Air T Inc 10-Q for FY2022 Q2

Air T Inc (AIRT)

10-Q 2021-11-12 For: 2021-09-30

Added on April 09, 2026

About this 10-Q

Air T Inc filed this 10-Q on November 12, 2021, covering the quarter ended September 30, 2021 (FY2022 Q2).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $43.24M; up 21.4% from $35.6M a year earlier
Net income: $7.56M; compared with a net loss of $2.92M a year earlier
Diluted EPS: $2.60; compared with -$1.01 a year earlier

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☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2021
☐			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


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


		Page
	PART I

Item 1.	Financial Statements

	Condensed Consolidated Statements of Income (Loss) (Unaudited) For The Three and Six Months Ended September 30, 2021 and 2020	4

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For The Three and Six Months Ended September 30, 2021 and 2020	5

	Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2021 and March 31, 2021	6

	Condensed Consolidated Statements of Cash Flows (Unaudited) For The Six Months Ended September 30, 2021 and 2020	7

	Condensed Consolidated Statements of Equity (Unaudited) For The Six Months Ended September 30, 2021 and 2020	8

	Notes to Condensed Consolidated Financial Statements (Unaudited)	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	31

	PART II

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 5.	Other Information	32

Item 6.	Exhibits	33
	Signatures	34
	Exhibit Index
	Certifications
	Interactive Data Files


(in thousands, except income (loss) per share number)	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Operating Revenues:
Overnight air cargo	$	18,847	$	17,295	$	37,697	$	33,466
Ground equipment sales	9,189		12,060		17,371		27,888
Commercial jet engines and parts	14,916		6,114		24,510		10,808
Corporate and other	286		135		628		414
	43,238		35,604		80,206		72,576


Operating Expenses:
Overnight air cargo	16,553		15,234		33,297		29,401
Ground equipment sales	8,033		9,758		13,562		21,956
Commercial jet engines and parts	9,010		4,062		15,106		6,776
General and administrative	8,615		9,088		16,836		16,638
Depreciation and amortization	323		1,149		703		1,758
Loss (Gain) on sale of property and equipment	—		(3)		3		(4)
	42,534		39,288		79,507		76,525

Operating Income (Loss) from continuing operations	704		(3,684)		699		(3,949)

Non-operating Income (Expense):
Interest expense	(1,167)		(1,081)		(2,105)		(2,242)
Gain (Loss) from equity method investments	14		(498)		97		(1,056)
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan	8,331		—		8,331		—
Other	159		359		1,340		1,086
	7,337		(1,220)		7,663		(2,212)

Income (Loss) from continuing operations before income taxes	8,041		(4,904)		8,362		(6,161)

Income Taxes Expense (Benefit)	38		(1,547)		33		(1,847)

Net Income (Loss) from continuing operations	8,003		(3,357)		8,329		(4,314)

Gain on sale of discontinued operations, net of tax	—		4		—		4

Net Income (Loss)	8,003		(3,353)		8,329		(4,310)

Net (Income) Loss Attributable to Non-controlling Interests	$	(448)	$	433	$	(486)	$	549

Net Income (Loss) Attributable to Air T, Inc. Stockholders	$	7,555	$	(2,920)	$	7,843	$	(3,761)

Income (Loss) from continuing operations per share (Note 5)
Basic	$	2.62	$	(1.01)	$	2.72	$	(1.31)
Diluted	$	2.60	$	(1.01)	$	2.71	$	(1.31)

Income from discontinued operations per share (Note 5)
Basic	$	—	$	—	$	—	$	—
Diluted	$	—	$	—	$	—	$	—

Income (Loss) per share (Note 5)
Basic	$	2.62	$	(1.01)	$	2.72	$	(1.31)
Diluted	$	2.60	$	(1.01)	$	2.71	$	(1.31)

Weighted Average Shares Outstanding:
Basic	2,882		2,882		2,882		2,882
Diluted	2,901		2,882		2,893		2,882


	Three Months Ended September 30,				Six Months Ended September 30,
(In Thousands)	2021		2020			2021		2020
Net Income (Loss)	$	8,003	$	(3,353)		$	8,329	$	(4,310)
Foreign currency translation gain (loss)	103		(68)			54		(135)
Unrealized gain on interest rate swaps	46		55			57		29
Reclassification of interest rate swaps into earnings	(2)		(16)			(3)		(16)
Total Other Comprehensive Income (Loss)	147		(29)			108		(122)
Total Comprehensive Income (Loss)	8,150		(3,382)			8,437		(4,432)
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(448)		433			(486)		549
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$	7,702	$	(2,949)		$	7,951	$	(3,883)


