Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 228

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 228
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Item 8.    Financial Statements and Supplementary Data.

INDEX TO FINANCIAL STATEMENTS

PageAIR T, INC. CONSOLIDATED FINANCIAL STATEMENTSReport of Independent Registered Public Accounting Firm44Consolidated Statements of Income (Loss) for the Years Ended March 31, 2025 and 202446Consolidated Statements of Comprehensive Income (Loss) for the Years Ended March 31, 2025 and 202447Consolidated Balance Sheets as of March 31, 2025 and 202448Consolidated Statements of Cash Flows for the Years Ended March 31, 2025 and 202449Consolidated Statements of Equity for the Years Ended March 31, 2025 and 202451Notes to Consolidated Financial Statements53

43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and the Board of Directors of Air T, Inc. 

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Air T, Inc. and subsidiaries (the “Company”) as of March 31, 2025 and 2024, the related consolidated statements of income (loss), comprehensive income (loss), equity, and cash flows, for each of the two years in the period ended March 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not