v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Current Assets:    
Cash and cash equivalents $ 5,932 $ 7,100
Marketable securities 422 531
Restricted cash 575 743
Restricted investments 683 1,392
Accounts receivable, net of allowance for doubtful accounts of $1,338 and $1,420 23,917 22,911
Income tax receivable 681 561
Inventories, net 38,516 60,720
Prepaid expenses 3,103 2,351
Due from Crestone Asset Management, LLC for expense reimbursements 180 3,093
Other current assets 4,498 3,475
Total Current Assets 78,507 102,877
Assets on lease or held for lease, net of accumulated depreciation of $1,451 and $8 14,662 252
Property and equipment, net of accumulated depreciation of $9,240 and $7,705 20,285 20,861
Intangible assets, net of accumulated amortization of $6,330 and $5,119 10,020 10,978
Right-of-use ("ROU") assets 13,274 11,376
Equity method investments 19,003 16,653
Other assets (includes $0 and $1,909 measured at fair value) 1,635 3,630
Goodwill 10,542 10,540
Total Assets 173,778 177,167
Current Liabilities:    
Accounts payable 17,782 15,072
Accrued expenses and other (Note 10) 16,691 15,650
Current portion of earnout liability 430 0
Short-term lease liability 2,377 1,761
Total Current Liabilities 47,661 46,841
Deferred income tax liabilities, net 2,249 2,447
Long-term lease liability 11,843 10,515
Long-term earnout liability 1,109 0
Other non-current liabilities 866 0
Total Liabilities 168,242 158,371
Redeemable non-controlling interest 7,054 12,976
Commitments and contingencies (Note 21)
Air T, Inc. Stockholders' (Deficit) Equity:    
Preferred stock, $1.00 par value, 2,000,000 shares authorized 0 0
Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 and 3,030,245 shares issued, 2,702,639 and 2,775,163 shares outstanding 758 758
Treasury stock, 327,606 shares at $19.55 and 256,850 shares at $19.31 (6,404) (4,959)
Additional paid-in capital 947 859
Retained earnings 2,130 8,192
Accumulated other comprehensive loss (647) (80)
Total Air T, Inc. Stockholders' (Deficit) Equity (3,216) 4,770
Non-controlling Interests 1,698 1,050
Total (Deficit) Equity (1,518) 5,820
Total Liabilities and (Deficit) Equity 173,778 177,167
Nonrelated party    
Current Assets:    
Notes receivable 3,350 0
Current Liabilities:    
Current portion of long-term debt 9,099 14,358
Long-term debt 101,226 98,568
Related party    
Current Assets:    
Notes receivable 2,500 0
Current Liabilities:    
Current portion of long-term debt 1,282 0
Long-term debt $ 3,288 $ 0