Beyond Air, Inc. Leases Disclosure

NOTE 7 LEASES

 

Lessees are required to recognize operating and financing lease liabilities and corresponding right-of-use assets on the consolidated balance sheets and provide disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. There were no new leases entered into during the years ended March 31, 2025 and March 31, 2024. The right-of use assets and operating lease liability are as follows (in thousands):

 SCHEDULE OF OPERATING LEASE LIABILITY

		March 31, 2025				March 31, 2024
Right-of-use assets		$	1,706			$	2,121
Operating lease liability short-term		$	396			$	418
Operating lease liability long-term			1,486				1,898
Total		$	1,882			$	2,316

 

Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative and research development expenses.

 

The Company has other operating lease agreements with commitments of less than one year or that are not significant, of which the Company recognized $0.2 million in general and administrative expenses and less than $0.1 million in research and development expenses for the year ended March 31, 2025. For the year ended March 31, 2024, the Company recognized $0.5 million in general and administrative expenses and $0.1 million in research and development expenses for other operating lease agreements with commitments of less than one year. The Company elected the practical expedient option and as such these lease payments are expensed as incurred. For the year ended March 31, 2025, the Company recognized $0.4 million of lease expense in general and administrative costs and $0.2 million in research and development. For the year ended March 31, 2024, the Company recognized $0.4 million of lease expense in general and administrative costs and $0.2 million in research and development.

 SCHEDULE OF LEASE OTHER INFORMATION

Other Information For The Year Ended March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid		$	557
Right-of-use assets obtained in exchange for new operating lease liabilities:
Weighted-average remaining lease term — operating leases			5.0
Weighted-average discount rate — operating leases			8.3	%

 

 SCHEDULE OF MATURITY OF LEASE LIABILITIES

Maturity of Lease Liabilities		Operating Leases
Payments remaining for the year ended March 31:
2026		$	532
2027			451
2028			402
2029			330
2030			259
Thereafter			326
Total lease payments			2,300
Less: interest			(418	)
Present value of lease liabilities		$	1,882

 

 

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS