Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Entity Registrant Name | AIR T INC | |
Entity Central Index Key | 353,184 | |
Trading Symbol | airt | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 2,372,527 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Revenues | $ 17,385,753 | $ 11,971,392 | $ 30,274,943 | $ 23,652,334 |
Operating Expenses: | ||||
Depreciation and amortization | 34,621 | 40,868 | 69,093 | 79,041 |
Operating Income | 1,744,224 | 277,629 | 1,980,659 | 822,916 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Revenues | 21,283,140 | 17,951,181 | 25,322,377 | 23,263,114 |
Operating Expenses: | ||||
Depreciation and amortization | 103,624 | 132,009 | 199,064 | 258,182 |
Operating Income | 4,563,056 | 2,924,102 | 4,139,011 | 2,743,904 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Revenues | 5,985,036 | 4,702,153 | 11,415,129 | 9,487,815 |
Operating Expenses: | ||||
Depreciation and amortization | 47,335 | 42,068 | 88,567 | 85,896 |
Operating Income | (195,736) | 90,699 | (417,831) | 312,113 |
Revenues | 44,653,929 | 34,624,726 | 67,012,449 | 56,403,263 |
Flight-air cargo | 9,399,757 | 5,122,074 | 15,773,666 | 10,301,666 |
Maintenance-air cargo | 5,354,574 | 5,497,602 | 10,562,738 | 10,509,993 |
Ground equipment sales | 15,471,306 | 13,623,323 | 18,600,420 | 17,955,093 |
Ground support services | 5,062,546 | 3,900,182 | 9,778,457 | 7,793,967 |
General and administrative | 3,658,187 | 3,748,359 | 7,465,115 | 6,981,788 |
Depreciation and amortization | 192,504 | 222,631 | 371,121 | 439,171 |
Loss (Gain) on sale of property and equipment | 10,405 | (86,067) | 5,381 | (273,861) |
39,149,278 | 32,028,104 | 62,556,898 | 53,707,817 | |
Operating Income | 5,504,651 | 2,596,622 | 4,455,551 | 2,695,446 |
Non-operating Income (Expense): | ||||
Gain on sale of marketable securities | 0 | 0 | 0 | 8,410 |
Interest expense and other | (9,690) | (12,116) | (29,631) | (8,553) |
(9,690) | (12,116) | (29,631) | (143) | |
Income Before Income Taxes | 5,494,960 | 2,584,506 | 4,425,920 | 2,695,303 |
Income Taxes | 1,701,000 | 766,200 | 1,368,000 | 804,200 |
Net Income | $ 3,793,960 | $ 1,818,306 | $ 3,057,920 | $ 1,891,103 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 1.60 | $ 0.77 | $ 1.29 | $ 0.80 |
Diluted (in dollars per share) | $ 1.58 | $ 0.77 | $ 1.28 | $ 0.80 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,372,527 | 2,355,028 | 2,372,527 | 2,355,028 |
Diluted (in shares) | 2,397,163 | 2,375,398 | 2,396,460 | 2,375,660 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 3,793,960 | $ 1,818,306 | $ 3,057,920 | $ 1,891,103 |
Other comprehensive income (loss): | ||||
Change in net unrealized loss on investment securities available for sale | (427,132) | (47,700) | (866,430) | (138,653) |
Tax effect of unrealized losses on investment securities available for sale | 153,768 | 16,556 | 311,915 | 50,625 |
Total unrealized losses on investment securities available for sale, net of tax amount | $ (273,364) | $ (31,144) | $ (554,515) | (88,028) |
Reclassification of gains on investment securities available for sale included in net income | 8,410 | |||
Tax effect of reclassification of gains on investment securities available for sale included in net income | (3,069) | |||
Reclassification adjustment for realized gains, net of tax amount | 5,341 | |||
Total other comprehensive loss | $ (273,364) | $ (31,144) | $ (554,515) | (82,687) |
Total comprehensive income | $ 3,520,596 | $ 1,787,162 | $ 2,503,405 | $ 1,808,416 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 | |
Current Assets: | |||
Cash and cash equivalents | $ 4,207,862 | $ 14,165,120 | [1] |
Marketable securities | 2,139,815 | 5,278,752 | |
Accounts receivable, less allowance for doubtful accounts of $202,000 and $222,000 | 17,880,978 | 9,534,563 | [1] |
Notes and other receivables-current | $ 705,332 | 816,606 | [1] |
Income tax receivable | 195,000 | [1] | |
Inventories | $ 9,900,883 | 7,789,649 | [1] |
Deferred income taxes | 589,915 | 278,000 | [1] |
Prepaid expenses and other | 450,280 | 612,334 | [1] |
Total Current Assets | 35,875,065 | $ 38,670,023 | [1] |
Investments in Available-For-Sale Securities | 4,136,127 | [1] | |
Property and Equipment, net | 3,832,902 | $ 2,571,499 | [1] |
Cash Surrender Value of Life Insurance Policies | 2,005,246 | 1,990,671 | [1] |
Other Assets | 271,183 | 224,188 | [1] |
Total Assets | 46,120,525 | 43,456,382 | [1] |
Current Liabilities: | |||
Accounts payable | 7,733,548 | $ 4,715,709 | [1] |
Income tax payable | 903,014 | [1] | |
Accrued expenses | 3,387,695 | $ 3,529,451 | [1] |
Total Current Liabilities | 12,024,257 | 8,245,160 | [1] |
Long-term debt | 1,381,640 | 5,000,000 | [1] |
Deferred income taxes | 416,000 | 416,000 | [1] |
Total Liabilities | 13,821,897 | 13,661,160 | [1] |
Stockholders' Equity: | |||
Preferred stock, $1.00 par value, 50,000 shares authorized, | 0 | 0 | [1] |
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding | 593,131 | 593,131 | [1] |
Additional paid-in capital | 4,929,090 | 4,929,090 | [1] |
Retained earnings | 27,465,835 | 24,407,915 | [1] |
Accumulated other comprehensive income (loss), net | (689,428) | (134,913) | [1] |
Total Stockholders' Equity | 32,298,628 | 29,795,223 | [1] |
Total Liabilities and Stockholders’ Equity | $ 46,120,525 | $ 43,456,382 | [1] |
[1] | Derived from audited financial statements |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 | [1] |
Allowance for doubtful accounts | $ 202,000 | $ 222,000 | |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, authorized (in shares) | 50,000 | 50,000 | |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | |
Common stock, authorized (in shares) | 4,000,000 | 4,000,000 | |
Common stock, issued (in shares) | 2,372,527 | 2,372,527 | |
Common stock, outstanding (in shares) | 2,372,527 | 2,372,527 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 3,057,920 | $ 1,891,103 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Gain on sale of marketable securities | 0 | (8,410) | |
Loss (Gain) on sale of property and equipment | 5,381 | (273,861) | |
Change in accounts receivable and inventory reserves | (61,616) | (275,203) | |
Depreciation and amortization | 371,121 | 439,171 | |
Change in cash surrender value of life insurance | (14,575) | (5,246) | |
Warranty reserve. | (82,995) | (151,600) | |
Compensation expense related to stock options | 0 | 8,958 | |
Change in operating assets and liabilities: | |||
Accounts receivable | (8,327,227) | (6,508,320) | |
Notes receivable and other non-trade receivables | 111,274 | 443,227 | |
Inventories | (3,212,440) | 3,638,530 | |
Prepaid expenses and other assets | 115,057 | 210,050 | |
Accounts payable | 3,017,840 | (797,292) | |
Accrued expenses | (58,762) | 34,710 | |
Income taxes receivable/ payable | 1,098,013 | 777,735 | |
Total adjustments | (7,038,927) | (2,467,553) | |
Net cash used in operating activities | (3,981,007) | (576,450) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of marketable securities | (1,863,621) | (3,973,218) | |
Proceeds from sale of marketable securities | 0 | 511,571 | |
Proceeds from sale of property and equipment | 19,163 | 823,671 | |
Capital expenditures | (513,433) | (1,553,223) | |
Net cash used in investing activities | (2,357,891) | (4,191,199) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from line of credit | 14,291,273 | $ 1,330,888 | |
Payment on line of credit | (17,909,633) | ||
Repurchase of stock options | 0 | $ (112,935) | |
Net cash provided by (used in) financing activities | (3,618,360) | 1,217,953 | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (9,957,258) | (3,549,696) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 14,165,120 | [1] | 3,758,888 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4,207,862 | 209,192 | |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | |||
Change in fair value of marketable securities | (866,430) | (138,653) | |
Finished goods inventory transferred to equipment leased to customers | 1,143,635 | 1,132,115 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 45,118 | 16,280 | |
Income taxes | $ 267,134 | $ 804,200 | |
[1] | Derived from audited financial statements |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Mar. 31, 2014 | 2,355,028 | |||||
Balance at Mar. 31, 2014 | $ 588,756 | $ 4,855,093 | $ 21,923,989 | $ (7,780) | $ 27,360,058 | |
Net income | $ 1,891,103 | 1,891,103 | ||||
Unrealized loss from marketable securities | $ (82,687) | (82,687) | ||||
Repurchase of stock options | $ (112,935) | (112,935) | ||||
Compensation expense related to stock options | 8,958 | 8,958 | ||||
Balance (in shares) at Sep. 30, 2014 | 2,355,028 | |||||
Balance at Sep. 30, 2014 | $ 588,756 | 4,751,116 | $ 23,815,092 | $ (90,467) | 29,064,497 | |
Balance (in shares) at Mar. 31, 2015 | 2,372,527 | |||||
Balance at Mar. 31, 2015 | $ 593,131 | $ 4,929,090 | 24,407,915 | $ (134,913) | 29,795,223 | [1] |
Net income | $ 3,057,920 | 3,057,920 | ||||
Unrealized loss from marketable securities | $ (554,515) | (554,515) | ||||
Balance (in shares) at Sep. 30, 2015 | 2,372,527 | |||||
Balance at Sep. 30, 2015 | $ 593,131 | $ 4,929,090 | $ 27,465,835 | $ (689,428) | $ 32,298,628 | |
