Air T (AIRT) 10-Q 12 Aug 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-35476
Entity Registrant Name	Air T, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	52-1206400
Entity Address, Street Address	5930 Balsom Ridge Road
Entity Address, City	Denver
Entity Address, State	NC
Entity Address, Zip Code	28037
City Area Code	828
Local Phone Number	464 – 8741
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		2,866,418
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Document Information
Title of each class	Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Trading Symbol(s)	AIRTP
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Revenues:
Total revenue	$ 50,862,000	$ 36,968,000
Operating Expenses:
General and administrative	11,781,000	8,219,000
Depreciation and amortization	861,000	380,000
(Gain) Loss on sale of property and equipment	(2,000)	3,000
Operating expenses	50,028,000	36,972,000
Operating Income (Loss)	834,000	(4,000)
Non-operating (Expense) Income:
Interest expense	(1,822,000)	(939,000)
Income from equity method investments	532,000	83,000
Other	(154,000)	1,182,000
Nonoperating income (expense)	(1,444,000)	326,000
(Loss) Income before income taxes	(610,000)	322,000
Income Taxes Expense (Benefit)	192,000	(5,000)
Net (Loss) Income	(802,000)	327,000
Net Income Attributable to Non-controlling Interests	(631,000)	(38,000)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,433,000)	$ 289,000
(Loss) Income per share (Note 6)
Basic (in dollars per share)	$ (0.50)	$ 0.10
Diluted (in dollars per share)	$ (0.50)	$ 0.10
Weighted Average Shares Outstanding:
Basic (in shares)	2,866	2,882
Diluted (in shares)	2,866	2,890
Overnight air cargo
Operating Revenues:
Total revenue	$ 20,564,000	$ 18,851,000
Operating Expenses:
Cost of Revenue	18,071,000	16,744,000
Depreciation and amortization	20,000	13,000
Operating Income (Loss)	1,077,000	732,000
Ground equipment sales
Operating Revenues:
Total revenue	5,815,000	8,182,000
Operating Expenses:
Cost of Revenue	4,432,000	5,529,000
Depreciation and amortization	49,000	32,000
Operating Income (Loss)	142,000	1,423,000
Commercial jet engines and parts
Operating Revenues:
Total revenue	22,855,000	9,594,000
Operating Expenses:
Cost of Revenue	14,885,000	6,097,000
Depreciation and amortization	434,000	265,000
Operating Income (Loss)	3,074,000	(238,000)
Corporate and other
Operating Revenues:
Total revenue	1,628,000	341,000
Operating Expenses:
Depreciation and amortization	358,000	70,000
Operating Income (Loss)	$ (3,459,000)	$ (1,921,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (802)	$ 327
Foreign currency translation loss	(529)	(49)
Unrealized gain on interest rate swaps	475	11
Reclassification of interest rate swaps into earnings	17	(1)
Total Other Comprehensive Loss	(37)	(39)
Total Comprehensive (Loss) Income	(839)	288
Comprehensive Income Attributable to Non-controlling Interests	(631)	(38)
Comprehensive (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,470)	$ 250

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 7,209	$ 5,616
Marketable securities	877	859
Restricted cash	2,314	2,752
Restricted investments	1,673	1,691
Accounts receivable, net of allowance for doubtful accounts of $1,327 and $1,368	16,006	19,684
Income tax receivable	3,148	3,230
Inventories, net	86,132	75,167
Employee retention credit receivable	7,689	9,138
Other current assets	12,092	10,106
Total Current Assets	137,140	128,243
Assets on lease or held for lease, net of accumulated depreciation of $1,031 and $780	11,141	14,509
Property and equipment, net of accumulated depreciation of $5,675 and $5,405	21,262	21,212
Intangible assets, net of accumulated amortization of $3,237 and $2,947	11,789	13,260
Right-of-use ("ROU") assets	6,987	7,354
Equity method investments	11,089	9,864
Goodwill	10,317	10,126
Other assets	3,480	3,031
Total Assets	213,205	207,599
Current Liabilities:
Accounts payable	11,037	9,397
Income tax payable	172	194
Accrued expenses and other (Note 4)	14,222	13,391
Current portion of long-term debt	2,607	6,482
Short-term lease liability	1,372	1,443
Total Current Liabilities	29,410	30,907
Long-term debt	137,574	129,326
Deferred income tax liabilities, net	3,045	2,812
Long-term lease liability	6,423	6,734
Other non-current liabilities	1,165	1,342
Total Liabilities	177,617	171,121
Redeemable non-controlling interest	10,342	10,761
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $1.00 par value, 2,000,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,022,745 shares issued, 2,866,418 shares outstanding	756	756
Treasury stock, 156,327 shares at $19.20	(3,002)	(3,002)
Additional paid-in capital	472	393
Retained earnings	26,222	26,729
Accumulated other comprehensive loss	(300)	(263)
Total Air T, Inc. Stockholders' Equity	24,148	24,613
Non-controlling Interests	1,098	1,104
Total Equity	25,246	25,717
Total Liabilities and Equity	$ 213,205	$ 207,599

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,327	$ 1,368
Assets on lease, accumulated depreciation	1,031	780
Property and equipment, accumulated depreciation	5,675	5,405
Intangible assets, accumulated amortization	$ 3,237	$ 2,947
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, shares issued (in shares)	3,022,745	3,022,745
Common stock, shares outstanding (in shares)	2,866,418	2,866,418
Treasury stock (in shares)	156,327	156,327
Treasury stock average price (in dollars per share)	$ 19.20	$ 19.20

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (802)	$ 327
Adjustments to reconcile Net (Loss) Income to net cash provided by operating activities:
Depreciation and amortization	861	380
Other	(260)	(492)
Change in operating assets and liabilities:
Accounts receivable	3,718	(4,747)
Inventories	(7,844)	(3,286)
Accounts payable	1,640	1,243
Accrued expenses	700	(3,187)
Other	(544)	941
Net cash used in operating activities	(2,531)	(8,821)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities	(880)	(1,085)
Capital expenditures related to property & equipment	(351)	(136)
Capital expenditures related to assets on lease or held for lease	(20)	0
Other	191	(228)
Net cash used in investing activities	(1,060)	(1,449)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	29,839	14,156
Payments on lines of credit	(30,583)	(11,636)
Proceeds from term loan	6,177	0
Payments on term loan	(836)	(1,042)
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	0	4,291
Other	(24)	50
Net cash provided by financing activities	4,573	5,819
Effect of foreign currency exchange rates on cash and cash equivalents	173	(49)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,155	(4,500)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	8,368	15,927
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 9,523	$ 11,427

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands		Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance at the beginning at Mar. 31, 2021		$ 14,714	$ 756	$ (2,617)	$ 0	$ 16,270	$ (684)	$ 989
Balance at the beginning (in shares) at Mar. 31, 2021			3,023,000
Balance at the beginning (in shares) at Mar. 31, 2021				141,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	442				289		153
Foreign currency translation loss		(49)					(49)
Adjustment to fair value of redeemable non-controlling interest		(238)				(238)
Unrealized gain on interest rate swaps, net of tax		11					11
Reclassification of interest rate swaps into earnings		(1)					(1)
Balance at the end at Jun. 30, 2021		14,879	$ 756	$ (2,617)	0	16,321	(723)	1,142
Balance at the end (in shares) at Jun. 30, 2021			3,023,000
Balance at the end (in shares) at Jun. 30, 2021				141,000
Balance at the beginning at Mar. 31, 2022		$ 25,717	$ 756	$ (3,002)	393	26,729	(263)	1,104
Balance at the beginning (in shares) at Mar. 31, 2022		2,866,418	3,023,000
Balance at the beginning (in shares) at Mar. 31, 2022		156,327		156,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	$ (1,439)				(1,433)		(6)
Stock compensation expense		79			79
Foreign currency translation loss		(529)					(529)
Adjustment to fair value of redeemable non-controlling interest		926				926
Unrealized gain on interest rate swaps, net of tax		475					475
Reclassification of interest rate swaps into earnings		17					17
Balance at the end at Jun. 30, 2022		$ 25,246	$ 756	$ (3,002)	$ 472	$ 26,222	$ (300)	$ 1,098
Balance at the end (in shares) at Jun. 30, 2022		2,866,418	3,023,000
Balance at the end (in shares) at Jun. 30, 2022		156,327		156,000
[1]Excludes amount attributable to redeemable non-controlling interests in Contrail and Shanwick.

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2022. The results of operations for the period ended June 30, 2022 are not necessarily indicative of the operating results for the full year. COVID-19 Pandemic COVID-19 and its impact on the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our financial condition and results of operations. Each of our businesses implemented measures to attempt to limit the impact of COVID-19 but we still experienced a number of disruptions, and we experienced and continue to experience to a lesser degree a reduction in demand for commercial aircraft, jet engines and parts compared to historical periods. Many of our businesses may continue to generate reduced operating cash flow and may continue to operate at a loss from time to time during fiscal 2023. We expect that the impact of COVID-19 will continue to some extent. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions, and, as a result, present material uncertainty and risk with respect to us and our results of operations. The Company believes the estimates and assumptions underlying the Company’s condensed consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2022; however, uncertainty over the ultimate direct and indirect impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. Recently Adopted Accounting Pronouncements In July 2021, the FASB updated the Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments in this Update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The leased asset continues to be subject to the measurement and impairment requirements under other applicable GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. The Company adopted this amendment on April 1, 2022. As of the date of the adoption, the amendment did not have a material impact on the Company's consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of this ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Wolfe Lake HQ, LLC On December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to a real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company (an unaffiliated third-party) dated October 11, 2021. The real estate purchased consists of a 2-story office building, asphalt-paved driveways and parking areas, and landscaping. The building was constructed in 2004 with an estimated 54,742 total square feet of space. The real estate purchased is where the Air T's Minnesota executive office is currently located. With this purchase, the Company assumed 11 leases from existing tenants occupying the building. The total amount recorded for the real estate was $13.4 million, which included the purchase price of $13.2 million and total direct capitalized acquisition costs of $0.2 million. The consideration paid for the real estate consisted of approximately $3.3 million in cash and a new secured loan from Bridgewater Bank ("Bridgewater") with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031. See Note 1 2 . In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 In-place lease and other intangibles 1,108 $ 13,408 GdW Beheer B.V. On February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, LLC ("Air T Acquisition 22.1"), a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and the loans described in Note 12 . As part of the transaction, the executive management of the underlying business purchased 30% of Shanwick. Air T Acquisition 22.1 and its consolidated subsidiaries are included within the Corporate and other segment. Subsequent to the acquisition date, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $0.3 million. The increase is attributable to a measurement period adjustment of $0.3 million related to certain intangible assets acquired and related deferred tax liabilities assumed due to clarification of information utilized to determine fair value during the measurement period. As of June 30, 2022, the measurement period is completed and all adjustments are reflected in the tables below. Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284 The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of February 10, 2022, with the excess of total consideration over fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands): February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520 The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60 Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s non-lease revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended June 30, 2022 2021 Product Sales Air Cargo $ 6,354 $ 6,573 Ground equipment sales 5,577 7,998 Commercial jet engines and parts 20,310 7,292 Corporate and other 116 76 Support Services Air Cargo 14,060 12,273 Ground equipment sales 140 65 Commercial jet engines and parts 1,975 2,102 Corporate and other 1,024 64 Leasing Revenue Air Cargo — — Ground equipment sales 43 39 Commercial jet engines and parts 541 166 Corporate and other 388 38 Other Air Cargo 150 5 Ground equipment sales 55 80 Commercial jet engines and parts 29 35 Corporate and other 100 162 Total $ 50,862 $ 36,968 See Note 1 3 for the Company's disaggregated revenues by geographic region and Note 1 4 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred income and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2022 and June 30, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the three-month period ended June 30, 2022 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2022 As of June 30, 2022 $ 4,851 As of April 1, 2022 $ 4,727 For the three months ended June 30, 2022 $ 3,161

Accrued Expenses and Other

Accrued Expenses and Other	3 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other	Accrued Expenses and Other (in thousands) June 30, 2022 March 31, 2022 Salaries, wages and related items $ 6,593 $ 4,232 Profit sharing and bonus 627 1,365 Other Deposits 2,715 2,948 Other 4,287 4,846 Total $ 14,222 $ 13,391

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended June 30, 2022, the Company recorded $0.2 million in income tax expense at an effective tax rate ("ETR") of (31.5)%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax Solutions, Inc. and Delphax Technologies, Inc. (collectively known as "Delphax"), other capital losses, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC. During the three-month period ended June 30, 2021, the Company recorded $5.0 thousand in income tax benefit at an ETR of (1.6)%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2021 were the tax rate differential for carryback tax losses at a rate higher than the statutory tax rate, the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b) and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended June 30, 2022 2021 Net (loss) income $ (802) $ 327 Net (income) attributable to non-controlling interests (631) (38) Net (loss) income attributable to Air T, Inc. Stockholders (1,433) 289 (Loss) Income per share: Basic $ (0.50) $ 0.10 Diluted $ (0.50) $ 0.10 Antidilutive shares excluded from computation of (loss) income per share 7 — Weighted Average Shares Outstanding: Basic 2,866 2,882 Diluted 2,866 2,890

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets as of June 30, 2022 and March 31, 2022 consisted of the following (in thousands): June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (394) $ 53 Internally developed software 3,562 (210) 3,352 In-place lease and other intangibles 1,094 (110) 984 Customer relationships 7,057 (452) 6,605 Patents 1,112 (1,102) 10 Other 1,405 (969) 436 14,677 (3,237) 11,440 In-process software 349 — 349 Intangible assets, total $ 15,026 $ (3,237) $ 11,789 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (386) $ 61 Internally developed software 4,112 (139) 3,973 In-place lease and other intangibles 1,108 (63) 1,045 Customer relationships 7,694 (339) 7,355 Patents 1,112 (1,101) 11 Other 1,391 (919) 472 15,864 (2,947) 12,917 In-process software 343 — 343 Intangible assets, total $ 16,207 $ (2,947) $ 13,260 Based on the intangible assets recorded at June 30, 2022 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, Amortization 2023 (excluding the three months ended June 30, 2022) $ 917 2024 1,069 2025 997 2026 928 2027 888 2028 840 Thereafter 5,801 $ 11,440 The carrying amount of goodwill as of June 30, 2022 and March 31, 2022 was $10.3 million and $10.1 million, respectively. The change is primarily attributable to adjustments made to the purchase price allocation related to the Company's acquisition of GdW Beheer B.V. mentioned in Note 2 .

Investments in Securities and D

Investments in Securities and Derivative Instruments	3 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments in Securities and Derivative Instruments	Investments in Securities and Derivative Instruments As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028. On August 31, 2021, Air T and Minnesota Bank & Trust ("MBT") refinanced Term Note A and fixed its interest rate at 3.42%. As a result of this refinancing, the Company determined that the interest rate swap on Term Note A was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Term Note A at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Term Note A's swap after August 31, 2021 are recognized directly into earnings. The remaining swap contract associated with Term Note D is designated as an effective cash flow hedging instrument in accordance with ASC 815. On January 7, 2022, Contrail completed an interest rate swap transaction with Old National Bank ("ONB") with respect to the $43.6 million loan made to Contrail in November 2020 pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve ("Contrail - Term Note G"). The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. As of February 24, 2022, this swap contract has been designated as a cash flow hedging instrument and qualified as an effective hedge in accordance with ASC 815. During the period between January 7, 2022 and February 24, 2022, the Company recorded a loss of approximately $0.1 million in the consolidated statement of income (loss) due to the changes in the fair value of the instrument prior to the designation and qualification of this instrument as an effective hedge. After it was deemed an effective hedge, the Company recorded changes in the fair value of the instrument in the consolidated statement of comprehensive income (loss). For the swaps related to Air T Term Note D and Contrail - Term Note G, the effective portion of changes in the fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transactions affect earnings. The interest rate swaps are considered Level 2 fair value measurements. As of June 30, 2022 and March 31, 2022, the fair value of these interest-rate swap contracts was an asset of $1.6 million and $0.9 million, respectively, which is included within other assets in the condensed consolidated balance sheets. During the three months ended June 30, 2022 and 2021, the Company recorded a gain of approximately $0.5 million and a gain of $11.0 thousand, net of tax, respectively, in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of these instruments. The Company also invests in exchange-traded marketable securities and accounts for that activity in accordance with ASC 321, Investments- Equity Securities. Marketable equity securities are carried at fair value, with changes in fair market value included in the determination of net income. The fair market value of marketable equity securities is determined based on quoted market prices in active markets and are therefore, considered Level 1 fair value measurements. During the three months ended June 30, 2022, the Company had a gross unrealized gain aggregating to $43.0 thousand and a gross unrealized loss aggregating to $44.0 thousand. During the three months ended June 30, 2021, the Company had a gross unrealized gain aggregating to $0.4 million and a gross unrealized loss aggregating to $49.0 thousand. These unrealized gains and losses are included in Other Income (Loss) on the condensed consolidated statement of income (loss).

Equity Method Investments

Equity Method Investments	3 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company’s investment in Insignia Systems, Inc. - NASDAQ: ISIG (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. As of June 30, 2022, the number of Insignia's shares owned by the Company was 0.5 million, representing approximately 27% of the outstanding shares. During the fiscal year ended March 31, 2021, due to loss attributions and impairments taken in prior fiscal years, the Company's net investment basis in Insignia was reduced to $0. As such, the Company did not record as of June 30, 2022 any additional share of Insignia's net income for the three months ended March 31, 2022 but applied it to its accumulated deferred net loss below zero basis. On August 23, 2021, Insignia restated its 10-K for the fiscal year ended December 31, 2020 and its 10-Q for the quarter ended March 31, 2021. The Company evaluated these restatements and determined that they would not result in any additional impact on the Company's condensed consolidated financial statements. The Company's 20.91% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. At December 31, 2021, the Company determined that it has suffered from an other-than-temporary impairment in its investment in CCI and recorded an impairment charge of $0.3 million. The Company recorded income of $0.3 million as its share of CCI's net income for the three months ended June 30, 2022, along with a basis difference adjustment of $12.5 thousand. The Company's net investment basis in CCI is $2.9 million as of June 30, 2022. Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 March 31, 2021 Revenue $ 35,602 $ 30,273 Gross Profit 4,375 807 Operating income (loss) 1,981 (3,095) Net income (loss) 1,750 (2,145) Net income (loss) attributable to Air T, Inc. stockholders $ 308 $ (295)

Inventories

Inventories	3 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): June 30, March 31, Overnight air cargo $ 28 $ 28 Ground equipment manufacturing: Raw materials 7,797 4,688 Work in process 4,879 2,437 Finished goods 9,184 9,264 Corporate and other: Raw materials 669 705 Finished goods 726 728 Commercial jet engines and parts 65,887 60,439 Total inventories 89,170 78,289 Reserves (3,038) (3,122) Total inventories, net of reserves $ 86,132 $ 75,167

Leases

Leases	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended June 30, 2022 2021 Operating lease cost $ 491 $ 447 Short-term lease cost 185 282 Variable lease cost 136 147 Total lease cost $ 812 $ 876 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of June 30, 2022 and March 31, 2022 were as follows (in thousands): June 30, 2022 March 31, 2022 Operating leases Operating lease ROU assets $ 6,987 $ 7,354 Operating lease liabilities $ 7,795 $ 8,177 Weighted-average remaining lease term Operating leases 13 years, 7 months 13 years, 5 months Weighted-average discount rate Operating leases 4.35 % 4.33 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of June 30, 2022 are as follows (in thousands): Operating Leases 2023 (excluding the three months ended June 30, 2022) $ 1,305 2024 1,386 2025 1,117 2026 870 2027 704 2028 272 Thereafter 5,027 Total undiscounted lease payments 10,681 Less: Interest (2,422) Less: Discount (464) Total lease liabilities $ 7,795

Financing Arrangements

Financing Arrangements	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at June 30, 2022 and March 31, 2022, respectively. As mentioned in Note 2 , on December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to a real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company (an unrelated third-party) dated October 11, 2021. The purchase price was $13.2 million, which was paid for with approximately $3.3 million in cash and a new secured loan from Bridgewater with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031 ("Wolfe Lake Debt"). The promissory note provides for monthly payments of principal and interest commencing January 1, 2022 and continuing to the maturity date in the amount of $50.9 thousand. As mentioned in Note 2 , on February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and loans as described below. As part of the transaction, Shanwick obtained a EUR 4.0 million loan package from ING Bank ("ING") to further fund this transaction. The ING loan package includes a EUR 3.0 million term loan (translated into $3.3 million Term Loan A - ING below) which carries an interest rate of 3.5% and a maturity date of February 1, 2027, and a EUR 1.0 million term loan (translated into $1.1 million Term Loan B - ING below) which carries an interest rate of 4% and a maturity date of May 1, 2027. The ING loan is non-recourse to the Company and Air T Acquisition 22.1 and is secured by the shares of GdW. The Company secured the funds necessary to fund its portion of the GdW acquisition consideration on February 8, 2022 through (i) a new secured loan from Bridgewater Bank ("Bridgewater"), a Minnesota banking corporation and (ii) cash. The loan is in the principal amount of $5.0 million and bears a fixed interest rate of 4.00%. The loan provides for monthly payments of accrued interest and annual principal payments of $0.5 million each for years 2023 through 2027, and matures on February 8, 2027 at which time the entire unpaid balance will be due and payable in full. In addition, the loan agreement contains affirmative and negative covenants. The loan is secured by a first lien on all of the assets of Air T Acquisition 22.1, a pledge of $5.0 million 8.0% TruPs, and a personal guaranty of the Company’s Chairman, President and Chief Executive Officer Nicholas Swenson. On June 9, 2022, the Company, Jet Yard and MBT entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (“Amendment”) and a related Overline Note (“Overline Note”) in the original principal amount of $5.0 million. The Amendment and Note memorialize an increase to the amount that may be drawn by the Company on the MBT revolving credit agreement from $17.0 million to $22.0 million. As of June 30, 2022, the unused commitment of the MBT revolver and the Overline Note was $2.9 million and $5.0 million, respectively. The total amount of borrowings under the facility as revised is now the Company’s calculated borrowing base or $22.0 million. The borrowing base calculation methodology remains unchanged. The interest rate on borrowings under the facility that are less than $17 million remains at the greater of 2.50% or Prime minus 1%. The interest rate applicable to borrowings under the facility that exceed $17.0 million is the greater of 2.50% or Prime plus 0.5%. The commitment fee on unused borrowings below $17.0 million remains at 0.11%. The commitment fee on unused borrowings above $17.0 million is 0.20%. The Amendment also includes an additional covenant to the credit agreement, namely the requirement that the Company provide inventory appraisals for AirCo, AirCo Services and Worthington to MBT twice a year. The Overline loan and commitment mature on the earlier of March 31, 2023 or the date on which the Company receives all funds from the Company’s Employee Retention Credit ("ERC") application (estimated at approximately $9.1 million) filed on or about January 24, 2022 plus the full receipt of the Company’s carryback tax refund for the year (estimated at approximately $2.6 million) filed on or about August 19, 2021. Both were applied for under different components of the CARES Act. It is not possible to estimate when, or if, these funds may be received. Each of the Company subsidiaries that has guaranteed the MBT revolving facility executed a guaranty acknowledgment in which they agreed to guaranty the Overline Loan and acknowledged, among other things, that the Overline Loan would not impair the lenders rights under the previously executed guaranty or security agreement. The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of June 30, 2022: (In Thousands) June 30, March 31, Maturity Date Interest Rate Unused commitments at June 30, 2022 Air T Debt Revolver - MBT $ 14,068 $ 10,969 8/31/2023 Greater of 2.50% or Prime - 1.00% $ 2,932 Overline Note - MBT — — 3/31/2023 1 Greater of 2.50% or Prime + 0.50% $ 5,000 Term Note A - MBT 8,350 8,542 8/31/2031 3.42% Term Note B - MBT 2,946 3,014 8/31/2031 3.42% Term Note D - MBT 1,388 1,405 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT 1,997 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Debt - Trust Preferred Securities 25,586 25,567 6/7/2049 8.00% Total 54,335 51,813 AirCo 1 Debt Term Loan - Park State Bank 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,919 1,943 8/31/2031 4.14% Total 1,919 1,943 Contrail Debt Revolver - Old National Bank ("ONB") — 3,843 9/5/2023 1-month LIBOR + 3.45% $ 25,000 Term Loan G - ONB 44,918 44,918 11/24/2025 1-month LIBOR + 3.00% Term Loan H - ONB 14,875 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 59,793 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 32 12/31/2025 5.00% Total 31 32 Wolfe Lake Debt Term Loan - Bridgewater 9,776 9,837 12/2/2031 3.65% Total 9,776 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 5,000 5,000 2/8/2027 4.00% Term Loan A - ING 2,960 3,341 2/1/2027 3.50% Term Loan B - ING 1,039 1,114 5/1/2027 4.00% Total 8,999 9,455 Total Debt 141,246 136,932 Less: Unamortized Debt Issuance Costs (1,065) (1,124) Total Debt, net $ 140,181 $ 135,808 At June 30, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount June 30, 2023 $ 2,607 June 30, 2024 39,098 June 30, 2025 12,207 June 30, 2026 39,111 June 30, 2027 5,168 Thereafter 43,055 141,246 Less: Unamortized Debt Issuance Costs (1,065) $ 140,181

Geographical Information

Geographical Information	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Geographical Information	Geographical Information Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2022 and March 31, 2022 (in thousands): June 30, 2022 March 31, 2022 United States $ 21,132 $ 34,067 Foreign 11,271 1,654 Total tangible long-lived assets, net $ 32,403 $ 35,721 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at June 30, 2022. The net book value located within each individual country at June 30, 2022 and March 31, 2022 is listed below (in thousands): June 30, 2022 March 31, 2022 Macau $ 1,292 $ 1,351 Lithuania 9,688 — Other 291 303 Total tangible long-lived assets, net $ 11,271 $ 1,654 Total revenue, in and outside the United States, is summarized in the following table for the three months ended June 30, 2022 and June 30, 2021 (in thousands): June 30, 2022 June 30, 2021 United States $ 41,952 $ 31,769 Foreign 8,910 5,199 Total revenue $ 50,862 $ 36,968

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended 2022 2021 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 20,564 $ 18,768 International — 83 Total Overnight Air Cargo 20,564 18,851 Ground Equipment Sales: Domestic 3,907 5,978 International 1,908 2,204 Total Ground Equipment Sales 5,815 8,182 Commercial Jet Engines and Parts: Domestic 16,732 6,769 International 6,123 2,825 Total Commercial Jet Engines and Parts 22,855 9,594 Corporate and Other: Domestic 749 254 International 879 87 Total Corporate and Other 1,628 341 Total 50,862 36,968 Operating Income (Loss): Overnight Air Cargo 1,077 732 Ground Equipment Sales 142 1,423 Commercial Jet Engines and Parts 3,074 (238) Corporate and Other (3,459) (1,921) Total 834 (4) Capital Expenditures: Overnight Air Cargo 99 23 Ground Equipment Sales 9 13 Commercial Jet Engines and Parts 74 92 Corporate and Other 189 8 Total 371 136 Depreciation and Amortization: Overnight Air Cargo 20 13 Ground Equipment Sales 49 32 Commercial Jet Engines and Parts 434 265 Corporate and Other 358 70 Total $ 861 $ 380 The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the three months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 1,077 $ 142 $ 3,074 $ (3,459) $ 834 Depreciation and amortization (excluding leased engines depreciation) 19 49 179 358 605 Gain on sale of property and equipment — — (2) — (2) Security issuance expenses — — — 15 15 Adjusted EBITDA $ 1,096 $ 191 $ 3,251 $ (3,086) $ 1,452 Three Months Ended June 30, 2021 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 732 $ 1,423 $ (238) $ (1,921) $ (4) Depreciation and amortization (excluding leased engines depreciation) 13 32 164 70 279 Loss on sale of property and equipment 2 1 — — 3 Security issuance expenses — — — 5 5 Adjusted EBITDA $ 747 $ 1,456 $ (74) $ (1,846) $ 283

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Redeemable Non-controlling Interests Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller of Contrail (“Contrail Put/Call Option”). The Contrail Put/Call Option permits the Seller or the Company to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which occurred on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $6.5 million as of June 30, 2022. The change in the redemption value compared to March 31, 2022 is a decrease of $0.7 million. The decrease was driven by $1.0 million of net decrease in fair value, in addition to $0.3 million of net income attributable to the non-controlling interest during the three months ended June 30, 2022. As of the date of this filing, neither the Seller nor the Company has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations. On May 5, 2021, the Company formed an aircraft asset management business called CAM, and an aircraft capital joint venture called CJVII. The venture focuses on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. CJVII targets investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. CAM serves two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII, and 2) to directly invest into CJVII alongside other institutional investment partners. CAM has an initial commitment to CJVII of approximately $53.0 million, which is comprised of an $8.0 million initial commitment from the Company and an approximately $45.0 million initial commitment from MRC. As of June 30, 2022, CAM's remaining capital commitments are approximately $1.1 million from the Company and $19.7 million from MRC. In connection with the formation of CAM, MRC has a fixed price put option of $1.0 million to sell its common equity in CAM to the Company at each of the first 3 anniversary dates. At the later of (a) 5 years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, the Company has a call option and MRC has a put option on the MRC common interests in CAM. If either party exercises the option, the exercise price will be fair market value if the Company pays in cash at closing or 112.5% of fair market value if the Company opts to pay in three equal annual installments after exercise. The Company recorded MRC's $1.0 million put option within "Other non-current liabilities" on our consolidated balance sheets. In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes the Shanwick Put/Call Option with regard to the 30% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30% interest at the call option price that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option to require the Company to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T ("Shanwick RNCI"). The Company has presented this redeemable non-controlling interest in Shanwick between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. The Shanwick RNCI's estimated redemption value is at $3.9 million as of June 30, 2022, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2022 $ 3,583 Contribution from non-controlling members — Distribution to non-controlling members — Net income attributable to non-controlling interests (12) Redemption value adjustments 305 Ending Balance as of June 30, 2022 $ 3,876 2020 Omnibus Stock and Incentive Plan

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsManagement performs an evaluation of events that occur after the balance sheet date but before condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In July 2021, the FASB updated the Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. The amendments in this Update address stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: 1. The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3. 2. The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The leased asset continues to be subject to the measurement and impairment requirements under other applicable GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities. The Company adopted this amendment on April 1, 2022. As of the date of the adoption, the amendment did not have a material impact on the Company's consolidated financial statements and disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities from the beginning of an interim period that includes the issuance date of this ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Total Consideration	Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 In-place lease and other intangibles 1,108 $ 13,408 February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520
Schedule of Recognized Identified Operations	The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Performance Obligation Terms	The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis.
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended June 30, 2022 2021 Product Sales Air Cargo $ 6,354 $ 6,573 Ground equipment sales 5,577 7,998 Commercial jet engines and parts 20,310 7,292 Corporate and other 116 76 Support Services Air Cargo 14,060 12,273 Ground equipment sales 140 65 Commercial jet engines and parts 1,975 2,102 Corporate and other 1,024 64 Leasing Revenue Air Cargo — — Ground equipment sales 43 39 Commercial jet engines and parts 541 166 Corporate and other 388 38 Other Air Cargo 150 5 Ground equipment sales 55 80 Commercial jet engines and parts 29 35 Corporate and other 100 162 Total $ 50,862 $ 36,968
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2022 and June 30, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the three-month period ended June 30, 2022 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2022 As of June 30, 2022 $ 4,851 As of April 1, 2022 $ 4,727 For the three months ended June 30, 2022 $ 3,161

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	3 Months Ended
	Jun. 30, 2022
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(in thousands) June 30, 2022 March 31, 2022 Salaries, wages and related items $ 6,593 $ 4,232 Profit sharing and bonus 627 1,365 Other Deposits 2,715 2,948 Other 4,287 4,846 Total $ 14,222 $ 13,391

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	3 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended June 30, 2022 2021 Net (loss) income $ (802) $ 327 Net (income) attributable to non-controlling interests (631) (38) Net (loss) income attributable to Air T, Inc. Stockholders (1,433) 289 (Loss) Income per share: Basic $ (0.50) $ 0.10 Diluted $ (0.50) $ 0.10 Antidilutive shares excluded from computation of (loss) income per share 7 — Weighted Average Shares Outstanding: Basic 2,866 2,882 Diluted 2,866 2,890

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets as of June 30, 2022 and March 31, 2022 consisted of the following (in thousands): June 30, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (394) $ 53 Internally developed software 3,562 (210) 3,352 In-place lease and other intangibles 1,094 (110) 984 Customer relationships 7,057 (452) 6,605 Patents 1,112 (1,102) 10 Other 1,405 (969) 436 14,677 (3,237) 11,440 In-process software 349 — 349 Intangible assets, total $ 15,026 $ (3,237) $ 11,789 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (386) $ 61 Internally developed software 4,112 (139) 3,973 In-place lease and other intangibles 1,108 (63) 1,045 Customer relationships 7,694 (339) 7,355 Patents 1,112 (1,101) 11 Other 1,391 (919) 472 15,864 (2,947) 12,917 In-process software 343 — 343 Intangible assets, total $ 16,207 $ (2,947) $ 13,260
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at June 30, 2022 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, Amortization 2023 (excluding the three months ended June 30, 2022) $ 917 2024 1,069 2025 997 2026 928 2027 888 2028 840 Thereafter 5,801 $ 11,440

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summarized Unaudited Financial Information	Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 March 31, 2021 Revenue $ 35,602 $ 30,273 Gross Profit 4,375 807 Operating income (loss) 1,981 (3,095) Net income (loss) 1,750 (2,145) Net income (loss) attributable to Air T, Inc. stockholders $ 308 $ (295)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): June 30, March 31, Overnight air cargo $ 28 $ 28 Ground equipment manufacturing: Raw materials 7,797 4,688 Work in process 4,879 2,437 Finished goods 9,184 9,264 Corporate and other: Raw materials 669 705 Finished goods 726 728 Commercial jet engines and parts 65,887 60,439 Total inventories 89,170 78,289 Reserves (3,038) (3,122) Total inventories, net of reserves $ 86,132 $ 75,167

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease, Cost	The components of lease cost for the three months ended June 30, 2022 and 2021 are as follows (in thousands): Three Months Ended June 30, 2022 2021 Operating lease cost $ 491 $ 447 Short-term lease cost 185 282 Variable lease cost 136 147 Total lease cost $ 812 $ 876 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of June 30, 2022 and March 31, 2022 were as follows (in thousands): June 30, 2022 March 31, 2022 Operating leases Operating lease ROU assets $ 6,987 $ 7,354 Operating lease liabilities $ 7,795 $ 8,177 Weighted-average remaining lease term Operating leases 13 years, 7 months 13 years, 5 months Weighted-average discount rate Operating leases 4.35 % 4.33 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of June 30, 2022 are as follows (in thousands): Operating Leases 2023 (excluding the three months ended June 30, 2022) $ 1,305 2024 1,386 2025 1,117 2026 870 2027 704 2028 272 Thereafter 5,027 Total undiscounted lease payments 10,681 Less: Interest (2,422) Less: Discount (464) Total lease liabilities $ 7,795

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of June 30, 2022: (In Thousands) June 30, March 31, Maturity Date Interest Rate Unused commitments at June 30, 2022 Air T Debt Revolver - MBT $ 14,068 $ 10,969 8/31/2023 Greater of 2.50% or Prime - 1.00% $ 2,932 Overline Note - MBT — — 3/31/2023 1 Greater of 2.50% or Prime + 0.50% $ 5,000 Term Note A - MBT 8,350 8,542 8/31/2031 3.42% Term Note B - MBT 2,946 3,014 8/31/2031 3.42% Term Note D - MBT 1,388 1,405 1/1/2028 1-month LIBOR + 2.00% Term Note E - MBT 1,997 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Debt - Trust Preferred Securities 25,586 25,567 6/7/2049 8.00% Total 54,335 51,813 AirCo 1 Debt Term Loan - Park State Bank 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,919 1,943 8/31/2031 4.14% Total 1,919 1,943 Contrail Debt Revolver - Old National Bank ("ONB") — 3,843 9/5/2023 1-month LIBOR + 3.45% $ 25,000 Term Loan G - ONB 44,918 44,918 11/24/2025 1-month LIBOR + 3.00% Term Loan H - ONB 14,875 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 59,793 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 31 32 12/31/2025 5.00% Total 31 32 Wolfe Lake Debt Term Loan - Bridgewater 9,776 9,837 12/2/2031 3.65% Total 9,776 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 5,000 5,000 2/8/2027 4.00% Term Loan A - ING 2,960 3,341 2/1/2027 3.50% Term Loan B - ING 1,039 1,114 5/1/2027 4.00% Total 8,999 9,455 Total Debt 141,246 136,932 Less: Unamortized Debt Issuance Costs (1,065) (1,124) Total Debt, net $ 140,181 $ 135,808
Schedule of Maturities of Long-term Debt	At June 30, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount June 30, 2023 $ 2,607 June 30, 2024 39,098 June 30, 2025 12,207 June 30, 2026 39,111 June 30, 2027 5,168 Thereafter 43,055 141,246 Less: Unamortized Debt Issuance Costs (1,065) $ 140,181

Geographical Information (Table

Geographical Information (Tables)	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2022 and March 31, 2022 (in thousands): June 30, 2022 March 31, 2022 United States $ 21,132 $ 34,067 Foreign 11,271 1,654 Total tangible long-lived assets, net $ 32,403 $ 35,721 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at June 30, 2022. The net book value located within each individual country at June 30, 2022 and March 31, 2022 is listed below (in thousands): June 30, 2022 March 31, 2022 Macau $ 1,292 $ 1,351 Lithuania 9,688 — Other 291 303 Total tangible long-lived assets, net $ 11,271 $ 1,654
Revenue from External Customers by Geographic Areas	Total revenue, in and outside the United States, is summarized in the following table for the three months ended June 30, 2022 and June 30, 2021 (in thousands): June 30, 2022 June 30, 2021 United States $ 41,952 $ 31,769 Foreign 8,910 5,199 Total revenue $ 50,862 $ 36,968

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended 2022 2021 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 20,564 $ 18,768 International — 83 Total Overnight Air Cargo 20,564 18,851 Ground Equipment Sales: Domestic 3,907 5,978 International 1,908 2,204 Total Ground Equipment Sales 5,815 8,182 Commercial Jet Engines and Parts: Domestic 16,732 6,769 International 6,123 2,825 Total Commercial Jet Engines and Parts 22,855 9,594 Corporate and Other: Domestic 749 254 International 879 87 Total Corporate and Other 1,628 341 Total 50,862 36,968 Operating Income (Loss): Overnight Air Cargo 1,077 732 Ground Equipment Sales 142 1,423 Commercial Jet Engines and Parts 3,074 (238) Corporate and Other (3,459) (1,921) Total 834 (4) Capital Expenditures: Overnight Air Cargo 99 23 Ground Equipment Sales 9 13 Commercial Jet Engines and Parts 74 92 Corporate and Other 189 8 Total 371 136 Depreciation and Amortization: Overnight Air Cargo 20 13 Ground Equipment Sales 49 32 Commercial Jet Engines and Parts 434 265 Corporate and Other 358 70 Total $ 861 $ 380
Schedule of EBITDA	The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the three months ended June 30, 2022 and 2021 (in thousands): Three Months Ended June 30, 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 1,077 $ 142 $ 3,074 $ (3,459) $ 834 Depreciation and amortization (excluding leased engines depreciation) 19 49 179 358 605 Gain on sale of property and equipment — — (2) — (2) Security issuance expenses — — — 15 15 Adjusted EBITDA $ 1,096 $ 191 $ 3,251 $ (3,086) $ 1,452 Three Months Ended June 30, 2021 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 732 $ 1,423 $ (238) $ (1,921) $ (4) Depreciation and amortization (excluding leased engines depreciation) 13 32 164 70 279 Loss on sale of property and equipment 2 1 — — 3 Security issuance expenses — — — 5 5 Adjusted EBITDA $ 747 $ 1,456 $ (74) $ (1,846) $ 283

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Redeemable Noncontrolling Interest	The Shanwick RNCI's estimated redemption value is at $3.9 million as of June 30, 2022, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2022 $ 3,583 Contribution from non-controlling members — Distribution to non-controlling members — Net income attributable to non-controlling interests (12) Redemption value adjustments 305 Ending Balance as of June 30, 2022 $ 3,876

Acquisitions (Details)

Acquisitions (Details)			5 Months Ended
	Feb. 10, 2022 USD ($)	Dec. 02, 2021 USD ($) ft² lease	Jun. 30, 2022 USD ($)
Bridgewater | Secured Debt
Asset Acquisition
Principle amount		$ 9,900,000
Interest rate stated percentage (as a percentage)		3.65%
Property Located In St Louis Park, Mn
Asset Acquisition
Area of land | ft²		54,742
Number of leases acquired | lease		11
Consideration to acquire real estate		$ 13,400,000
Consideration paid		13,200,000
Capitalized acquisition costs		200,000
Payments to acquire real estate		$ 3,300,000
Shanwick | GdW
Asset Acquisition
Ownership interest acquired (percent)	30%
GdW
Asset Acquisition
Consideration paid	$ 15,256,000
Goodwill adjustment			$ 300,000
Intangible asset adjustment			(300,000)
Deferred tax lability adjustment			$ (300,000)

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 10, 2022	Dec. 02, 2021
Property Located In St Louis Park, Mn
ASSETS
Land		$ 2,794
Building		8,439
Site Improvements		798
Tenant Improvements		269
Intangible assets		1,108
Total assets		$ 13,408
GdW
ASSETS
Accounts Receivable	$ 715
Other current assets	67
Property, plant and equipment, net	40
Total assets	10,665
LIABILITIES
Accounts payable	15
Accrued expenses and deferred revenue	1,670
Deferred income tax liabilities, net	2,460
Total liabilities	4,145
Net assets acquired	6,520
GdW | Proprietary Database
ASSETS
Intangible assets	2,576
GdW | Customer relationships
ASSETS
Intangible assets	$ 7,267

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Feb. 10, 2022	Jun. 30, 2022	Mar. 31, 2022
Business Acquisition
Goodwill		$ 10,317	$ 10,126
GdW
Business Acquisition
Consideration paid	$ 15,256
Less: Cash acquired	(2,452)
Less: Net assets acquired	(6,520)
Goodwill	$ 6,284

Acquisitions - Revenues and Exp

Acquisitions - Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition
Revenue	$ 50,862	$ 36,968
Operating Expenses	50,028	36,972
Operating Income	834	(4)
Non-operating income	(1,444)	326
Net (Loss) Income Attributable to Air T, Inc. Stockholders	(1,433)	$ 289
GdW
Business Acquisition
Revenue	887
Cost of Sales	145
Operating Expenses	701
Operating Income	41
Non-operating income	19
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ 60

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue
Total revenue	$ 50,862	$ 36,968
Air Cargo
Disaggregation of Revenue
Total revenue	20,564	18,851
Ground equipment sales
Disaggregation of Revenue
Total revenue	5,815	8,182
Commercial jet engines and parts
Disaggregation of Revenue
Total revenue	22,855	9,594
Corporate and other
Disaggregation of Revenue
Total revenue	1,628	341
Product Sales | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	6,354	6,573
Product Sales | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	5,577	7,998
Product Sales | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	20,310	7,292
Product Sales | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	116	76
Support Services | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	14,060	12,273
Support Services | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	140	65
Support Services | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	1,975	2,102
Support Services | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	1,024	64
Leasing Revenue | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts	0	0
Leasing Revenue | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	43	39
Leasing Revenue | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	541	166
Leasing Revenue | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	388	38
Other | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts	150	5
Other | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	55	80
Other | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	29	35
Other | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	$ 100	$ 162

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 4,727
Outstanding contract liabilities recognized as revenue	3,161
Contract with customer, liabilities, ending balance	$ 4,851

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 6,593	$ 4,232
Profit sharing and bonus	627	1,365
Other Deposits	2,715	2,948
Other	4,287	4,846
Total	$ 14,222	$ 13,391

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax benefit	$ (192,000)	$ 5,000
Effective income tax rate, percent	(31.50%)	(1.60%)

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net (Loss) Income	$ (802)	$ 327
Net (income) attributable to non-controlling interests	(631)	(38)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (1,433)	$ 289
(Loss) Income per share:
Basic (in dollars per share)	$ (0.50)	$ 0.10
Diluted (in dollars per share)	$ (0.50)	$ 0.10
Weighted Average Shares Outstanding:
Basic (in shares)	2,866	2,882
Diluted (in shares)	2,866	2,890
Continuing Operations
(Loss) Income per share:
Antidilutive shares excluded from computation of loss per share (shares)	7	0

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	$ 14,677	$ 15,864
Finite-lived intangible assets, accumulated amortization	(3,237)	(2,947)
Finite-lived intangible assets, net	11,440	12,917
Indefinite-lived intangible assets, gross carrying amount	349	343
Gross carrying value	15,026	16,207
Intangible assets, total	11,789	13,260
Purchased software
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	447	447
Finite-lived intangible assets, accumulated amortization	(394)	(386)
Finite-lived intangible assets, net	53	61
Internally developed software
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	3,562	4,112
Finite-lived intangible assets, accumulated amortization	(210)	(139)
Finite-lived intangible assets, net	3,352	3,973
In-place lease and other intangibles
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,094	1,108
Finite-lived intangible assets, accumulated amortization	(110)	(63)
Finite-lived intangible assets, net	984	1,045
Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	7,057	7,694
Finite-lived intangible assets, accumulated amortization	(452)	(339)
Finite-lived intangible assets, net	6,605	7,355
Patents
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,112	1,112
Finite-lived intangible assets, accumulated amortization	(1,102)	(1,101)
Finite-lived intangible assets, net	10	11
Other
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,405	1,391
Finite-lived intangible assets, accumulated amortization	(969)	(919)
Finite-lived intangible assets, net	$ 436	$ 472

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Amortization
2023 (excluding the three months ended June 30, 2022)	$ 917
2024	1,069
2025	997
2026	928
2027	888
2028	840
Thereafter	5,801
Finite-lived intangible assets, net	$ 11,440	$ 12,917

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 10,317	$ 10,126

Investments in Securities and_2

Investments in Securities and Derivative Instruments - Textual (Details) - USD ($)	2 Months Ended	3 Months Ended
	Feb. 24, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Jan. 07, 2022	Aug. 31, 2021
Derivatives, Fair Value
Long-term debt, gross		$ 141,246,000		$ 136,932,000
Derivative loss	$ 100,000
Unrealized gain on interest rate swaps, net of tax		475,000	$ 11,000
Gain from equity investments		43,000	400,000
Loss from equity investments		44,000	49,000
Cash margin balances related to exchange-traded equity securities		0	22,000
Unsecured Debt | Contrail Aviation Inc.
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)					4.68%
Long-term debt, gross		59,793,000		57,459,000	$ 43,600,000
Unsecured Debt | Parent Company
Derivatives, Fair Value
Long-term debt, gross		54,335,000		51,813,000
Interest Rate Swap
Derivatives, Fair Value
Unrealized gain on interest rate swaps, net of tax		500,000	$ 11,000
Interest Rate Swap | Other Assets | Level 2
Derivatives, Fair Value
Derivative asset		$ 1,600,000		900,000
Term Note A - MBT | Unsecured Debt | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		3.42%				3.42%
Long-term debt, gross		$ 8,350,000		8,542,000
Term Note A - MBT | Interest Rate Swap | Unsecured Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		4.56%
Term Note D - MBT | Unsecured Debt | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		5.09%
Long-term debt, gross		$ 1,388,000		$ 1,405,000

