Beyond Air (XAIR) 10-Q 7 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Jan. 31, 2020
Document And Entity Information
Entity Registrant Name	Beyond Air, Inc.
Entity Central Index Key	0001641631
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	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 Common Stock, Shares Outstanding		14,384,014
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current assets
Cash and cash equivalents	$ 2,140,162	$ 1,340,203
Restricted cash	636,364	16,934
Marketable securities	12,699,964	6,542,667
Right-of-use lease assets	66,115
Other current assets and prepaid expenses	429,780	788,409
Total current assets	15,972,385	8,688,213
Licensed right to use technology	422,282	495,000
Right-of-use lease assets	145,848
Property and equipment, net	216,111	244,872
TOTAL ASSETS	16,756,626	9,428,085
Current liabilities
Accounts payable	2,013,931	1,164,672
Accrued expenses	1,675,069	1,567,638
Deferred revenue	675,844	2,263,294
Stock to be issued to a vendor	156,900	144,000
Operating lease liability	67,403
Loan payable		263,604
Total current liabilities	4,589,147	5,403,208
Long-term liabilities
Operating lease liability	151,384
Total liabilities	4,740,531	5,403,208
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, 13,901,745 and 8,714,815 shares issued and outstanding as of December 31, 2019 and March 31, 2019, respectively	1,390	871
Treasury stock	(25,000)	(25,000)
Additional paid-in capital	64,358,449	41,693,578
Accumulated deficit	(52,318,744)	(37,644,572)
Total shareholders' equity	12,016,095	4,024,877
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 16,756,626	$ 9,428,085

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Mar. 31, 2019
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	13,901,745	8,714,815
Common stock, shares outstanding	13,901,745	8,714,815

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
License revenues	$ 314,379		$ 1,587,450
Operating expenses:
Research and development	(2,580,622)	(588,256)	(7,754,125)	(2,299,267)
General and administrative	(2,471,714)	(1,814,305)	(6,719,144)	(4,272,799)
Operating expenses	(5,052,336)	(2,402,561)	(14,473,269)	(6,572,066)
Operating loss	(4,737,957)	(2,402,561)	(12,885,819)	(6,572,066)
Other income (loss)
Realized and unrealized gain (loss) from marketable securities	314,889	18,234	(1,849,624)	13,142
Dividend income	25,692	10,737	59,759	74,723
Foreign exchange gain (loss)	1,765	678	1,512	(288)
Other income (expenses)		6,392		(2,897)
Total other income (loss)	342,346	36,041	(1,788,353)	84,680
Net loss	(4,395,611)	(2,366,520)	(14,674,172)	(6,487,386)
Deemed dividend from warrant modification	(522,478)		(522,478)
Net loss attributed to common shareholders	$ (4,918,089)	$ (2,366,520)	$ (15,196,650)	$ (6,487,386)
Net basic and diluted loss per share	$ (0.43)	$ (0.28)	$ (1.46)	$ (0.77)
Weighted average number of shares of common stock used in computing basic and diluted net loss per share	11,398,413	8,530,580	10,437,690	8,466,243

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) - USD ($)		Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2018		$ 840	$ (25,000)	$ 32,141,110	$ (30,572,750)	$ 1,544,200
Balance, shares at Mar. 31, 2018		8,397,056
Adjustment due to the adoption of ASU-2017-11	[1]			6,194,292	(516,358)	5,677,934
Issuance of common stock upon exercise of options		$ 1		(1)
Issuance of common stock upon exercise of options, shares		9,601
Stock-based compensation				80,000		80,000
Net loss					(1,718,347)	(1,718,347)
Balance at Jun. 30, 2018		$ 841	(25,000)	38,415,401	(32,807,455)	5,583,787
Balance, shares at Jun. 30, 2018		8,406,657
Balance at Mar. 31, 2018		$ 840	(25,000)	32,141,110	(30,572,750)	1,544,200
Balance, shares at Mar. 31, 2018		8,397,056
Net loss						(6,487,386)
Balance at Dec. 31, 2018		$ 853	(25,000)	40,056,458	(37,576,494)	2,455,817
Balance, shares at Dec. 31, 2018		8,533,657
Balance at Jun. 30, 2018		$ 841	(25,000)	38,415,401	(32,807,455)	5,583,787
Balance, shares at Jun. 30, 2018		8,406,657
Stock-based compensation				842,010		842,010
At the market stock issuance of common stock, net		$ 11		(18,511)		(18,500)
At the market stock issuance of common stock, net, shares		117,000
Net loss					(2,402,519)	(2,402,519)
Balance at Sep. 30, 2018		$ 852	(25,000)	39,238,900	(35,209,974)	4,004,778
Balance, shares at Sep. 30, 2018		8,523,657
Stock-based compensation				771,889		771,889
At the market stock issuance of common stock, net		$ 1		45,669		45,670
At the market stock issuance of common stock, net, shares		10,000
Net loss					(2,366,520)	(2,366,520)
Balance at Dec. 31, 2018		$ 853	(25,000)	40,056,458	(37,576,494)	2,455,817
Balance, shares at Dec. 31, 2018		8,533,657
Balance at Mar. 31, 2019		$ 871	(25,000)	41,693,578	(37,644,572)	4,024,877
Balance, shares at Mar. 31, 2019		8,714,815
Issuance of common stock upon exercise of options		$ 3		83,854		83,857
Issuance of common stock upon exercise of options, shares		32,122
Stock-based compensation				919,037		919,037
At the market stock issuance of common stock, net		$ 25		1,173,785		1,173,810
At the market stock issuance of common stock, net, shares		250,000
Issuance of common stock pursuant to a private placement, net of offering costs of $140,000		$ 159		7,839,336		7,839,495
Issuance of common stock pursuant to a private placement, net of offering costs of $140,000, shares		1,583,743
Net loss					(6,180,821)	(6,180,821)
Balance at Jun. 30, 2019		$ 1,058	(25,000)	51,709,590	(43,825,393)	7,860,255
Balance, shares at Jun. 30, 2019		10,580,680
Balance at Mar. 31, 2019		$ 871	(25,000)	41,693,578	(37,644,572)	$ 4,024,877
Balance, shares at Mar. 31, 2019		8,714,815
Issuance of common stock upon exercise of options, shares						40,202
Net loss						$ (14,674,172)
Balance at Dec. 31, 2019		$ 1,390	(25,000)	64,358,449	(52,318,744)	12,016,095
Balance, shares at Dec. 31, 2019		13,901,945
Balance at Jun. 30, 2019		$ 1,058	(25,000)	51,709,590	(43,825,393)	7,860,255
Balance, shares at Jun. 30, 2019		10,580,680
Issuance of common stock upon exercise of options		$ 1		25,924		25,925
Issuance of common stock upon exercise of options, shares		6,100
Stock-based compensation				922,997		922,997
At the market stock issuance of common stock, net		$ 16		808,168		808,184
At the market stock issuance of common stock, net, shares		160,000
Net loss					(4,097,740)	(4,097,740)
Balance at Sep. 30, 2019		$ 1,075	(25,000)	53,466,679	(47,923,133)	5,519,621
Balance, shares at Sep. 30, 2019		10,746,780
Issuance of common stock upon exercise of options				8,168		8,168
Issuance of common stock upon exercise of options, shares		1,980
Stock-based compensation				714,574		714,574
Issuance of shares pursuant to a underwritten offering and a private placement, net of offering cost of $1,370,582		$ 315		10,169,028		10,169,343
Issuance of shares pursuant to a underwritten offering and a private placement, net of offering cost of $1,370,582, shares		3,152,985
Incremental value of warrants due to a modification				522,478		522,478
Deemed dividend due to a warrant modification				(522,478)		(522,478)
Net loss					(4,395,611)	(4,395,611)
Balance at Dec. 31, 2019		$ 1,390	$ (25,000)	$ 64,358,449	$ (52,318,744)	$ 12,016,095
Balance, shares at Dec. 31, 2019		13,901,945
[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.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - USD ($)	Apr. 02, 2018	Jun. 30, 2019	Dec. 31, 2019
Offering cost		$ 140,000	$ 1,370,582
Topic 842 [Member] | Additional Paid-in Capital [Member]
Cumulative-effect of adjustment	$ 6,194,292
Topic 842 [Member] | Accumulated Deficit [Member]
Cumulative-effect of adjustment	$ (516,358)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net loss	$ (14,674,172)	$ (6,487,386)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization of property and equipment	57,009	46,222
Amortization of intangible asset	72,718
Amortization right- of-use lease assets	46,642
Stock-based compensation	2,569,508	1,693,899
Realized and unrealized loss (gain) from marketable securities	1,849,624	(13,142)
Changes in:
Other current assets and prepaid expenses	358,629	(26,460)
Accounts payable	849,259	(7,770)
Accrued expenses	107,431	(966,820)
Operating lease liability	(39,818)
Deferred revenue	(1,587,450)
Net cash used in operating activities	(10,390,620)	(5,748,315)
Cash flows from investing activities
Investment in marketable securities	(32,970,684)
Proceeds from redemption of marketable securities	24,963,763	5,730,782
Licensed right to use technology		200,000
Purchase of property and equipment	(28,248)	(52,259)
Net cash (used in) provided by investing activities	(8,035,169)	5,478,523
Cash flows from financing activities
Issuance of common stock in an underwritten offering and private placement, net of offering costs	10,169,343
Issuance of common stock in private placement, net of offering costs	7,839,495
Issuance of common stock related to at the market offerings, net of offering costs	1,981,994	27,170
Payment of loan	(263,604)
Proceeds from the exercise of stock options	117,950
Net cash provided by financing activities	19,845,178	27,170
Increase (decrease) in cash, cash equivalents and restricted cash	1,419,389	(242,622)
Cash, cash equivalents and restricted cash at beginning of period	1,357,137	738,234
Cash, cash equivalents and restricted cash at end of period	2,776,526	495,612
Supplemental disclosure of non-investing activities
Right-of-use assets	258,605
Operating lease liability	264,570
Deemed dividend as a result of a warrant modification	522,478
Fair market value of option to NitricGen for the licensed right to use technology		295,000
Supplemental disclosure of cash flow items:
Interest paid	3,832
Income taxes paid

Organization and Business

Organization and Business	9 Months Ended
	Dec. 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. 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 Ltd. was incorporated in Israel on May 1, 2011 and is a wholly-owned subsidiary of the Company. On August 29, 2014 Advanced Inhalation Therapies Ltd, established a subsidiary, Advanced Inhalation Therapies Inc. On July 4, 2019, Advanced Inhalation Therapies Ltd.’s name was changed to Beyond Air, Ltd. (“BA Ltd.)”. In December 2016, the Company consummated a reverse merger with KokiCare, Inc. Under reverse recapitalization accounting, BA Ltd. was considered the acquirer for accounting and financial reporting purposes. Consequently, the unaudited condensed 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 unaudited condensed consolidated financial statements include the accounts of the Company since the effective date of the reverse capitalization and the accounts of BA Ltd. since inception. The Company is an emerging medical device and biopharmaceutical company that is 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 and research and development. Liquidity Risks and Uncertainties As shown in the accompanying financial statements, the Company has incurred cash used in operating activities of $10.4 million for the nine months ended December 31, 2019, and has accumulated losses of $52.3 million. The Company has cash, cash equivalents and marketable securities of $14.8 million as of December 31, 2019, excluding restricted cash. Based on management’s current business plan, the Company estimates it will have enough cash and liquidity for at least one year from the date of filing these financial statements. 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 as well as the cost to launch our first product, assuming approval of our Premarketing Application (“PMA”) which is expected to be filed in the first half of calendar 2020. 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 we are 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 July 2, 2019, the SEC declared effective the Company’s Form S-3 shelf registration statement which allows the Company to sell up to $100 million of equity securities. In December 2019, the Company raised net proceeds of approximately $10.2 million from the sales of equites in an underwritten offering and private placement, see Note 5. In addition, the Company has a $20 million purchase agreement (“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 through August 2021 at the Company’s discretion, see Note 5. There is $16.7 million remaining under the Purchase Agreement as of December 31, 2019. 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 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 products require approval or clearance from the U.S. Food and Drug Administration prior to commencing commercial sales in the United States. The Company is expected to file its PMA during the first half of calendar 2020 for its first product. 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, See Notes 9 and 11 with respect to the termination of the License Agreement as defined in Note 9.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated Balance Sheet as of March 31, 2019 has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements and the related notes thereto included in the Annual Report on Form 10-K for the year ended March 31, 2019 which was filed with the United States Securities and Exchange Commission (“SEC”) on June 28, 2019. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of BA Ltd. 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 associated with consulting, clinical trials and licensing agreements, stock-based compensation, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon. Concentrations The Company’s license revenue was from two milestone payments from a terminated license agreement, see Note 11. The Company is seeking additional partners. The Company relies on two vendors to manufacture its delivery system. The Company is reliant on the vendors for commercial manufacturing of our LungFit™ generator and delivery systems and nitrogen dioxide filters 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, see Note 3. 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 As of December 31, 2019, restricted cash includes $619,000 of cash that is designated for a contract manufacturer. This cash is expected be used for material and parts that require a long lead time. Collateral for vehicle leases are invested in bank deposit accounts which is restricted and as of December 31, 2019 was $17,364 and as of March 31, 2019 was $16,934. The following table is the reconciliation of the recently adopted accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s unaudited condensed consolidated statements of cash flows: December 31, December 31, Cash and cash equivalents $ 2,140,162 $ 479,700 Restricted cash 636,364 15,912 Cash and cash equivalents and restricted cash $ 2,776,526 $ 495,612 Revenue 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 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. 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 December 31, 2019, and March 31, 2019, 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 . Foreign Exchange Transactions BA Ltd.’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 Matters”. 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. 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 based on, 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 equity 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 operations. Realized gains and (losses) 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 debt securities for potential other-than-temporary impairment. 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. 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 Licensed Right to Use Technology Licensed right to use technology is an intangible asset resulting from the NitricGen transaction, see Note 11. The intangible asset was valued based upon the fair value of the options issued to NitricGen and the cash paid for this transaction. The license contains two future milestone additional payments aggregating $1,800,000. The intangible asset is being amortized on a straight-line method over its estimated useful life of thirteen years. 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. 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 regulatory 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. There were no events during the reporting periods that were deemed to be a triggering event that would require an impairment assessment. Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss and a deemed dividend from a warrant modification attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) includes a deemed dividend from a warrant modification attributable to common stockholders 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, and other 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) attributed to common shareholders 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 such common shares are not assumed to have been issued if their effect is anti-dilutive, see Note 8. Recently Adopted Accounting Pronouncements On April 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company early adopted the new guidance using the modified retrospective transition approach and practical expedients to all leases existing at the date of initial application and not restating comparative periods. See Note 11. As of April 1, 2019, the adoption date, the Company has identified three operating lease arrangements. The adoption of ASC 842 resulted in the recognition of operating lease liabilities and right-of-use assets of approximately of $266,600 and $258,600, respectively. The right-of use assets and operating lease liability is as follows as of December 31, 2019: December 31, 2019 Right of use asset short-term $ 66,115 Right of use asset long-term 145,848 $ 211,963 Operating lease liability short-term $ 67,403 Operating lease liability long-term 151,384 $ 218,787 Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in our leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. The weighted average discount rate and remaining term on lease obligation is approximately 8.3% and 3.7 years. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expenses. Amortization expense for finance (capital) leases is recognized on a straight-line basis over the lease term and is included in general and administrative expenses and research and development expenses, while interest expense for finance leases is recognized using the effective interest method. Recent Accounting Pronouncements Not Yet Adopted There have been no recent accounting pronouncements or changes in accounting standard during the three and nine months ended December 31, 2019, as compared to the recent accounting standards described in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019, that are of significance or potential significance to the Company.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Dec. 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, cash equivalents 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. As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Mutual funds: short-term fixed income $ 12,699,964 $ - $ - $ 12,699,964 As of March 31, 2019 Level 1 Level 2 Level 3 Total Assets Marketable equity securities - Circassia Pharmaceuticals plc, see Note 9 $ 5,649,486 $ 5,649,486 Mutual funds: short-term fixed income 893,181 893,181 $ 6,542,667 $ - $ - $ 6,542,667 Net gains recognized during the three months ended December 31, 2019 and December 31, 2018 from marketable equity securities were $314,899 and $18,234 respectively. Net losses and gains from marketable equity securities for the nine months ended December 31, 2019 and December 2018 were $(1,849,624) and $13,142, respectively.

Property and Equipment

Property and Equipment	9 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consist of the following as of December 31, 2019 and March 31, 2019, respectively: December 31, 2019 March 31, Clinical and medical equipment $ 357,795 $ 357,795 Computer equipment 58,599 42,782 Furniture and fixtures 53,895 41,464 Leasehold improvements 5,336 5,336 475,625 447,377 Accumulated depreciation and amortization (259,514 ) (202,505 ) $ 216,111 $ 244,872 Depreciation and amortization expense related to fixed assets for the three months ended December 31, 2019 and December 31, 2018 was $23,190 and $15,638, respectively. Depreciation and amortization expense related to fixed assets for the nine months ended December 31, 2019 and December 31, 2018 was $57,009 and $46,222, respectively.

Shareholder's Equity

Shareholder's Equity	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Shareholder's Equity	NOTE 5 SHAREHOLDER’S EQUITY In August 2018, the Company entered into the Purchase Agreement with LPC for $20 million. 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 may direct LPC, at its sole discretion, and subject to certain conditions, to purchase up to 10,000 to 30,000 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. For the nine months ended December 31, 2019, the Company received proceeds of $1,981,994 from the sale of 410,000 shares of the Company’s common stock, or an average price per share of $4.83. There is $16,673,821 remaining under the Purchase Agreement as of December 31, 2019. On July 2, 2019, the SEC declared effective, the Company’s Form S-3 shelf registration statement which allows the Company to sell up to $100 million of equity securities. On June 3, 2019, the Company entered into a purchase agreement with investors for the issuance of 1,583,743 shares of common stock, resulting in net proceeds of $7,839,495. The Company’s CEO invested $300,000 and received 58,253 shares of common stock at $5.15 per share. In addition, certain directors and employees invested $610,000 for an aggregate of 118,254 shares of common stock, representing a purchase price of $5.15 per share. The Company registered the shares sold in June 2019 in a registration statement on Form S-3 that was declared effective in September 2019. On December 12, 2019, the Company closed on an underwritten offering and concurrent private placement of 3,152,985 shares of common stock at $3.66 per share for net proceeds of $10,169,343. The underwritten offering shares were registered under the Company’s Form S-3 shelf registration statement. There were 532,786 common stock that were sold in a private placement and subsequently registered under an effective Form S-1 on January 23, 2020. In addition, the Company’s CEO invested $699,999 and receiving 190,437 shares of common stock at $3.66 per share. In addition, certain employees participated in this offering by investing $475,000 and receiving 129,781 shares of common stock at $3.66 per share. Stock to be Issued to a Vendor As of March 31, 2019, the Company was 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, the fair market value for the fiscal year ended March 31, 2019. The Company recorded this obligation as a liability for shares to be issued. For the three months and nine months ended December 31, 2019, the Company recorded stock-based compensation of $18,900 and $12,900, respectively, which was due to the change in the fair market value of the stock to be issued. The fair market value of the liability as of December 31, 2019 was $156,900. Issuance of Restricted Shares On December 26, 2018, and December 31, 2019, the Board of directors approved the issuance of 340,000 and 390,000, shares of restricted stock, respectively, to officers, employees and consultants and the fair value for the restricted stock awards was valued at the closing price of the Company’s stock on the date of grant. Restricted stock vests annually over five years. Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2019 340,000 $ 4.95 Granted 390,000 5.23 Vested (a) (59,800 ) 4.65 Forfeited (16,200 ) 4.65 Outstanding as of December 31, 2019 654,000 $ 4.98 (a) Shares vested in December 2019 and common stock was issued in January 2020 Stock-based compensation expense related to restricted stock awards was $84,477 and $432,756 for the three and nine months ended December 31, 2019, respectively. Stock Option Plan The Company has an amended and restated Equity Incentive Option Plan (the “2013 Plan”), pursuant to which the Company may award officers, directors, employees, and non-employees with stock options, restricted stock units and restricted shares of the Company’s common stock. The vesting terms of the options issued under the 2013 Plan are generally between two to four years and expire up to ten years after the grant date. 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 of common stock authorized under the 2013 Plan, respectively, resulting in a total of 3,100,000 shares eligible for issuance under the 2013 Plan. As of December 31, 2019, there are 5,047 shares available under the 2013 Plan. A summary of the Company’s options for the nine months ended December 31, 2019, is as follows: Number Weighted Weighted Aggregate Intrinsic Options outstanding as of April 1, 2019 2,375,812 $ 4.32 9.2 $ 1,688,700 Granted 30,000 4.92 9,440 Exercised (40,202 ) 2.97 (81,051 ) Forfeited (78,561 ) 4.03 Outstanding as of December 31, 2019 2,287,049 $ 4.52 8.5 $ 1,617,089 Exercisable as of December 31, 2019 1,135,674 $ 4.43 7.9 $ 921,996 As of December 31, 2019, the Company has unrecognized stock-based compensation expense of approximately $1,900,348 related to unvested stock options and is expected to be expensed over the weighted average remaining service period of two years. The weighted average fair value of options granted was $3.49 per share during the nine months ended December 31, 2019. There were no options granted during the three months ended December 31, 2019. The following was utilized on the date of grant for the nine months ended: December 31, 2019 December 31, 2018 Risk -free interest rate 1.4 -2.3 % 2.5-3.1 % Expected volatility 82.3 -83.4 % 80.7-81.2 % Dividend yield 0 % 0 % Expected terms (in years) 6.25 5-9.9 The following summarizes all stock-based compensation expense, including options and restricted stock for the three and nine months ended December 31, 2019 and December 31, 2018, respectively Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Research and development $ 97,765 $ 88,830 $ 431,453 $ 187,103 General and administrative 616,809 676,949 2,125,155 1,506,796 Total stock-based compensation expense $ 714,574 $ 765,779 $ 2,556,608 $ 1,693,899 Warrants A modification of the exercise price to the January 2017 and March 2017 investor warrants from $4.25 per share to $3.66 per share was triggered by the December 2019 equity offering described above. As a result, the Company recognized the incremental value of $522,478, as a deemed dividend using the Black-Scholes pricing model with the following assumptions: Expected term in years 2.2 Volatility 87 % Dividend yield 0.0 % Risk-free interest rate 1.7 % A summary of the Company’s outstanding warrants as of December 31, 2019 are as follows: Warrant Holders Number Of Warrants Exercise Date Of January 2017 offering - investors 1,701,616 $ 3.66 January 2022 (a) January 2017 offering - investors 1,701,616 $ 3.66 February 2022 (a) March 2017 offering - investors 220,988 $ 3.66 March 2022 (a) March 2017 offering - placement agent 11,050 $ 3.66 March 2022 (a) February 2018 offering - investors 2,299,802 $ 4.25 February 2021 Pulmonox license agreement 208,333 $ 4.80 January 2024 Total 6,143,405 (a) These warrants have down round protection There were no warrants exercised during any periods presented.

