v3.26.1
LEASES
 12 Months Ended
Mar. 31, 2026
Leases  
LEASES

NOTE 7 LEASES

 

Lease population

 

The Company leases various office facilities under non-cancelable operating leases that expire at various dates through 2031. The Company does not have any finance leases.

 

In March 2026, the Company entered into a second amendment to lease of one of its facilities (the “Lease Amendment”). The Lease Amendment extended the lease for an additional three years through May 31, 2029 with fixed monthly base rent amounts through the extended term. The Company accounted for the Lease Amendment on the effective date, resulting in the remeasurement of the operating lease liability with a corresponding adjustment to the right-of-use asset in the amount of $0.1 million.

 

In April 2025, the Company entered into an agreement to sublease the Beyond Cancer office space in Atlanta, Georgia beginning June 1, 2025 and continuing through September 30, 2026 coinciding with the termination of the existing lease. The sublease has been classified as an operating lease by the Company. Sublease rental income offsets the monthly rental expense from the Company’s lease of the office, and is recorded as reduction of selling, general, and administrative expenses in the Company’s consolidated statements of operation and comprehensive loss.

 

There were no new leases entered into during the years ended March 31, 2026 and March 31, 2025.

 

Lease position

 

The following table summarizes the lease-related assets and liabilities recorded on the Company’s consolidated balance sheets as of March 31, 2026 and March 31, 2025 (in thousands):

 

  

March 31,

2026

  

March 31,

2025

 
         
Right-of-use assets  $1,193   $1,706 
           
Operating lease liability short-term  $321   $396 
Operating lease liability long-term   1,023    1,486 
Total lease liabilities  $1,344   $1,882 
           
Weighted-average remaining lease term – operating leases   4.5 years    5.0 years 
Weighted-average discount rate – operating leases   8.9%   8.3%

 

Lease costs

 

The following table summarizes the lease-related costs for the years ended March 31, 2026 and March 31, 2025 (in thousands):

 

 SCHEDULE OF LEASE RELATED COSTS

  

March 31,

2026

  

March 31,

2025

 
         
Operating lease cost  $505   $539 
Short-term lease costs   88    261 
Sublease income   (49)   - 
Total lease cost  $544   $800 

 

Other lease information

 

  

March 31,

2026

 
Cash paid for amounts included in the measurement of lease liabilities:     
Operating cash flows for operating leases  $532 

 

Non-cash operating lease right-of-use assets obtained in exchange for operating lease liabilities were $0.1 million and $0 million during the years ended March 31, 2026 and March 31, 2025, respectively.

 

 SCHEDULE OF MATURITY OF LEASE LIABILITIES

Maturity of Lease Liabilities  Operating Leases 
Payments remaining for the year ended March 31:     
2027  $419 
2028   301 
2029   309 
2030   268 
2031   266 
Thereafter   60 
Total lease payments   1,623 
Less: amount of lease payments representing interest   (279)
Present value of future lease payments  $1,344 

 

 

BEYOND AIR, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS