Beyond Air, Inc. current report, 09 December 2019

Beyond Air, Inc. Form 8-K Summary

Business Context and Reporting Period

Beyond Air, Inc. (XAIR), an emerging growth company, filed this Current Report on Form 8-K on December 9, 2019. The filing serves to clarify and update disclosures previously made in the Company's Annual Report on Form 10-K filed on June 28, 2019. Specifically, it addresses corrections to the "Transition Period Comparative Data" regarding the Consolidated Statements of Cash Flows for the year ended March 31, 2018, and the three months ended March 31, 2017.

Key Financial Metrics and Corrections

The filing details specific adjustments to historical cash flow data for the year ended March 31, 2018. No current period revenue, profit, or liquidity metrics are provided in this document.

Cash Flow Category Originally Reported Corrected Value Adjustment
Net Cash Used in Operations $8,692,450 $6,655,450 Decrease of $2,037,000
Net Cash from Financing $10,813,767 $8,779,767 Decrease of $2,034,000
Net Cash Used in Investing $8,523,987 $8,526,987 Increase of $3,000
Cash and Cash Equivalents (Ending Balance) Unchanged Unchanged No net impact

Material Changes and Drivers

The adjustments to the historical cash flow statement were driven by the following factors:

  • Operations: The $2,037,000 reduction in cash used is primarily attributed to stock-based compensation.
  • Financing: The $2,034,000 reduction in cash from financing consists of a $1,830,000 decrease in net proceeds from units (common stock and warrants) after issuance costs, and a $204,000 adjustment related to the maturity and repayment of loans from related parties.
  • Investing: The $3,000 increase in cash used is due to investments in marketable securities.

The filing confirms that the ending cash and cash equivalents balance as of March 31, 2018, remains unchanged as the adjustments offset one another.

Guidance, Outlook, and Risks

This filing does not contain forward-looking guidance, management commentary on future operations, or new risk factors. It is strictly a corrective disclosure regarding historical financial statement presentation.

Key Facts for Investor Verification

  • Verify the corrected Consolidated Statements of Cash Flows for the year ended March 31, 2018, in the Company's updated filings.
  • Note that the correction reduces reported operating cash burn and financing proceeds for the historical period.
  • Confirm that the ending cash balance for March 31, 2018, was not impacted by these restatements.
  • Review the original Form 10-K filed on June 28, 2019, to understand the context of the initial disclosure.