Current Assets and Prepaid Expe

Current Assets and Prepaid Expenses	9 Months Ended
	Dec. 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 December 31, 2019 and March 31, 2019 is as follows: December 31, 2019 March 31, 2019 Research and development $ 154,291 $ 324,063 Insurance 46,857 297,945 Professional fees 50,000 - Value added taxes receivable 140,959 47,889 Other 37,673 118,512 $ 429,780 $ 788,409

Accrued Expenses

Accrued Expenses	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Expenses	NOTE 7 ACCRUED EXPENSES A summary of the accrued expenses as of December 31, 2019 and March 31, 2019 is as follows: December 31, 2019 March 31, 2019 Research and development $ 575,951 $ 103,320 Professional fees 740,625 1,030,127 Income taxes payable 154,300 154,300 Employee salaries and benefits 125,944 183,271 Other 78,249 96,620 Total $ 1,675,069 $ 1,567,638

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Common Share	9 Months Ended
	Dec. 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 loss per share attributable to common stockholders because their effect would have been anti-dilutive for the three and nine months ended December 31: 2019 2018 Common stock warrants 6,143,405 6,143,405 Common stock options 2,287,049 1,521,230 Restricted shares 654,000 304,000 Total 9,084,454 7,968,635

License Agreement

License Agreement	9 Months Ended
	Dec. 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 Limited and its affiliates (collectively, “Circassia”) 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 fiscal 2019. Based upon the evaluation, it was determined that the contract consists of five performance obligations: ● Performance Obligation 1: non-exclusive transfer of functional intellectual property rights to Circassia, which includes: ○ the consummation of the License Agreement, which included significant pre-agreement negotiation, product specification, and ○ the successful completion of the pre-submission meeting with the FDA. At this meeting the FDA reinforced their assessment of LungFit™ PH as a medical device and the requirements for approval. ● 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, five milestones were included: ● $7.35 million upon signing or 12,300,971 ordinary shares of Circassia (received in quarter four of fiscal year ended March 31, 2019); ● $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 (received in quarter four of fiscal year ended March 31, 2019); ● $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 three months ended March 31, 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. For the three and nine months ended December 31, 2019, $314,379 and $1,587,450, respectively of such revenue associated with this second performance obligation has been recognized. As of December 31, 2019, and March 31, 2019, deferred revenue was $675,844 and $2,263,294, respectively.

