under the new dry-lease agreements , mac and csa are required to perform maintenance of the leased aircraft in return for a maintenance fee based upon an hourly maintenance labor rate , which has been increased from the rate in place under the prior dry-lease service contracts . under prior dry-lease service contracts , the hourly maintenance labor rate had not been adjusted since 2008. the new dry-lease agreements provide for the payment by fedex to mac and csa of a monthly administrative fee based on the number and type of aircraft leased and routes operated . the amount of the monthly administrative fee under the new dry-lease agreements is greater than under the prior dry-lease service contracts with fedex , in part to reflect the greater monthly lease payment per aircraft and that certain operational costs are borne by mac and csa and not reimbursed . the amount of the administrative fee is subject to adjustment based on the number of aircraft operated , routes flown and whether aircraft are considered to be soft-parked . on june 1 , 2016 , the new dry-lease agreements were amended to extend the expiration date to may 31 , 2020. the new dry-lease agreements may be terminated by fedex or mac and csa , respectively , at any time upon 90 days ' written notice and fedex may at any time terminate the lease of any particular aircraft thereunder upon 10 days ' written notice . in addition , each of the dry-lease agreements provides that fedex may terminate the agreement upon written notice if 60 % or more of mac or csa 's revenue ( excluding revenues arising from reimbursement payments under the dry-lease agreement ) is derived from the services performed by it pursuant to the respective dry-lease agreement , fedex becomes mac or csa 's only customer , or mac or csa employs less than six employees . as of the date of this report , fedex would have been permitted to terminate each of the dry-lease agreements under this provision . the company believes that the short-term nature of its agreements with fedex is standard within the airfreight contract delivery service industry , where performance is measured on a daily basis . fedex has been a customer of the company since 1980. loss of its contracts with fedex would have a material adverse effect on the company . under the dry-lease service contracts in place during the fiscal years ended march 31 , 2015 and 2014 and the first two months of the fiscal year ended march 31 , 2016 , fedex leased its aircraft to mac and csa for a nominal amount and paid a monthly administrative fee to mac and csa to operate the aircraft . under these contracts , all direct costs related to the operation of the aircraft ( including fuel , outside maintenance , landing fees and pilot costs ) were passed through to fedex without markup . in connection with the june 1 , 2016 amendment extending the term of the new dry-lease agreements to may 31 , 2020 , the weighted average administrative fee rate paid with respect to leased aircraft was reduced by over 2 % from the fee rate in place prior to the amendment . because a portion of the administrative fee funds the payment of certain operational costs incurred by mac and csa in operating the aircraft that are not reimbursed by fedex and are expected to increase substantially from the levels incurred in the fiscal year ended march 31 , 2016 , the reduction in the administrative fee is anticipated to have a much more significant impact on the segment 's operating income . pass-through costs under the dry-lease agreements with fedex totaled $ 24,632,000 and $ 32,672,000 for the years ended march 31 , 2016 and 2015 , respectively . as of march 31 , 2016 , mac and csa had an aggregate of 78 aircraft under its dry-lease agreements with fedex . included within the 78 aircraft are 3 cessna caravan aircraft that are considered soft-parked . soft-parked aircraft remain covered under our agreements with fedex although at a reduced administrative fee compared to aircraft that are in operation . mac and csa continue to perform maintenance on soft-parked aircraft , but they are not crewed and do not operate on scheduled routes . 16 ggs manufactures , sells and services aircraft deicers and other specialized equipment on a worldwide basis . ggs manufactures five basic models of mobile deicing equipment with capacities ranging from 700 to 2,800 gallons . ggs also offers fixed-pedestal-mounted deicers . each model can be customized as requested by the customer , including single operator configuration , fire suppressant equipment , open basket or enclosed cab design , a patented forced-air deicing nozzle and on-board glycol blending system to substantially reduce glycol usage , color and style of the exterior finish . ggs also manufactures five models of scissor-lift equipment , for catering , cabin service and maintenance service of aircraft , and has developed a line