(In thousands, except share amounts)	September 30, 2021		March 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	2,472	$	10,996
Marketable securities	2,703		1,407
Restricted cash	3,802		4,931
Restricted investments	849		1,507
Accounts receivable, net of allowance for doubtful accounts of $1,500 and $1,177	16,819		6,505
Income tax receivable	4,444		4,389
Inventories, net	82,589		71,971
Other current assets	5,337		4,068
Total Current Assets	119,015		105,774

Assets on lease or held for lease, net of accumulated depreciation of $597 and $436	1,682		2,131
Property and equipment, net of accumulated depreciation of $4,866 and $4,510	8,912		8,519
Right-of-use ("ROU") assets	7,738		7,757
Equity method investments	5,657		4,475
Goodwill	4,227		4,227
Other assets	8,404		7,867
Total Assets	$	155,635	$	140,750

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	11,053		8,344
Income tax payable	—		39
Accrued expenses and other (Note 3)	8,424		12,787
Current portion of long-term debt	1,319		5,639
Short-term lease liability	1,428		1,370
Total Current Liabilities	22,224		28,179

Long-term debt	93,363		81,857
Deferred income tax liabilities, net	606		595
Long-term lease liability	7,049		7,075
Other non-current liabilities	2,124		1,732
Total Liabilities	$	125,366	$	119,438

Redeemable non-controlling interest	7,281		6,598

Commitments and contingencies (Note 13)

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	236		—
Retained earnings	24,059		16,270
Accumulated other comprehensive loss	(576)		(684)
Total Air T, Inc. Stockholders' Equity	$	21,858	$	13,725
Non-controlling Interests	1,130		989
Total Equity	22,988		14,714
Total Liabilities and Equity	$	155,635	$	140,750


(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, 2020	3,023	$	756	141	$	(2,617)	$	2,636	$	23,768	$	(537)	$	1,005	$	25,011

Net loss*	—	—		—	—		—		(841)		—		(5)		(846)

Unrealized loss on interest rate swaps, net of tax	—	—		—	—		—		—		(26)		—		(26)

Foreign currency translation loss	—	—		—	—		—		—		(67)		—		(67)

Adjustment to fair value of redeemable non-controlling interests	—	—		—	—		429		—		—		—		429

Balance, June 30, 2020	3,023	756		141	(2,617)		3,065		22,927		(630)		1,000		24,501

Net loss*	—	—		—	—		—		(2,920)		—		(8)		(2,928)

Unrealized gain on interest rate swaps, net of tax	—	—		—	—		—		—		55		—		55

Foreign currency translation loss	—	—		—	—		—		—		(68)		—		(68)

Adjustment to fair value of redeemable non-controlling interests	—	—		—	—		(890)		—		—		—		(890)

Balance, September 30, 2020	3,023	$	756	141	$	(2,617)	$	2,175	$	20,007	$	(643)	$	992	$	20,670


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 September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Product Sales
Air Cargo	$	5,615	$	5,728	$	12,188	$	10,043
Ground equipment sales	8,928		11,833		16,926		27,571
Commercial jet engines and parts	13,157		4,283		20,449		6,979
Corporate and other	37		—		114		33
Support Services
Air Cargo	13,222		11,558		25,494		23,408
Ground equipment sales	69		67		134		84
Commercial jet engines and parts	1,554		956		3,656		2,580
Corporate and other	54		6		117		24
Leasing Revenue
Air Cargo	—		—		—		—
Ground equipment sales	39		23		78		71
Commercial jet engines and parts	177		791		343		1,164
Corporate and other	37		107		76		142
Other
Air Cargo	10		9		15		15
Ground equipment sales	153		137		233		162
Commercial jet engines and parts	28		84		62		85
Corporate and other	158		22		321		215

Total	$	43,238	$	35,604	$	80,206	$	72,576


	Outstanding contract liabilities		Outstanding contract liabilities as of April 1, 2021 Recognized as Revenue
As of September 30, 2021	$	1,978
As of April 1, 2021	$	1,358
For the six months ended September 30, 2021			$	638


	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Revenue	$	27,715	$	12,138	$	57,988	$	34,074
Gross Profit	1,097		1,161		1,904		1,966
Operating loss	(2,110)		(1,814)		(5,205)		(4,192)
Net loss	(2,268)		(1,925)		(4,413)		(4,211)
Net loss attributable to Air T, Inc. stockholders	$	(273)	$	(542)	$	(568)	$	(1,112)