Equity Method Investments- Text

Equity Method Investments- Textuals (Details) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2022
Schedule of Equity Method Investments
Equity method investments	$ 11,089,000			$ 9,864,000
Loss from equity method investments	$ (532,000)	$ (83,000)
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares)	0.5
Ownership percentage	27%
Equity method investments	$ 0
Loss from equity method investments	$ 0
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership percentage	20.91%
Equity method investments	$ 2,900,000
Loss from equity method investments	(300,000)
Difference between carrying amount and underlying equity	300,000
Other-than-temporary impairment loss on investments			$ 300,000
Investment realized gain (loss) on disposal	$ 12,500

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Schedule of Equity Method Investments
Revenue	$ 50,862		$ 36,968
Operating income (loss)	834		(4)
Net income (loss)	(1,433)		289
Income from equity method investments	$ 532		$ 83
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue		$ 35,602		$ 30,273
Gross Profit		4,375		807
Operating income (loss)		1,981		(3,095)
Net income (loss)		1,750		(2,145)
Income from equity method investments		$ 308		$ (295)

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Corporate and other:
Commercial jet engines and parts	$ 65,887	$ 60,439
Total inventories	89,170	78,289
Reserves	(3,038)	(3,122)
Total inventories, net of reserves	86,132	75,167
Overnight air cargo
Ground equipment manufacturing:
Finished goods	28	28
Corporate and other:
Finished goods	28	28
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	7,797	4,688
Work in process	4,879	2,437
Finished goods	9,184	9,264
Corporate and other:
Raw materials	7,797	4,688
Finished goods	9,184	9,264
Corporate and other
Ground equipment manufacturing:
Raw materials	669	705
Finished goods	726	728
Corporate and other:
Raw materials	669	705
Finished goods	$ 726	$ 728

Leases - Textual (Details)

Leases - Textual (Details)	Jun. 30, 2022
Minimum
Lessee, Lease, Description
Lease term	2 years
Maximum
Lessee, Lease, Description
Lease term	5 years
Real Estate
Lessee, Lease, Description
Lease term	30 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 491	$ 447
Short-term lease cost	185	282
Variable lease cost	136	147
Total lease cost	812	$ 876
Operating leases
Operating lease ROU assets	6,987		$ 7,354
Operating lease liabilities	$ 7,795		$ 8,177
Weighted-average remaining lease term
Operating leases	13 years 7 months		13 years 5 months
Weighted-average discount rate
Operating leases	4.35%		4.33%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Operating Leases
2023 (excluding the three months ended June 30, 2022)	$ 1,305
2024	1,386
2025	1,117
2026	870
2027	704
2028	272
Thereafter	5,027
Total undiscounted lease payments	10,681
Less: Interest	(2,422)
Less: Discount	(464)
Total lease liabilities	$ 7,795	$ 8,177

Financing Arrangements - Textua

Financing Arrangements - Textual (Details)				3 Months Ended
	Jun. 09, 2022 USD ($)	Feb. 08, 2022 USD ($)	Dec. 02, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 08, 2022 USD ($)	Mar. 31, 2022 USD ($)	Feb. 10, 2022 USD ($)	Feb. 10, 2022 EUR (€)	Jan. 07, 2022
Debt Instrument
Periodic payments		$ 500,000
Assets				$ 137,140,000		$ 128,243,000
Received refunds	$ 2,600,000
Trust Preferred Capital Security | ATM
Debt Instrument
Amount outstanding				$ 25,600,000
Trust Preferred Capital Security | Air T Acquisition 22.1 | Asset Pledged as Collateral with Right
Debt Instrument
Assets		$ 5,000,000
Cumulative dividend rate (percent)		8%
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Interest rate stated percentage (as a percentage)									4.68%
Bridgewater | Secured Debt
Debt Instrument
Principle amount			$ 9,900,000
Interest rate stated percentage (as a percentage)			3.65%
Periodic payments			$ 50,900
Bridgewater | Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Principle amount		$ 5,000,000
Interest rate stated percentage (as a percentage)		4%		4%
ING Bank | Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Principle amount | €								€ 4,000,000
Term Loan A ING | Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Principle amount							$ 3,300,000	€ 3,000,000
Interest rate stated percentage (as a percentage)				3.50%			3.50%	3.50%
Term Loan B ING | Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Principle amount							$ 1,100,000	€ 1,000,000
Interest rate stated percentage (as a percentage)				4%			4%	4%
Term Loan - MBT | Unsecured Debt | Jet Yard
Debt Instrument
Principle amount	5,000,000
Interest rate stated percentage (as a percentage)				4.14%
Credit facility maximum borrowing capacity	22,000,000				$ 17,000,000
Amended Promissory Note | Unsecured Debt
Debt Instrument
Credit facility maximum borrowing capacity	22,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard
Debt Instrument
Debt instrument, outstanding credit rate trigger	$ 17,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard | Below Threshold
Debt Instrument
Interest rate stated percentage (as a percentage)	2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard | Below Threshold | Prime Rate
Debt Instrument
Commitment fee (percent)	0.11%
Basis spread on variable rate	1%
Amended Promissory Note | Unsecured Debt | Jet Yard | Above Threshold
Debt Instrument
Interest rate stated percentage (as a percentage)	2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard | Above Threshold | Prime Rate
Debt Instrument
Commitment fee (percent)	0.20%
Basis spread on variable rate	0.50%
Overline
Debt Instrument
Debt instrument fair value	$ 9,100,000
Third Amended And Restated Credit Agreement | Unsecured Debt | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)				2.50%
Unused commitment fees				$ 2,932,000
Third Amended And Restated Credit Agreement | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate				1%
Overline Note - MBT | Unsecured Debt | Parent Company
Debt Instrument
Interest rate stated percentage (as a percentage)				2.50%
Unused commitment fees				$ 5,000,000
Overline Note - MBT | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate				0.50%
Property Located In St Louis Park, Mn
Debt Instrument
Consideration paid			13,200,000
Payments to acquire real estate			$ 3,300,000

