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Subsequent Events
9 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 31, 2023, Air T entered into a new secured loan with MBT ("Term Note F"). The loan is in the principal amount of $1.0 million and bears a fluctuating annual rate of interest equal to the greater of (a) 6.00% or (b) the sum of (i) the Prime Rate plus (ii) 1.00%. The note obligates the Company to make monthly payments of principal in the amount of $17.0 thousand plus accrued interest commencing March 1, 2023. The loan matures on January 31, 2028.
In addition, the Company also entered into a promissory note agreement ("Seller's Note") with Worldwide Aviation LLC ("WASI") in the principal amount of $1.5 million. The note bears a fixed annual interest rate of 6.00% and matures on January 1, 2026.
The proceeds from Term Note F and Seller's Note, as well as additional cash of $0.6 million were used to acquire 100.0% interest in WASI, a Missouri-based company involved in the aircraft servicing business, on January 31, 2023.