Air T Inc 10-Q/A for FY2021 Q3

Air T Inc (AIRT)

10-Q/A 2021-02-12 For: 2020-12-31

Added on April 09, 2026

About this 10-Q/A

Air T Inc filed this 10-Q/A on February 12, 2021, covering the quarter ended December 31, 2020 (FY2021 Q3).

Headline figures

Quarter ended December 31, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $55.82M; down 23.8% from $73.3M a year earlier
Net income: $2.1M; compared with a net loss of $430K a year earlier
Diluted EPS: $0.73; compared with -$0.14 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended December 31, 2020
☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____


Delaware			52-1206400
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	AIRT	NASDAQ Global Market
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)	AIRTP	NASDAQ Global Market
Warrant to purchase AIP	AIRTW	NASDAQ Global Market


Common Stock			Common Shares, par value of $.25 per share
Outstanding Shares at January 29, 2021			2,881,853


		Page
	PART I

Item 1.	Financial Statements

	Condensed Consolidated Statements of Income (Loss) (Unaudited) For The Three and Nine Months Ended December 31, 2020 and 2019	5

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For The Three and Nine Months Ended December 31, 2020 and 2019	6

	Condensed Consolidated Balance Sheets (Unaudited) as of December 31, 2020 and March 31, 2020	7

	Condensed Consolidated Statements of Cash Flows (Unaudited) For The Nine Months Ended December 31, 2020 and 2019	8

	Condensed Consolidated Statements of Equity (Unaudited) for The Three and Nine Months Ended December 31, 2020 and 2019	9

	Notes to Condensed Consolidated Financial Statements (Unaudited)	10

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33

Item 4.	Controls and Procedures	33

	PART II

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 5.	Other information	34

Item 6.	Exhibits	35
	Signatures	36
	Exhibit Index
	Certifications
	Interactive Data Files


(in thousands, except (loss) income per share number)	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Operating Revenues:
Overnight air cargo	$	16,322	$	18,706	$	49,789	$	56,771
Ground equipment sales	20,769		15,949		48,656		40,939
Commercial jet engines and parts	18,078		38,536		28,886		72,665
Corporate and other	650		109		1,063		806
	55,819		73,300		128,394		171,181

Operating Expenses:
Overnight air cargo	14,505		16,806		43,906		51,031
Ground equipment sales	14,966		12,960		36,923		33,049
Commercial jet engines and parts	16,086		29,308		22,861		48,644
General and administrative	8,303		9,550		24,276		28,670
Depreciation and amortization	886		975		2,644		4,610
Write-down on inventory	—		—		535		—
Asset impairment	—		4		129		18
Loss (Gain) on sale of property and equipment	5		(23)		1		(26)
	54,751		69,580		131,275		165,996

Operating Income (Loss) from continuing operations	1,068		3,720		(2,881)		5,185

Non-operating Income (Expense):
Other-than-temporary impairment loss on investments	—		(1,095)		—		(2,305)
Interest expense	(1,172)		(1,227)		(3,413)		(4,298)
Gain on settlement of bankruptcy	—		—		—		4,527
Gain (Loss) from equity method investments	510		(282)		(546)		(636)
Other	1,039		81		2,125		(75)
	377		(2,523)		(1,834)		(2,787)

Income (Loss) from continuing operations before income taxes	1,445		1,197		(4,715)		2,398

Income Taxes (Benefit) Expense	(318)		616		(2,165)		(52)

Net Income (Loss) from continuing operations	1,763		581		(2,550)		2,450

Loss from discontinued operations, net of tax	—		—		—		(70)
(Loss) Gain on sale of discontinued operations, net of tax	—		(222)		4		8,137

Net Income (Loss)	1,763		359		(2,546)		10,517

Net Loss (Income) Attributable to Non-controlling Interests	$	335	$	(789)	$	884	$	(3,449)

Net Income (Loss) Attributable to Air T, Inc. Stockholders	$	2,098	$	(430)	$	(1,662)	$	7,068

Income (Loss) from continuing operations per share (Note 6)
Basic	$	0.73	$	(0.07)	$	(0.58)	$	(0.36)
Diluted	$	0.73	$	(0.07)	$	(0.58)	$	(0.36)

(Loss) Income from discontinued operations per share (Note 6)
Basic	$	—	$	(0.07)	$	—	$	2.93
Diluted	$	—	$	(0.07)	$	—	$	2.93

Income (Loss) per share (Note 6)
Basic	$	0.73	$	(0.14)	$	(0.58)	$	2.57
Diluted	$	0.73	$	(0.14)	$	(0.58)	$	2.57

Weighted Average Shares Outstanding:
Basic	2,882		2,973		2,882		2,752
Diluted	2,887		2,973		2,882		2,756


	Three Months Ended December 31,				Nine Months Ended December 31,
(In Thousands)	2020		2019			2020		2019
Net Income (Loss)	$	1,763	$	359		$	(2,546)	$	10,517
Foreign currency translation loss	(22)		(53)			(157)		(29)
Unrealized gain (loss) on interest rate swaps, net of tax	71		94			100		(170)
Reclassification of interest rate swaps into earnings	(1)		—			(17)		—
Total Other Comprehensive Income (Loss)	48		41			(74)		(199)
Total Comprehensive Income (Loss)	1,811		400			(2,620)		10,318
Comprehensive Loss (Income) Attributable to Non-controlling Interests	335		(789)			884		(3,464)
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$	2,146	$	(389)		$	(1,736)	$	6,854


(In thousands, except share amounts)	December 31, 2020		March 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	43,352	$	5,952
Marketable securities	2,234		1,677
Restricted cash	5,473		9,619
Restricted investments	736		1,085
Accounts receivable, net of allowance for doubtful accounts of $1,093 and $680	19,448		13,077
Income tax receivable	3,451		1,174
Inventories, net	67,671		60,623
Other current assets	5,344		5,279
Total Current Assets	147,709		98,486

Assets on lease or held for lease, net of accumulated depreciation of $1,295 and $6,526	10,225		27,945
Property and equipment, net of accumulated depreciation of $4,785 and $4,319	7,588		5,272
Right-of-use assets	7,895		8,116
Equity method investments	4,443		5,208
Goodwill	4,227		4,227
Other assets	3,151		2,173
Total Assets	$	185,238	$	151,427

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	7,950	10,864
Accrued expenses and other (Note 4)	11,968		13,024
Current portion of long-term debt	42,388		42,684
Short-term lease liability	1,357		1,174
Total Current Liabilities	63,663		67,746

Long-term debt	85,019		43,136
Deferred income tax liabilities, net	609		579
Long-term lease liability	7,176		7,473
Other non-current liabilities	1,289		1,402
Total Liabilities	157,756		120,336

Redeemable non-controlling interest	5,554		6,080

Commitments and contingencies (Note 15)

Equity:
Air T, Inc. Stockholders' Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	—		—
Common stock, $.25 par value; 4,000,000 shares authorized, 3,022,745 shares issued, 2,881,853 shares outstanding	756		756
Treasury stock, 140,892 shares at $18.58	(2,617)		(2,617)
Additional paid-in capital	1,287		2,636
Retained earnings	22,105		23,768
Accumulated other comprehensive loss	(594)		(537)
Total Air T, Inc. Stockholders' Equity	20,937		24,006
Non-controlling Interests	991		1,005
Total Equity	21,928		25,011
Total Liabilities and Equity	$	185,238	$	151,427


(In Thousands)	Common Stock			Treasury Stock				Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Non-controlling Interests		Total Equity
	Shares	Amount		Shares		Amount
Balance, March 31, 2019	2,022	$	506	—		$	—	$	2,866	$	21,191	$	(205)	$	(1,000)	$	23,358

Net income*	—	—		—		—		—		1,782		—		2,034		3,816

Repurchase of Common Stock	(17)	(4)		—		—		—		(122)		—		—		(126)

Stock Split	1,010	252		—		—		(252)		—		—		—		—

Issuance of Debt - Trust Preferred Securities	—	—		—		—		—		(4,000)		—		—		(4,000)

Issuance of Warrants	—	—		—		—		—		(840)		—		—		(840)

Adoption of ASC - Leasing	—	—		—		—		—		(41)		—		—		(41)

Unrealized loss on interest rate swaps, net of tax	—	—		—		—		—		—		(176)		—		(176)

Foreign currency translation (loss) gain	—	—		—		—		—		—		(30)		12		(18)

Adjustment to fair value of redeemable non-controlling interests	—	—		—		—		(985)		—		—		—		(985)

