Financing Arrangements (Tables)

3 Months Ended

Jun. 30, 2019

Borrowings of the Company and its subsidiaries are summarized below at June 30, 2019 and March 31, 2019, respectively. AirCo, Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment.



	June 30, 2019			March 31, 2019			Maturity Date	Interest Rate	Unused commitments
Revolver - MB&T	$	14,830,650		$	12,403,213		November 30, 2019	Prime - 1%	$2,169,351
Term Note A - MB&T	8,500,000			8,750,000			January 1, 2028	1-month LIBOR + 2%
Term Note B - MB&T	4,250,000			4,375,000			January 1, 2028	4.5%
Term Note D - MB&T	1,590,400			1,607,200			January 1, 2028	1-month LIBOR + 2%
Debt - Trust Preferred Securities	6,102,310			—			June 7, 2049	8%
Air T Debt	35,273,360			27,135,413

Revolver - MB&T	—			3,820,000			May 21, 2019	7.5%	5,000,000
Revolver - MB&T	4,876,259			—			November 30, 2019	greater of 6.50% or Prime + 2%	5,123,741
Term Loan - MB&T	—			450,000			December 17, 2019	7.50%
Term Loan - MB&T	—			400,000			June 17, 2020	7.25%
Term Loan - Park State	2,100,000			2,100,000			June 17, 2020	8.50%
AirCo Debt	6,976,259			6,770,000

Revolver	—			—			May 5, 2019	1-month LIBOR + 3%	—
Term Loan	8,152,054			8,616,336			January 26, 2021	1-month LIBOR + 3.75%
Term Loan	14,000,000			15,500,000			September 14, 2021	1-month LIBOR + 3.75%
Contrail Debt - Old National	22,152,054			24,116,336

Total Debt	64,401,673			58,021,749

Less: Unamortized Debt Issuance Costs	(341,612		)	(368,760		)
Total Debt, net	$	64,060,061		$	57,652,989

Schedule of Maturities of Long-term Debt

At June 30, 2019, our contractual financing obligations, including payments due by period, are as follows:



Due by	Amount
June 30, 2020	$	27,774,151
June 30, 2021	17,319,212
June 30, 2022	3,567,200
June 30, 2023	1,567,200
June 30, 2024	1,567,200
Thereafter	12,606,710
	64,401,673
Less: Unamortized Debt Issuance Costs	(341,612		)
	$	64,060,061

Schedule of Warrant Fair Value



	Fair Value Measurement as of June 30, 2019
Warrant liability (Level 2)	$	755,907

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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