Beyond Air (XAIR) 10-K 28 Jun 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2019	Jun. 19, 2019	Sep. 28, 2018
Document And Entity Information
Entity Registrant Name	Beyond Air, Inc.
Entity Central Index Key	0001641631
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 31,585,200
Entity Common Stock, Shares Outstanding		10,580,680
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Current assets
Cash and cash equivalents	$ 1,340,203	$ 732,542
Restricted cash	16,934	5,692
Marketable securities	6,542,667	8,304,392
Other current assets and prepaid expenses	788,409	59,249
Total current assets	8,688,213	9,101,875
Licensing right to use technology	495,000
Property and equipment, net	244,872	253,184
TOTAL ASSETS	9,428,085	9,355,059
Current liabilities
Accounts payable	1,164,672	842,039
Accrued expenses	1,533,102	1,257,762
Deferred revenue	2,263,294
Stock to be issued to a vendor	144,000
Loans from related parties and others	34,536	33,124
Loan payable	263,604
Total current liabilities	5,403,208	2,132,925
Liabilities related to warrants		5,677,934
Total long-term liabilities	0	5,677,934
Commitments and contingencies
Shareholders' equity
Preferred Stock, $0.0001 par value per share: 10,000,000 shares authorized, 0 shares issued and outstanding
Common Stock, $0.0001 par value per share: 100,000,000 shares authorized, 8,714,815 and 8,397,056 shares issued and outstanding as of March 31, 2019 and March 31, 2018, respectively	871	840
Treasury stock	(25,000)	(25,000)
Additional paid-in capital	41,693,578	32,141,110
Accumulated deficit	(37,644,572)	(30,569,764)
Accumulated other comprehensive loss		(2,986)
Total shareholders' equity	4,024,877	1,544,200
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 9,428,085	$ 9,355,059

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Mar. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	8,714,815	8,397,056
Common stock, shares outstanding	8,714,815	8,397,056

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Income Statement [Abstract]
License revenue		$ 7,724,001
Operating expenses
Research and development	(1,637,387)	(3,929,558)	(4,438,264)
General and administrative	(803,069)	(6,852,988)	(6,629,344)
Operating loss	(2,440,456)	(3,058,545)	(11,067,608)
Other income (loss)
Change in fair value of warrant liabilities	3,493,664		(5,411,551)
Realized and unrealized loss on available for sale marketable securities		(3,581,193)
Dividend income		85,242
Amortization of beneficial conversion feature and debt issuance costs related to convertible note			(1,031,360)
Issuance cost related to warrants to investors and placement agent			(457,250)
Imputed interest with respect to convertible notes			(14,878)
Amortization of debt issuance cost			(14,273)
Foreign exchange loss	(5,521)	(920)
Issuance of common stock to finder fee upon the conversion of convertible notes			(18,000)
Other expenses		(3,034)	(29,426)
Total other income (loss)	3,488,143	(3,499,905)	(6,976,738)
Provision for income taxes
Net (loss) income	1,047,687	(6,558,450)	(18,044,346)
Unrealized income (loss) on marketable securities	(5,135)		2,149
Total other comprehensive (loss) income	$ 1,042,552	$ (6,558,450)	$ (18,042,197)
Net (loss) income (loss) per share - basic	$ 0.15	$ (0.77)	$ (3.01)
Net (loss) income per share - diluted	$ 0.14	$ (0.77)	$ (3.01)
Weighted average number of common shares outstanding - basic	7,196,048	8,498,525	6,002,052
Weighted average number of common shares outstanding - diluted	7,250,194	8,498,525	6,002,052

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Deficiency) - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]		Accumulated Deficit [Member]		Accumulated Other Comprehensive Income (loss) [Member]	Total
Balance at Dec. 31, 2016	$ 221		$ 8,873,110		$ (13,573,105)			$ (4,699,774)
Balance, shares at Dec. 31, 2016	2,207,450
Stock issued with respect to merger of Beyond Air	$ 10		(295,000)					(294,990)
Stock issued with respect to merger of Beyond Air shares	103,200
Purchase of treasury stock	$ (9)	(25,000)						(25,009)
Purchase of treasury stock, shares	(90,000)
Stock-based compensation - employees and non-employees			537,000					537,000
Stock-based compensation related to restricted stock issuance of shares to members of board of directors	$ 86		2,521,000					2,521,086
Stock-based compensation related to restricted stock issuance of shares to members of board of directors, shares	856,909
Cancellation of restricted stock granted to a member of the board of directors	$ (25)		844,000					843,975
Cancellation of restricted stock granted to a member of the board of directors, shares	(246,312)
Issuance of warrants to service provider			480,000					480,000
Stock-based compensation related to restricted stock issuance of shares to members of board of directors	$ 1		4,000					4,001
Stock-based compensation related to restricted stock issuance of shares to members of board of directors, shares	3,927
Issuance of common stock, net of issuance costs	$ 181		6,322,000					6,322,181
Issuance of common stock, net of issuance costs, shares	1,812,110
Conversion of convertible notes into common stock upon merger	$ 140		3,973,000					3,973,140
Conversion of convertible notes into common stock upon merger, shares	1,397,068
Issuance of stock upon exercise of stock options	$ 5		1,000					1,005
Issuance of stock upon exercise of stock options, shares	52,902
Net unrealized gains (loss) on available-for-sale investments							2,149	2,149
Adjustment due to adoption of ASU 2016-01 (Note 2)
Net (loss) income					(18,044,346)			(18,044,346)
Balance at Dec. 31, 2017	$ 610	(25,000)	23,260,110		(31,617,451)		2,149	(8,379,582)
Balance, shares at Dec. 31, 2017	6,097,254
Stock-based compensation - employees and non-employees			130,000					130,000
Stock-based compensation related to restricted stock issuance of shares to members of board of directors			17,000					17,000
Issuance of common stock, net of issuance costs	$ 230		8,734,000					8,734,230
Issuance of common stock, net of issuance costs, shares	2,299,802
Net unrealized gains (loss) on available-for-sale investments							(5,135)	(5,135)
Adjustment due to adoption of ASU 2016-01 (Note 2)
Net (loss) income					1,047,687			1,047,687
Balance at Mar. 31, 2018	$ 840	(25,000)	32,141,110		(30,569,764)		(2,986)	1,544,200
Balance, shares at Mar. 31, 2018	8,397,056
Adjustment due to the Adoption of ASU- 2017-11			6,194,292	[1]	(516,358)	[1]		5,677,934	[1]
At the market stock sales	$ 29		799,156					799,185
At the market stock sales, shares	297,000
Issuance of common stock upon the exercise of stock options	$ 2		8,699					8,701
Issuance of common stock upon the exercise of stock options, shares	20,759
Stock-based compensation			2,550,321					2,550,321
Adjustment due to adoption of ASU 2016-01 (Note 2)							2,986	(2,986)
Net (loss) income					(6,558,450)			(6,558,450)
Balance at Mar. 31, 2019	$ 871	$ (25,000)	$ 41,693,578		$ (37,644,572)		$ 0	$ 4,024,877
Balance, shares at Mar. 31, 2019	8,714,815
[1]	The Company elected to adopt Accounting Standards Update 2017-11 retrospective to outstanding financial instruments with down round feature by means of cumulative-effect adjustment to the beginning additional paid-in capital of $6,194,292 and accumulated deficit of $(516,358) as of April 1, 2018. This ASU affects all entities that issue financial instruments (for example, warrants or convertible instruments) that include down round features.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Parenthetical)	Mar. 31, 2019USD ($)
Additional paid-in capital	$ 41,693,578
Accumulated deficit	(37,644,572)
Accounting Standards Update 2017-11 [Member]
Additional paid-in capital	6,194,292
Accumulated deficit	$ (516,358)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Cash flows from operating activities
Net (loss) income	$ 1,047,687	$ (6,558,450)	$ (18,044,346)
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation and amortization	14,603	64,787	38,137
Stock-based compensation	146,429	2,399,321	4,384,844
Unrealized loss on marketable securities to available for sale marketable securities		3,498,883
Change in fair value of warrant liabilities	(3,493,664)		5,412,341
Change of management's assessment of prior year research and development to licensing right to use technology		(200,000)
Adoption of ASU 2016-01		2,986
Amortization of beneficial conversion feature and debt discount related to convertible notes upon merger			1,045,633
Issuance cost related to warrants liability			457,250
Imputed interest on convertible notes and others			33,097
Issuance of common stock to finder upon the conversion of convertible notes			18,000
Changes in:
Other current assets and prepaid expenses	49,567	(729,159)	(31,252)
Accounts payable	173,347	322,633	141,583
Accrued expenses	312,495	276,757	(573,624)
Deferred revenue		2,263,294
Net cash provided by (used) in operating activities	(1,749,536)	1,341,052	(7,118,337)
Cash flows from investing activities
Purchase price paid for the merger			(294,862)
Investment in available for sale marketable securities	(9,403,543)	(12,222,774)	(2,000,000)
Proceeds from redemption of marketable securities	1,700,050	10,485,610	1,396,143
Purchase of property and equipment	(1,000)	(56,475)	(244,461)
Net cash provided by (used in) investing activities	(7,704,493)	(1,793,639)	(1,143,180)
Cash flows (used in) from financing activities
Proceeds from the issuance of units consisting of common stock and warrants, net of offering cost			9,888,335
Purchase of treasury stock			(25,000)
Maturity of loan and interest from related parties and others			(418,000)
Proceeds from issuance of convertible notes, net of issuance cost	8,984,917
Issuance of common stock, net of offering cost		799,185
Proceeds from loan		292,250
Payment of loans		(28,646)	(41,828)
Proceeds from loan from related parties and others			56,957
Cash received for the exercise of stock options		8,701	1,199
Net cash provided by financing activities	8,984,917	1,071,490	9,461,663
Increase (decrease) in cash, cash equivalents and restricted cash	(469,112)	618,903	1,200,346
Cash, cash equivalents and restricted cash at beginning of period	1,207,346	738,234	7,201
Cash, cash equivalents and restricted cash at end of period	738,234	1,357,137	1,207,346
Supplemental disclosure of non-cash investing activities:
Conversion of convertible notes to common stock			3,955,000
Issuance cost related to warrants	250,000
Fair market value of options issued to NitricGen for the licensing right to use technology		295,000
Fair market value of stock to be issued to vendor		$ 144,000

Organization and Business

Organization and Business	12 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	NOTE 1 ORGANIZATION AND BUSINESS Beyond Air, Inc. (“Beyond Air” or the “Company”) was incorporated on April 24, 2015 as KokiCare, Inc. under the laws of the State of Delaware. On January 9, 2017, the name of the Company was changed to AIT Therapeutics, Inc. On June 25, 2019, the Company filed an Amendment to its Certificate of Incorporation to change its name from AIT Therapeutics, Inc. to Beyond Air, Inc., effective June 26, 2019. Advanced Inhalation Therapies (AIT) Ltd. (“AIT”) was incorporated in Israel on May 1, 2011 and is a wholly-owned subsidiary of the Company. On August 29, 2014, AIT established a wholly-owned subsidiary, Advanced Inhalation Therapies (AIT) Inc. (“Inc.”), a Delaware corporation. Its principal business activity is to provide executive management and administrative support functions to AIT. In December 2016, the Company consummated a reverse merger with KokiCare, Inc. and it was accounted as a reverse recapitalization which is outside the scope of Accounting Standards Codification “ASC” 805, “Business Combinations”. Under reverse capitalization accounting, AIT was considered the acquirer for accounting and financial reporting purposes and acquired the assets and assumed the liabilities of the Company. Assets acquired and liabilities assumed are reported at their historical amounts. Consequently, the consolidated financial statements of the Company reflect the operations of the acquirer for accounting purposes together with a deemed issuance of shares, equivalent to the shares held by the former stockholders of the legal acquirer and a recapitalization of the equity of the accounting acquirer. These consolidated financial statements include the accounts of the Company since the effective date of the reverse capitalization and the accounts of AIT since inception. The Company is an emerging medical device company that is developing a Nitric Oxide (“NO”) delivery system that generates NO from ambient air. S ince its inception, the Company has devoted substantially all of its efforts to business planning, research and development. Liquidity Risks and Uncertainty As shown in the accompanying financial statements, the Company has incurred cash provided from operating cash flows of $1,341,052 for the year March 31, 2019 and has accumulated losses of $37,644,572 since inception through March 31, 2019. The Company has cash equivalents and marketable securities of $7,899,804 as of March 31, 2019. Included in marketable securities are shares of Circassia Pharmaceuticals plc (Circassia) of $5.6 million (Note 9). Based upon the Company’s current business plan and expected cash burn rate, including net proceeds received from the sales of common stock through the financial statement filing date (Note 13) and excluding any proceeds from the sale of Circassia stock, the Company estimates that it has enough cash to operate its business into the third calendar quarter of 2020. The Company’s future capital needs and the adequacy of its available funds will depend on many factors, including the cost of clinical studies and other actions needed to obtain regulatory approval of our medical devices in development. The Company will be required to raise additional funds through sale of equity or debt securities or through strategic collaboration and/or licensing agreements, to fund operations and continue our clinical trials until the Company is able to generate enough product or royalty revenues, if any. Financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could have a material adverse effect on our growth plans, our results of operations and our financial condition. On June 3, 2019, the Company entered into a Stock Purchase Agreements with investors for the issuance of 1,583,743 unregistered shares of common stock. The Company raised gross proceeds of $7,960,635, see Note 13. In addition, the Company has a $20 million purchase agreement and a registration rights agreement with Lincoln Park Capital Fund, LLC (“LPC”), providing for the issuance of up to $20 million of the Company’s common stock over 36 months at the Company’s discretion (Note 5). Subsequent to March 31, 2019, the Company issued and sold to LPC 250,000 shares of common stock for proceeds of $1,173,810 at an average price of $4.70 per share. There is $17,482,005 remaining on the Purchase Agreement.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of AIT. All intercompany balances and transactions have been eliminated in the accompanying financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The Company’s significant estimates are accrual of expenses under consulting and licensing agreements, stock-based compensation, warrant liabilities valuation for fiscal years to March 31, 2019, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon. Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s product requires approval or clearance from the U.S. Food and Drug Administration prior to commencing commercial sales in the United States. The Company will be filing a Premarketing (PMA) Approval application during the third calendar quarter of 2019.There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. Concentrations The Company’s license revenue was from two milestone payments from one customer. The Company is seeking additional Partners outside of the United States and China. We are heavily dependent on the Aeronox system, which is a portable titration and monitoring system that delivers nitric oxide gas and measures nitric oxide and nitro dioxide gas concentrations in parts per million (ppm). The company that manufactures it is International Biomedical, located in Texas. If International Biomedical decides not to continue to support the Aeronox system (for example, selling parts and providing repair services for the device), then we might not be able to conduct our U.S. trial. This system is not manufactured specifically for us, and we have no agreement with International Biomedical for the continued manufacture or support of this Aeronox system. Additionally, the Aeronox system is not currently approved for use in the U.S. above 80 ppm concentration required by our proprietary NO formulations, and we currently engage a third-party contractor to modify the Aeronox system in order for it to monitor our NO formulations above 80 ppm. Unless the Aeronox system obtains such approval, of which we have no current expectation, we would be required to seek an alternative delivery system in order to conduct a clinical trial of our formulation within the U.S. The Company relies on two vendors to manufacture its delivery system. The Company is reliant on the vendors for commercial manufacturing of our delivery systems for both clinical studies and commercial supply, if regulatory approval is received. Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts in major banks in Israel and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. Restricted cash is collateral for vehicle leases and invested in bank deposit accounts. The following table is the reconciliation of the recently adopted new accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows: For The For The For The Cash and cash equivalents $ 1,340,203 $ 732,542 $ 1,201,654 Restricted cash 16,934 5,692 5,692 Cash and cash equivalents and restricted cash $ 1,357,137 $ 738,234 $ 1,207,346 Research and Development Research and development expenses are charged to the statement of operations and comprehensive loss as incurred. Research and development expenses include salaries, costs incurred by outside laboratories, manufacturer’s, consultants, accredited facilities in connection with clinical trials and preclinical studies and stock based-compensation. Foreign Exchange Transactions AIT’s operations are in Israel and Beyond Air’s operations are in the United States. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. The Company’s transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to U.S. dollars in accordance with the Accounting Standards Board Codification Topic 830, “Foreign Currency Matter”. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s stock on the date of grant. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. The Company does not have enough history to establish volatility based upon its own stock trading. Therefore, the expected volatility was based similar publicly traded peer companies. The Company routinely reviews its calculation of volatility changes in future volatility, the Company’s life cycle, its peer group, and other factors. The Company uses the simplified method for share-based compensation to estimate the expected term Compensation expense for options and warrants granted to non-employees is determined by the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured, and is recognized over the service period. The expense was previously adjusted to fair value at the end of each reporting period until such awards vested, and the fair value of such instruments, as adjusted, was expensed over the related vesting period. Adjustments to fair value at each reporting date resulted in income or expense, depending upon the estimate of fair value and the amount of expense recorded prior to the adjustment. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. We adopted this ASU the fourth quarter of fiscal 2019, and as a result, the fair value of all non-employee awards became fixed at the start of the fourth quarter. Investment in Marketable Securities Investments in marketable securities classified available for sale are carried at fair value with the changes in unrealized gains and losses recognized in the Company’s results in income or (loss). Realized gains and (loss) from the sale of marketable securities are recognized in the statement of operations. using the specific identification method on a trade date basis. Additionally, we assess our marketable equity securities for potential other-than-temporary impairment. The Company employ a methodology that considers available evidence in evaluating potential other-than-temporary impairment of our marketable equity securities classified as available-for-sale. If the cost of an investment exceeds its fair value, we evaluate, among other factors, the magnitude and duration of the decline in fair value. We also evaluate the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and, for securities classified as available-for-sale, our intent and ability to hold the investment. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset Licensing Right to Use Technology Licensing right to use technology is an intangible asset resulting from the NitricGen transaction. The intangible asset was valued based upon the fair value of the options issued to NitricGen and the cash paid for this transaction. The Company reversed a prior period expense of $200,000 and recorded a licensing right to use asset related to acquired technology. This adjustment was due to the Company’s re-assessment of the acquired technology and the conclusion that it has alternative future use. The license contains two milestone payments aggregating $1,800,000. Impairment of Long-Lived Assets The Company assess the impairment of long-lived assets on an ongoing basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company’s impairment review process is based upon an estimate of future undiscounted cash flow. Factors we consider that could trigger an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of our use of the acquired assets or the strategy for our overall business, ● significant negative industry or economic trends, and ● significant technological changes, which would render equipment and manufacturing processes obsolete. Recoverability of assets that will continue to be used in our operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. Revenue Recognition During the year ended March 31, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of Topic 606 at the date of initial application. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”). There was no impact on adoption to the Company’s consolidated financial statements related to the adoption of ASC 606 since there was no revenue at such time. The Company recognizes revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. The Company must use significant judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied, see (Note 9) for the performance obligations. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied. Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment. Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of March 31, 2019, and March 31, 2018, the Company recorded a valuation allowance to the full extent of our net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal, various state, and International income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate . Net Income (Loss) Per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options, warrants, restricted stock and stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. 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 dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently Issued and Adopted Accounting Standards In January 2016, the FASB issued Accounting Standards Update In January 2017, the Financial Accounting Standards Board (“FASB”) FASB released Accounting Standards Update “ASU” 2017-01, Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this ASU should be applied prospectively and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. No disclosures are required at transition. The Company adopted this standard during the third quarter December 31, 2018 and this standard did not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. This standard provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The Company adopted the standard commencing January 1, 2019. The impact of the adoption had no effect to the Company’s consolidated financial statement In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815) Accounting for Certain Financial Instruments with Down Round Features. This ASU affects all entities that issue financial instruments (for example, warrants or convertible instruments) that include down round features. This ASU relates to the recognition, measurement, and earnings per share of certain freestanding equity-classified financial instruments that include down round features affect entities that present earnings per share in accordance with the guidance in Topic 260. The Company elected to adopt Update ASU 2017-11during the third quarter of 2018, retrospective to outstanding financial instruments with down round feature by means of cumulative-effect adjustment by increasing beginning additional paid-in capital by $6,194,292 and decreasing accumulated deficit by $516,358 as of April 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the standard commencing January 1, 2018 . The impact of the adoption was immaterial to the Company’s consolidated financial statements. During the year ended March 31, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of Topic 606 at the date of initial application. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”). There was no impact on adoption to the Company’s consolidated financial statements related to the adoption of ASC 606 since there was no revenue at such time. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. This ASU becomes effective for fiscal years beginning after December 15, 2018 and early adoption is permitted but no earlier than an entity’s adoption date of Topic 606. Entities will apply the ASU by recognizing a cumulative-effect adjustment to retained earnings as of the beginning of the annual period of adoption. The Company adopted this standard during the fourth quarter for fiscal year March 31, 2019, and as a result of such adoption, the fair value of the unvested non-employee stock options became fixed as of the date of adoption. Recently Issued and not Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board, or FASB issued ASU No. 2016-02, Leases. ASU 2016-2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight-line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-2 supersedes the existing guidance on accounting for leases in “Leases (Topic 840).” Subsequent to ASU 2016-02, the FASB has issued ASU No. 2018-01 (“ASU 2018-01”) Leases (Topic 842): Land Easement Practical Expedient for Transition which clarifies the application of lease easements and eases adoption efforts for some land easements. The provisions of ASU 2016-2 are effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. In July 2018, the FASB issued ASU No. 2018-10 and No. 2018-11, Leases (ASC 842). ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides entities with an option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if necessary. The Company elected the available practical expedients on adoption. In preparation for adoption of the standard, the Company implemented internal controls to enable the preparation of financial information. The standard will have a material impact on our consolidated balance sheets, but will not have a material impact on our consolidated statements of operations. The most significant impact will be the recognition of right of use assets and lease liabilities for operating leases, while our accounting for capital leases remains substantially unchanged. The Company has evaluated the effect of the impact of the adoption of this standard and has determined the adoption will result in the recognition of additional right of use assets and lease liabilities of approximately $360,000 for operating leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses (“ECL”). Under the new model, an entity is required to estimate ECL on available-for-sale (AFS) debt securities only when the fair value is below the amortized cost of the asset and is no longer based on an impairment being “other-than-temporary”. The new model also requires the impairment calculation on an individual security level and requires an entity use present value of cash flows when estimating the ECL. The credit-related losses are required to be recognized through earnings and non-credit related losses are reported in other comprehensive income. In April 2019, the FASB further clarified the scope of the credit losses standard and addressed issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayment. The ASU will be effective for public entities in fiscal years beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years. The new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. The Company does not believe the adoption of this new guidance will have a material impact on its consolidated financial statements. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule is effective on November 5, 2018. The Company is evaluating the impact of this guidance on its financial statements. The Company implemented this release as of April 1, 2019 and it did not have an effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 3 FAIR VALUE MEASUREMENT The Company’s financial instruments primarily include cash, cash equivalents, restricted cash, marketable securities and accounts payable. Due to the short-term nature of cash and accounts payable, the carrying amounts of these assets and liabilities approximate their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company accounted for the warrants issued to accredited shareholders included, among others, down round protective provisions as a non-current liability according to provisions of ASC 815. The Company had measured the warrants at fair value in each reporting period until they are exercised or expired, with changes in the fair value being recognized in the Company’s statements of operations and comprehensive loss. Under ASC 820, the warrants and option liability are classified as Level 3, cash, cash equivalents, restricted cash and marketable securities invested in mutual funds are classified as Level 1. The Company considered its investment in Circassia Pharmaceuticals, Inc. as Level 3 and based upon its evaluation, a discount of 4.76% was taken to the quoted market value. This was based upon the Company ability its current cash position, the size the number of shares it owns at March 31, 2019, the trading volume in the stock, and other factors. There has been no transfer between any levels during the year. During the three and nine months ended December 31, 2018, the Company adopted ASU 2017-11 retrospectively to outstanding financial instruments with a down round feature by means of cumulative-effect adjustment. The balance as of April 1, 2018 for additional paid-in capital was increased by $6,194,292 and accumulated deficit was decreased by $516,358 and therefore are classified in stockholders; equity. As of March 31, 2019 Level 1 Level 2 Level 3 Total Assets Marketable securities - - - Circassia Pharmaceuticals plc (Note 9) $ - 5,649,486 5,649,486 Mutual funds 893,181 - - 893,181 $ 893,181 $ - $ 5,649,486 $ 6,542,667 As of March 31, 2018 Level 1 Level 2 Level 3 Total Assets Mutual funds $ 8,304,392 - - 8,304,392 As of March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities Liabilities related to warrants $ - $ - $ 5,677,934 $ 5,677,934

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consist of the following as of March 31, 2019 and 2018, respectively: As of As of March 31, 2019 March 31, 2018 Clinical and medical equipment $ 357,795 $ 357,795 Computer equipment 42,782 28,727 Furniture and fixtures 41,464 1,889 Leasehold improvements 5,336 2,491 447,377 390,902 Accumulated depreciation and amortization (202,505 ) (137,718 ) $ 244,872 $ 253,184 Depreciation and amortization expense for the year ended March 31, 2019, for the three months ended March 31, 2018 and for the year ended December 31, 2017 was $64,787, $14,603 and $38,137, respectively

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholder's Equity	NOTE 5 SHAREHOLDER’S EQUITY Common Stock In December 2016, AIT entered into a Securities Purchase and Registration Rights Agreement (the “SPA”) pursuant to which AIT agreed to issue and sell purchased units in the minimum aggregate amount of $10,000,000 and up to a maximum aggregate amount of $25,000,000. Each purchased unit (each a “Unit”) comprised one common stock, and two warrant to purchase one share of common stock per warrant. The exercise price for each warrant is $6.90 per share and are eligible to be exercised on a cashless basis in the sole discretion of the holder. The warrants expire in five years from the date of issuance. The warrants have anti-dilution price protection features including under certain circumstances the adjustment of the exercise price of the warrants and number of warrant shares. In addition, based on the terms of the SPA, because the issuance of Units by AIT, together with issuances of Units by the Company following the Merger, failed to raise aggregate gross proceeds of at least $15,000,000 the Company issued each investor the same warrants. The Company issued 1,701,616 Units which resulted in the issuance of 1,701,616 shares of common stock and 3,403,232 warrants to purchase common stock. For the year ended December 31, 2017, the Company recorded a warrant liability of $3,760,000, and a non-cash expense for the change in the fair market value of the warrant liabilities of $2,978,000 was recognized. In addition, based on the terms of the SPA, because the issuance of Units, together with issuances of Units by the Company following the Merger, failed to raise aggregate gross proceeds of at least $15 million, the Company adjusted the number of warrants and issued an additional 1,701,616 warrants to the investors. Consequently, the Company recorded in 2017 additional finance expenses amounting to $2,434,000. The note holders elected to convert the carrying value of the convertible notes including accrued interest into converted 1,397,098 shares of common stock at the time of the reverse merger based upon the quoted market value. Following the conversion, the holder no longer had any right or claims under the note agreements. AIT accounted for this amendment to the note agreement as a modification according to ASC 470-50 “Modification and Extinguishments”. The Company received $3,342,000 from the note holders of which $892,000 were from related parties. The Company recognized a discount from the beneficial conversion feature and it was amortized over the life of the note. In addition, debt issuance costs were amortized immediately. On January 13, 2017, the principal and accrued interest on all of the outstanding convertible notes, amounting to $3,955,140 were converted into 1,390,595 shares of common stock. In addition, the Company issued 6,473 shares of common stocks as a finders’ fee upon the conversion of the convertible notes. This resulted in the Company recording for the year ended December 31, 2017 in other expenses $18,000, for the finder’s fees. In March 2017, the Company raised net proceeds of $663,000 through the issuance of an aggregate of 110,494 purchased units, each of which comprised one share of common stock and two warrants to acquire shares of common Stock at an exercise price of $6.90 per share. Direct and incremental costs related to this investment round amounted to $199,000. In addition, the Company incurred additional costs amounted to $15,000 with respect to warrants that the Company is obligated to issue to the placement agent. These costs were allocated between the common stock and the warrants. The warrants have anti-dilution price protection features including under certain circumstances the adjustment of the exercise price of the warrants and number of warrant shares. During the three and nine months ended December 31, 2018, the Company adopted ASU 2017-11 retrospectively to outstanding financial instruments with a down round feature by means of cumulative-effect adjustment, see (Note). There will be no future changes for recording the change in warrant liabilities due to the adoption of ASU-2017-11. On February 16, 2018, the Company entered into a Securities Purchase Agreement with several accredited shareholders. The Company issued warrants to purchase 4,599,604 shares of its common stock, par value $0.0001 per share at a purchase price of $0.01 per underlying warrant share. The warrants are comprised of an aggregate of (i) 2,299,802 Tranche A Warrants to purchase shares of common stock at an exercise price of $4.25 per share exercisable within three days from the issue date of the Tranche A Warrants and (ii) an equal amount of Tranche B Warrants to purchase shares of common stock at an exercise price of $4.25 per share for the Tranche B Warrant, exercisable within three years from the issue date of the warrants. In connection with the February 2018 stock offering, the Company’s Board of Directors approved the issuance of warrants to purchase common stock with an exercise price of $4.25 per share. Immediately following the closing, all the shareholders in this offering exercised the full amount of their Tranche A Warrants resulting in net proceeds of $9,820,000. In February 2018, the Board of Directors repriced outstanding options to purchase common stock issued in 2017 to $4.25 per share. The Company accounted for the change in exercise price as a modification pursuant to ASC 718. Accordingly, the modification was valued at $59,507 and is being recorded over the remaining vesting period for the options based upon the incremental fair value of the modified award and the fair value of the original award on the modification date. On August 10, 2018, the Company entered into a $20 million Purchase Agreement (commonly known as At The Market Offering, or ATM) with LPC. Pursuant to the terms of the Purchase Agreement, the Company may sell and issue LPC and LPC is obligated to purchase up to $20 million in value of shares of common stock from time to time over three years. The Company also entered into a registration rights agreement with LPC whereby the Company agreed to file a registration statement with the SEC and the shares of the Company’s common stock that may be issued to LPC under the terms of the Purchase Agreement. The Company may direct LPC, at its sole discretion, and subject to certain conditions, to purchase up to 10,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that LPC cannot make any single purchase that exceeds $750,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the Purchase Agreement. The Company filed a registration statement with the SEC and it was accepted on October 12, 2018. From the execution of the Purchase Agreement on August 10, 2018 to March 31, 2019, the Company issued and sold to LPC 297,000 shares of common stock at an average price of $4.53 per shares for net proceeds of $1,344,185 at an average price per share of $4.43 and incurred offering costs of $545,000 that was charged to additional paid in capital. Net proceeds for these transactions were $799,185. Subsequent to March 31, 2019, through June 18, 2019, the Company issued and sold to LPC 250,000 shares of common stock for proceeds of $1,173,810 at an average price of $4.70 per share. There is $17,482,005 remaining on the Purchase Agreement. Stock to be Issued to a Vendor During the year ended March 31, 2019, the Company is obligated to issue 30,000 shares to a vendor for services related to investor relations. The Company recorded stock-based compensation of $144,000 for the shares to be issued, or $4.80 per share, at fair market value. The Company recorded this obligation as a liability for shares to be issued. Issuance of Restricted Shares On January 13, 2017, the Company issued 492,624 restricted stock to one of the directors of the Company, of which 246,312 vested in July 2017. During 2017, 246,312 restricted stock were cancelled. During the year ended 2017, the Company recorded general and administrative expenses of approximately $1,961,000 in connection with the above grant, out of which $844,000 were recorded with respect to the restricted cancellation. No related expenses were recorded for the year ended March 31, 2019 and for the three months ended March 31, 2018. On December 26, 2018, the Board of directors approved the issuance of 304,000 and 36,000 restricted stock to the board of directors, officers, employees and consultants to be granted on December 31, 2018 and January 1, 2019, respectively. The restricted stock vests annually over five years.The Company recorded stock-based compensation expense of $147,719 for the year ended March 31, 2019. Stock Option Plan The Company has an amended and restated Equity Incentive Option Plan (the “2013 Plan”), that grants stock options, restricted stock units and restricted shares to officers, directors, employees, and non-employees for shares of the Company’s stock. The options vesting terms are generally between two to four years and expire up to ten years after the grant date. On August 2, 2018, the Board of Directors authorized the increase of an additional 1,033,324 shares to a total of 1,500,000 shares for issuance under the 2013 Plan. On December 26, 2018 and February 13, 2019, the Board of Directors authorized the increase of an additional 600,000 and 1,000,000 shares to a total of 3,100,000 shares for issuance under the 2013 Plan, respectively. As of March 31,2019, there are 310,525 options are available for future grants. A summary of the Company’s options for the year ended March 31, 2019 is as follows: Number Of Options Weighted Price - Options Weighted Aggregate Intrinsic Value Options outstanding as of April 1, 2018 510,904 $ 4.32 9.0 $ 625,626 Granted 1,919,000 4.54 237,463 Exercised (20,759 ) 0.42 (90,033 ) Forfeited (33,333 ) 4.25 - Outstanding as of March 31, 2019 2,375,812 $ 4.48 9.2 $ 773,056 Exercisable as of March 31, 2019 806,397 $ 4.33 8.0 $ 426,510 As of March 31, 2019, the Company has unrecognized stock-based compensation expense of approximately $4,299,400 related to unvested stock options and is expected to be expensed over the weighted average remaining service period of 2.3 years. The weighted average fair value of options granted during the year ended March 31, 2019, three months ended March 31, 2018 and year ended December 31, 2017 was approximately $3.11 per share, $1.88 and $1.66 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following assumption: March 31, 2019 March 31, 2018 December 31, 2017 Risk -free interest rate 2.5% - 3.2 % 2.4% - 2.6 % 2.1% - 3.5 % Expected volatility 80.7% - 84.5 % 84.5 % 75.0 % Dividend yield 0 % 0 % 0 % Expected terms (in years) 5-9-10 3.5-5.8 5.5-6.0 During the year ended March 31, 2019, the Company granted 340,000 restricted stock awards of which, 133,000 restricted stock awards were to officers. The fair market value of the restricted shares for stock-based expense is equal to the closing pricing of the Company’s stock at the date of grant. Stock based compensation for the year ended March 31, 2019 was $147,719. The shares vest and is expected to be issued annually over five years. The following summarizes the components of stock-based compensation expense which includes common stock, stock options, warrants and restricted stock in the consolidated statements of operations and comprehensive loss for the year ended March 31, 2019, three months ended March 31, 2018 and year ended December 31, 2017, respectively Stock-based Compensation Year Ended Three Months Ended March 31, 2018 Year Ended December 31, 2017 Research and development $ 572,918 $ 49,875 $ 618,482 General and administrative 1,977,403 96,554 3,766,362 Total stock-based compensation expense $ 2,550,321 $ 146,429 $ 4,384,844 Warrants A summary of the Company’s outstanding warrants as of March 31, 2019 are as follows: Warrant Holders Number Of Warrants Exercise Date Of January 2017 offering - investors 1,701,616 $ 4.25 January 2022 (a) January 2017 offering - investors 1,701,616 $ 4.25 February 2022 (a) March 2017 offering - investors 220,988 $ 4.25 March 2021 (a) March 2017 offering - placement agent 11,050 $ 4.25 March 2021 (a) March 2018 offering - investors 2,299,802 $ 4.25 March 2022 Third-party license agreement 208,333 $ 4.80 January 2024 Total 6,143,405 (b) (a) These warrants have down round protection. (b) In August 2015, AIT entered into an Option Agreement (the “Option Agreement”) with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the “Option”) on September 7, 2016 for $25,000. Upon exercise of the Option, we became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are almost entirely sales related and are capped at a total of $87 million across three separate and distinct indications that fall under the agreement. AIT exercised the Option in January 2017 and paid an exercise price of $500,000. AIT issued to the third party a warrant (the “Third Party Warrant”) to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company’s common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model. There were no warrants exercised during the year ended March 31, 2019, three months ended March 31, 2018 or for the year ended December 31, 2017.

Current Assets and Prepaid Expe

Current Assets and Prepaid Expenses	12 Months Ended
	Mar. 31, 2019
Current Assets And Prepaid Expenses
Current Assets and Prepaid Expenses	NOTE 6 CURRENT ASSETS AND PREPAID EXPENSES A summary of current assets and prepaid expenses as of March 31, 2019 and March 31, 2018 is as follows: As of March 31, 2019 As of Research and development $ 324,063 $ - Insurance 297,945 - Other 166,401 59,249 $ 788,409 $ 59,249

Accrued Expenses

Accrued Expenses	12 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses	NOTE 7 ACCRUED EXPENSES A summary of the accrued expenses as of March 31, 2019 and March 31, 2018 is as follows: As of March 31, 2019 As of Vendors – research and development $ 103,320 $ 497,577 Professional fees 780,127 492,250 Income taxes payable 154,300 154,300 Employee salaries and benefits 183,271 104,110 Other 62,084 9,525 Total $ 1,283,102 $ 1,257,762

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Share	12 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Common Share	NOTE 8 BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: Year Ended March 31, 2019 Three Months Ended March 31, 2018 Year Ended Common stock warrants 6,143,405 6,089,259 3,843,603 Common stock options 2,375,812 510,904 548,183 Restricted shares 340,000 - - Total 8,859,217 6,660,163 4,391,786

License Agreement

License Agreement	12 Months Ended
	Mar. 31, 2019
License Agreement
License Agreement	NOTE 9 LICENSE AGREEMENT On January 23, 2019, the Company entered into an agreement for commercial rights (“the License Agreement”) with Circassia Pharmaceuticals plc, (located in the United Kingdom) for persistent pulmonary hypertension of the newborn (PPHN) and future related indications at concentrations of < This contract was evaluated under ASC 606, which was adopted by the Company during 2019. Based upon the evaluation, it was determined that the contract consists of five performance obligations, as follows: ● Performance Obligation 1: transfer of functional intellectual property rights to Circassia, which includes: o the consummation of the License, Development, and Commercialization Agreement, which included significant pre-agreement negotiation, product specification, and o the successful completion of the pre-submission meeting with the FDA. At this meeting the FDA reinforced their assessment of AirNOvent as a medical device and aligned with the Beyond Air pathway to approval, notably confirming that Beyond Air did not need to conduct clinical trials to be approved. ● Performance Obligation 2: ongoing support associated with the PMA submission and regulatory approval by the FDA. This also includes development activities including manufacturing readiness process ahead of the approval. ● Performance Obligation 3: launch of the approved product in the field in the USA upon FDA regulatory approval ● Performance obligation 4: FDA approval of the product in the field for use in cardiac surgery ● Performance obligation 5: regulatory approval in China for marketing and sale of the product in China for any indication In consideration of the rights and licenses granted to Circassia by the Company, Circassia shall pay the Company the following milestone amounts in US dollars or Circassia shares (with Circassia shares being priced at a 5% discount): ● $7.35 million upon signing; ● $3.15 million payable within five (5) business days following the successful completion of a Food and Drug Administration (the “FDA”) pre-submission meeting or 5,271,844 ordinary shares of Circassia Pharmaceuticals plc; ● $12.6 million payable on the sooner of ninety (90) days post FDA approval of the Product or the launch of the Product in the United States, ● $8.4 million payable within five (5) business days following the approval by the FDA of the Product in certain hospital and clinic settings for use in cardiac surgery; and ● $1.05 million payable within five (5) business days following approval by the FDA equivalent in China for marketing and sale of the Product. In addition, Circassia shall pay the Company the following royalty amounts until expiration of all of the applicable patents: ● A one-time 5% royalty on the first cumulative $50 million in gross profit in the United States; ● A one-time 5% royalty on the first cumulative $20 million in gross profit in China; ● Thereafter, running royalty amounts of 15% of annual gross profit (United States & China combined) up to and including $100 million and 20% of annual gross profit (United States & China combined) exceeding $100 million. Following expiration of the patents, Circassia shall pay the Company a 14% royalty on annual gross profits up to and including $100 million and a 19% royalty on annual gross profits exceeding $100 million. Due to the consideration constraints associated with milestones 3, 4, and 5, only the amounts associated with milestone 1 and 2 have been allocated. During the fourth quarter 2019, the Company met the first two milestones under the license agreement and received 17,572,815 ordinary shares valued at $9,987,295. This consideration was allocated to the first two performance obligations. one being the transfer of the intellectual property to Circassia, which was recognized at a point in time and was valued at $7,116,232 and the other being the ongoing support associated with the PMA submission and regulatory approval by the FDA, which was valued at $2,871,063 and recorded as deferred revenue to be recognized over a period of time from the commencement of the agreement to when management expects to submit the PMA. Through March 31, 2019, approximately $607,769 of such deferred revenue associated with this second performance obligation has been recognized.

Loan Payable

Loan Payable	12 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Loan Payable	NOTE 10 LOAN PAYABLE In January 2019, connection with the Company’s insurance policy, a loan of $292,500 was used to finance part of the premium. There are ten monthly payments of $29,687 and the interest rate is 3.3% per annum.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11 INCOME TAXES The Company’s foreign subsidiary is in Israel and subject to a corporate tax rate as follow: 2019 and 2019 – 23%, 2017 - 24%. December 2016, the Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. As of March 31, 2019, there is approximately a net operating loss carry forward of $12,340,000 which offset taxable income for an indefinite period of time. As of March 31, 2019, the Company has available approximately $5,719,000 of unused NOL carryforwards for federal tax purposes of which $688,000 is subject to Section 382 limitation. Net operating loss carryforwards of approximately $1,375,000, which were generated prior to March 2018 expire through 2037. The net operating loss of approximately $4,343,000 can be carried forward indefinitely. The Company also has state net operating losses in the amount of approximately $2,644,000 expiring during the years 2035 to 2039. The Company is subject to the NOL utilization provisions of Section 382 of the Code. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period prior to the change, and the federal published interest rate. The components of net (loss) income before the provision for income taxes are as follows: For the Year Ended For the Three Months For the Year Ended Domestic $ (4,475,659 ) $ 2,935,850 $ (7,469,198 ) Foreign (2,082,791 ) (1,888,163 ) (10,575,148 ) Total $ (6,558,450 ) $ 1,047,687 $ (18,044,346 ) There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The valuation allowance increased by approximately $3,013,000 during the year ended March 31, 2019 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of March 31, 2019 As of March 31, 2018 Net operating loss carry forward $ 4,201,000 $ 2,909,000 Research and development tax credits 243,000 Other 120,000 Reserves and allowances - foreign 6,000 10,000 Stock-based compensation 608,000 Unrealized loss on available for sale investment 966,000 Research and development - foreign 550,000 762,000 Net deferred tax 6,694,000 3,681,000 Valuation allowance (6,694,000 ) (3,681,000 ) Net deferred tax asset $ - $ - A reconciliation of the statutory U.S. Federal rate to the Company’s effective tax rate is as follows for the year ended March 31, 2019. Federal income tax at statutory rate (21.00 )% State income tax, net of federal benefit (6.62 ) Permanent items 0.00 Change in valuation allowance 36.10 Research and development tax credits (3.71 ) Other (4.77 ) Effective income tax expense rate 0 % For the three months ended March 31, 2019 and for the year ended December 31, 2017, the main reconciling item between the effective tax rate is the recognition of valuation allowances in respect to deferred taxes related to accumulated operating net operating losses carried forward due to the uncertainty of the realization of such deferred taxes. A reconciliation of the of unrecognized tax benefits related to uncertain tax positions for the year ended March 31, 2019, three months ended March 31, 2018 and for the year ended December 31, 2017 is as follows: Year ended March 31,2019 Three Months Ended Year ended December 31, 2017 Balance at beginning of period $ 154,300 $ 154,300 $ 154,300 Additions for current year’s tax position - - - Balance at the end of period $ 154,300 $ 154,300 $ 154,300 Tax years 2015 through 2019 remain open to examination by federal and state tax jurisdictions. The Company files tax returns in Israel for which tax years 2013 through 2019 remain open.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12 COMMITMENTS AND CONTINGENCIES On October 22, 2013, The Company entered into a patent license agreement with a third party, pursuant to which AIT agreed to pay to the third party a non-refundable upfront fee of $150,000 and is obligated to pay 5% royalties of any licensed product net sales, but at least $50,000 per annum through the term of the agreement and the advance is credited against future royalties payments. As of March 31, 2019, the Company did not pay any royalties since the Company did not have any revenues from this license. The term of the agreement extends through the life of applicable patents and may be terminated by either party with 60 days’ prior written notice in the event of a breach of the agreement, and may be terminated unilaterally by CareFusion with 30 days’ prior written notice in the event that we do not meet certain milestones. In August 2015, AIT entered into an Option Agreement (the “Option Agreement”) with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the “Option”) on September 7, 2016 for $25,000. On January 13, 2017, the Company exercised the Option and paid $500,000. The Company became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are capped at a total of $87 million across three separate and distinct indications that fall under the agreement, with the majority of them, approximately $83 million, being sales related based on cumulative sales milestones for each of the three products.AIT issued to the third party a warrant (the “Third Party Warrant”) to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company’s common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model. The warrants expire in January 2024. On January 31, 2018 the Company entered into an agreement (“Agreement”) with NitricGen, Inc. (“NitricGen”) acquire a global, exclusive, transferable license and associated assets including intellectual property, know-how, trade secrets and confidential information from NitricGen related to NO delivery systems (“Delivery System”). The Company acquired the licensing right to use the technology and agreed to pay NitricGen a total of $2,000,000 in future payments based upon achieving certain milestones, as defined in the Agreement, and royalties on sales of the Delivery System. The Company paid NitricGen $100,000 upon the execution agreement, $100,000 upon achieving the next milestone and has an obligation to issue 100,000 options to purchase the Company’s stock upon executing the agreement. The remaining future milestone payments are $1,800,00 of which $1,500,000 in six months after the first approval of the eNOGenorator by the FDA or EMEA. The term of the options is five year and has an exercise price of $6.90 per share. The Company issued 100,000 options to purchase common stock. The Company recorded stock-based compensation of $295,000 which was the fair market value of the options Black-Scholes option pricing model. The Company used a volatility rate of 79.9%, risk-free interest rate of 2.5%, an expected term of five years and a dividend rate of 0%. The Company recorded the milestone payments and the fair market value of the options as a licensing right to use the technology which is an intangible asset, aggregating $495,000. The Company reversed a prior period expense of $200,000 and recorded a licensing right to use asset related to acquired technology. This adjustment was due to the Company’s re-assessment of the acquired technology and the conclusion that it has alternative future uses. The Company entered into two office lease agreements, which expire on April 2021 and June 2023. Future minimum commitments for each of the fiscal years ending March 31, are as follows: Year Ended Operating 2020 $ 129,100 2021 90,100 2022 65,400 2023 64,700 2024 16,300 Total $ 365,600 Rent expense for the year ended March 31, 2019, for the three months ended March 31, 2018 and for the year ended December 31, 2018 was $115,276, $25,059 and $73,013, respectively. Litigation Contingencies On March 16, 2018, Empery Asset Master, Ltd., Empery Tax Efficient, LP and Empery Tax Efficient II, LP, (collectively, “Empery”), filed a complaint in the Supreme Court of the State of New York, relating to the notice of adjustment of both the exercise price of and the number of warrant shares issuable under warrants issued to Empery in January 2017. The Empery Suit alleges that, as a result of certain circumstances in connection with the February 2018 Offering, the January 2017 Warrants issued to Empery provide for adjustments to both the exercise price of the warrants and the number of warrant shares issuable upon such exercise. Empery seeks monetary damages and declaratory relief under theories of breach of contract or contract reformation predicated on mutual mistake. The Company intends to vigorously defend all claims. The Company believes they met the contractual requirements of the contract and properly adjusted the applicable warrants in accordance with the protection features. Given the early stage of the litigation, it is not possible to determine or assess the probability of any particular outcome. In connection with the Licensing agreement signed with Circassia Pharmaceuticals plc, the Company is obligated to pay an investment banker, $250,000, if a future milestone is reached. The Company has accrued this obligation since it is probable that the event will occur. Certain officer agreements contain a change of control provision for payment of severance arrangements.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 SUBSEQUENT EVENTS From April 1, 2019 through June 18, 2019, the Company issued and sold 250,000 shares of common stock for proceeds of $1,173,810 at an average price of $4.70 per share to LPC, see (Note 5). On June 3, 2019, the Company entered into a Stock Purchase Agreements with investors for the issuance of 1,583,743 unregistered shares of common stock. The Company raised gross proceeds of $7,960,635. On June 25, 2019, the Company filed an amendment to its Amended and Restated Certificate of Incorporated whereby the Company changed its name to Beyond Air, Inc., effective June 26, 2019.

Transition Period Comparative D

Transition Period Comparative Data	12 Months Ended
	Mar. 31, 2019
Transition Period Comparative Data
Transition Period Comparative Data	NOTE 14 TRANSITION PERIOD COMPARATIVE DATA STATEMENTS OF CONSOLIDATED OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Year Ended Three Months Ended Operating expenses: Research and development expenses $ (4,636,287 ) $ (1,438,704 ) General and administrative expenses (5,306,884 ) (2,127,813 ) Operating loss (9,943,171 ) (3,566,517 ) Other Income (Loss) Change in fair value of warrant liabilities (794,093 ) (1,123,814 ) Amortization of beneficial conversion feature and debt issuance costs related to convertible debt - (1,031,360 ) Amortization of debt issuance costs (14,273 ) Issuance of additional warrants granted to investors (17,899 ) Imputed interest expense respect to convertible notes (14,878 ) Imputed interest income (expense) with respect to loans from related parties and others and loan from bank 3,495 (13,286 ) Issuance costs related to warrants granted (457,366 ) Foreign exchange gain (loss) 21,524 (38,064 ) Other expense (3,610 ) (2,779 ) Total other income (loss) (772,684 ) (2,713,719 ) Net loss and other comprehensive loss $ (10,715,855 ) $ (6,280,236 ) Net basic and diluted loss per share of common stock $ (1.68 ) $ (1.12 ) Weighted average number of shares used in computing net basic loss per share of common stock 6,391,218 5,617,762 STATEMENTS OF CONSOLIDATED CASHFLOWS (UNAUDITED) Year Ended Three Months Ended March 31, 2017 Cash flows from operating activities Net loss $ (10,715,855 ) $ (6,280,236 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 46,535 6,205 Stock-based compensation 574,395 1,877,442 Adoption of ASU 2016-01 (2,986 ) Changes in fair value of warrant liabilities 793,956 1,123,814 Amortization of beneficial conversion feature and debt issuance costs related to coverable notes - 1,045,633 Issuance costs related to warrant liability - 457,366 Issuance of common stock to finder upon the conversion of convertible notes - 18,545 Imputed interest on convertible notes, loans from related parties and others 3,721 30,164 Change in: Other current assets and prepaid expenses 117,163 (101,677 ) Accounts payables 293,768 20,079 Accrued expenses 196,853 (409,728 ) Net cash used in operating activities (8,692,450 ) (2,212,393 ) Cash flows from investing activities Investment in available for sale marketable securities (8,304,392 ) - Purchase price paid upon reverse merger - (294,862 ) Purchase of property and equipment (219,595 ) (25,206 ) Net cash used in investing activities (8,523,987 ) (320,068 ) Cash flows from financing activities Proceeds from issuance of units consisting of common stock and warrants, net of issuance costs 10,813,767 9,889,035 Proceeds from loans from related parties and others - 56,957 Maturity of loans and interest from related parties and others - (241,000 ) Purchase of treasury stock - (25,000 ) Repayment of bank loans - (13,828 ) Net cash provided by financing activities 10,813,767 9,666,164 (Decrease) increase in cash, cash equivalents and restricted cash (6,402,670 ) 7,133,103 Cash, cash equivalents and restricted cash at beginning of period 7,140,904 7,201 Cash, cash equivalents and restricted cash at end of period $ 738,234 $ 7,140,904 Supplemental disclosure of non-cash investing activities: Conversion of convertible notes to common stock $ - $ 3,995,000 Issuance of convertible notes to common stock $ 250,000 $ -