Balance, June 30, 2019	3,015	$	754	$	—	$	—	$	1,629	$	17,970	$	(411)	$	1,046	$	20,988

Net income (loss)*	—	—		—		—		—		5,715		—		(17)		5,698

Repurchase of Common Stock	8	2		—		—		—		(75)		—		—		(73)

Foreign currency translation gain	—	—		—		—		—		—		38		3		41

Adjustment to fair value of redeemable non-controlling interest	—	—		—		—		781		—		—		—		781

Unrealized loss on interest rate swaps, net of tax	—	—		—		—		—		—		(88)		—		(88)

Balance, September 30, 2019	3,023	$	756	$	—	$	—	$	2,410	$	23,610	$	(461)	$	1,032	$	27,347

Net loss*	—	—		—		—		—		(430)		—		(19)		(449)

Repurchase of Common Stock	—	—		110		(2,157)		—		—		—		—		(2,157)

Foreign currency translation loss	—	—		—		—		—		—		(53)		—		(53)

Adjustment to fair value of redeemable non-controlling interest	—	—		—		—		(1,381)		—		—		—		(1,381)

Unrealized gain on interest rate swaps, net of tax	—	—		—		—		—		—		94		—		94

Balance, December 31, 2019	3,023	$	756	$	110	$	(2,157)	$	1,029	$	23,180	$	(420)	$	1,013	$	23,401


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, printing 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, printer 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.


	Three Months Ended December 31,				Nine Months Ended December 31,
	2020		2019		2020		2019
Product Sales
Air Cargo	$	4,970	$	6,014	$	15,013	$	18,108
Ground equipment sales	20,365		15,640		47,935		40,132
Commercial jet engines and parts	16,471		35,463		23,450		59,851
Corporate and other	73		3		106		72
Support Services
Air Cargo	11,342		12,644		34,751		38,572
Ground equipment sales	109		161		193		370
Commercial jet engines and parts	1,191		797		3,771		3,804
Corporate and other	47		116		72		383
Leasing Revenue
Air Cargo	—		—		—		—
Ground equipment sales	39		58		110		111
Commercial jet engines and parts	373		2,245		1,537		8,901
Corporate and other	36		36		178		117
Other
Air Cargo	10		48		25		91
Ground equipment sales	256		90		418		326
Commercial jet engines and parts	43		31		128		109
Corporate and other	494		(46)		707		234

Total	$	55,819	$	73,300	$	128,394	$	171,181


	Outstanding contract liabilities		Outstanding contract liabilities as of April 1, 2020 Recognized as Revenue
As of December 31, 2020	$	1,661
As of April 1, 2020	1,853
For the nine months ended December 31, 2020			785


	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenue	$	27,327	$	25,325	$	61,402	$	85,546
Gross Profit	3,231		1,071		5,196		4,688
Operating income (loss)	891		(2,374)		(3,496)		(5,746)
Net income (loss)	2,242		(2,556)		(2,075)		(6,528)
Net income (loss) attributable to Air T, Inc. stockholders	$	355	$	(285)	$	(705)	$	(749)


	December 31, 2020		March 31, 2020
Ground equipment manufacturing:
Raw materials	$	6,356	$	4,192
Work in process	2,564		2,731
Finished goods	1,809		1,725
Corporate and Other:
Raw materials	558		464
Finished goods	890		910
Commercial jet engines and parts	56,405		51,084
Total inventories	$	68,582	$	61,106
Reserves	(911)		(483)
Total inventories, net of reserves	$	67,671	$	60,623


	December 31, 2020			March 31, 2020
Operating leases
Operating lease right-of-use assets	$	7,895		$	8,116
Operating lease liabilities	8,533			8,647

Weighted-average remaining lease term
Operating leases	13 years, 10 months			14 years, 4 months

