Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 95

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 95
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 for future minimum base rents to be received from customers for office leases in effect as of March 31, 2025:Year ended March 31,2026$1,022 2027987 2028849 2029774 2030743 Thereafter1,824 Total$6,199 

6.    PROPERTY AND EQUIPMENT

61

Property and equipment consisted of the following (in thousands):Year Ended March 31,20252024Furniture, fixtures and equipment$7,282 $7,060 Leasehold improvements8,393 7,656 Land and buildings13,850 13,850 29,525 28,566 Accumulated depreciation(9,240)(7,705)Property and equipment, net$20,285 $20,861 During the fiscal years ended March 31, 2025 and 2024, depreciation on fixed assets amounted to $1.7 million and $1.5 million, respectively.

7.    INTANGIBLES

Intangibles consisted of the following (in thousands):Year Ended March 31,20252024Purchased software$865 $582 Internally developed software3,6583,657In-place lease and other intangibles1,0941,094Customer relationships8,0128,009Patents1,1391,112Other1,5121,50216,280 15,956 Accumulated amortization(6,330)(5,119)9,950 10,837 In-process software70141Intangible assets, total$10,020 $10,978 Based on the intangible assets recorded at March 31, 2025 and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows:(In thousands)Amortization2026$1,193 20271,13620281,05320299682030965Thereafter4,635$9,950 Amortization expense totaled $1.2 million for each fiscal years ended March 31, 2025 and 2024.

8.    INVESTMENTS IN SECURITIES AND DERIVATIVE INSTRUMENTS

62

As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated