Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current Assets:
Cash and cash equivalents	$ 5,952	$ 12,417
Marketable securities	1,677	1,760
Restricted cash	9,619	123
Restricted investments	1,085	831
Accounts receivable, less allowance for doubtful accounts of $680 and $408	13,077	10,881
Income tax receivable	1,174	142
Inventories, net	60,623	27,455
Other current assets	5,279	6,138
Current assets of discontinued operations	0	11,601
Total Current Assets	98,486	71,348
Assets on lease or held for lease, net of accumulated depreciation of $6,526 and $6,689	27,945	25,164
Property and equipment, net of accumulated depreciation of $4,319 and $3,470	5,272	4,264
Right-of-use assets	8,116	0
Cash surrender value of life insurance policies, net of policy loans	243	122
Other tax receivables-long-term	0	311
Deferred income tax assets, net	0	548
Investments in securities	815	1,086
Equity method investments	5,208	5,611
Intangible assets, net of accumulated amortization of $2,380 and $2,097	749	998
Goodwill	4,227	4,227
Other assets	366	200
Non-current assets of discontinued operations	0	1,264
Total Assets	151,427	115,143
Current Liabilities:
Accounts payable	10,864	11,409
Income tax payable	0	888
Accrued expenses and other (Note 12)	13,024	14,175
Current portion of long-term debt	42,684	24,735
Short-term lease liability	1,174	0
Current liabilities of discontinued operations	0	1,587
Total Current Liabilities	67,746	52,794
Long-term debt	43,136	32,918
Long-term lease liability	7,473	0
Deferred income tax liabilities, net	579	0
Other non-current liabilities	1,402	597
Total Liabilities	120,336	86,309
Redeemable non-controlling interest	6,080	5,476
Commitments and contingencies (Note 25)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,022,745 and 2,022,637 shares issued, 2,881,853 and 2,022,637 shares outstanding	756	506
Treasury stock, 140,892 shares at $18.58	(2,617)	0
Additional paid-in capital	2,636	2,867
Retained earnings	23,768	21,191
Accumulated other comprehensive loss	(537)	(205)
Total Air T, Inc. Stockholders' Equity	24,006	24,359
Non-controlling Interests	1,005	(1,001)
Total Equity	25,011	23,358
Total Liabilities and Equity	$ 151,427	$ 115,143

Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.

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- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).