Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 120

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 120
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 defined contribution plan covering domestic employees and an 1165(e) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the fiscal years ended March 31, 2025 and 2024 was approximately $ 1.0million and $ 0.9million, respectively, and was recorded in the consolidated statements of income (loss).

The Company, in each of the past three years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2025 and 2024 was approximately $ 3.8million and $ 2.2million, respectively, and was recorded in general and administrative expenses in the consolidated statements of income (loss).

17. INCOME TAXES

Loss from continuing operations before income taxes as shown in the Consolidated Statements of Income (Loss) consists of the following:

|          |     | Year Ended March 31, |   2025 |     |   |   2024 |
|:---------|:----|:---------------------|-------:|:----|:--|-------:|
| Domestic |     | $                    | -4,791 |     | $ | -3,468 |
| Foreign  |     |                      |   -197 |     |   |   -487 |
| Total    |     | $                    | -4,988 |     | $ | -3,955 |

Income tax expense (benefit) attributable to pretax loss from continuing operations consists of (in thousands):

|                |     | Year Ended March 31, | 2025 |     |   | 2024 |
|:---------------|:----|:---------------------|-----:|:----|:--|-----:|
| Current:       |     |                      |      |     |   |      |
| Federal        |     | $                    |    — |     | $ |   23 |
| State          |     |                      |  166 |     |   | -226 |
| Foreign        |     |                      |  557 |     |   |  902 |
| Total current  |     |                      |  723 |     |   |  699 |
| Deferred:      |     |                      |      |     |   |      |
| Federal        |     |                      |   83 |     |   |  126 |
| State