, with
these vendors representing 87% and 9%, respectively. In the three months ended December 31, 2023, the Company purchased approximately
92% of its materials from two third-party vendors, with these vendors representing 87 and 5%, respectively.

In
the nine months ended December 31, 2024, the Company purchased approximately 97% of its materials from two third-party vendors, with
these vendors representing 90% and 7%, respectively. In the nine months ended December 31, 2023, the Company purchased approximately
89% of its materials from two third-party vendors, with these vendors representing 80% and 9%, respectively.

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 December 31, 2024 and March 31, 2024 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.

NOTE
3 PROPERTY AND EQUIPMENT

Property
and equipment consist of the following:

 SCHEDULE OF PROPERTY AND EQUIPMENT