Loan Payable

Loan Payable	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Loan Payable	NOTE 10 LOAN PAYABLE In January 2019, and in 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. The balance as of December 31, 2019 and March 31, 2019 was $0 and $263,604, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11 COMMITMENTS AND CONTINGENCIES License Agreements On October 22, 2013, the Company entered into a patent license agreement with CareFusion, pursuant to which it 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 December 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, BA Ltd. entered into an Option Agreement (the “Option Agreement”) with Pulmonox whereby BA Ltd. 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 becomes 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. 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 LungFit™. 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 LungFit™. The Company paid NitricGen $100,000 upon the execution agreement, $100,000 upon achieving the next milestone and issued 100,000 options to purchase the Company’s stock valued at $295,000 upon executing the agreement. The remaining future milestone payments are $1,800,000 of which $1,500,000 in six months after the first approval of LungFit™ by the Food and Drug Administration or the European Medicine Evaluation Agency. On September 18, 2019, the Company entered into an agreement with a contract research organization to perform a pilot study for bronchiolitis. As of December 31, 2019, the remaining commitment under this agreement is approximately $535,000. The Company recorded $312,344 of expenses for the three and nine months ended December 31, 2019 of which $70,524 was accrued at December 31, 2019. Employment Agreements Certain officer agreements contain a change of control provision for payment of severance arrangements. Operating Leases In March 2018, the Company entered into an operating lease for office space in Madison, Wisconsin. The lease commenced in March 2018, with the Company providing a security deposit of $1,728, which is recorded as restricted cash in the unaudited condensed consolidated balance sheets. The lease agreement expires in April 2021, at which point the Company has the option to renew the lease for one additional five-year term. The renewal period was not included the lease term for purposes of determining the lease liability or right-of-use asset. In May 2018, the Company entered into an operating lease for office space in Garden City, New York. The lease commenced in July 2018, with the Company providing a security deposit of $9,771, which is recorded as restricted cash in the unaudited consolidated balance sheets. The lease agreement expires in June 2023, at which point the Company has the option to renew the lease for one additional three-year term. The renewal period was not included the lease term for purposes of determining the lease liability or right-of-use asset. The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such these lease payments are expensed as incurred. Other Information For The Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 60,643 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 3.2 years Weighted-average discount rate — operating leases 8.3 % Maturity of Lease Liabilities As of Operating Leases Remainder of 2020 $ 20,358 2021 83,117 2022 64,826 2023 64,693 2024 16,279 Total lease payments 249,273 Less: interest (30,486 ) Present value of lease liabilities $ 218,787 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 believes they met the contractual requirements of the contract and properly adjusted the applicable warrants in accordance with the protection features. Discovery is now completed. The Company continues to vigorously defends all claims. On December 18, 2019, the Company terminated the License Agreement with Circassia pursuant to which the Company had granted Circassia an exclusive royalty-bearing license to distribute, market and sell the Company’s nitric oxide generator and delivery system in the United States and China. As previously described in Note 9, Circassia had agreed to pay the Company certain milestone and royalty payments, with the remaining milestone and royalty payments payable in cash or ordinary shares of Circassia at Circassia’s option. The Company terminated the Agreement pursuant to section 13.3(b) of the Agreement, which provides for termination by either party upon the other party’s material breach or default. The Company is evaluating other options for the commercialization of its generator and delivery system. In connection the termination of the license with Circassia, we may be subject to a variety of claims. Adverse outcomes in some or all of these claims may adversely affect our ability to conduct business and our financial condition and results of operations.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required to be presented for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The accompanying unaudited condensed consolidated Balance Sheet as of March 31, 2019 has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019. The unaudited condensed consolidated financial statements and related disclosures have been prepared with the assumption that users of the interim financial information have read or have access to the audited consolidated financial statements and the related notes thereto included in the Annual Report on Form 10-K for the year ended March 31, 2019 which was filed with the United States Securities and Exchange Commission (“SEC”) on June 28, 2019.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and the accounts of BA Ltd. 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 associated with consulting, clinical trials and licensing agreements, stock-based compensation, assumptions associated with revenue recognition, and the determination of deferred tax attributes and the valuation allowance thereon.
Concentrations	Concentrations The Company’s license revenue was from two milestone payments from a terminated license agreement, see Note 11. The Company is seeking additional partners. The Company relies on two vendors to manufacture its delivery system. The Company is reliant on the vendors for commercial manufacturing of our LungFit™ generator and delivery systems and nitrogen dioxide filters 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, see Note 3. 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	Restricted Cash As of December 31, 2019, restricted cash includes $619,000 of cash that is designated for a contract manufacturer. This cash is expected be used for material and parts that require a long lead time. Collateral for vehicle leases are invested in bank deposit accounts which is restricted and as of December 31, 2019 was $17,364 and as of March 31, 2019 was $16,934. The following table is the reconciliation of the recently adopted accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s unaudited condensed consolidated statements of cash flows: December 31, December 31, Cash and cash equivalents $ 2,140,162 $ 479,700 Restricted cash 636,364 15,912 Cash and cash equivalents and restricted cash $ 2,776,526 $ 495,612
Revenue	Revenue 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 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. 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 December 31, 2019, and March 31, 2019, 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 .
Foreign Exchange Transactions	Foreign Exchange Transactions BA Ltd.’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 Matters”.
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. 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 based on, 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 equity 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 operations. Realized gains and (losses) 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 debt securities for potential other-than-temporary impairment. 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.
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
Licensed Right to Use Technology	Licensed Right to Use Technology Licensed right to use technology is an intangible asset resulting from the NitricGen transaction, see Note 11. The intangible asset was valued based upon the fair value of the options issued to NitricGen and the cash paid for this transaction. The license contains two future milestone additional payments aggregating $1,800,000. The intangible asset is being amortized on a straight-line method over its estimated useful life of thirteen years.
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. 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 regulatory 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. There were no events during the reporting periods that were deemed to be a triggering event that would require an impairment assessment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is computed by dividing the net loss and a deemed dividend from a warrant modification attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) includes a deemed dividend from a warrant modification attributable to common stockholders 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, and other 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) attributed to common shareholders 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 such common shares are not assumed to have been issued if their effect is anti-dilutive, see Note 8.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On April 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company early adopted the new guidance using the modified retrospective transition approach and practical expedients to all leases existing at the date of initial application and not restating comparative periods. See Note 11. As of April 1, 2019, the adoption date, the Company has identified three operating lease arrangements. The adoption of ASC 842 resulted in the recognition of operating lease liabilities and right-of-use assets of approximately of $266,600 and $258,600, respectively. The right-of use assets and operating lease liability is as follows as of December 31, 2019: December 31, 2019 Right of use asset short-term $ 66,115 Right of use asset long-term 145,848 $ 211,963 Operating lease liability short-term $ 67,403 Operating lease liability long-term 151,384 $ 218,787 Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in our leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. In transition to ASC 842, the Company utilized the remaining lease term of its leases in determining the appropriate incremental borrowing rates. The weighted average discount rate and remaining term on lease obligation is approximately 8.3% and 3.7 years. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative expenses. Amortization expense for finance (capital) leases is recognized on a straight-line basis over the lease term and is included in general and administrative expenses and research and development expenses, while interest expense for finance leases is recognized using the effective interest method.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted There have been no recent accounting pronouncements or changes in accounting standard during the three and nine months ended December 31, 2019, as compared to the recent accounting standards described in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019, that are of significance or potential significance to the Company.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table is the reconciliation of the recently adopted accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s unaudited condensed consolidated statements of cash flows: December 31, December 31, Cash and cash equivalents $ 2,140,162 $ 479,700 Restricted cash 636,364 15,912 Cash and cash equivalents and restricted cash $ 2,776,526 $ 495,612
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
Schedule of Right-of Use Assets and Operating Lease Liability	The right-of use assets and operating lease liability is as follows as of December 31, 2019: December 31, 2019 Right of use asset short-term $ 66,115 Right of use asset long-term 145,848 $ 211,963 Operating lease liability short-term $ 67,403 Operating lease liability long-term 151,384 $ 218,787

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Mutual funds: short-term fixed income $ 12,699,964 $ - $ - $ 12,699,964 As of March 31, 2019 Level 1 Level 2 Level 3 Total Assets Marketable equity securities - Circassia Pharmaceuticals plc, see Note 9 $ 5,649,486 $ 5,649,486 Mutual funds: short-term fixed income 893,181 893,181 $ 6,542,667 $ - $ - $ 6,542,667

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of December 31, 2019 and March 31, 2019, respectively: December 31, 2019 March 31, Clinical and medical equipment $ 357,795 $ 357,795 Computer equipment 58,599 42,782 Furniture and fixtures 53,895 41,464 Leasehold improvements 5,336 5,336 475,625 447,377 Accumulated depreciation and amortization (259,514 ) (202,505 ) $ 216,111 $ 244,872

