Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 2

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 2
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,282 Current portion of earnout liability430 430 Short-term lease liability2,555 2,377 Total Current Liabilities49,051 47,661 Long-term debt117,762 101,226 Long-term debt - related party (Note 13)2,798 3,288 Deferred income tax liabilities, net2,249 2,249 Long-term lease liability11,293 11,843 Long-term earnout liability706 1,109 Other non-current liabilities886 866 Total Liabilities184,745 168,242 Redeemable non-controlling interests8,210 7,054 

7

Commitments and contingencies (Note 17)Deficit:Air T, Inc. Stockholders' Deficit:Preferred stock, $1.00 par value, 2,000,000 shares authorized— — Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 and 3,030,245 shares issued, 2,702,639 and 2,702,639 shares outstanding 758 758 Treasury stock, 327,606 shares at $19.55 and 327,606 shares at $19.55(6,404)(6,404)Additional paid-in capital987 947 Retained earnings494 2,130 Accumulated other comprehensive loss(465)(647)Total Air T, Inc. Stockholders' Deficit(4,630)(3,216)Non-controlling Interests1,712 1,698 Total Deficit(2,918)(1,518)Total Liabilities and Deficit$190,037 $173,778 

See notes to condensed consolidated financial statements.

8

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(UNAUDITED)

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(In Thousands)Three Months EndedJune 30,20252024CASH FLOWS FROM OPERATING ACTIVITIES:Net (Loss) Income$(671)$32 Adjustments to reconcile Net (Loss) Income to net cash (used in) provided by operating activities:Depreciation and amortization1,284 760 Loss (Income) from equity method investments19 (1,923)Other440 642 Change in operating assets and liabilities:Accounts receivable(653)