NOTE
6 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
A
summary of accrued expenses and other current liabilities as of March 31, 2026 and March 31, 2025 is as follows (in thousands):
SUMMARY OF ACCRUED EXPENSES
| | |
March 31,
2026 | | |
March 31,
2025 | |
| Research and development | |
$ | 16 | | |
$ | 360 | |
| Professional fees | |
| 252 | | |
| 440 | |
| Employee salaries and benefits | |
| 465 | | |
| 924 | |
| Accrued severance* | |
| 696 | | |
| - | |
| Accrued interest | |
| 750 | | |
| - | |
| Deferred revenue | |
| 777 | | |
| - | |
| Goods received not invoiced | |
| 273 | | |
| 98 | |
| Other | |
| 143 | | |
| 223 | |
| Total accrued expenses and other current liabilities | |
$ | 3,372 | | |
$ | 2,045 | |
| * | Pursuant to the
terms of the Release Agreement with Steve Lisi, former CEO, the Company is obligated to pay Mr. Lisi $650,000
in cash compensation over 12 months. After expected employer
taxes and benefits, the Company accrued $0.7
million The Company shall also pay Mr. Lisi COBRA premiums
for 12 months, as more specifically described in the Release Agreement. All unvested options and all unvested stock restriction unit
awards held by Mr. Lisi as of March 27, 2026, shall be accelerated and shall immediately vest, and shall continue to remain exercisable
for twenty-four (24) months from March 27, 2026. |
BEYOND
AIR, INC. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|