Company: XAIR
Filing Date: 2025-06-20
Form Type: 10-K
Source: 0001641172-25-015750
Chunk: 203

Company: Beyond Air, Inc.
Filing Date: 2025-06-20
Form: 10-K
Item: Item 14
Chunk 203
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 uncertain. As of March 31, 2025
and March 31, 2024, the Company recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since
the likelihood of realization of the benefit does not meet the more-likely-than-not threshold.

The Company’s
reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax
filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to
the tax benefit. The Company would recognize both estimated accrued interest and penalties related to unrecognized benefits within
income tax expense in the consolidated statements of operations and comprehensive loss. The Company’s uncertain tax positions are related to years that remain subject to examination by relevant
tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S.
federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

Net Loss Per Share

Basic and diluted net loss per share attributable
to common stockholders is computed by dividing the net loss attributable to Beyond Air, Inc., by the weighted average number of shares
of common stock outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based
compensation awards is reflected in diluted net loss per share by application of the treasury stock method. The calculation of diluted
net loss attributed to common stockholders per share excludes all anti-dilutive shares of common stock. For periods in which the Company
has reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable
to common stockholders, because such shares of common stock are not assumed to have been issued if their effect is anti-dilutive, see
Note 8.

Variable Interest Entity

As the Company has the power to direct activities
of both Beyond Cancer and NeuroNos (VIE) that most significantly impact their 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 non-controlling owners’ 11.76% interest
in NeuroNos’ net assets and result of operations are reported as “non-controlling interest” on the Company’s consolidated
balance sheets and as “