Greetings. Welcome to Air T, Inc.'s 2024 Annual Meeting of Stockholders call. At this time, all participants are on a listen-only mode. If you'd like to ask a question during this presentation, please click on the Ask Question box on the left of your screen. Type in your question and hit Submit. Please note, this conference is being recorded. I'd now like to turn the conference over to your host, Nick Swenson, Chairman of the Board, President, and Chief Executive Officer. Nick, please go ahead. Thank you. Good morning, ladies and gentlemen. I'm Nick Swenson, Chairman of the Board, President, and CEO of your company. This meeting is now called to order, and it's my pleasure to welcome you to our 2024 annual meeting of stockholders. Under our company's bylaws, as Chairman of the Board, I will preside at today's meeting. Mark Jundt, who is our Corporate General Counsel, will act as Secretary of the meeting. In addition, Wes Sowers and Rebecca Johnson from Deloitte & Touche are with us on the line today. Deloitte serves as the company's independent registered public accounting firm, and Mr. Sowers and Ms. Johnson will be available during the Q&A portion of the meeting to respond to any questions you may have. I'd also like to introduce Craig Colosso on the phone today from Equiniti Trust Company, which is the company's stock transfer agent. Mr. Colosso has been appointed to serve as the voting inspector for this meeting. As voting inspector, he will determine the number of shares of the common stock represented at the meeting to determine if a quorum is present, assist in the tabulation of votes, and perform such duties as provided by the general corporate law of the State of Delaware, if any matters should arise. There are three items of business on the agenda for today's meeting, as listed in the notice of the annual meeting. As no other matters have been submitted to the company for vote in accordance with the terms of the company's bylaws, only the items of business set forth in the notice of the annual meeting will be considered at today's meeting. After the votes we have been taken on the matters for which the annual meeting has been called, we will have an opportunity for stockholders to ask general questions or make comments about your company. Consistent with the rules of this meeting and in order to provide for an orderly conduct of this meeting, questions will only be addressed during the appropriate discussion period. The record date for determining the stockholders entitled to vote, to notice of and to vote in this meeting, is the close of business of July second, 2024. Will Mr. Jundt please present the notice of annual meeting, the proxy statement, and the form of proxy card, and the list of stockholders entitled to vote at today's meeting? Mr. Chairman, I present the notice of the annual meeting of stockholders to be held August 21st, 2024, proxy statement of Air T, Inc., and form of proxy card, which was sent by United States Mail or electronically on or about July 11th, 2024, to each stockholder of record of Air T, Inc at the close of business on July second, 2024, addressed to each stockholder at the address of such stockholder appearing upon the books of the company at such time. I also present a list of the holders of the shares of common stock of the company of record at the close of business on July 2nd, 2024. This list is available upon stockholder request. This list shows the address and number of shares of record owned by each stockholder on the record date, and it has been available at the principal office of the company for more than 10 days prior to this. At this time, any proxies that have not been submitted should be delivered to Mr. Jundt here in the front of the room. If you have already submitted a proxy, it will not be necessary to vote today on any of the matters to be decided at today's meeting. I now recognize Mr. Colosso for a report on the shares represented at this meeting. Mr. Chairman, on the record date, the company had outstanding 2,760,047 shares of common stock, of which 2,484,143 shares, or 90%, are represented at this meeting. Since more than majority of the outstanding shares of the common stock of the company are represented, either in person or by proxy, we have a quorum for this meeting, and I declare this meeting properly organized for the transaction of business. I now declare the polls open. Before we proceed, does anyone need a ballot, annual report, or proxy statement? If so, please raise your hand so we can supply them to you. Stockholders who have already sent in proxies and who do not wish to change their votes do not need to vote by ballot today. The first item of business of this meeting is the election of members of the Board of Directors. The number of Directors constituting the Board of Directors has been set at seven by a resolution adopted by the Board of Directors pursuant to the company's bylaws. The Board of Directors has nominated seven individuals for election at the annual meeting. The list of Board of Directors nominees, along with biographical summaries, is included in the company's proxy statement for this meeting. Each of the nominees has agreed to serve as a Director if elected. The nominees are myself, Nick Swenson, Raymond Cabillot, William Foudray, Gary Kohler, Peter McClung, Travis Swenson, and Jamie Thingelstad. On behalf of the Board, each of them is hereby nominated for