Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 70

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 70
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):June 30, 2025Gross Carrying AmountAccumulated AmortizationNet Book ValuePurchased software$880 $(582)$298 Internally developed software3,862(1,261)2,601 In-place lease and other intangibles1,094(485)609 Customer relationships8,588(2,283)6,305 Patents1,139(1,115)24 Other1,546(1,115)431 17,109(6,841)10,268 In-process software170—170 Intangible assets, total$17,279 $(6,841)$10,438 March 31, 2025Gross Carrying AmountAccumulated AmortizationNet Book ValuePurchased software$865 $(549)$316 Internally developed software3,658(1,111)2,547In-place lease and other intangibles1,094(460)634Customer relationships8,012(2,007)6,005Patents1,139(1,114)25Other1,512(1,089)42316,280(6,330)9,950In-process software70—70Intangible assets, total$16,350 $(6,330)$10,020 

20

The increase in customer relationships from March 31, 2025 to June 30, 2025 relates to the quarterly changes in foreign currency translation adjustments at Shanwick.Based on the intangible assets recorded at June 30, 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)Year ending March 31,Amortization2026 (excluding the three months ended June 30, 2025)$941 20271,19920281,11620291,02820301,02320311,022Thereafter3,939 $10,268 The carrying amount of goodwill as of June 30, 2025 and March 31, 2025 was $11.9 million and $10.5 million, respectively. The increase from the prior fiscal year end balance is attributable to the Royal acquisition within the overnight air cargo segment (as described in Note 2) of $1.0 million and the $0.3 million change in foreign currency translation adjustments related to the goodwill balance at Shanwick within the digital