	September 30, 2021		March 31, 2021
Ground equipment manufacturing:
Raw materials	$	4,722	$	4,695
Work in process	9,350		5,820
Finished goods	6,113		1,691
Corporate and Other:
Raw materials	488		462
Finished goods	889		889
Commercial jet engines and parts	62,894		60,516
Total inventories	$	84,456	$	74,073
Reserves	(1,867)		(2,102)
Total inventories, net of reserves	$	82,589	$	71,971


	September 30, 2021		March 31, 2021
Operating leases
Operating lease ROU assets	7,738		7,757
Operating lease liabilities	8,477		8,445

Weighted-average remaining lease term
Operating leases	13 years, 4 months		13 years, 9 months

Weighted-average discount rate
Operating leases	4.38	%	4.37	%


(In Thousands)	Six Months Ended September 30,
	2021	2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	8,329	(4,310)
Gain on sale of discontinued operations, net of income tax	—	(4)
Net Income (Loss) from continuing operations	8,329	(4,314)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	703	1,758
Gain on forgiveness of PPP loan	(8,331)	—
Other	(1,169)	1,741
Change in operating assets and liabilities:
Accounts receivable	(10,637)	2,202
Inventories	(10,120)	(1,942)
Accounts payable	2,721	(1,730)
Accrued expenses	(3,782)	(730)
Other	(467)	(2,611)
Net cash used in operating activities - continued operations	(22,753)	(5,626)
Net cash provided by operating activities - discontinued operations	—	4
Net cash used in operating activities	(22,753)	(5,622)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	—	(659)
Investment in unconsolidated entities	(1,085)	—
Capital expenditures related to property & equipment	(842)	(1,708)
Capital expenditures related to assets on lease or held for lease	—	(85)
Other	(449)	1,837
Net cash used in investing activities	(2,376)	(615)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	36,742	14,130
Payments on lines of credit	(31,892)	(22,257)
Proceeds from term loan	4,667	9,479
Payments on term loan	(2,012)	(4,875)
Proceeds from PPP loan	—	8,215
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	7,810	—
Other	110	(1,030)
Net cash provided by financing activities	15,425	3,662
Effect of foreign currency exchange rates on cash and cash equivalents	51	(127)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(9,653)	(2,702)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	15,927	15,571
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	6,274	12,869


(in thousands)	September 30, 2021		March 31, 2021

Salaries, wages and related items	$	4,217	$	5,427
Profit sharing and bonus	371		2,706
Other Deposits	1,797		1,251
Other	2,039		3,403
Total	$	8,424	$	12,787


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Operating lease cost	$	420	$	481	$	867	$	1,052
Short-term lease cost	376		139		658		201
Variable lease cost	143		216		290		291
Total lease cost	$	939	$	836	$	1,815	$	1,544


	Operating Leases
2022 (excluding the six months ended September 30, 2021)	$	895
2023	1,689
2024	1,326
2025	1,023
2026	725
2027	596
Thereafter	5,301
Total undiscounted lease payments	$	11,555
Less: Interest	(2,572)
Less: Discount	(506)
Total lease liabilities	$	8,477


Due by	Amount
September 30, 2022	$	1,319
September 30, 2023	5,974
September 30, 2024	8,752
September 30, 2025	12,253
September 30, 2026	36,263
Thereafter	31,175
	95,736
Less: Unamortized Debt Issuance Costs	(1,054)
	$	94,682


	September 30, 2021		March 31, 2021
United States	$	8,994	$	8,632
Foreign	1,600		2,018
Total tangible long-lived assets, net	$	10,594	$	10,650


	September 30, 2021		March 31, 2021
Macau	$	1,489	$	1,896
Other	111		122
Total tangible long-lived assets, net	$	1,600	$	2,018


	September 30, 2021		September 30, 2020
United States	$	69,225	$	67,163
Foreign	10,981		5,413
Total revenue	$	80,206	$	72,576


	Three Months Ended September 30,				Change
	2021		2020
Overnight Air Cargo	$	18,847	$	17,295	$	1,552	9	%
Ground Equipment Sales	9,189		12,060		(2,871)		(24)	%
Commercial Jet Engines and Parts	14,916		6,114		8,802		144	%
Corporate and Other	286		135		151		112	%
	$	43,238	$	35,604	$	7,634	21	%