of decontamination equipment , flight-line tow tractors , glycol recovery vehicles and other special purpose mobile equipment . ggs competes primarily on the basis of the quality , performance and reliability of its products , prompt delivery , customer service and price . in july 2009 , ggs was awarded a new contract to supply deicing trucks to the usaf , which expired in july 2014. on may 15 , 2014 , ggs was awarded a new contract to supply deicing trucks to the usaf . the initial contract award is for two years through july 13 , 2016 with four additional one-year extension options that may be exercised by the usaf . in september 2010 , ggs was awarded a contract to supply flight-line tow tractors to the usaf . story_separator_special_tag net income attributable to air t , inc. stockholders for fiscal year 2016 was $ 4,943,000 , or $ 2.06 per diluted share , compared to $ 2,484,000 , or $ 1.04 per diluted share , for fiscal year 2015. story_separator_special_tag 0pt ; line-height : 1.25 `` > cash provided by operating activities was $ 3,625,000 less in fiscal 2016 compared to fiscal 2015 principally due to the change in inventory . cash used in investing activities was $ 3,286,000 more in fiscal 2016 primarily due the higher proceeds from the sale of the company-owned aircraft , and leased deicers in the prior fiscal year . cash used in financing activities was $ 11,014,000 more in fiscal 2016 than in the corresponding prior year period due primarily to net repayments on air t , inc. 's line of credit in fiscal 2016 , whereas there were net borrowings in fiscal 2015. cash used in financing activities in 2016 was also affected by a net $ 1,213,000 repayment of delphax 's senior credit facility in fiscal 2016. as of march 31 , 2016 , no amounts were outstanding under air t , inc. 's revolving credit facility . delphax had outstanding borrowings of approximately $ 1,833,000 under its senior credit facility as of march 31 , 2016. in june 2016 , the company acquired land and entered into an agreement to construct a new corporate headquarters facility in denver , north carolina for an aggregate amount of approximately $ 1.9 million , with construction anticipated to be completed in fiscal year 2018. this facility will replace the company 's current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately $ 178,000. there are currently no other commitments for significant capital expenditures . 21 in may 2014 , the company 's board of directors adopted a policy to discontinue the payment of a regularly scheduled annual cash dividend . off-balance sheet arrangements the company defines an off-balance sheet arrangement as any transaction , agreement or other contractual arrangement involving an unconsolidated entity under which a company has ( 1 ) made guarantees , ( 2 ) a retained or a contingent interest in transferred assets , ( 3 ) an obligation under derivative instruments classified as equity , or ( 4 ) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing , liquidity , market risk or credit risk support to the company , or that engages in leasing , hedging , or research and development arrangements with the company . the company is not currently engaged in the use of any of these arrangements . impact of inflation the company believes that inflation has not had a material effect on its manufacturing operations , because increased costs to date have been passed on to its customers . under the terms of its overnight air cargo business contracts the major cost components of its operations , consisting principally of fuel , crew and other direct operating costs , and certain maintenance costs are reimbursed by its customer . significant increases in inflation rates could , however , have a material impact on future revenue and operating income . seasonality ggs 's business has historically been seasonal , with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season . the company had worked to reduce ggs 's seasonal fluctuation in revenues and earnings by increasing military and international sales and broadening its product line to increase revenues and earnings throughout the year . in july 2009 , ggs was awarded a new contract to supply deicing trucks to the usaf , which expired in july 2014. on may 15 , 2014 , ggs was awarded a new contract to supply deicing trucks to the usaf . the initial contract award is for two years through july 13 , 2016 with four additional one-year extension options that may be exercised by the usaf . the value of the contract , as well as the number of units to be delivered , depends upon annual requirements and available funding to the usaf . although ggs has retained the usaf deicer contract , orders under the contract have not been sufficient to offset the seasonal trend for commercial sales . as a result , ggs revenues and operating income have resumed their seasonal nature . our other reporting segments are not susceptible to seasonal trends . critical accounting policies and estimates . the company 's significant accounting policies are more fully described in note 1 of notes to the consolidated financial statements in item 8. the preparation of the company 's consolidated financial statements in conformity with accounting principles generally accepted in the united states requires the use of estimates and assumptions to determine certain assets , liabilities , revenues and expenses . management bases these estimates and assumptions upon the best information available at the time of the estimates or assumptions . the company 's estimates and assumptions could change materially as conditions within and beyond our control change . accordingly , actual results could differ materially from estimates . the company believes that the following are its most significant accounting policies : allowance for doubtful accounts . an allowance for doubtful accounts receivable is established based on management 's estimates of the collectability of accounts receivable . the required allowance is determined using information such as customer credit history , industry information , credit reports , customer financial condition and the collectability of outstanding receivables . the estimates can be affected by changes in the financial strength of the aviation industry , customer credit issues or general economic conditions . inventories . the company 's inventories are valued at the lower of cost or market . provisions for excess and obsolete inventories are based on assessment of the

liquidity and capital resources as of march 31 , 2016 , the company held approximately $ 6.2 million in cash and cash equivalents . of this amount , $ 821,000 was restricted with $ 250,000 in cash held as statutory reserve of saic and the remaining $ 571,000 pledged to secure saic 's participation in certain reinsurance pools , and $ 2,732,000 was invested in accounts not insured by the federal deposit insurance corporation ( “ fdic ” ) . as of march 31 , 2016 , the company 's working capital amounted to $ 23,225,000 , a decrease of $ 7,200,000 compared to march 31 , 2015. as of march 31 , 2016 , the company had a senior secured revolving credit facility of $ 20.0 million ( the “ revolving credit facility ” ) . the revolving credit facility includes a sublimit for issuances of letters of credit of up to $ 500,000. under the revolving credit facility , each of the company , mac , csa , ggs , gas and atgl may make borrowings . initially , borrowings under the revolving credit facility bear interest ( payable monthly ) at an annual rate of one-month libor plus 1.50 % , although the interest rates under the revolving credit facility are subject to incremental increases based on a consolidated leverage ratio . in addition , a commitment fee accrues with respect to the unused amount of the revolving credit facility at an annual rate of 0.15 % . the company includes commitment fee expense within the interest expense and other line item of the accompanying consolidated statements of income . amounts applied to repay borrowings under the revolving credit facility may be reborrowed , subject to the terms of the facility .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of march 31 , 2016 , the company held approximately $ 6.2 million in cash and cash equivalents . of this amount , $ 821,000 was restricted with $ 250,000 in cash held as statutory reserve of saic and the remaining $ 571,000 pledged to secure saic 's participation in certain reinsurance pools , and $ 2,732,000 was invested in accounts not insured by the federal deposit insurance corporation ( “ fdic ” ) . as of march 31 , 2016 , the company 's working capital amounted to $ 23,225,000 , a decrease of $ 7,200,000 compared to march 31 , 2015. as of march 31 , 2016 , the company had a senior secured revolving credit facility of $ 20.0 million ( the “ revolving credit facility ” ) . the revolving credit facility includes a sublimit for issuances of letters of credit of up to $ 500,000. under the revolving credit facility , each of the company , mac , csa , ggs , gas and atgl may make borrowings . initially , borrowings under the revolving credit facility bear interest ( payable monthly ) at an annual rate of one-month libor plus 1.50 % , although the interest rates under the revolving credit facility are subject to incremental increases based on a consolidated leverage ratio . in addition , a commitment fee accrues with respect to the unused amount of the revolving credit facility at an annual rate of 0.15 % . the company includes commitment fee expense within the interest expense and other line item of the accompanying consolidated statements of income . amounts applied to repay borrowings under the revolving credit facility may be reborrowed , subject to the terms of the facility .
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 Suspicious Activity Report : under the new dry-lease agreements , mac and csa are required to perform maintenance of the leased aircraft in return for a maintenance fee based upon an hourly maintenance labor rate , which has been increased from the rate in place under the prior dry-lease service contracts . under prior dry-lease service contracts , the hourly maintenance labor rate had not been adjusted since 2008. the new dry-lease agreements provide for the payment by fedex to mac and csa of a monthly administrative fee based on the number and type of aircraft leased and routes operated . the amount of the monthly administrative fee under the new dry-lease agreements is greater than under the prior dry-lease service contracts with fedex , in part to reflect the greater monthly lease payment per aircraft and that certain operational costs are borne by mac and csa and not reimbursed . the amount of the administrative fee is subject to adjustment based on the number of aircraft operated , routes flown and whether aircraft are considered to be soft-parked . on june 1 , 2016 , the new dry-lease agreements were amended to extend the expiration date to may 31 , 2020. the new dry-lease agreements may be terminated by fedex or mac and csa , respectively , at any time upon 90 days ' written notice and fedex may at any time terminate the lease of any particular aircraft thereunder upon 10 days ' written notice . in addition , each of the dry-lease agreements provides that fedex may terminate the agreement upon written notice if 60 % or more of mac or csa 's revenue ( excluding revenues arising from reimbursement payments under the dry-lease agreement ) is derived from the services performed by it pursuant to the respective dry-lease agreement , fedex becomes mac or csa 's only customer , or mac or csa employs less than six employees . as of the date of this report , fedex would have been permitted to terminate each of the dry-lease agreements under this provision . the company believes that the short-term nature of its agreements with fedex is standard within the airfreight contract delivery service industry , where performance is measured on a daily basis . fedex has been a customer of the company since 1980. loss of its contracts with fedex would have a material adverse effect on the company . under the dry-lease service contracts in place during the fiscal years ended march 31 , 2015 and 2014 and the first two months of the fiscal year ended march 31 , 2016 , fedex leased its aircraft to mac and csa for a nominal amount and paid a monthly administrative fee to mac and csa to operate the aircraft . under these contracts , all direct costs related to the operation of the aircraft ( including fuel , outside maintenance , landing fees and pilot costs ) were passed through to fedex without markup . in connection with the june 1 , 2016 amendment extending the term of the new dry-lease agreements to may 31 , 2020 , the weighted average administrative fee rate paid with respect to leased aircraft was reduced by over 2 % from the fee rate in place prior to the amendment . because a portion of the administrative fee funds the payment of certain operational costs incurred by mac and csa in operating the aircraft that are not reimbursed by fedex and are expected to increase substantially from the levels incurred in the fiscal year ended march 31 , 2016 , the reduction in the administrative fee is anticipated to have a much more significant impact on the segment 's operating income . pass-through costs under the dry-lease agreements with fedex totaled $ 24,632,000 and $ 32,672,000 for the years ended march 31 , 2016 and 2015 , respectively . as of march 31 , 2016 , mac and csa had an aggregate of 78 aircraft under its dry-lease agreements with fedex . included within the 78 aircraft are 3 cessna caravan aircraft that are considered soft-parked . soft-parked aircraft remain covered under our agreements with fedex although at a reduced administrative fee compared to aircraft that are in operation . mac and csa continue to perform maintenance on soft-parked aircraft , but they are not crewed and do not operate on scheduled routes . 16 ggs manufactures , sells and services aircraft deicers and other specialized equipment on a worldwide basis . ggs manufactures five basic models of mobile deicing equipment with capacities ranging from 700 to 2,800 gallons . ggs also offers fixed-pedestal-mounted deicers . each model can be customized as requested by the customer , including single operator configuration , fire suppressant equipment , open basket or enclosed cab design , a patented forced-air deicing nozzle and on-board glycol blending system to substantially reduce glycol usage , color and style of the exterior finish . ggs also manufactures five models of scissor-lift equipment , for catering , cabin service and maintenance service of aircraft , and has developed a line of decontamination equipment , flight-line tow tractors , glycol recovery vehicles and other special purpose mobile equipment . ggs competes primarily on the basis of the quality , performance and reliability of its products , prompt delivery , customer service and price . in july 2009 , ggs was awarded a new contract to supply deicing trucks to the usaf , which expired in july 2014. on may 15 , 2014 , ggs was awarded a new contract to supply deicing trucks to the usaf . the initial contract award is for two years through july 13 , 2016 with four additional one-year extension options that may be exercised by the usaf . in september 2010 , ggs was awarded a contract to supply flight-line tow tractors to the usaf . story_separator_special_tag net income attributable to air t , inc. stockholders for fiscal year 2016 was $ 4,943,000 , or $ 2.06 per diluted share , compared to $ 2,484,000 , or $ 1.04 per diluted share , for fiscal year 2015. story_separator_special_tag 0pt ; line-height : 1.25 `` > cash provided by operating activities was $ 3,625,000 less in fiscal 2016 compared to fiscal 2015 principally due to the change in inventory . cash used in investing activities was $ 3,286,000 more in fiscal 2016 primarily due the higher proceeds from the sale of the company-owned aircraft , and leased deicers in the prior fiscal year . cash used in financing activities was $ 11,014,000 more in fiscal 2016 than in the corresponding prior year period due primarily to net repayments on air t , inc. 