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Financing Arrangements
 9 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
As mentioned in Note 2, on December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to the real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company dated October 11, 2021. The purchase price was $13.2 million, which was paid for with approximately $3.3 million in cash and a new secured loan from Bridgewater with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031 ("Wolfe Lake Debt"). The promissory note provides for monthly payments of principal and interest commencing January 1, 2022 and continuing to the maturity date in the amount of $50.9 thousand.

On April 13, 2020, the Company entered into a loan with Minnesota Bank & Trust ("MBT") with a principal amount of $8.2 million pursuant to the Payroll Protection Program ("PPP Loan"), backed by the Small Business Administration ("SBA"), under the CARES Act. As of December 31, 2021, the Company's PPP Loan was fully forgiven by the SBA. As such, the Company accounted for its then outstanding principal and accrued interest as a gain on extinguishment in accordance with ASC 470.

The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of December 31, 2021:
(In Thousands)December 31,
2021		March 31,
2021		Maturity DateInterest RateUnused commitments
Air T Debt
  Revolver - MBT$3,680 $— August 31, 2023
Greater of 2.5% or Prime - 1%
$13,320 
  Term Note A - MBT8,734 6,750 August 31, 20313.42%
  Term Note B - MBT3,081 3,375 August 31, 20313.42%
  Term Note D - MBT1,422 1,472 January 1, 2028
1-month LIBOR + 2%
Term Note E - MBT2,856 4,706 June 25, 2025
Greater of LIBOR + 1.5% or 2.5%
Debt - Trust Preferred Securities24,960 14,289 June 7, 20498.00%
PPP Loan— 8,215 December 24, 202211.00%
Total44,733 38,807 
AirCo 1 Debt
Term Loan - PSB6,393 6,200 December 11, 2025
3-month LIBOR + 3.00%
Total6,393 6,200 
Jet Yard Debt
Term Loan - MBT1,968 — August 31, 20314.14%
Total1,968 — 
Contrail Debt
Revolver - Old National Bank ("ONB")1,503 — September 5, 2023
1-month LIBOR + 3.45%
23,497 
Term Loan G - ONB44,918 43,598 November 24, 2025
1-month LIBOR + 3.00%
Total46,421 43,598 
Delphax Solutions Debt
Canadian Emergency Business Account Loan32 32 December 31, 20255.00%
Total32 32 
Wolfe Lake Debt
Term Loan - Bridgewater9,900 — December 2, 20313.65%
Total9,900 — 
Total Debt109,447 88,637 
Less: Unamortized Debt Issuance Costs(1,049)(1,141)
Total Debt, net$108,398 $87,496 

At December 31, 2021, our contractual financing obligations, including payments due by period, are as follows (in thousands):
Due byAmount
December 31, 2022$2,963 
December 31, 202312,688 
December 31, 20249,058 
December 31, 202540,817 
December 31, 20261,672 
Thereafter42,249 
109,447 
Less: Unamortized Debt Issuance Costs(1,049)
$108,398 

On June 10, 2019, the Company completed a transaction with all holders of the Company’s Common Stock to receive a special, pro-rata distribution of three securities as enumerated below:

•A dividend of one additional share for every two shares already held (a 50% stock dividend, or the equivalent of a 3-for-2 stock split).
•The Company issued and distributed to existing common stockholders an aggregate of 1.6 million TruPs shares (aggregate $4.0 million stated value) and an aggregate of 8.4 million warrants ("Warrants") (representing warrants to purchase $21.0 million in stated value of TruPs).

On January 14, 2020, Air T effected a one-for-ten reverse split of its TruPs. As a result of the reverse split, the stated value of the TruPs will be $25.00 per share. Further, each Warrant conferred upon its holder the right to purchase one-tenth of a share of TruPs for $2.40, representing a 4% discount to the new stated value of $2.50 for one-tenth of a share. As of December 31, 2021, 5.3 million Warrants have been exercised. The remaining 3.1 million Warrants were not exercised and expired on August 30, 2021.

During the first three quarters of fiscal 2022, the Company received $7.9 million in gross proceeds from the sale of TruPs through a S-3 Registration Statement filed by the Company. The TruPs were sold and issued under the S-3 “shelf” Registration Statement base prospectus filed with the Securities and Exchange Commission on March 10, 2021 and declared effective by the SEC on March 19, 2021, and under an At the Market Offering Agreement and a First Amendment to the At the Market Offering Agreement filed with the SEC on May 14, 2021 and November 19, 2021, respectively, and prospectus supplements filed with the SEC on May 14, 2021 and November 19, 2021, respectively.
The amount outstanding on the Company's Debt - Trust Preferred Securities is $25.0 million as of December 31, 2021.