	Three months ended				Six months ended
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Operating income (loss) from continuing operations	$	704	$	(3,684)	$	699	$	(3,949)
Depreciation and amortization (excluding leased engines depreciation)	304		305		584		658
Asset impairment, restructuring or impairment charges	—		664		—		664
Loss/(Gains) on disposition of assets	—		(3)		3		(4)
Security issuance expenses	60		—		65		—
Adjusted EBITDA	$	1,068	$	(2,718)	$	1,351	$	(2,631)


No.			Description

10.1			Third Amended and Restated Credit Agreement between Air T, Inc. and Minnesota Bank & Trust dated as of August 31, 2021, without exhibits or schedules , incorporated by reference to Exhibit 10.1 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.2			Amended and Restated Revolving Credit Note of Air T, Inc. to Minnesota Bank & Trust in the amount of $17,000,000 dated August 31, 2021, incorporated by reference to Exhibit 10.2 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.3			Amended and Restated Term Note A of Air T, Inc. in the principal amount of $9,000,000 in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.3 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.4			Amended and Restated Term Note B of Air T, Inc. in the principal amount of $3,166,666.52 in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.4 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.5			Amended and Restated Term Note E of Air T, Inc. in the principal amount of $3,655,819.22 in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.5 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C o mmission file No. 001-35476).

10.6			Jet Yard Term Note in the principal amount of $2,000,000 in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.6 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.7			Amended and Restated Security Agreement by and amo ng Air T, Inc., the guarantors listed and Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.7 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.8			Guaranty of Jet Yard, LLC in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.8 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.9			Guaranty of Air T, Inc. in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.9 to the Company's Current Report on For m 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.10			Amended and Restated Guaranty of various Air T subsidiaries in favor of Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.10 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.11			Amended and Restated Collateral Account Agreement between Ambry Hill Technologies, LLC and Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.11 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.12			Amended and Restated Collateral Account Agreement between Jet Yard, LLD and Minnesota Bank & Trust dated August 31, 2021, incorporated by reference to Exhibit 10.12 to the Company's Current Report on F orm 8-K dated September 7, 2021 (C ommission file No. 001-35476).

10.13			Fourth Amendment to Supplement #2 to Master Loan Agreement between Contrail Aviation Support, LLC and Old National Bank effective September 2, 2021, incorporated by reference to Exhibit 10.1 to the Company's Current Report on F orm 8-K dated September 9, 2021 (C ommission file No. 001-35476).

10.14			Third Amended and Restated Promissory Note Revolving Note of Contrail Aviation Support, LLC to Old National Bank dated September 2, 2021, incorporated by reference to Exhibit 10.2 to the Company's Current Report on F orm 8-K dated September 9, 2021 (C ommission file No. 001-35476).

10.15			Cooperation Agreement by and among Insignia Systems, Inc., Nicholas J. Swenson, Air T, Inc., Groveland Capital LLC; AO Partners I, L.P.; AO Partners, LLC and Glenhurst Co., dated October 11, 2021 , i ncorporated by reference to Exhibit 10.1 to the Company's Current Report on F orm 8-K dated October 13 , 2021 (C ommission file No. 001-35476).

10.16			Real Estate Purchase Agreement between Air T, Inc. and WLPC East, LLC dated October 11, 2021, without exhibits , i ncorporated by reference to Exhibit 10.1 to the Company's Current Report on F orm 8-K dated October 1 9 , 2021 (C ommission file No. 001-35476).

10.17			Air T, Inc. 2020 Omnibus Stock and Incentive Plan *, incorporated by reference to the Company's Definitive Proxy Statement as Appendix A on Form DEF 14A dated July 19, 2021 (Commission File No. 001-35476)

10.18			Form of Non-Qualified Stock Option Award Agreement under 2020 Omnibus Stock and Incentive Plan *, incorporated by reference to the Company's Definitive Proxy Statement as Appendix B on Form DEF 14A dated July 19, 2021 (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

99.1			Press Release dated October 29, 2021 regarding United States Air Force Contract Award to Global Ground Support, LLC., incorporated by reference to Exhibit 99 .1 to the Company's Current Report on F orm 8-K dated October 1 9 , 2021 (c C mmission file No. 001-35476).

101			The following financial information from the Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, 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: November 12, 2021
			/s/ Nick Swenson
			Nick Swenson, Chief Executive Officer and Director



			/s/ Brian Ochocki
			Brian Ochocki, Chief Financial Officer