XAIRHIGH SIGNALFINANCIAL10-K

XAIR shows extreme financial distress with a new going concern qualification, massive debt increase (+8,650%), and severe cash depletion (-59%).

The addition of going concern language and removal of previous FDA approval mentions signals deteriorating business fundamentals and regulatory setbacks. The company's survival is now officially in question according to their auditors, creating substantial risk for equity holders.

Comparing 2025-06-20 vs 2024-06-24View on EDGAR →
FINANCIAL ANALYSIS

XAIR's financial position has dramatically deteriorated with total debt exploding from $200K to $17.5M while cash burned down 59% to just $4.7M, creating a dangerous liquidity squeeze. Despite revenue growing 220% to $3.7M, interest expense skyrocketed over 9,000% and total assets collapsed 47%, indicating the company took on massive debt just to stay afloat. The combination of shrinking assets, depleting cash, and enormous new debt burden alongside the going concern qualification paints a picture of a company in severe financial distress.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+9606.7%
$30K→$2.9M

Interest expense surged 9606.7% — significant debt increase or rising rates materially impacting earnings.

Total Debt
Balance Sheet
+8650%
$200K→$17.5M

Debt increased 8650% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+219.7%
$1.2M→$3.7M

Strong top-line growth of 219.7% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+122.6%
$319K→$710K

Receivables surged 122.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
-63.5%
$43.9M→$16.0M

Current assets declined 63.5% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
-59%
$11.4M→$4.7M

Cash declined 59% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
-56.8%
$11.6M→$5.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Assets
Balance Sheet
-47.2%
$57.0M→$30.1M

Total assets contracted 47.2% — asset sales, write-downs, or balance sheet optimization underway.

Total Liabilities
Balance Sheet
-47.2%
$29.8M→$15.7M

Liabilities reduced 47.2% — deleveraging improves balance sheet strength and financial flexibility.

Stockholders Equity
Balance Sheet
-45.8%
$25.0M→$13.6M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

LANGUAGE CHANGES
NEW — 2025-06-20
PRIOR — 2024-06-24
ADDED
There were 92,794,777 shares of common stock of the registrant, par value $ 0.0001 per share, outstanding as of June 19, 2025.
Our business is subject to the following principal risks and uncertainties: Risks Related to our Financial Position and Capital Requirements Our independent registered public accounting firm s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a going concern.
Numerous factors, including the incurring of significant losses, are relevant to our financial success and any or all such factors could have a disproportionate impact on our bottom line.
Healthcare legislative or regulatory reform measures, including government restrictions on pricing and reimbursement, may have a negative impact on our business and results of operations.
Our subsidiaries are exploring novel therapeutic processes with NO and once they develop product candidates, those product candidates are likely to be classified as pharmaceutical drugs by the FDA and thus face stringent regulation.
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REMOVED
Our business is subject to the following principal risks and uncertainties: Risks Related to our Financial Position and Capital Requirements Numerous factors, including the incurring of significant losses, are relevant to our financial success and any or all such factors could have a disproportionate impact on our bottom line.
If we are unable to raise sufficient capital to fund our operations, we may need to delay, reduce or eliminate certain research and development programs or other operations or sell some or all of our assets.
Healthcare legislative or regulatory reform measures may have a negative impact on our business and results of operations.
Our subsidiaries are exploring novel therapeutic processes with NO, and their product candidates are likely to be classified as pharmaceutical drugs by the FDA and thus face stringent regulation.
Risks Related to the Ownership of our Common Stock Stockholder disputes may be limited by the terms of our amended and restated certificate of incorporation.
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