Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 123

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 123
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 of $ 1.8million as of March 31, 2025 and March 31, 2024. The cumulative tax losses incurred by Delphax in recent years was the primary basis for the Company’s determination that a full valuation allowance should be established against Delphax’s net deferred tax assets.

18. GEOGRAPHICAL INFORMATION

Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2025 and March 31, 2024 (in thousands):

|                                       |     |   | March 31, 2025 |     |   | March 31, 2024 |
|:--------------------------------------|:----|:--|---------------:|:----|:--|---------------:|
| United States                         |     | $ |         20,422 |     | $ |         20,807 |
| Foreign                               |     |   |         14,525 |     |   |            306 |
| Total tangible long-lived assets, net |     | $ |         34,947 |     | $ |         21,113 |

The Company’s tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent primarily assets on lease at March 31, 2025. The net book value located within each individual country at March 31, 2025 is listed below (in thousands):

|                                               | Country |   | March 31, 2025 |     |   | March 31, 2024 |
|:----------------------------------------------|:--------|:--|---------------:|:----|:--|---------------:|
| Thailand                                      |         | $ |              — |     | $ |            252 |
| Bulgaria                                      |         |   |         14,435 |     |   |              — |
| Other                                         |         |   |             90 |     |   |             54 |
| Total foreign tangible long-lived assets, net |         | $ |         14,525 |     | $ |            306 |

Total revenue, located in the United States, and outside the United States is summarized in the following table as of March 31, 2025 and March 31, 2024 (in thousands):

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| Operating