Weighted-average discount rate
Operating leases	4.3		%	4.5		%


(In Thousands)	Nine Months Ended December 31,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(2,546)	$	10,517
Loss from discontinued operations, net of income tax	—		70
Gain on sale of discontinued operations, net of income tax	(4)		(8,137)
Net (loss) income from continuing operations	(2,550)		2,450
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	2,644		4,640
Impairment of investment	—		2,305
Profit from sale of assets on lease	(26)		(3,846)
Gain on settlement of bankruptcy	—		(4,527)
Other	694		726
Change in operating assets and liabilities:
Accounts receivable	(6,784)		(4,708)
Inventories	6,118		(7,866)
Accounts payable	(2,913)		1,753
Accrued expenses	(1,056)		1,106
Other	(2,788)		(2,925)
Net cash used in operating activities - continuing operations	(6,661)		(10,892)
Net cash provided by operating activities - discontinued operations	4		1,201
Net cash used in operating activities	(6,657)		(9,691)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(659)		(1,103)
Sale of marketable securities	2,445		631
Proceeds from sale of assets on lease	1,900		16,956
Acquisition of businesses, net of cash acquired	—		(500)
Investment in unconsolidated entities	—		(2,811)
Capital expenditures related to property & equipment	(3,415)		(1,017)
Capital expenditures related to assets on lease or held for lease	(124)		(39,885)
Other	(455)		157
Net cash used in investing activities - continuing operations	(308)		(27,572)
Net cash provided by investing activities - discontinued operations	—		20,174
Net cash used in investing activities	(308)		(7,398)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	47,886		133,068
Payments on lines of credit	(54,738)		(100,884)
Proceeds from term loan	59,277		27,449
Payments on term loan	(18,176)		(36,187)


	Operating Leases
2021 (excluding the nine months ended December 31, 2020)	$	444
2022	1,634
2023	1,455
2024	1,086
2025	761
2026	546
Thereafter	5,852
Total undiscounted lease payments	$	11,778
Less: Interest	(2,719)
Less: Discount	(526)
Total lease liabilities	$	8,533


(In Thousands)	December 31, 2020		March 31, 2020		Maturity Date	Interest Rate	Unused commitments
Air T Debt
Revolver - MBT	$	9,074	$	—	August 31, 2021	Greater of 2.5% or Prime - 1%	$	7,926
Supplemental Revolver- MBT	—		9,550		June 30, 2020	Greater of 1-month LIBOR + 1.25% and 3%
Term Note A - MBT	7,000		7,750		January 1, 2028	1-month LIBOR + 2%
Term Note B - MBT	3,500		3,875		January 1, 2028	4.50%
Term Note D - MBT	1,489		1,540		January 1, 2028	1-month LIBOR + 2%
Term Note E - MBT	5,308		—		June 25, 2025	Greater of LIBOR + 1.5% or 2.5%
Debt - Trust Preferred Securities	12,878		12,877		June 7, 2049	8.00%
PPP Loan	8,215		—		December 24, 20221	1.00%
Total	47,464		35,592

AirCo 1 Debt
Revolver - MBT	—		8,335		August 31, 20212	Greater of 6.50% or Prime + 2%
Term Loan - PSB	6,200		—		December 11, 2025	1-month LIBOR + 3%
Total	6,200		8,335

Contrail Debt
Revolver - ONB	23,243		21,284		September 5, 2021	1-month LIBOR + 3.45%	16,757
Term Loan A - ONB	3,508		6,285		January 26, 2021	1-month LIBOR + 3.75%
Term Loan E - ONB	4,597		6,320		December 1, 2022	1-month LIBOR + 3.75%
Term Loan F - ONB	—		8,358		May 1, 2025	1-month LIBOR + 3.75%
Term Loan G - ONB	43,598		—		November 24, 2025	1-month LIBOR + 3%
Total	74,946		42,247

Delphax Solutions Debt
Canadian Emergency Business Account Loan	31		—		December 31, 2025	5.00%
Total	31		—

Total Debt	128,641		86,174

Less: Unamortized Debt Issuance Costs	(1,234)		(354)
Total Debt, net	$	127,407	$	85,820


Due by	Amount
December 31, 2021	$	42,388
December 31, 2022	9,383
December 31, 2023	9,037
December 31, 2024	9,037
December 31, 2025	41,764
Thereafter	17,032
	128,641
Less: Unamortized Debt Issuance Costs	(1,234)
	$	127,407


	Fair Value Measurement as of December 31, 2020
Warrant liability (Level 2)	$	485


	December 31, 2020		March 31, 2020
United States	$	7,727	$	19,086
Foreign	10,086		14,131
Total tangible long-lived assets, net	$	17,813	$	33,217


	December 31, 2020		March 31, 2020
Spain	$	10,013	$	—
Netherlands	—		4,778
Estonia	—		7,408
Mexico	—		1,845
Other	73		100
Total tangible long-lived assets, net	$	10,086	$	14,131