Related Parties

Related Parties	12 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Parties	NOTE 15 RELATED PARITES For the year ended December 31, 2017, the Company had the following related party transactions. 1) On February 10, 2014, AIT signed a loan agreement with one of its stockholders for a total amount of $22. The loan bears an interest of 4% per annum. 2) In 2016 and 2017, AIT entered into loan agreement with existing stockholders pursuant to which AIT received the amounts of $340 and $57 (the “Stockholder Loans”), respectively, which bears an interest rate of 16% per annum and shall be fully repaid in 12 months from the date each was funded. In the event of full payment of the stockholder loans at any time within 90 days of the funding, a minimum interest rate of 4% of the stockholder loans shall be paid along with the principal. 3) For the year ended December 31, 2017, the Company recorded expenses regarding all aforesaid loans in the amount of approximately $13,000. 4) On January 13, 2017, upon the closing of the reverse merger, the holdings of certain of the above stockholders were diluted, and they are no longer considered related parties as of December 31, 2017. 5) In previous years, the Company entered into consultancy agreements with certain stockholders. 6) Commencing December 2013, AIT issued the convertible notes for which aggregate consideration of $892,000 was received from related parties. The convertible notes bore an interest rate of 8% per annum compounded annually. Upon the closing of the merger, all of the outstanding convertible Notes were converted into 1,397,068 shares of common stock.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of AIT. All intercompany balances and transactions have been eliminated in the accompanying financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The Company’s significant estimates are accrual of expenses under consulting and licensing agreements, stock-based compensation, warrant liabilities valuation for fiscal years to March 31, 2019, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products and the potential need to obtain additional financing. The Company is dependent on third party suppliers, in some cases single-source suppliers. There can be no assurance that the Company’s products will continue to be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s product requires approval or clearance from the U.S. Food and Drug Administration prior to commencing commercial sales in the United States. The Company will be filing a Premarketing (PMA) Approval application during the third calendar quarter of 2019.There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity.
Concentrations	Concentrations The Company’s license revenue was from two milestone payments from one customer. The Company is seeking additional Partners outside of the United States and China. We are heavily dependent on the Aeronox system, which is a portable titration and monitoring system that delivers nitric oxide gas and measures nitric oxide and nitro dioxide gas concentrations in parts per million (ppm). The company that manufactures it is International Biomedical, located in Texas. If International Biomedical decides not to continue to support the Aeronox system (for example, selling parts and providing repair services for the device), then we might not be able to conduct our U.S. trial. This system is not manufactured specifically for us, and we have no agreement with International Biomedical for the continued manufacture or support of this Aeronox system. Additionally, the Aeronox system is not currently approved for use in the U.S. above 80 ppm concentration required by our proprietary NO formulations, and we currently engage a third-party contractor to modify the Aeronox system in order for it to monitor our NO formulations above 80 ppm. Unless the Aeronox system obtains such approval, of which we have no current expectation, we would be required to seek an alternative delivery system in order to conduct a clinical trial of our formulation within the U.S. The Company relies on two vendors to manufacture its delivery system. The Company is reliant on the vendors for commercial manufacturing of our delivery systems for both clinical studies and commercial supply, if regulatory approval is received.
Financial Instruments	Financial Instruments Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and marketable securities. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts in major banks in Israel and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. Restricted cash is collateral for vehicle leases and invested in bank deposit accounts. The following table is the reconciliation of the recently adopted new accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows: For The For The For The Cash and cash equivalents $ 1,340,203 $ 732,542 $ 1,201,654 Restricted cash 16,934 5,692 5,692 Cash and cash equivalents and restricted cash $ 1,357,137 $ 738,234 $ 1,207,346
Research and Development	Research and Development Research and development expenses are charged to the statement of operations and comprehensive loss as incurred. Research and development expenses include salaries, costs incurred by outside laboratories, manufacturer’s, consultants, accredited facilities in connection with clinical trials and preclinical studies and stock based-compensation.
Foreign Exchange Transactions	Foreign Exchange Transactions AIT’s operations are in Israel and Beyond Air’s operations are in the United States. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. The Company’s transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to U.S. dollars in accordance with the Accounting Standards Board Codification Topic 830, “Foreign Currency Matter”.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s stock on the date of grant. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. The Company does not have enough history to establish volatility based upon its own stock trading. Therefore, the expected volatility was based similar publicly traded peer companies. The Company routinely reviews its calculation of volatility changes in future volatility, the Company’s life cycle, its peer group, and other factors. The Company uses the simplified method for share-based compensation to estimate the expected term Compensation expense for options and warrants granted to non-employees is determined by the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured, and is recognized over the service period. The expense was previously adjusted to fair value at the end of each reporting period until such awards vested, and the fair value of such instruments, as adjusted, was expensed over the related vesting period. Adjustments to fair value at each reporting date resulted in income or expense, depending upon the estimate of fair value and the amount of expense recorded prior to the adjustment. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. We adopted this ASU the fourth quarter of fiscal 2019, and as a result, the fair value of all non-employee awards became fixed at the start of the fourth quarter.
Investment in Marketable Securities	Investment in Marketable Securities Investments in marketable securities classified available for sale are carried at fair value with the changes in unrealized gains and losses recognized in the Company’s results in income or (loss). Realized gains and (loss) from the sale of marketable securities are recognized in the statement of operations. using the specific identification method on a trade date basis. Additionally, we assess our marketable equity securities for potential other-than-temporary impairment. The Company employ a methodology that considers available evidence in evaluating potential other-than-temporary impairment of our marketable equity securities classified as available-for-sale. If the cost of an investment exceeds its fair value, we evaluate, among other factors, the magnitude and duration of the decline in fair value. We also evaluate the financial health of and business outlook for the issuer, the performance of the underlying assets for interests in securitized assets, and, for securities classified as available-for-sale, our intent and ability to hold the investment.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset
Licensing Right to Use Technology	Licensing Right to Use Technology Licensing right to use technology is an intangible asset resulting from the NitricGen transaction. The intangible asset was valued based upon the fair value of the options issued to NitricGen and the cash paid for this transaction. The Company reversed a prior period expense of $200,000 and recorded a licensing right to use asset related to acquired technology. This adjustment was due to the Company’s re-assessment of the acquired technology and the conclusion that it has alternative future use. The license contains two milestone payments aggregating $1,800,000.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assess the impairment of long-lived assets on an ongoing basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company’s impairment review process is based upon an estimate of future undiscounted cash flow. Factors we consider that could trigger an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of our use of the acquired assets or the strategy for our overall business, ● significant negative industry or economic trends, and ● significant technological changes, which would render equipment and manufacturing processes obsolete. Recoverability of assets that will continue to be used in our operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs.
Revenue Recognition	Revenue Recognition During the year ended March 31, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of Topic 606 at the date of initial application. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”). There was no impact on adoption to the Company’s consolidated financial statements related to the adoption of ASC 606 since there was no revenue at such time. The Company recognizes revenue when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers we perform the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, we assess the goods or services promised within each contract, assess whether each promised good or service is distinct and identify those that are performance obligations. The Company must use significant judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied, see (Note 9) for the performance obligations. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied.
Segment Reporting	Segment reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of March 31, 2019, and March 31, 2018, the Company recorded a valuation allowance to the full extent of our net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal, various state, and International income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate .
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing net income (loss) for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options, warrants, restricted stock and stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) per share excludes all anti-dilutive common shares. 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 dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In January 2016, the FASB issued Accounting Standards Update In January 2017, the Financial Accounting Standards Board (“FASB”) FASB released Accounting Standards Update “ASU” 2017-01, Business Combinations: Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this ASU should be applied prospectively and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. No disclosures are required at transition. The Company adopted this standard during the third quarter December 31, 2018 and this standard did not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. This standard provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The Company adopted the standard commencing January 1, 2019. The impact of the adoption had no effect to the Company’s consolidated financial statement In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815) Accounting for Certain Financial Instruments with Down Round Features. This ASU affects all entities that issue financial instruments (for example, warrants or convertible instruments) that include down round features. This ASU relates to the recognition, measurement, and earnings per share of certain freestanding equity-classified financial instruments that include down round features affect entities that present earnings per share in accordance with the guidance in Topic 260. The Company elected to adopt Update ASU 2017-11during the third quarter of 2018, retrospective to outstanding financial instruments with down round feature by means of cumulative-effect adjustment by increasing beginning additional paid-in capital by $6,194,292 and decreasing accumulated deficit by $516,358 as of April 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires companies to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the standard commencing January 1, 2018 . The impact of the adoption was immaterial to the Company’s consolidated financial statements. During the year ended March 31, 2019, the Company adopted Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) using the modified retrospective method which consisted of applying and recognizing the cumulative effect of Topic 606 at the date of initial application. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”). There was no impact on adoption to the Company’s consolidated financial statements related to the adoption of ASC 606 since there was no revenue at such time. In June 2018, the FASB issued ASU No. 2018-07, Stock-based Compensation: Improvements to Nonemployee Share-based Payment Accounting, which amends the existing accounting standards for share-based payments to nonemployees. This ASU aligns much of the guidance on measuring and classifying nonemployee awards with that of awards to employees. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. This ASU becomes effective for fiscal years beginning after December 15, 2018 and early adoption is permitted but no earlier than an entity’s adoption date of Topic 606. Entities will apply the ASU by recognizing a cumulative-effect adjustment to retained earnings as of the beginning of the annual period of adoption. The Company adopted this standard during the fourth quarter for fiscal year March 31, 2019, and as a result of such adoption, the fair value of the unvested non-employee stock options became fixed as of the date of adoption.
Recently Issued and Not Adopted Accounting Standards	Recently Issued and not Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board, or FASB issued ASU No. 2016-02, Leases. ASU 2016-2 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease effectively finances a purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method (finance lease) or on a straight-line basis over the term of the lease (operating lease). A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASU 2016-2 supersedes the existing guidance on accounting for leases in “Leases (Topic 840).” Subsequent to ASU 2016-02, the FASB has issued ASU No. 2018-01 (“ASU 2018-01”) Leases (Topic 842): Land Easement Practical Expedient for Transition which clarifies the application of lease easements and eases adoption efforts for some land easements. The provisions of ASU 2016-2 are effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2018. In July 2018, the FASB issued ASU No. 2018-10 and No. 2018-11, Leases (ASC 842). ASU 2018-10 provides narrow amendments that clarify how to apply certain aspects of the guidance in ASU 2016-02. ASU 2018-11 provides entities with an option of an additional transition method, by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption, if necessary. The Company elected the available practical expedients on adoption. In preparation for adoption of the standard, the Company implemented internal controls to enable the preparation of financial information. The standard will have a material impact on our consolidated balance sheets, but will not have a material impact on our consolidated statements of operations. The most significant impact will be the recognition of right of use assets and lease liabilities for operating leases, while our accounting for capital leases remains substantially unchanged. The Company has evaluated the effect of the impact of the adoption of this standard and has determined the adoption will result in the recognition of additional right of use assets and lease liabilities of approximately $360,000 for operating leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses (“ECL”). Under the new model, an entity is required to estimate ECL on available-for-sale (AFS) debt securities only when the fair value is below the amortized cost of the asset and is no longer based on an impairment being “other-than-temporary”. The new model also requires the impairment calculation on an individual security level and requires an entity use present value of cash flows when estimating the ECL. The credit-related losses are required to be recognized through earnings and non-credit related losses are reported in other comprehensive income. In April 2019, the FASB further clarified the scope of the credit losses standard and addressed issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayment. The ASU will be effective for public entities in fiscal years beginning after December 15, 2019 (fiscal 2021 for the Company), including interim periods within those fiscal years. The new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. The Company does not believe the adoption of this new guidance will have a material impact on its consolidated financial statements. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, “Disclosure Update and Simplification,” amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. In addition, the amendments expanded the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The analysis should present a reconciliation of the beginning balance to the ending balance of each period for which a statement of comprehensive income is required to be filed. This final rule is effective on November 5, 2018. The Company is evaluating the impact of this guidance on its financial statements. The Company implemented this release as of April 1, 2019 and it did not have an effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table is the reconciliation of the recently adopted new accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows: For The For The For The Cash and cash equivalents $ 1,340,203 $ 732,542 $ 1,201,654 Restricted cash 16,934 5,692 5,692 Cash and cash equivalents and restricted cash $ 1,357,137 $ 738,234 $ 1,207,346
Schedule of Useful Life of Assets	Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computers equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Liabilities Related to Warrants	As of March 31, 2019 Level 1 Level 2 Level 3 Total Assets Marketable securities - - - Circassia Pharmaceuticals plc (Note 9) $ - 5,649,486 5,649,486 Mutual funds 893,181 - - 893,181 $ 893,181 $ - $ 5,649,486 $ 6,542,667 As of March 31, 2018 Level 1 Level 2 Level 3 Total Assets Mutual funds $ 8,304,392 - - 8,304,392 As of March 31, 2018 Level 1 Level 2 Level 3 Total Liabilities Liabilities related to warrants $ - $ - $ 5,677,934 $ 5,677,934

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of March 31, 2019 and 2018, respectively: As of As of March 31, 2019 March 31, 2018 Clinical and medical equipment $ 357,795 $ 357,795 Computer equipment 42,782 28,727 Furniture and fixtures 41,464 1,889 Leasehold improvements 5,336 2,491 447,377 390,902 Accumulated depreciation and amortization (202,505 ) (137,718 ) $ 244,872 $ 253,184

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Option Activity	A summary of the Company’s options for the year ended March 31, 2019 is as follows: Number Of Options Weighted Price - Options Weighted Aggregate Intrinsic Value Options outstanding as of April 1, 2018 510,904 $ 4.32 9.0 $ 625,626 Granted 1,919,000 4.54 237,463 Exercised (20,759 ) 0.42 (90,033 ) Forfeited (33,333 ) 4.25 - Outstanding as of March 31, 2019 2,375,812 $ 4.48 9.2 $ 773,056 Exercisable as of March 31, 2019 806,397 $ 4.33 8.0 $ 426,510
Schedule of Assumption of Black-Scholes Option Pricing Model	March 31, 2019 March 31, 2018 December 31, 2017 Risk -free interest rate 2.5% - 3.2 % 2.4% - 2.6 % 2.1% - 3.5 % Expected volatility 80.7% - 84.5 % 84.5 % 75.0 % Dividend yield 0 % 0 % 0 % Expected terms (in years) 5-9-10 3.5-5.8 5.5-6.0
Schedule of Stock-based Compensation Expense	Stock-based Compensation Year Ended Three Months Ended March 31, 2018 Year Ended December 31, 2017 Research and development $ 572,918 $ 49,875 $ 618,482 General and administrative 1,977,403 96,554 3,766,362 Total stock-based compensation expense $ 2,550,321 $ 146,429 $ 4,384,844
Summary of Company's Outstanding Warrants	A summary of the Company’s outstanding warrants as of March 31, 2019 are as follows: Warrant Holders Number Of Warrants Exercise Date Of January 2017 offering - investors 1,701,616 $ 4.25 January 2022 (a) January 2017 offering - investors 1,701,616 $ 4.25 February 2022 (a) March 2017 offering - investors 220,988 $ 4.25 March 2021 (a) March 2017 offering - placement agent 11,050 $ 4.25 March 2021 (a) March 2018 offering - investors 2,299,802 $ 4.25 March 2022 Third-party license agreement 208,333 $ 4.80 January 2024 Total 6,143,405 (b) (a) These warrants have down round protection. (b) In August 2015, AIT entered into an Option Agreement (the “Option Agreement”) with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the “Option”) on September 7, 2016 for $25,000. Upon exercise of the Option, we became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are almost entirely sales related and are capped at a total of $87 million across three separate and distinct indications that fall under the agreement. AIT exercised the Option in January 2017 and paid an exercise price of $500,000. AIT issued to the third party a warrant (the “Third Party Warrant”) to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company’s common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model.

Current Assets and Prepaid Ex_2

Current Assets and Prepaid Expenses (Tables)	12 Months Ended
	Mar. 31, 2019
Current Assets And Prepaid Expenses
Schedule of Prepaid Expenses	A summary of current assets and prepaid expenses as of March 31, 2019 and March 31, 2018 is as follows: As of March 31, 2019 As of Research and development $ 324,063 $ - Insurance 297,945 - Other 166,401 59,249 $ 788,409 $ 59,249

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Summary of Accrued Expenses	A summary of the accrued expenses as of March 31, 2019 and March 31, 2018 is as follows: As of March 31, 2019 As of Vendors – research and development $ 103,320 $ 497,577 Professional fees 780,127 492,250 Income taxes payable 154,300 154,300 Employee salaries and benefits 183,271 104,110 Other 62,084 9,525 Total $ 1,283,102 $ 1,257,762

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Potential Anti-Dilutive Securities	The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: Year Ended March 31, 2019 Three Months Ended March 31, 2018 Year Ended Common stock warrants 6,143,405 6,089,259 3,843,603 Common stock options 2,375,812 510,904 548,183 Restricted shares 340,000 - - Total 8,859,217 6,660,163 4,391,786

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Profit (Loss) Before Taxes	The components of net (loss) before the provision for income taxes are as follows: For the Year Ended For the Three Months For the Year Ended Domestic $ (4,475,659 ) $ 2,935,850 $ (7,469,198 ) Foreign (2,082,791 ) (1,888,163 ) (10,575,148 ) Total $ (6,558,450 ) $ 1,047,687 $ (18,044,346 )
Schedule of Deferred Tax Asset/Liability	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of March 31, 2019 As of March 31, 2018 Net operating loss carry forward $ 4,201,000 $ 2,909,000 Research and development tax credits 243,000 Other 120,000 Reserves and allowances - foreign 6,000 10,000 Stock-based compensation 608,000 Unrealized loss on available for sale investment 966,000 Research and development - foreign 550,000 762,000 Net deferred tax 6,694,000 3,681,000 Valuation allowance (6,694,000 ) (3,681,000 ) Net deferred tax asset $ - $ -
Schedule of Statutory US Federal Effective Tax Rate	A reconciliation of the statutory U.S. Federal rate to the Company’s effective tax rate is as follows for the year ended March 31, 2019. Federal income tax at statutory rate (21.00 )% State income tax, net of federal benefit (6.62 ) Permanent items 0.00 Change in valuation allowance 36.10 Research and development tax credits (3.71 ) Other (4.77 ) Effective income tax expense rate 0 %
Schedule of Unrecognized Tax Benefits Related To Uncertain Tax Positions	A reconciliation of the of unrecognized tax benefits related to uncertain tax positions for the year ended March 31, 2019, three months ended March 31, 2018 and for the year ended December 31, 2017 is as follows: Year ended March 31,2019 Three Months Ended Year ended December 31, 2017 Balance at beginning of period $ 154,300 $ 154,300 $ 154,300 Additions for current year’s tax position - - - Balance at the end of period $ 154,300 $ 154,300 $ 154,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Commitments	Future minimum commitments for each of the fiscal years ending March 31, are as follows: Year Ended Operating 2020 $ 129,100 2021 90,100 2022 65,400 2023 64,700 2024 16,300 Total $ 365,600

Transition Period Comparative_2

Transition Period Comparative Data (Tables)	12 Months Ended
	Mar. 31, 2019
Transition Period Comparative Data
Schedule of Transition Period Comparative Data	STATEMENTS OF CONSOLIDATED OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Year Ended Three Months Ended Operating expenses: Research and development expenses $ (4,636,287 ) $ (1,438,704 ) General and administrative expenses (5,306,884 ) (2,127,813 ) Operating loss (9,943,171 ) (3,566,517 ) Other Income (Loss) Change in fair value of warrant liabilities (794,093 ) (1,123,814 ) Amortization of beneficial conversion feature and debt issuance costs related to convertible debt - (1,031,360 ) Amortization of debt issuance costs (14,273 ) Issuance of additional warrants granted to investors (17,899 ) Imputed interest expense respect to convertible notes (14,878 ) Imputed interest income (expense) with respect to loans from related parties and others and loan from bank 3,495 (13,286 ) Issuance costs related to warrants granted (457,366 ) Foreign exchange gain (loss) 21,524 (38,064 ) Other expense (3,610 ) (2,779 ) Total other income (loss) (772,684 ) (2,713,719 ) Net loss and other comprehensive loss $ (10,715,855 ) $ (6,280,236 ) Net basic and diluted loss per share of common stock $ (1.68 ) $ (1.12 ) Weighted average number of shares used in computing net basic loss per share of common stock 6,391,218 5,617,762 STATEMENTS OF CONSOLIDATED CASHFLOWS (UNAUDITED) Year Ended Three Months Ended March 31, 2017 Cash flows from operating activities Net loss $ (10,715,855 ) $ (6,280,236 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 46,535 6,205 Stock-based compensation 574,395 1,877,442 Adoption of ASU 2016-01 (2,986 ) Changes in fair value of warrant liabilities 793,956 1,123,814 Amortization of beneficial conversion feature and debt issuance costs related to coverable notes - 1,045,633 Issuance costs related to warrant liability - 457,366 Issuance of common stock to finder upon the conversion of convertible notes - 18,545 Imputed interest on convertible notes, loans from related parties and others 3,721 30,164 Change in: Other current assets and prepaid expenses 117,163 (101,677 ) Accounts payables 293,768 20,079 Accrued expenses 196,853 (409,728 ) Net cash used in operating activities (8,692,450 ) (2,212,393 ) Cash flows from investing activities Investment in available for sale marketable securities (8,304,392 ) - Purchase price paid upon reverse merger - (294,862 ) Purchase of property and equipment (219,595 ) (25,206 ) Net cash used in investing activities (8,523,987 ) (320,068 ) Cash flows from financing activities Proceeds from issuance of units consisting of common stock and warrants, net of issuance costs 10,813,767 9,889,035 Proceeds from loans from related parties and others - 56,957 Maturity of loans and interest from related parties and others - (241,000 ) Purchase of treasury stock - (25,000 ) Repayment of bank loans - (13,828 ) Net cash provided by financing activities 10,813,767 9,666,164 (Decrease) increase in cash, cash equivalents and restricted cash (6,402,670 ) 7,133,103 Cash, cash equivalents and restricted cash at beginning of period 7,140,904 7,201 Cash, cash equivalents and restricted cash at end of period $ 738,234 $ 7,140,904 Supplemental disclosure of non-cash investing activities: Conversion of convertible notes to common stock $ - $ 3,995,000 Issuance of convertible notes to common stock $ 250,000 $ -

Organization and Business (Deta

Organization and Business (Details Narrative) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Cash provided from operating cash flows		$ (1,749,536)	$ (2,212,393)	$ 1,341,052	$ (8,692,450)	$ (7,118,337)
Accumulated losses	$ (37,644,572)	(30,569,764)		(37,644,572)	(30,569,764)
Cash equivalents and marketable securities	$ 7,899,804			7,899,804
Proceeds from issuance of common stock				799,185
Cash purchase price			$ 294,862			$ 294,862
Shares issued price per share			$ 6.90
Stock Purchase Agreement [Member]
Proceeds from issuance of common stock				20,000,000
Cash purchase price				20,000,000
June 3, 2019 [Member] | Stock Purchase Agreement [Member]
Issuance of unregistered common stock shares	1,583,743
Proceeds from issuance of common stock	$ 7,960,635
Circassia Pharmaceuticals PLC [Member]
Marketable securities	$ 5,600,000			5,600,000
Lincoln Park Capital Fund, LLC [Member]
Proceeds from issuance of common stock				1,173,810
Cash purchase price				$ 17,482,005
Number of stock issued and sold				250,000
Shares issued price per share	$ 4.70			$ 4.70

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative) - USD ($)		Apr. 02, 2018	Mar. 31, 2019		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Reversed prior period expenses of intangible assets			$ 200,000
Intangible assets milestone payments			1,800,000
Accrued expenses related to uncertain tax positions			154,300		$ 154,300	$ 154,300	$ 154,300
Increase in addtional paid in capital	[1]		5,677,934
Decrease in accumulated deficit		$ 516,358
Additional Paid-in Capital [Member]
Increase in addtional paid in capital		$ 6,194,292	$ 6,194,292	[1]
ASU No. 2016-01 [Member]
Adoption of accounting standards update for expense					3,498,833
ASU No. 2016-02 [Member]
Operating lease asset and liability in excess					$ 360,000
[1]	The Company elected to adopt Accounting Standards Update 2017-11 retrospective to outstanding financial instruments with down round feature by means of cumulative-effect adjustment to the beginning additional paid-in capital of $6,194,292 and accumulated deficit of $(516,358) as of April 1, 2018. This ASU affects all entities that issue financial instruments (for example, warrants or convertible instruments) that include down round features.

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,340,203	$ 732,542	$ 1,201,654
Restricted cash	16,934	5,692	5,692
Cash and cash equivalents and restricted cash	$ 1,357,137	$ 738,234	$ 1,207,346	$ 7,140,904	$ 7,201

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Useful Life of Assets (Details)	12 Months Ended
	Mar. 31, 2019
Computer Equipment [Member]
Estimated useful life of assets	3 years
Furniture and Fixtures [Member]
Estimated useful life of assets	7 years
Clinical and Medical Equipment [Member]
Estimated useful life of assets	15 years
Leasehold Improvements [Member]
Estimated useful life of assets, description	Shorter of term of lease or estimated useful life of the asset

Fair Value Measurement (Details

Fair Value Measurement (Details Narrative) - USD ($)		Apr. 02, 2018	Mar. 31, 2019
Increase in additional paid in capital	[1]		$ 5,677,934
Decrease in accumulated deficit		$ 516,358
Additional Paid-in Capital [Member]
Increase in additional paid in capital		$ 6,194,292	$ 6,194,292	[1]
Measurement Input, Discount Rate [Member]
Percentage of investment discount taken market value			4.76%
[1]	The Company elected to adopt Accounting Standards Update 2017-11 retrospective to outstanding financial instruments with down round feature by means of cumulative-effect adjustment to the beginning additional paid-in capital of $6,194,292 and accumulated deficit of $(516,358) as of April 1, 2018. This ASU affects all entities that issue financial instruments (for example, warrants or convertible instruments) that include down round features.

