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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Mar. 31, 2023
Current Assets:    
Cash and cash equivalents $ 5,659 $ 5,806
Marketable securities 365 0
Restricted cash 762 1,284
Restricted investments 1,634 2,161
Accounts receivable, net of allowance for doubtful accounts of $1,295 and $1,160 32,004 27,218
Income tax receivable 223 536
Inventories, net 64,406 71,125
Employee retention credit receivable 0 940
Other current assets 7,793 7,487
Total Current Assets 112,846 116,557
Assets on lease or held for lease, net of accumulated depreciation of $38 and $223 16 83
Property and equipment, net of accumulated depreciation of $6,946 and $6,624 21,488 21,439
Intangible assets, net of accumulated amortization of $4,493 and $4,191 11,834 12,103
Right-of-use ("ROU") assets 12,133 11,666
Equity method investments 13,954 13,230
Goodwill 10,560 10,563
Other assets 4,365 3,921
Total Assets 187,196 189,562
Current Liabilities:    
Accounts payable 10,580 10,449
Income tax payable 0 304
Accrued expenses and other (Note 4) 14,643 13,133
Current portion of long-term debt 22,721 38,736
Short-term lease liability 1,832 1,664
Total Current Liabilities 49,776 64,286
Long-term debt 98,537 86,349
Deferred income tax liabilities, net 2,581 2,417
Long-term lease liability 11,011 10,771
Other non-current liabilities 47 47
Total Liabilities 161,952 163,870
Redeemable non-controlling interest 12,837 12,710
Commitments and contingencies (Note 16)
Equity:    
Preferred stock, $1.00 par value, 2,000,000 shares authorized 0 0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,026,495 and 3,026,495 shares issued, 2,817,754 and 2,818,374 shares outstanding 757 757
Treasury stock, 208,741 shares at $19.63 and 208,121 shares at $19.62 (4,098) (4,083)
Additional paid-in capital 807 728
Retained earnings 13,289 13,686
Accumulated other comprehensive income 583 816
Total Air T, Inc. Stockholders' Equity 11,338 11,904
Non-controlling Interests 1,069 1,078
Total Equity 12,407 12,982
Total Liabilities and Equity $ 187,196 $ 189,562