0000000000-23-003349.txt : 20230518 0000000000-23-003349.hdr.sgml : 20230518 20230403183007 ACCESSION NUMBER: 0000000000-23-003349 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20230403 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: AIR T INC CENTRAL INDEX KEY: 0000353184 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 521206400 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 5930 BALSOM RIDGE ROAD CITY: DENVER STATE: NC ZIP: 28037 BUSINESS PHONE: 7043772109 MAIL ADDRESS: STREET 1: P O BOX 488 CITY: DENVER STATE: NC ZIP: 28037 FORMER COMPANY: FORMER CONFORMED NAME: AIR TRANSPORTATION HOLDING CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ATLANTA EXPRESS AIRLINE CORP DATE OF NAME CHANGE: 19840321 PUBLIC REFERENCE ACCESSION NUMBER: 0000353184-22-000046 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]#;VQO7!E+UA/8FIE8W0O5VED=&@@,30R."],96YG=&@@,S8U+T)I='-097)# M;VUP;VYE;G0@.#X^7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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Form 10-K for the Fiscal Year ended March 31, 2022 Filed June 28, 2022 File No. 001-35476 Dear Brian Ochocki: We have reviewed your March 13, 2023 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our February 14, 2023 letter. Form 10-K for the Fiscal Year ended March 31, 2022 Financial Statements Note 24 - Commitments and Contingencies, page 73 1. We understand from your response to prior comment one that you will include further details of the arrangement with Contrail Asset Management LLC (CAM) and Contrail JV II LLC (CJVII) in your next periodic filing. Please submit the specific disclosure revisions that your propose to address the concerns outlined in our prior comment. Please also reconcile details in your response indicating that you and MRC had contributed $5 million and $22 million of the agreed capital commitments of $8 million and $45 million as of March 31, 2022, with disclose in Note 24 indicating the remaining commitments were $2 million and $22 million at that point in time. Brian Ochocki Air T, Inc. April 3, 2023 Page 2 2. We note your response to prior comment two indicating that you will derecognize the put option liability to correct your initial accounting for the put option also clarifying that you have no exposure to loss with regard to the secondary option because the exercise price would be the fair value of the common interest. Please submit the specific disclosure revisions that you propose to clarify these accounting assessments. You may contact Lily Dang at (202) 551-3867 or Jenifer Gallagher at (202) 551-3706 if you have questions regarding comments on the financial statements and related matters. Please contact Karl Hiller - Branch Chief at (202) 551-3686 with any other questions. FirstName LastNameBrian Ochocki Sincerely, Comapany NameAir T, Inc. Division of Corporation Finance April 3, 2023 Page 2 Office of Energy & Transportation FirstName LastName