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 09, 2022	Mar. 31, 2022	Feb. 10, 2022	Feb. 08, 2022	Jan. 07, 2022	Aug. 31, 2021
Debt Instrument
Long-term debt, gross	$ 141,246		$ 136,932
Less: Unamortized Debt Issuance Costs	(1,065)		(1,124)
Total Debt, net	140,181		135,808
Received refunds		$ 2,600
Overline
Debt Instrument
Debt instrument fair value		$ 9,100
Unsecured Debt | AirCo 1
Debt Instrument
Long-term debt, gross	6,393		6,393
Unsecured Debt | Jet Yard
Debt Instrument
Long-term debt, gross	1,919		1,943
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	59,793		57,459			$ 43,600
Interest rate stated percentage (as a percentage)						4.68%
Unsecured Debt | Term Loan - Park State Bank | AirCo 1
Debt Instrument
Long-term debt, gross	$ 6,393		6,393
Unsecured Debt | Term Loan - Park State Bank | AirCo 1 | 3-month LIBOR
Debt Instrument
Basis spread on variable rate	3%
Unsecured Debt | Term Loan - MBT | Jet Yard
Debt Instrument
Long-term debt, gross	$ 1,919		1,943
Interest rate stated percentage (as a percentage)	4.14%
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 0		3,843
Unused commitments at June 30, 2022	$ 25,000
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3.45%
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 44,918		44,918
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3%
Unsecured Debt | Term Loan H - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 14,875		8,698
Unsecured Debt | Term Loan H - ONB | Contrail Aviation Inc. | Prime Rate
Debt Instrument
Basis spread on variable rate	0.75%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross	$ 54,335		51,813
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement
Debt Instrument
Long-term debt, gross	$ 14,068		10,969
Interest rate stated percentage (as a percentage)	2.50%
Unused commitments at June 30, 2022	$ 2,932
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement | Prime Rate
Debt Instrument
Basis spread on variable rate	1%
Unsecured Debt | Parent Company | Overline Note - MBT
Debt Instrument
Long-term debt, gross	$ 0		0
Interest rate stated percentage (as a percentage)	2.50%
Unused commitments at June 30, 2022	$ 5,000
Unsecured Debt | Parent Company | Overline Note - MBT | Prime Rate
Debt Instrument
Basis spread on variable rate	0.50%
Unsecured Debt | Parent Company | Term Note A - MBT
Debt Instrument
Long-term debt, gross	$ 8,350		8,542
Interest rate stated percentage (as a percentage)	3.42%						3.42%
Unsecured Debt | Parent Company | Term Note B - MBT
Debt Instrument
Long-term debt, gross	$ 2,946		3,014
Interest rate stated percentage (as a percentage)	3.42%
Unsecured Debt | Parent Company | Term Note D - MBT
Debt Instrument
Long-term debt, gross	$ 1,388		1,405
Interest rate stated percentage (as a percentage)	5.09%
Unsecured Debt | Parent Company | Term Note D - MBT | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	2%
Unsecured Debt | Parent Company | Term Note E - MBT
Debt Instrument
Long-term debt, gross	$ 1,997		2,316
Interest rate stated percentage (as a percentage)	2.50%
Unsecured Debt | Parent Company | Term Note E - MBT | LIBOR
Debt Instrument
Basis spread on variable rate	1.50%
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross	$ 25,586		25,567
Interest rate stated percentage (as a percentage)	8%
Notes Payable to Banks | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 31		32
Notes Payable to Banks | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	9,776		9,837
Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	8,999		9,455
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 31		32
Interest rate stated percentage (as a percentage)	5%
Notes Payable to Banks | Bridgewater | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	$ 9,776		9,837
Interest rate stated percentage (as a percentage)	3.65%
Notes Payable to Banks | Bridgewater | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 5,000		5,000
Interest rate stated percentage (as a percentage)	4%				4%
Notes Payable to Banks | Term Loan A ING | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 2,960		3,341
Interest rate stated percentage (as a percentage)	3.50%			3.50%
Notes Payable to Banks | Term Loan B ING | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 1,039		$ 1,114
Interest rate stated percentage (as a percentage)	4%			4%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Due by
June 30, 2023	$ 2,607
June 30, 2024	39,098
June 30, 2025	12,207
June 30, 2026	39,111
June 30, 2027	5,168
Thereafter	43,055
Long-term debt, gross	141,246	$ 136,932
Less: Unamortized Debt Issuance Costs	(1,065)	(1,124)
Total Debt, net	$ 140,181	$ 135,808

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 32,403	$ 35,721
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	21,132	34,067
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	11,271	1,654
Macau
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	1,292	1,351
Lithuania
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	9,688	0
Other
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 291	$ 303

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue, Major Customer
Total revenue	$ 50,862	$ 36,968
United States
Revenue, Major Customer
Total revenue	41,952	31,769
Foreign
Revenue, Major Customer
Total revenue	$ 8,910	$ 5,199

Segment Information - Textual (

Segment Information - Textual (Details)	3 Months Ended
	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Revenue	$ 50,862	$ 36,968
Operating income (loss)	834	(4)
Capital expenditures	371	136
Depreciation and amortization	861	380
Air Cargo
Segment Reporting Information
Revenue	20,564	18,851
Operating income (loss)	1,077	732
Capital expenditures	99	23
Depreciation and amortization	20	13
Air Cargo | Domestic
Segment Reporting Information
Revenue	20,564	18,768
Air Cargo | International
Segment Reporting Information
Revenue	0	83
Ground equipment sales
Segment Reporting Information
Revenue	5,815	8,182
Operating income (loss)	142	1,423
Capital expenditures	9	13
Depreciation and amortization	49	32
Ground equipment sales | Domestic
Segment Reporting Information
Revenue	3,907	5,978
Operating income (loss)	142	1,423
Ground equipment sales | International
Segment Reporting Information
Revenue	1,908	2,204
Commercial jet engines and parts
Segment Reporting Information
Revenue	22,855	9,594
Operating income (loss)	3,074	(238)
Capital expenditures	74	92
Depreciation and amortization	434	265
Commercial jet engines and parts | Domestic
Segment Reporting Information
Revenue	16,732	6,769
Operating income (loss)	3,074	(238)
Commercial jet engines and parts | International
Segment Reporting Information
Revenue	6,123	2,825
Corporate and other
Segment Reporting Information
Revenue	1,628	341
Operating income (loss)	(3,459)	(1,921)
Capital expenditures	189	8
Depreciation and amortization	358	70
Corporate and other | Domestic
Segment Reporting Information
Revenue	749	254
Corporate and other | International
Segment Reporting Information
Revenue	$ 879	$ 87

Segment Information- Schedule o

Segment Information- Schedule of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Operating Income (Loss)	$ 834	$ (4)
Depreciation and amortization (excluding leased engines depreciation)	605	279
(Gain) Loss on sale of property and equipment	(2)	3
Security issuance expenses	15	5
Adjusted EBITDA	1,452	283
Overnight air cargo
Segment Reporting Information
Operating Income (Loss)	1,077	732
Depreciation and amortization (excluding leased engines depreciation)	19	13
(Gain) Loss on sale of property and equipment	0	2
Security issuance expenses	0	0
Adjusted EBITDA	1,096	747
Ground equipment sales
Segment Reporting Information
Operating Income (Loss)	142	1,423
Ground equipment sales | Domestic
Segment Reporting Information
Operating Income (Loss)	142	1,423
Depreciation and amortization (excluding leased engines depreciation)	49	32
(Gain) Loss on sale of property and equipment	0	1
Security issuance expenses	0	0
Adjusted EBITDA	191	1,456
Commercial jet engines and parts
Segment Reporting Information
Operating Income (Loss)	3,074	(238)
Commercial jet engines and parts | Domestic
Segment Reporting Information
Operating Income (Loss)	3,074	(238)
Depreciation and amortization (excluding leased engines depreciation)	179	164
(Gain) Loss on sale of property and equipment	(2)	0
Security issuance expenses	0	0
Adjusted EBITDA	3,251	(74)
Corporate and other
Segment Reporting Information
Operating Income (Loss)	(3,459)	(1,921)
Depreciation and amortization (excluding leased engines depreciation)	358	70
(Gain) Loss on sale of property and equipment	0	0
Security issuance expenses	15	5
Adjusted EBITDA	$ (3,086)	$ (1,846)

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	May 05, 2021	Dec. 29, 2020
Long-termCommitment
Change in redemption value		$ (700)
Adjustment to fair value of redeemable non-controlling interests	$ (1,000)
Net loss attributable to and and distributions non-controlling interest	$ 300
Execution agreement term	5 years
Put option issued to co-investor in CAM		$ 1,000
2020 Omnibus Stock and Incentive Plan
Long-termCommitment
Shares authorized under the plan (in shares)					420,000
Number of shares granted ( in shares)	293,400
Stock compensation expense	$ 79
CJVII | Capital Commitments
Long-termCommitment
Other commitments	1,100			$ 8,000
Fixed price put option amount	$ 1,000
Other commitment, premium rate above fair market value	112.50%
CAM | CJVII | Capital Commitments
Long-termCommitment
Other commitments	$ 19,700			53,000
MRC | CJVII | Capital Commitments
Long-termCommitment
Other commitments				$ 45,000
Third Party | Shanwick
Long-termCommitment
Minority interest, ownership (percent)			30%
Fair Value, Inputs, Level 3 | Contrail RNCI
Long-termCommitment
Fair value of redeemable non-controlling interest	$ 6,500

Commitments and Contingencies-

Commitments and Contingencies- Roll forward (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Shanwick RNCI
Balance at the beginning	$ 10,761
Contribution from non-controlling members	0
Distribution to non-controlling members	0
Net income attributable to non-controlling interests	(12)
Redemption value adjustments	305
Balance at the end	10,342
Shanwick
Shanwick RNCI
Balance at the beginning	3,583
Balance at the end	$ 3,876