election as a Director. The Directors are elected by plurality. In other words, seven nominees receiving the most votes will be elected as Directors. The Board of Directors recommends that you vote for the election of each of these nominees. The second item of business is the approval of the following resolution, which is now presented to the stockholders. Resolve that the stockholders hereby approve, on an advisory basis, the compensation paid to the company's named executive officers as disclosed pursuant to Item 402 of Regulation S-K of Securities and Exchange Commission in the company's proxy statement for the 2024 annual meeting of shareholders." Unquote. The stockholders' vote on this resolution, which we refer to as the say-on-pay vote, is advisory and non-binding in the company. The Board of Directors and the Compensation Committee expect to take the outcome of the say-on-pay vote into account when considering future executive compensation decisions. The Board of Directors recommends that you vote for adoption of this resolution. The third and final item of business is the proposed ratification of the appointment of Deloitte as the independent registered public accounting firm of the company for the fiscal year ending March 31st, 2025.... Deloitte was first appointed by the Audit Committee to serve as the company's independent registered public accounting firm on September 27th, 2018, and Deloitte has rendered its report with respect to the company's annual financial statements for the fiscal year ended March 31st, 2024. As I'd mentioned earlier, representatives of Deloitte are on the line with us today and are available to respond to any questions you may have. The Audit Committee has appointed Deloitte as the company's independent registered public accountants for the fiscal year ending March 31st, 2025, and the Board of Directors requests the ratification of that appointment by stockholders. Accordingly, the ratification of the appointment of Deloitte as the company's independent registered public accountants for the fiscal year ended March 31st, 2025, is now presented for a vote at this meeting. This matter will be approved if more shares are voted in favor of ratification of the appointment of Deloitte than are cast against ratification. As set forth in the proxy statement, the Board of Directors recommends that you vote for the ratification of the appointment of Deloitte. Would anyone who needs to cast a ballot, please do so now by delivering it to Mr. Jundt at the front of the room? I now declare the polls closed. I will now ask the voting inspector to report the outcome of each of the votes at today's meeting. Mr. Chairman, the ballots have been counted, and the seven nominees for Director have received the plurality of the votes cast at the meeting, in person or by proxy. The number of votes that have been cast at the meeting, in person or by proxy, in favor of the advisory resolution, approving the compensation paid to the company's named executive officers, represent a majority of the shares entitled to vote, and the number of votes that have been cast in favor of the ratification and appointment of Deloitte as the company's independent registered public accounting firm for the fiscal year ending March 31st, 2025, represents the majority of the shares entitled to vote. Thank you, Mr. Colosso. All items of business have been approved. A complete tally of the votes will be reported in the company's Form 8-K, to be filed with the SEC within the next four business days. With all official business completed, I adjourn the business portion of the meeting. Before we turn to Q&A from shareholders, we will turn immediately to shareholder Q&A. We, as the practice, have filed our investor presentation along with the 10-Q, and we intend to do that going forward. That is, file an investor presentation each quarter, and we will take questions at this time, if you have them. You can also submit them online on Slido. We will... I think as many of you may know, there's an ability to ask the management, the company questions at any time by going on our website and asking a question in Slido there. And our intention is to receive those requests or questions received during a quarter, will be answered as part of the investor presentation, in that, in the subsequent quarter. So we will take questions from the floor, if any. Okay. All right, we have a question asked by Gmail by Patrick. What is with the notion in the presentations that this is a publicly traded private equity fund? I'm not sure what part of the presentation refers to that. Oh, yeah. Great. So, you might, Patrick, you might be referring to the, to the, slide number. Where is it? The toy model slide. The back of the presentation. Brian will give us the page number. Is that- Yeah, page 32. Yeah, I think we're saying there. We're trying to say there is that you could look at the public company, Air T, and compare it to a private equity fund. It. We're not implying or meaning to say that we are a publicly traded private equity fund in any way, shape, or form. We permanently own businesses and operate them. And you know, that's the notion there. All right. Hearing no additional questions, we'll adjourn the Q&A portion of the meeting, and thank you to all those attending online. Have a good day. This concludes today's conference. You may disconnect at this time. Thank you for your participation.