###Formatted and commented
f = ( // given:
x = // - x = current column
y = // - y = current row
k = 1 // - k = current character
) => //
k < 96 ? // if we havent't reached character #127 (96 + 31):
String.fromCharCode( // let's compute the next character
x - 22 ? // if x is not equal to 22 (end of line):
y / 2 ^ 5 && ( // if y doesn't equal 9 or 10:
y > 9 ? // and either y is greater than 9:
x - y + 1 >> 1 && // and we are not located on one of the
22 - y - x >> 1 // bottom diagonals
: // or y is less or equal to 9:
x / 2 ^ 5 // and x doesn't equal 9 or 10
) ? // then:
32 // output a space
: // else:
31 + k++ // output the next ASCII character
: // else:
(x = !++y, 10) // increment y, reset x and output a LineFeed
) + f(x + 1) // do a recursive call with x + 1
: // else:
'' // stop recursion