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Schedule of Unvested Restricted Shares	Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2019 340,000 $ 4.95 Granted 390,000 5.23 Vested (a) (59,800 ) 4.65 Forfeited (16,200 ) 4.65 Outstanding as of December 31, 2019 654,000 $ 4.98 (a) Shares vested in December 2019 and common stock was issued in January 2020
Schedule of Option Activity	A summary of the Company’s options for the nine months ended December 31, 2019, is as follows: Number Weighted Weighted Aggregate Intrinsic Options outstanding as of April 1, 2019 2,375,812 $ 4.32 9.2 $ 1,688,700 Granted 30,000 4.92 9,440 Exercised (40,202 ) 2.97 (81,051 ) Forfeited (78,561 ) 4.03 Outstanding as of December 31, 2019 2,287,049 $ 4.52 8.5 $ 1,617,089 Exercisable as of December 31, 2019 1,135,674 $ 4.43 7.9 $ 921,996
Schedule of Assumption of Black-Scholes Option Pricing Model	The following was utilized on the date of grant for the nine months ended: December 31, 2019 December 31, 2018 Risk -free interest rate 1.4 -2.3 % 2.5-3.1 % Expected volatility 82.3 -83.4 % 80.7-81.2 % Dividend yield 0 % 0 % Expected terms (in years) 6.25 5-9.9
Schedule of Stock-based Compensation Expense	The following summarizes all stock-based compensation expense, including options and restricted stock for the three and nine months ended December 31, 2019 and December 31, 2018, respectively Three Months Ended Nine Months Ended December 31, December 31, 2019 2018 2019 2018 Research and development $ 97,765 $ 88,830 $ 431,453 $ 187,103 General and administrative 616,809 676,949 2,125,155 1,506,796 Total stock-based compensation expense $ 714,574 $ 765,779 $ 2,556,608 $ 1,693,899
Schedule of Warrant Assumptions Used	Expected term in years 2.2 Volatility 87 % Dividend yield 0.0 % Risk-free interest rate 1.7 %
Summary of Company's Outstanding Warrants	A summary of the Company’s outstanding warrants as of December 31, 2019 are as follows: Warrant Holders Number Of Warrants Exercise Date Of January 2017 offering - investors 1,701,616 $ 3.66 January 2022 (a) January 2017 offering - investors 1,701,616 $ 3.66 February 2022 (a) March 2017 offering - investors 220,988 $ 3.66 March 2022 (a) March 2017 offering - placement agent 11,050 $ 3.66 March 2022 (a) February 2018 offering - investors 2,299,802 $ 4.25 February 2021 Pulmonox license agreement 208,333 $ 4.80 January 2024 Total 6,143,405 (a) These warrants have down round protection

Current Assets and Prepaid Ex_2

Current Assets and Prepaid Expenses (Tables)	9 Months Ended
	Dec. 31, 2019
Current Assets And Prepaid Expenses
Schedule of Current Assets and Prepaid Expenses	A summary of current assets and prepaid expenses as of December 31, 2019 and March 31, 2019 is as follows: December 31, 2019 March 31, 2019 Research and development $ 154,291 $ 324,063 Insurance 46,857 297,945 Professional fees 50,000 - Value added taxes receivable 140,959 47,889 Other 37,673 118,512

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2019
Payables and Accruals [Abstract]
Summary of Accrued Expenses	A summary of the accrued expenses as of December 31, 2019 and March 31, 2019 is as follows: December 31, 2019 March 31, 2019 Research and development $ 575,951 $ 103,320 Professional fees 740,625 1,030,127 Income taxes payable 154,300 154,300 Employee salaries and benefits 125,944 183,271 Other 78,249 96,620 Total $ 1,675,069 $ 1,567,638

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Common Share (Tables)	9 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Potential Anti-Dilutive Securities	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 loss per share attributable to common stockholders because their effect would have been anti-dilutive for the three and nine months ended December 31: 2019 2018 Common stock warrants 6,143,405 6,143,405 Common stock options 2,287,049 1,521,230 Restricted shares 654,000 304,000 Total 9,084,454 7,968,635

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Other Information	The Company elected the practical expedient option and as such these lease payments are expensed as incurred. Other Information For The Nine Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 60,643 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 3.2 years Weighted-average discount rate — operating leases 8.3 %
Schedule of Maturity of Lease Liabilities	Maturity of Lease Liabilities As of Operating Leases Remainder of 2020 $ 20,358 2021 83,117 2022 64,826 2023 64,693 2024 16,279 Total lease payments 249,273 Less: interest (30,486 ) Present value of lease liabilities $ 218,787

Organization and Business (Deta

Organization and Business (Details Narrative) - USD ($)	Jun. 03, 2019	Dec. 31, 2019	Dec. 31, 2018	Jul. 02, 2019	Mar. 31, 2019
Cash used in operating activities		$ (10,390,620)	$ (5,748,315)
Accumulated losses		(52,318,744)			$ (37,644,572)
Cash equivalents and marketable securities		14,800,000
Sale of equity securities		10,200,000		$ 100,000,000
Proceeds from issuance of common stock		1,981,994	$ 27,170
Purchase Agreement [Member]
Proceeds from issuance of common stock	$ 7,839,495
Purchase shares of common stock		16,700,000
Purchase Agreement [Member] | LPC [Member]
Proceeds from issuance of common stock		20,000,000
Cash purchase price		$ 20,000,000
Closing date of issuance of common stock		2021-08
Maximum [Member]
Sale of equity securities				$ 100,000,000

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative)	9 Months Ended
	Dec. 31, 2019USD ($)Number	Apr. 02, 2019USD ($)	Mar. 31, 2019USD ($)
Cash designated for contract included in restricted cash	$ 619,000
Restricted cash	$ 17,364		$ 16,934
Number of operating segment | Number	1
Accrued expenses related to uncertain tax positions	$ 154,300		154,300
Intangible assets milestone payments	$ 1,800,000
Intangible asset useful life	13 years
Operating lease liabilities	$ 218,787
Operating lease right-of-use assets	$ 145,848
Weighted average discount rate	8.30%
Weighted average remaining term	3 years 2 months 12 days
Topic 842 [Member]
Operating lease liabilities		$ 266,600
Operating lease right-of-use assets		$ 258,600
Weighted average discount rate		8.30%
Weighted average remaining term		3 years 8 months 12 days

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,140,162	$ 1,340,203	$ 479,700
Restricted cash	636,364	$ 16,934	15,912
Cash and cash equivalents and restricted cash	$ 2,776,526		$ 495,612

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Useful Life of Assets (Details)	9 Months Ended
	Dec. 31, 2019
Computers 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

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Right-of Use Assets and Operating Lease Liability (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Accounting Policies [Abstract]
Right of use asset short-term	$ 66,115
Right of use asset long-term	145,848
Total operating lease right-of-use asset	145,848
Operating lease liability short-term	67,403
Operating lease liability long-term	151,384
Total operating lease liability	$ 218,787

Fair Value Measurement (Details

Fair Value Measurement (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Net gain (loss) from marketable securities	$ 314,899	$ 18,234	$ (1,849,624)	$ 13,142

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Total marketable equity securities	$ 12,699,964	$ 6,542,667
Circassia Pharmaceuticals PLC [Member]
Total marketable equity securities		5,649,486
Mutual Funds [Member]
Total marketable equity securities	12,699,964	893,181
Fair Value, Inputs, Level 1 [Member]
Total marketable equity securities		6,542,667
Fair Value, Inputs, Level 1 [Member] | Circassia Pharmaceuticals PLC [Member]
Total marketable equity securities		5,649,486
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member]
Total marketable equity securities	12,699,964	893,181
Fair Value, Inputs, Level 2 [Member]
Total marketable equity securities
Fair Value, Inputs, Level 2 [Member] | Circassia Pharmaceuticals PLC [Member]
Total marketable equity securities
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member]
Total marketable equity securities
Fair Value, Inputs, Level 3 [Member]
Total marketable equity securities
Fair Value, Inputs, Level 3 [Member] | Circassia Pharmaceuticals PLC [Member]
Total marketable equity securities
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member]
Total marketable equity securities

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 23,190	$ 15,638	$ 57,009	$ 46,222

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Property and equipment, gross	$ 475,625	$ 447,377
Accumulated depreciation and amortization	(259,514)	(202,505)
Property and equipment, net	216,111	244,872
Clinical and Medical Equipment [Member]
Property and equipment, gross	357,795	357,795
Computer Equipment [Member]
Property and equipment, gross	58,599	42,782
Furniture and Fixtures [Member]
Property and equipment, gross	53,895	41,464
Leasehold Improvements [Member]
Property and equipment, gross	$ 5,336	$ 5,336