	December 31, 2020		December 31, 2019
United States	$	113,563	$	127,115
Foreign	14,831		44,066
Total revenue	$	128,394	$	171,181


	Three Months Ended December 31,				Change
	2020		2019
Overnight Air Cargo	$	16,322	$	18,706	$	(2,384)	(13)	%
Ground Equipment Sales	20,769		15,949		4,820		30	%
Commercial Jet Engines and Parts	18,078		38,536		(20,458)		(53)	%
Corporate and Other	650		109		541		496	%
	$	55,819	$	73,300	$	(17,481)	(24)	%


	Three Months Ended December 31, 2020				Change
	2020		2019
Overnight Air Cargo	$	490	$	638	$	(148)
Ground Equipment Sales	4,229		1,644		2,585
Commercial Jet Engines and Parts	(1,598)		3,440		(5,038)
Corporate and Other	(2,053)		(2,002)		(51)
	$	1,068	$	3,720	$	(2,652)


	Three months ended				Nine months ended
	12/31/2020		12/31/2019		12/31/2020		12/31/2019
Operating income from continuing operations	$	1,068	$	3,720	$	(2,881)	$	5,185
Depreciation and amortization (excluding leased engines depreciation)	259		325		917		971
Asset impairment, restructuring or impairment charges	—		4		664		18
(Gains)/Losses on disposition of assets	5		(23)		1		(26)
Security issuance expenses	—		50		—		319
Adjusted EBITDA	$	1,332	$	4,076	$	(1,299)	$	6,467


No.			Description

10.1			Form of Third Amendment to Supplement #2 to Master Loan Agreement with Exhibit A, dated September 25, 2020 by and between Contrail Aviation Support, LLC and Old National Bank (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated September 30, 2020) (Commission File No. 001-35476)

10.2			Supplement #8 to Master Loan Agreement dated November 24, 2020 between Borrowers Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC and Lender Old National Bank (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 11, 2020) (Commission File No. 001-35476)

10.3			$43,598,000 Promissory Note – Term Note G of Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC in favor of Old National Bank dated November 24, 2020. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated December 11, 2020) (Commission File No. 001-35476)

10.4			Commercial Security Agreement of Contrail Aviation Support, LLC dated November 24, 2020. (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated December 11, 2020) (Commission File No. 001-35476)

10.5			Commercial Security Agreement of Contrail Aviation Leasing, LLC dated November 24, 2020. (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K dated December 11, 2020) (Commission File No. 001-35476)

10.6			First Amendment to Master Loan Agreement, dated November 24, 2020 between Contrail Aviation Support, LLC, Contrail Aviation Leasing, LLC and Old National Bank. (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K dated December 11, 2020) (Commission File No. 001-35476)

10.7			Term Loan Agreement for Mail Street Priority Loan Facility by and between Park State Bank and AirCo 1, LLC dated as of December 11, 2020. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 23, 2020) (Commission File No. 001-35476)

10.8			$6,200,000 Main Street Priority Loan Facility Term of AirCo 1, LLC in favor of Park State Bank dated December 11, 2020. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated December 23, 2020) (Commission File No. 001-35476)

10.9			Security Agreement of AirCo 1, LLC dated as of December 11, 2020. (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated December 23, 2020) (Commission File No. 001-35476)

10.10			Pledge Agreement by and between AirCo, LLC and Park State Bank dated as of December 11, 2020. (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K dated December 23, 2020) (Commission File No. 001-35476)

10.11			Air T, Inc. 2020 Omnibus Stock and Incentive Plan*

10.12			Form of Non-Qualified Stock Option Award Agreement under 2020 Omnibus Stock and Incentive Plan*

99.1			Press Release dated December 23, 2020 announcing proposed Aircraft Equity Vehicle and Management Business(incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K dated December 23, 2020) (Commission File No. 001-35476)

99.2			Press Release regard Warrant Extension dated January 11, 2021(incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 11, 202) (Commission File No. 001-35476)

31.1			Section 302 Certification of Chief Executive Officer and President

31.2			Section 302 Certification of Chief Financial Officer

32.1			Section 1350 Certifications

101			The following financial information from the Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.


			AIR T, INC.


Date: February 12, 2021
			/s/ Nick Swenson
			Nick Swenson, Chief Executive Officer and Director



			/s/ Brian Ochocki
			Brian Ochocki, Chief Financial Officer