's line of credit in fiscal 2016 , whereas there were net borrowings in fiscal 2015. cash used in financing activities in 2016 was also affected by a net $ 1,213,000 repayment of delphax 's senior credit facility in fiscal 2016. as of march 31 , 2016 , no amounts were outstanding under air t , inc. 's revolving credit facility . delphax had outstanding borrowings of approximately $ 1,833,000 under its senior credit facility as of march 31 , 2016. in june 2016 , the company acquired land and entered into an agreement to construct a new corporate headquarters facility in denver , north carolina for an aggregate amount of approximately $ 1.9 million , with construction anticipated to be completed in fiscal year 2018. this facility will replace the company 's current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately $ 178,000. there are currently no other commitments for significant capital expenditures . 21 in may 2014 , the company 's board of directors adopted a policy to discontinue the payment of a regularly scheduled annual cash dividend . off-balance sheet arrangements the company defines an off-balance sheet arrangement as any transaction , agreement or other contractual arrangement involving an unconsolidated entity under which a company has ( 1 ) made guarantees , ( 2 ) a retained or a contingent interest in transferred assets , ( 3 ) an obligation under derivative instruments classified as equity , or ( 4 ) any obligation arising out of a material variable interest in an unconsolidated entity that provides financing , liquidity , market risk or credit risk support to the company , or that engages in leasing , hedging , or research and development arrangements with the company . the company is not currently engaged in the use of any of these arrangements . impact of inflation the company believes that inflation has not had a material effect on its manufacturing operations , because increased costs to date have been passed on to its customers . under the terms of its overnight air cargo business contracts the major cost components of its operations , consisting principally of fuel , crew and other direct operating costs , and certain maintenance costs are reimbursed by its customer . significant increases in inflation rates could , however , have a material impact on future revenue and operating income . seasonality ggs 's business has historically been seasonal , with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season . the company had worked to reduce ggs 's seasonal fluctuation in revenues and earnings by increasing military and international sales and broadening its product line to increase revenues and earnings throughout the year . in july 2009 , ggs was awarded a new contract to supply deicing trucks to the usaf , which expired in july 2014. on may 15 , 2014 , ggs was awarded a new contract to supply deicing trucks to the usaf . the initial contract award is for two years through july 13 , 2016 with four additional one-year extension options that may be exercised by the usaf . the value of the contract , as well as the number of units to be delivered , depends upon annual requirements and available funding to the usaf . although ggs has retained the usaf deicer contract , orders under the contract have not been sufficient to offset the seasonal trend for commercial sales . as a result , ggs revenues and operating income have resumed their seasonal nature . our other reporting segments are not susceptible to seasonal trends . critical accounting policies and estimates . the company 's significant accounting policies are more fully described in note 1 of notes to the consolidated financial statements in item 8. the preparation of the company 's consolidated financial statements in conformity with accounting principles generally accepted in the united states requires the use of estimates and assumptions to determine certain assets , liabilities , revenues and expenses . management bases these estimates and assumptions upon the best information available at the time of the estimates or assumptions . the company 's estimates and assumptions could change materially as conditions within and beyond our control change . accordingly , actual results could differ materially from estimates . the company believes that the following are its most significant accounting policies : allowance for doubtful accounts . an allowance for doubtful accounts receivable is established based on management 's estimates of the collectability of accounts receivable . the required allowance is determined using information such as customer credit history , industry information , credit reports , customer financial condition and the collectability of outstanding receivables . the estimates can be affected by changes in the financial strength of the aviation industry , customer credit issues or general economic conditions . inventories . the company 's inventories are valued at the lower of cost or market . provisions for excess and obsolete inventories are based on assessment of the

