Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 106

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 106
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4 were as follows (in thousands):

|                                       |     |   | March 31, 2025 |                    |     |   | March 31, 2024 |                   |
|:--------------------------------------|:----|:--|---------------:|:-------------------|:----|:--|---------------:|:------------------|
| Operating leases                      |     |   |                |                    |     |   |                |                   |
| Operating lease ROU assets            |     | $ |         13,274 |                    |     | $ |         11,376 |                   |
| Operating lease liabilities           |     | $ |         14,220 |                    |     | $ |         12,276 |                   |
| Weighted-average remaining lease term |     |   |                |                    |     |   |                |                   |
| Operating leases                      |     |   |                | 10 years, 3 months |     |   |                | 12 years, 1 month |
| Weighted-average discount rate        |     |   |                |                    |     |   |                |                   |
| Operating leases                      |     |   |           5.67 | %                  |     |   |           5.09 | %                 |

During the twelve months ended March 31, 2025, the Company had ROU assets that were obtained in exchange for new operating lease liabilities in the amount of $ 4.1million.

The Company has an operating lease between entities under common control where the useful life of certain leasehold improvements exceeds the related lease term. As of March 31, 2025, the remaining lease term on the operating lease was 4 years, 8 monthsand the useful life of leasehold improvements that exceeded the lease term ranged from 4 years, 10 monthsto 5 years, 2 months. As of March 31, 2025, the unamortized balance of such leasehold improvements was $ 0.2million.

Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the fiscal year ended March 31, 2025 are as follows (in thousands):

|                                   |   |        | Operating Leases |
|:----------------------------------|:--|-------:|:-----------------|
| 2026                              | $ |  3,115 |                  |
| 2027                              |   |  2,979 |                  |