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Liabilities Related to Warrants (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Marketable securities, total	$ 6,542,667	$ 8,304,392
Assets	6,542,667
Liabilities related to warrants		5,677,934
Circassia Pharmaceuticals PLC [Member]
Marketable securities, total	5,649,486
Mutual Funds [Member]
Marketable securities, total	893,181	8,304,392
Fair Value, Inputs, Level 1 [Member]
Assets	893,181
Liabilities related to warrants
Fair Value, Inputs, Level 1 [Member] | Circassia Pharmaceuticals PLC [Member]
Marketable securities, total
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Marketable securities, total	893,181	8,304,392
Fair Value, Inputs, Level 2 [Member]
Assets
Liabilities related to warrants
Fair Value, Inputs, Level 2 [Member] | Circassia Pharmaceuticals PLC [Member]
Marketable securities, total
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member]
Marketable securities, total
Fair Value, Inputs, Level 3 [Member]
Assets	5,649,486
Liabilities related to warrants		5,677,934
Fair Value, Inputs, Level 3 [Member] | Circassia Pharmaceuticals PLC [Member]
Marketable securities, total	5,649,486
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member]
Marketable securities, total

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 14,603	$ 64,787	$ 38,137

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Property and equipment, gross	$ 447,377	$ 390,902
Accumulated depreciation and amortization	(202,505)	(137,718)
Property and equipment, net	244,872	253,184
Clinical and Medical Equipment [Member]
Property and equipment, gross	357,795	357,795
Computer Equipment [Member]
Property and equipment, gross	42,782	28,727
Furniture and Fixtures [Member]
Property and equipment, gross	41,464	1,889
Leasehold Improvements [Member]
Property and equipment, gross	$ 5,336	$ 2,491

Shareholder's Equity (Details N

Shareholder's Equity (Details Narrative) - USD ($)

Feb. 13, 2019

Jan. 02, 2019

Dec. 26, 2018

Aug. 10, 2018

Aug. 10, 2018

Aug. 02, 2018

May 10, 2018

Feb. 16, 2018

Jan. 13, 2017

Sep. 07, 2016

Dec. 31, 2018

Feb. 28, 2018

Jul. 31, 2017

Jun. 30, 2017

Mar. 31, 2017

Jan. 31, 2017

Dec. 31, 2016

Aug. 31, 2015

Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2019

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.80

$ 4.25

Aggregate consideration

$ 663,000

Common stock shares issued

8,397,056

8,714,815

8,714,815

8,397,056

Warrants to purchase of common stock

29,763

Warrant outstanding

110,494

110,494

6,143,405

[1]

6,143,405

[1]

Direct and increment cost

$ 199,000

Common stock , par value

$ 0.0001

$ 0.0001

$ 0.0001

$ 0.0001

Stock-based compensation

$ 59,507

$ 146,429

$ 2,550,321

$ 4,384,844

Cash purchase price

$ 294,862

294,862

Proceeds from issuance of common stock

799,185

Shares issued price per share

$ 6.90

$ 6.90

General and administrative expenses

$ 803,069

$ 2,127,813

$ 6,852,988

$ 5,306,884

$ 6,629,344

Common stock reserved for issuance

310,525

310,525

Unrecognized stock based compensation expense

$ 4,299,400

$ 4,299,400

Weighted average remaining service period

1 year 9 months 18 days

Weighted average fair value of options granted

$ 1.88

$ 3.11

$ 1.66

Warrants expiration date

Jan. 31, 2024

2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued

3,100,000

1,500,000

Options vesting terms, description

Expire up to ten years after the grant date

Additional shares authorized

1,000,000

600,000

1,033,324

Stock Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted average remaining service period

2 years 3 months 19 days

Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

Cancellation of restricted stock in stock-based compensation expense

844,000

General and administrative expenses

$ 1,961,000

Stock option granted

340,000

Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cash purchase price

$ 20,000,000

Purchase price description

The Company may direct LPC, at its sole discretion, and subject to certain conditions, to purchase up to 10,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that LPC cannot make any single purchase that exceeds $750,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the Stock Purchase Agreement.

Shares issued price per share

$ 4.43

$ 4.43

Purchase Agreement [Member] | March 31, 2019, through June 18, 2019 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of common stock issued

250,000

Net proceeds from issuance of offering

$ 1,173,810

Shares issued price per share

$ 4.70

$ 4.70

Common stock remaining balance

$ 17,482,005

Option Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.80

Warrants to purchase of common stock

178,570

Acquisition cost to purchase intellectual property

$ 25,000

Option Agreement [Member] | Research and Development Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

$ 479,700

Milestone method, revenue of sales

$ 87,000,000

Stock options exercised

500,000

Shares exchange ratio

The shares exchange was at 1:1 ratio.

Securities Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 0.01

Warrants to purchase of common stock

4,599,604

Common stock , par value

$ 0.0001

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Conversion of common stock

1,390,595

1,397,098

Conversion of common stock value

$ 3,955,140

$ 3,342,000

Notes reivable from related parties

$ 892,000

Number of common stock issued

6,473

297,000

Finders fees

18,000

Stock options exercised

20,759

Tranche A Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.25

Warrants to purchase of common stock

2,299,802

Net proceeds from issuance of offering

$ 9,820,000

Tranche B Warrants [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.25

Placement Agent [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Direct and increment cost

$ 15,000

Board of Directors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.25

LPC [Member] | Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants to purchase of common stock

10,000

10,000

Number of common stock issued

297,000

Net proceeds from issuance of offering

$ 1,344,185

$ 799,185

Proceeds from issuance of common stock

$ 20,000,000

Shares issued price per share

$ 4.53

$ 4.53

Offering expenses

$ 545,000

Vendor [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock shares isued services

30,000

Stock based compensation of shares issued

$ 144,000

Price per shares

$ 4.80

$ 4.80

Director [Member] | Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

$ 147,719

Number of restricted shares issued

36,000

492,624

304,000

Restricted stock units vested

246,312

Cancellation of restricted stock in stock-based compensation expense

246,312

Options vesting terms

5 years

5 years

Officers [Member] | Restricted Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation

$ 147,719

Stock option granted

133,000

Third Party [Member] | Warrant [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 4.80

$ 4.80

Warrants to purchase of common stock

29,763

178,570

Stock-based compensation

$ 55,900

Minimum [Member] | 2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms

2 years

Minimum [Member] | Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cash purchase price

$ 750,000

Maximum [Member] | 2013 Incentive Option Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options vesting terms

4 years

Securities Purchase and Registration Rights Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant exercise price

$ 6.90

Warrants expiration

5 years

Common stock shares issued

1,701,616

Warrants to purchase of common stock

3,403,232

Proceeds from warrant exercise

15,000,000

Finance expenses

$ 2,434,000

Securities Purchase and Registration Rights Agreement [Member] | Investors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrants to purchase of common stock

1,701,616

Securities Purchase and Registration Rights Agreement [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Sale of stock, consideration received on transaction

$ 10,000,000

Securities Purchase and Registration Rights Agreement [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Sale of stock, consideration received on transaction

$ 25,000,000

Equity Unit Purchase Agreement [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Warrant description

Each purchased unit (each a "Unit") comprised one common stock, and two warrant to purchase one share of common stock per warrant. The exercise price for each warrant is $6.90 per share and are eligible to be exercised on a cashless basis in the sole discretion of the holder.

Aggregate consideration

$ 15,000,000

Warrant liabilities

$ 3,760,000

Fair value of warrant liabilities

$ 2,978,000

[1]

In August 2015, AIT entered into an Option Agreement (the "Option Agreement") with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the "Option") on September 7, 2016 for $25,000. Upon exercise of the Option, we became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are almost entirely sales related and are capped at a total of $87 million across three separate and distinct indications that fall under the agreement. AIT exercised the Option in January 2017 and paid an exercise price of $500,000. AIT issued to the third party a warrant (the "Third Party Warrant") to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company's common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model.

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Option Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Weighted average exercise price - options, granted	$ 1.88	$ 3.11	$ 1.66
Weighted average remaining contractual life - options outstanding at ending of period		1 year 9 months 18 days
Employees and Directors [Member]
Number of options outstanding at beginning of period		510,904
Number of options, granted		1,919,000
Number of options, exercised		(20,759)
Number of options, forfeited		(33,333)
Number of options outstanding at end of period	510,904	2,375,812
Number of options exercisable at end of year		806,397
Weighted average exercise price - options outstanding at beginning of period		$ 4.32
Weighted average exercise price - options, granted		4.54
Weighted average exercise price - options, exercised		0.42
Weighted average exercise price - options, forfeited		4.25
Weighted average exercise price - options, outstanding at end of period	$ 4.32	4.48
Weighted average exercise price exercisable at end of year		$ 4.33
Weighted average remaining contractual life - options outstanding at beginning of period		9 years
Weighted average remaining contractual life - options outstanding at ending of period		9 years 2 months 12 days
Weighted average remaining contractual life - options exercisable at end of period		8 years
Aggregate intrinsic value at beginning of period		$ 625,626
Aggregate intrinsic value, Granted		237,463
Aggregate intrinsic value, Exercised		(90,033)
Aggregate intrinsic value at end of period	$ 625,626	773,056
Aggregate intrinsic value exercisable at end of year		$ 426,510
Employees and Directors [Member] | Restricted Shares [Member]
Number of options outstanding at beginning of period
Number of options, granted		340,000
Number of options, exercised
Number of options, forfeited
Number of options outstanding at end of period		340,000
Number of options exercisable at end of year
Weighted average exercise price - options outstanding at beginning of period
Weighted average exercise price - options, granted		4.62
Weighted average exercise price - options, exercised
Weighted average exercise price - options, forfeited
Weighted average exercise price - options, outstanding at end of period		4.62
Weighted average exercise price exercisable at end of year
Weighted average remaining contractual life - options outstanding at beginning of period		4 years 9 months 18 days
Weighted average remaining contractual life - options outstanding at ending of period		4 years 9 months 18 days
Weighted average remaining contractual life - options exercisable at end of period		0 years

Shareholder's Equity - Schedu_2

Shareholder's Equity - Schedule of Assumption of Black-Scholes Option Pricing Model (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Expected volatility	84.50%		75.00%
Dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Risk-free interest rate	2.40%	2.50%	2.10%
Expected volatility		80.70%
Expected term (in years)	3 years 6 months	5 years	5 years 6 months
Maximum [Member]
Risk-free interest rate	2.60%	3.20%	3.50%
Expected volatility		84.50%
Expected term (in years)	5 years 9 months 18 days	9 years 1 month 6 days	6 years

Shareholder's Equity - Schedu_3

Shareholder's Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Share-based compensation expense	$ 59,507	$ 146,429	$ 2,550,321	$ 4,384,844
Research and Development [Member]
Share-based compensation expense		49,875	572,918	618,482
General and Administrative [Member]
Share-based compensation expense		$ 96,554	$ 1,977,403	$ 3,766,362

Shareholder's Equity - Summary

Shareholder's Equity - Summary of Company's Outstanding Warrants (Details) - $ / shares		12 Months Ended
		Mar. 31, 2019		May 10, 2018	Feb. 28, 2018	Mar. 31, 2017
Number of warrants		6,143,405	[1]			110,494
Excercise price				$ 4.80	$ 4.25
Third Party License Agreement [Member]
Number of warrants		208,333
Excercise price		$ 4.80
Date of Expiration		Jan. 31, 2024
January 2017 [Member] | Investors [Member]
Number of warrants	[2]	1,701,616
Excercise price	[2]	$ 4.25
Date of Expiration	[2]	Jan. 31, 2022
January 2017 [Member] | Investors One [Member]
Number of warrants	[2]	1,701,616
Excercise price	[2]	$ 4.25
Date of Expiration	[2]	Feb. 28, 2022
March 2017 [Member] | Investors [Member]
Number of warrants	[2]	220,988
Excercise price	[2]	$ 4.25
Date of Expiration	[2]	Mar. 31, 2021
March 2017 [Member] | Placement Agent [Member]
Number of warrants	[2]	11,050
Excercise price	[2]	$ 4.25
Date of Expiration	[2]	Mar. 31, 2021
March 2018 [Member] | Investors [Member]
Number of warrants		2,299,802
Excercise price		$ 4.25
Date of Expiration		Mar. 31, 2022
[1]	In August 2015, AIT entered into an Option Agreement (the "Option Agreement") with a third party whereby AIT acquired the Option to purchase certain intellectual property assets and rights (the "Option") on September 7, 2016 for $25,000. Upon exercise of the Option, we became obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which we receive regulatory approval for the commercial sale of the first product candidate qualifying under the agreement. These milestone payments are almost entirely sales related and are capped at a total of $87 million across three separate and distinct indications that fall under the agreement. AIT exercised the Option in January 2017 and paid an exercise price of $500,000. AIT issued to the third party a warrant (the "Third Party Warrant") to purchase up to 178,570 ordinary shares of AIT at an exercise price of $4.80 for each share. This warrant was exchanged for a warrant to acquire the same number of shares of the Company's common stock upon consummation of the merger. The shares exchange was at 1:1 ratio. The Company recorded stock-based compensation expense of $479,700 to research and development based upon the fair value using the Black-Scholes option pricing model. On May 10, 2018, the Company issued to the third-party additional warrants to purchase up to 29,763 shares of the Company at an exercise price of $4.80 per share for each share of common stock. The Company recorded stock-based compensation expense of $55,900 to research and development based upon the fair value using the Black-Scholes option pricing model.
[2]	These warrants have down round protection.

Current Assets and Prepaid Ex_3

Current Assets and Prepaid Expenses - Schedule of Prepaid Expenses (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Prepaid expenses	$ 788,409	$ 59,249
Research and Development [Member]
Prepaid expenses	324,063
Insurance [Member]
Prepaid expenses	297,945
Other [Member]
Prepaid expenses	$ 166,401	$ 59,249

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Payables and Accruals [Abstract]
Vendors - research and development	$ 103,320	$ 497,577
Professional fees	780,127	492,250
Income taxes payable	154,300	154,300
Employee salaries and benefits	183,271	104,110
Other	62,084	9,525
Total	$ 1,533,102	$ 1,257,762

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) Per Common Share - Schedule of Potential Anti-Dilutive Securities (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Total	6,660,163	8,859,217	4,391,786
Common Stock Warrant [Member]
Total	6,089,259	6,143,405	3,843,603
Common Stock Options [Member]
Total	510,904	2,375,812	548,183
Restricted Shares [Member]
Total		340,000

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	Jan. 23, 2019	Mar. 31, 2019	Mar. 31, 2018
Deferred revenue		$ 2,263,294
License Agreement [Member]
Regulatory milestone amount	$ 31,500,000
Payments in cash discounted, percentage	5.00%
First two milestone ordinary shares		17,572,815
First two milestone ordinary shares, value		$ 9,987,295
License Agreement [Member] | First Obligation Member [Member]
Deferred revenue		2,871,063
License Agreement [Member] | Second Obligation Member [Member]
Deferred revenue		607,769
License Agreement [Member] | Intellectual Property [Member] | First Obligation Member [Member]
Revenue allocated to performance obligations		$ 7,116,232
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member]
Milestones payment	$ 7,350,000
Royalty percentage owed on sale of licensed product revenues.	5.00%
Payment of milestone ordinary shares, value	$ 3,150,000
Payment of milestone ordinary shares	5,271,844
Annual Gross profit royalty percentage	14.00%
Annual Gross profit royalty amount	$ 100,000,000
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | Hospital and Clinic Settings [Member]
Payments for royalties	8,400,000
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | United States [Member]
Payments for royalties	$ 12,600,000
One-time royalty percentage	5.00%
Royalty gross profit amount	$ 50,000,000
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | China [Member]
Payments for royalties	$ 1,050,000
One-time royalty percentage	5.00%
Royalty gross profit amount	$ 20,000,000
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | United States and China [Member]
Annual Gross profit royalty percentage	15.00%
Annual Gross profit royalty amount	$ 100,000,000
License Agreement [Member] | Maximum [Member]
Milestones payment	$ 32,500,000
License Agreement [Member] | Maximum [Member] | Circassia Pharmaceuticals PLC [Member]
Annual Gross profit royalty percentage	19.00%
Annual Gross profit royalty amount	$ 100,000,000
License Agreement [Member] | Maximum [Member] | Circassia Pharmaceuticals PLC [Member] | United States and China [Member]
Annual Gross profit royalty percentage	20.00%
Annual Gross profit royalty amount	$ 100,000,000

Loan Payable (Details Narrative

Loan Payable (Details Narrative) - USD ($)	1 Months Ended
	Jan. 31, 2019	Dec. 31, 2013
Debt Disclosure [Abstract]
Loans payable	$ 292,500
Ten monthly payments	$ 29,687
Debt interest rate	3.30%	8.00%

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Corporate tax rate		21.00%
Income tax, description	The Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018.
Net operating loss carry forward		$ 12,340,000
Unused net operating loss carry forward		5,719,000
Federal tax rate amount		688,000
Deferred tax assets operating loss carry forwad		$ 4,343,000
Operating loss carryforward expire description		March 2018 expire through 2037
Valuation allowances increased		$ 3,013,000
State [Member]
Net operating loss carry forward		$ 2,644,000
Operating loss carryforward expire description		Expiring during the years 2035 to 2039
March 2018 Expire Through 2037 [Member]
Net operating loss carry forward		$ 1,375,000
Israel [Member]
Corporate tax rate		23.00%	23.00%	24.00%

Income Taxes - Schedule of Prof

Income Taxes - Schedule of Profit (Loss) Before Taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic	$ 2,935,850	$ (4,475,659)	$ (7,469,198)
Foreign	(1,888,163)	(2,082,791)	(10,575,148)
Total	$ 1,047,687	$ (6,558,450)	$ (18,044,346)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Asset/Liability (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 4,201,000	$ 2,909,000
Research and development tax credits	243,000
Other	120,000
Reserves and allowances - foreign	6,000	10,000
Stock-based compensation	608,000
Unrealized loss on available for sale investment	966,000
Research and development - foreign	550,000	762,000
Net deferred tax	6,694,000	3,681,000
Valuation allowance	(6,694,000)	(3,681,000)
Net deferred tax asset

Income Taxes - Schedule of Stat

Income Taxes - Schedule of Statutory US Federal Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2019
Income Taxes - Schedule Of Statutory Us Federal Effective Tax Rate
Federal income tax at statutory rate	(21.00%)
State income tax, net of federal benefit	(6.62%)
Permanent items	0.00%
Change in valuation allowance	36.10%
Research and development tax credits	(3.71%)
Other	(4.77%)
Effective income tax expense rate	0.00%

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Related To Uncertain Tax Positions (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Taxes - Schedule Of Unrecognized Tax Benefits Related To Uncertain Tax Positions
Balance at beginning of period	$ 154,300	$ 154,300	$ 154,300
Additions for current year's tax position
Balance at the end of period	$ 154,300	$ 154,300	$ 154,300

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($)	May 10, 2018	Jan. 31, 2018	Jan. 13, 2017	Sep. 07, 2016	Oct. 22, 2013	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Feb. 28, 2018
Warrants to purchase ordinary shares	29,763
Exercise price	$ 4.80											$ 4.25
Research and development	$ 55,900					$ 1,637,387	$ 1,438,704	$ 3,929,558		$ 4,636,287	$ 4,438,264
Warrants expiration term	Jan. 31, 2024
Volatility rate						84.50%					75.00%
Dividend rate						0.00%		0.00%			0.00%
Reversed prior period expenses of intangible assets								$ 200,000
Rent expense						$ 25,059		$ 115,276	$ 73,013
June 31, 2019 [Member]
Options to purchase common stock								100,000
eNOGenorator [Member] | After Six Months [Member]
Future payments based on certain milestones		$ 1,500,000
NitricGen, Inc [Member
Future payments based on certain milestones		2,000,000
Fair value of options		295,000
Milestone payments and fair value of options		495,000
Reversed prior period expenses of intangible assets		200,000
Circassia Pharmaceuticals PLC [Member]
Future payments based on certain milestones								$ 250,000
Patent License Agreement [Member]
Non-refundable upfront fee paid					$ 150,000
Royalty percentage owed on sale of licensed product revenues					5.00%
Minimum amount of royalties owed per annum					$ 50,000
Option Agreement [Member]
Acquisition cost to purchase intellectual property assets and rights				$ 25,000
Payments for development and milestone payment			$ 500,000
Milestone payments			87,000,000
Sales related milestones payments			$ 83,000,000
Warrants to purchase ordinary shares			178,570
Exercise price			$ 4.80
Shares exchange, description			The shares exchange was at 1:1 ratio
Research and development			$ 479,700
Execution Agreement [Member]
Future payments based on certain milestones		$ 180,000
Execution Agreement [Member] | NitricGen, Inc [Member
Exercise price		$ 6.90
Future payments based on certain milestones		$ 100,000
Payment to related parties		$ 100,000
Options to purchase common stock		100,000
Volatility rate		79.90%
Risk-free interest rate		2.50%
Option expiration term		5 years
Dividend rate		0.00%
Lease Agreement [Member]
Lease agreement expiration, description								Expire on April 2021 and June 2023

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Commitments (Details)	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 129,100
2021	90,100
2022	65,400
2023	64,700
2024	16,300
Total	$ 365,600

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Jun. 03, 2019	Jun. 18, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2017
Proceeds from issuance of common stock				$ 799,185
Stock Purchase Agreement [Member]
Proceeds from issuance of common stock				$ 20,000,000
Subsequent Event [Member]
Number of common stok sold		250,000
Proceeds from sales of stock		$ 1,173,810
Average price per shares		$ 4.70
Subsequent Event [Member] | Stock Purchase Agreement [Member]
Number of common stock issued	1,583,743
Proceeds from issuance of common stock	$ 7,960,635

Transition Period Comparative_3

Transition Period Comparative Data - Schedule of Transition Period Comparative Data (Details) - USD ($)	May 10, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Transition Period Comparative Data - Schedule Of Transition Period Comparative Data
Research and development expenses	$ (55,900)	$ (1,637,387)	$ (1,438,704)	$ (3,929,558)	$ (4,636,287)	$ (4,438,264)
General and administrative expenses		(803,069)	(2,127,813)	(6,852,988)	(5,306,884)	(6,629,344)
Operating loss		2,440,456	(3,566,517)	3,058,545	(9,943,171)	11,067,608
Change in fair value of warrant liabilities		3,493,664	(1,123,814)		(794,093)	(5,411,551)
Amortization of benenfical conversion feature and debt issuance costs related to convertible debt			(1,031,360)
Amortization of debt issuance costs			(14,273)			(14,273)
Issuance of additional warrants granted to investors			(17,899)
Imputed interest expense respect to convertible notes			(14,878)			(14,878)
Imputed interest income (expense) with respect to loans from related parties and others and loan from bank			(13,286)		3,495
Issuance costs related to warrants granted			(457,366)
Foreign exchange gain (loss)		(5,521)	(38,064)	(920)	21,524
Other expense			(2,779)	(3,034)	(3,610)	(29,426)
Total other income (loss)		3,488,143	(2,713,719)	(3,499,905)	(772,684)	(6,976,738)
Net loss and other comprehensive loss		1,047,687	$ (6,280,236)	(6,558,450)	$ (10,715,855)	(18,044,346)
Net basic and diluted loss per share of common stock			$ (1.12)		$ (1.68)
Weighted average number of shares used in computing net basic loss per share of common stock			5,617,762		6,391,218
Net loss		1,047,687	$ (6,280,236)	(6,558,450)	$ (10,715,855)	(18,044,346)
Depreciation			6,205		46,535
Stock-based compensation		146,429	1,877,442	2,399,321	574,395	4,384,844
Adoption of ASU 2016-01				(2,986)	(2,986)
Changes in fair value of warrant liabilities		(3,493,664)	1,123,814		793,956	5,412,341
Amortization of beneficial conversion feature and debt issuance costs related to coverable notes			1,045,633
Issuance costs related to warrant liability			457,366			(457,250)
Issuance of common stock to finder upon the conversion of convertible notes			18,545
Imputed interest on convertible notes, loans from related parties and others			30,164		3,721
Other current assets and prepaid expenses		49,567	(101,677)	(729,159)	117,163	(31,252)
Accounts payables		173,347	20,079	322,633	293,768	141,583
Accrued expenses		312,495	(409,728)	276,757	196,853	(573,624)
Net cash used in operating activities		(1,749,536)	(2,212,393)	1,341,052	(8,692,450)	(7,118,337)
Investment in available for sale marketable securities		(9,403,543)		(12,222,774)	(8,304,392)	(2,000,000)
Purchase price paid upon reverse merger			(294,862)			(294,862)
Purchase of property and equipment		(1,000)	(25,206)	(56,475)	(219,595)	(244,461)
Net cash used in investing activities		(7,704,493)	(320,068)	(1,793,639)	(8,523,987)	(1,143,180)
Proceeds from issuance of units consisting of common stock and warrants, net of issuance costs		8,984,917	9,889,035		10,813,767
Proceeds from loans from related parties and others			56,957			56,957
Maturity of loans and interest from related parties and others			(241,000)			(418,000)
Purchase of treasury stock			(25,000)			(25,000)
Repayment of bank loans			(13,828)
Net cash provided by financing activities		8,984,917	9,666,164	1,071,490	10,813,767	9,461,663
(Decrease) increase in cash, cash equivalents and restricted cash		(469,112)	7,133,103	618,903	(6,402,670)	1,200,346
Cash, cash equivalents and restricted cash at beginning of period		1,207,346	7,201	738,234	7,140,904	7,201
Cash, cash equivalents and restricted cash at end of period		738,234	7,140,904	1,357,137	738,234	1,207,346
Conversion of convertible notes to common stock			3,995,000			$ 3,955,000
Issuance of convertible notes to common stock					$ 250,000

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($)	Feb. 10, 2014	Dec. 31, 2013	Dec. 31, 2017	Dec. 31, 2016	Jan. 31, 2019
Loan bears an interest percentage		8.00%			3.30%
Loan expenses					$ 292,500
Due from related party debt		$ 892,000
Debt conversion of common stock		1,397,068
Loan Agreement [Member]
Loan expenses			$ 13,000
Loan Agreement [Member] | Stockholders [Member]
Related party transaction amount	$ 22,000		$ 57,000	$ 340,000
Loan bears an interest percentage	4.00%		16.00%	16.00%
Loan Agreement [Member] | Stockholders [Member] | Minimum [Member]
Loan bears an interest percentage			4.00%	4.00%