Shareholder's Equity (Details N

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

Dec. 31, 2019

Dec. 12, 2019

Jun. 03, 2019

Feb. 13, 2019

Dec. 26, 2018

Aug. 31, 2018

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Dec. 31, 2018

Sep. 30, 2018

Dec. 31, 2019

Dec. 31, 2018

Mar. 31, 2019

Jul. 02, 2019

Mar. 31, 2017

Jan. 31, 2017

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

Proceeds from issuance of common stock

$ 1,981,994

$ 27,170

Sale of stock

410,000

Average price per shares

$ 4.83

$ 4.83

$ 4.83

Sale of equity securities

$ 10,200,000

$ 10,200,000

$ 10,200,000

$ 100,000,000

Shares issued price per share

$ 3.66

$ 3.66

$ 3.66

Number of common stock value issued

$ 808,184

$ 1,173,810

$ 45,670

$ (18,500)

Proceeds from issuance initial public offering

$ 10,169,343

Warrant excercise price

$ 3.66

$ 3.66

$ 3.66

Deemed dividend as a result of a warrant modification

$ 522,478

Stock-based compensation

$ 714,574

$ 765,779

2,556,608

1,693,899

Stock to be issued to a vendor

$ 156,900

$ 156,900

$ 156,900

$ 144,000

Weighted average remaining service period

8 years 6 months

Weighted average fair value of options granted

$ 4.92

2013 Incentive Option Plan [Member]

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

Number of common stock value issued

$ 3,100,000

$ 3,100,000

Options vesting terms, description

Expire up to ten years after the grant date

Additional shares authorized

1,000,000

600,000

Common stock, shares available for future issuance

5,047

5,047

5,047

Stock Option Plan [Member]

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

Number of option granted

Restricted Shares [Member]

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

Stock-based compensation

$ 84,477

$ 432,756

Unvested Stock Options [Member]

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

Unrecognized stock based compensation expense

$ 1,900,348

1,900,348

$ 1,900,348

Weighted average remaining service period

2 years

Weighted average fair value of options granted

$ 3.49

Warrant [Member]

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

Payment of warrants exercise

Vendor [Member]

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

Common stock shares issued services

30,000

Stock based compensation of shares issued

$ 144,000

Price per shares

$ 4.80

Stock-based compensation

$ 18,900

$ 12,900

Officers, Employees and Consultants [Member] | Restricted Shares [Member]

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

Number of restricted shares issued

390,000

340,000

Options vesting terms

5 years

5 years

Warrant [Member]

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

Warrant excercise price

$ 3.66

$ 4.25

Concurrent Private Placement [Member]

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

Number of common stock issued

3,152,985

Shares issued price per share

$ 3.66

Private Placement [Member]

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

Sale of stock

532,786

CEO [Member]

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

Proceeds from issuance of common stock

$ 699,999

Number of common stock issued

190,437

Shares issued price per share

$ 3.66

$ 3.66

$ 3.66

Employees [Member]

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

Proceeds from issuance of common stock

$ 475,000

Number of common stock issued

129,781

Shares issued price per share

$ 3.66

$ 3.66

$ 3.66

Maximum [Member]

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

Sale of equity securities

$ 100,000,000

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

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

Options vesting terms

4 years

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

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

Options vesting terms

2 years

Lincoln Park Capital Fund, LLC [Member] | Maximum [Member]

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

Purchase shares of common stock

$ 30,000

Lincoln Park Capital Fund, LLC [Member] | Minimum [Member]

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

Purchase shares of common stock

10,000

Purchase Agreement [Member]

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

Purchase shares of common stock

$ 16,700,000

Proceeds from issuance of common stock

$ 7,839,495

Number of unregistered shares of common stock

1,583,743

Shares issued price per share

$ 5.15

Purchase Agreement [Member] | CEO [Member]

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

Proceeds from issuance of common stock

$ 300,000

Number of common stock issued

58,253

Shares issued price per share

$ 5.15

Purchase Agreement [Member] | Directors and Employees [Member]

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

Proceeds from issuance of common stock

$ 610,000

Number of common stock issued

118,254

Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member]

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

Purchase shares of common stock

$ 20,000,000

Stock issuance period, term

3 years

Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | Maximum [Member]

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

Purchase shares of common stock

$ 20,000,000

Stock purchase commitment amount

$ 750,000

Shareholder's Equity - Schedule

Shareholder's Equity - Schedule of Unvested Restricted Shares (Details)	9 Months Ended
	Dec. 31, 2019$ / sharesshares
Equity [Abstract]
Number of unvested options at beginning of period | shares	340,000
Number of unvested options, granted | shares	390,000
Number of unvested options, vested | shares	(59,800)	[1]
Number of unvested options, forfeited | shares	(16,200)
Number of unvested options, at end of period | shares	654,000
Weighted average grant date fair value, beginning of period | $ / shares	$ 4.95
Weighted average grant date fair value, granted | $ / shares	5.23
Weighted average grant date fair value, vested | $ / shares	4.65	[1]
Weighted average grant date fair value, forfeited | $ / shares	4.65
Weighted average grant date fair value, ending of period | $ / shares	$ 4.98
[1]	Shares vested in December 2019 and common stock was issued in January 2020

Shareholder's Equity - Schedu_2

Shareholder's Equity - Schedule of Option Activity (Details)	9 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Equity [Abstract]
Number of options outstanding at beginning of period | shares	2,375,812
Number of options, granted | shares	30,000
Number of options, exercised | shares	(40,202)
Number of options, forfeited | shares	(78,561)
Number of options outstanding at end of period | shares	2,287,049
Number of options exercisable at end of period | shares	1,135,674
Weighted average exercise price - options outstanding at beginning of period | $ / shares	$ 4.32
Weighted average exercise price - options, granted | $ / shares	4.92
Weighted average exercise price - options, exercised | $ / shares	2.97
Weighted average exercise price - options, forfeited | $ / shares	4.03
Weighted average exercise price - options, outstanding at end of period | $ / shares	4.52
Weighted average exercise price exercisable at end of period | $ / shares	$ 4.43
Weighted average remaining contractual life - options outstanding at beginning of period	9 years 2 months 12 days
Weighted average remaining contractual life - options outstanding at end of period	8 years 6 months
Weighted average remaining contractual life - options exercisable at end of period	7 years 10 months 25 days
Aggregate intrinsic value outstanding at beginning of period | $	$ 1,688,700
Aggregate intrinsic value, granted | $	9,440
Aggregate intrinsic value, exercised | $	(81,051)
Aggregate intrinsic value outstanding at end of period | $	1,617,089
Aggregate intrinsic value exercisable at end of period | $	$ 921,996

Shareholder's Equity - Schedu_3

Shareholder's Equity - Schedule of Assumption of Black-Scholes Option Pricing Model (Details)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Dividend yield	0.00%	0.00%
Expected term (in years)	6 years 2 months 30 days
Minimum [Member]
Risk-free interest rate	1.40%	2.50%
Expected volatility	82.30%	80.70%
Expected term (in years)		5 years
Maximum [Member]
Risk-free interest rate	2.30%	3.10%
Expected volatility	83.40%	81.20%
Expected term (in years)		9 years 10 months 25 days

