Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 251

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 251
---
 which options our customers will exercise. The Company depreciates the assets on a straight-line basis over the assets' useful life. Depreciation expense relating to office leases was $0.3 million for the fiscal years ended March 31, 2025 and 2024, respectively.We recognized rental and other revenues related to operating lease payments of $1.7 million and $1.6 million, of which variable lease payments were $0.7 million during both fiscal years ended March 31, 2025 and 2024, respectively. Future minimum rental payments to be received do not include variable lease payments that may be received under certain leases because amounts are based on usage. The following table sets forth the undiscounted cash flows for future minimum base rents to be received from customers for office leases in effect as of March 31, 2025:Year ended March 31,2026$1,022 2027987 2028849 2029774 2030743 Thereafter1,824 Total$6,199 

6.    PROPERTY AND EQUIPMENT

61

Property and equipment consisted of the following (in thousands):Year Ended March 31,20252024Furniture, fixtures and equipment$7,282 $7,060 Leasehold improvements8,393 7,656 Land and buildings13,850 13,850 29,525 28,566 Accumulated depreciation(9,240)(7,705)Property and equipment, net$20,285 $20,861 During the fiscal years ended March 31, 2025 and 2024, depreciation on fixed assets amounted to $1.7 million and $1.5 million, respectively.

7.    INTANGIBLES

Intangibles consisted of the following (in thousands):Year Ended March 31,20252024Purchased software$865 $582 Internally developed software3,6583,657In-place lease and other intangibles1,0941,094Customer relationships8,0128,009Patents1,1391,112Other1,5121,50216,280 15,956 Accumulated amortization(6,330)(5,119)9,950 10,837 In-process software70141Intangible assets, total$10,020 $10,978 Based on the intangible assets recorded at March 31, 2025 and assuming no