Shareholder's Equity - Schedu_4

Shareholder's Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based compensation expense	$ 714,574	$ 765,779	$ 2,556,608	$ 1,693,899
Research and Development [Member]
Share-based compensation expense	97,765	88,830	431,453	187,103
General and Administrative [Member]
Share-based compensation expense	$ 616,809	$ 676,949	$ 2,125,155	$ 1,506,796

Shareholder's Equity - Schedu_5

Shareholder's Equity - Schedule of Warrant Assumptions Used (Details)	Dec. 31, 2019
Expected Term [Member]
Warrants and rights outstanding, term	2 years 2 months 12 days
Volatility [Member]
Warrants and rights outstanding	87
Dividend Yield [Member]
Warrants and rights outstanding	0
Risk-free Interest Rate [Member]
Warrants and rights outstanding	1.7

Shareholder's Equity - Summary

Shareholder's Equity - Summary of Company's Outstanding Warrants (Details)	Dec. 31, 2019$ / sharesshares
Number of Warrants | shares	6,143,405
Exercise price | $ / shares	$ 3.66
Pulmonox License Agreement [Member]
Number of Warrants | shares	208,333
Exercise price | $ / shares	$ 4.80
Date of Expiration	Jan. 31, 2024
January 2017 [Member] | Investors [Member]
Number of Warrants | shares	1,701,616	[1]
Exercise price | $ / shares	$ 3.66	[1]
Date of Expiration	Jan. 31, 2022	[1]
January 2017 [Member] | Investors One [Member]
Number of Warrants | shares	1,701,616	[1]
Exercise price | $ / shares	$ 3.66	[1]
Date of Expiration	Feb. 28, 2022	[1]
March 2017 [Member] | Investors [Member]
Number of Warrants | shares	220,988	[1]
Exercise price | $ / shares	$ 3.66	[1]
Date of Expiration	Mar. 31, 2022	[1]
March 2017 [Member] | Placement Agent [Member]
Number of Warrants | shares	11,050	[1]
Exercise price | $ / shares	$ 3.66	[1]
Date of Expiration	Mar. 31, 2022	[1]
February 2018 [Member] | Investors [Member]
Number of Warrants | shares	2,299,802
Exercise price | $ / shares	$ 4.25
Date of Expiration	Feb. 28, 2021
[1]	These warrants have down round protection.

Current Assets and Prepaid Ex_3

Current Assets and Prepaid Expenses - Schedule of Current Assets and Prepaid Expenses (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Prepaid expenses	$ 429,780	$ 788,409
Research and Development [Member]
Prepaid expenses	154,291	324,063
Insurance [Member]
Prepaid expenses	46,857	297,945
Professional fees [Member]
Prepaid expenses	50,000
Value added taxes receivable [Member]
Prepaid expenses	140,959	47,889
Other [Member]
Prepaid expenses	$ 37,673	$ 118,512

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Payables and Accruals [Abstract]
Research and development	$ 575,951	$ 103,320
Professional fees	740,625	1,030,127
Income taxes payable	154,300	154,300
Employee salaries and benefits	125,944	183,271
Other	78,249	96,620
Total	$ 1,675,069	$ 1,567,638

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		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Total	9,084,454	7,968,635	9,084,454	7,968,635
Common Stock Warrants [Member]
Total	6,143,405	6,143,405	6,143,405	6,143,405
Common Stock Options [Member]
Total	2,287,049	1,521,230	2,287,049	1,521,230
Restricted Shares [Member]
Total	654,000	304,000	654,000	304,000

License Agreements (Details Nar

License Agreements (Details Narrative) - USD ($)	Dec. 18, 2019	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Deferred revenue		$ 675,844	$ 2,263,294		$ 675,844
License revenues		314,379			1,587,450
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
Deferred revenue		$ 675,844	2,263,294		$ 675,844
License Agreement [Member] | Second Obligation [Member]
Deferred revenue			2,871,063
License Agreement [Member] | Intellectual Property [Member] | First Obligation [Member]
Revenue allocated to performance obligations			$ 7,116,232
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member]
Payment of milestone ordinary shares, value	$ 3,150,000
Payment of milestone ordinary shares	5,271,844
Annual Gross profit royalty percentage		14.00%			14.00%
Annual Gross profit royalty amount	$ 100,000,000
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%			15.00%
Annual Gross profit royalty amount					$ 100,000,000
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | Food and Drug Administration [Member]
Payment of milestone ordinary shares, value	$ 7,350,000
Payment of milestone ordinary shares	12,300,971
License Agreement [Member] | Circassia Pharmaceuticals PLC [Member] | Hospital and Clinic Settings [Member]
Payments for royalties	$ 8,400,000
License Agreement [Member] | Maximum [Member]
Milestones payment	$ 32,550,000
License Agreement [Member] | Maximum [Member] | Circassia Pharmaceuticals PLC [Member]
Annual Gross profit royalty percentage		19.00%			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%			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, 2019	Mar. 31, 2019
Debt Disclosure [Abstract]
Loans payable	$ 292,500	$ 0	$ 263,604
Ten monthly payments	$ 29,687
Debt interest rate	3.30%

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative)	Jan. 31, 2018USD ($)shares	Jan. 13, 2017USD ($)	Sep. 07, 2016USD ($)	Oct. 22, 2013USD ($)	Jul. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)
Remaining commitment under license agreement									$ 535,000
Contract research expenses							$ 2,580,622	$ 588,256	7,754,125	$ 2,299,267
Accrued expenses							1,675,069		$ 1,675,069		$ 1,567,638
Operating lease agreement expire date description					The lease agreement expires in June 2023	The lease agreement expires in April 2021
Operating lease renewal term					3 years	5 years
Operating lease agreement term description									The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such these lease payments are expensed as incurred.
Restricted Cash [Member]
Security deposit					$ 9,771	$ 1,728
NitricGen, Inc [Member
Future payments based on certain milestones	$ 2,000,000
Patent License Agreement [Member] | CareFusion [Member]
Non-refundable upfront fee				$ 150,000
Royalty percentage				0.05
Payment to related parties				$ 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
Execution Agreement [Member]
Future payments based on certain milestones	18,000,000
Execution Agreement [Member] | After Six Months [Member]
Future payments based on certain milestones	1,500,000
Execution Agreement [Member] | NitricGen, Inc [Member
Payment to related parties	100,000
Future payments based on certain milestones	$ 100,000
Options to purchase common stock | shares	100,000
Options to purchase common stock, value	$ 295,000
Contract Research Organization [Member]
Contract research expenses							312,344		$ 312,344
Accrued expenses							$ 70,524		$ 70,524

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Lease Other Information (Details)	9 Months Ended
	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid	$ 60,643
Weighted-average remaining lease term - operating leases	3 years 2 months 12 days
Weighted-average discount rate - operating leases	8.30%

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Maturity of Lease Liabilities (Details)	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2020	$ 20,358
2021	83,117
2022	64,826
2023	64,693
2024	16,279
Total lease payments	249,273
Less: interest	(30,486)
Present value of lease liabilities	$ 218,787