[1] | Derived from audited financial statements |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. It is suggested that these financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2015. The results of operations for the periods ended September 30 are not necessarily indicative of the operating results for the full year. Certain reclassifications have been made to the prior quarter amounts to conform to the current quarter presentation. New Accounting Pronouncement In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements. In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements. In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements. In September 2015, a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period covering the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after December 15, 2015. This standard is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures. |
Note 2 - Income Taxes
Note 2 - Income Taxes | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 2. Income Taxes Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The income tax provision for the six-month period ended September 30, 2015 differs from the federal statutory rate partially due to the effect of state income taxes and the federal domestic production activities deduction. The rate for the six-month period ended September 30, 2015 also includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the six-month period ended September 30, 2015, the Company recorded $1,368,000 in income tax expense and $804,000 for the six-month period ended September 30, 2014. For the three-month period ended September 30, 2015, the tax expense is $1,701,000 compared to $767,000 tax expense recorded for the prior comparable quarter. The start-up of the insurance company subsiding was a significant factor in the prior period estimated annual tax rate of 30%. The estimated annual effective tax rate for that period differed from the U. S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax differences. |
Note 3 - Net Earnings Per Share
Note 3 - Net Earnings Per Share | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. Net Earnings Per Share Basic earnings per share has been calculated by dividing net earnings by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 Net Income $ 3,793,960 $ 1,818,306 $ 3,057,920 $ 1,891,103 Earnings Per Share: Basic $ 1.60 $ 0.77 $ 1.29 $ 0.80 Diluted $ 1.58 $ 0.77 $ 1.28 $ 0.80 Weighted Average Shares Outstanding: Basic 2,372,527 2,355,028 2,372,527 2,355,028 Diluted 2,397,163 2,375,398 2,396,460 2,375,660 For the three and six-month period ended September 30, 2015 and 2014, there were no stock options outstanding that were anti-dilutive. |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Marketable Securities Marketable securities and investments in available-for-sale securities at September 30, 2015 consisted of investments in publicly traded companies held for sale with a fair market value of $6,276,000, an aggregate cost basis of $7,353,000, gross unrealized gains aggregating $48,000 and gross unrealized losses aggregating $1,125,000. Marketable securities at March 31, 2015 consisted of investments with a fair value of $5,279,000, an aggregate cost basis of $5,490,000, gross unrealized gains aggregating $0 and gross unrealized losses aggregating $211,000. Securities in a loss position at September 30, 2015 had a fair market value of $4,888,000 and had been in a continuous loss position in the amount of $1,052,000 for less than twelve months and securities in a loss position in the amount of $73,000 for greater than twelve months had a fair value of $1,216,000. Securities in a loss position at March 31, 2015 had a fair value of $4,168,000 and had been in a continuous loss position in the amount of $176,000 for less than twelve months and securities in a loss position in the amount of $35,000 for greater than twelve months had a fair value of $1,111,000. The Company realized gains of $0 from the sale of securities during the three and six-month period ended September 30, 2015 and $8,000 for the six-month period ended September 30, 2014. The marketable securities held by the Company as of September 30, 2015 and March 31, 2015 are classified as available for sale securities. The Company does not intend to liquidate marketable securities holdings in Insignia Systems, Inc. (“Insignia”) within twelve months; as a result, the fair value of marketable securities in Insignia were reclassified from current to non-current assets during the quarter ended June 30, 2015 and are reported as investments in available-for-sale securities at September 30, 2015. Investments in Insignia at September 30, 2015 had an aggregate cost basis of $5,056,000 and sustained gross unrealized losses aggregating $920,000. All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements. |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consisted of the following: September 30, 2015 March 31, 2015 Ground support service parts $ 1,378,706 $ 938,072 Ground equipment manufacturing: Raw materials 3,434,880 2,583,797 Work in process 1,711,977 1,535,152 Finished goods 3,646,024 3,045,761 Total inventories 10,171,587 8,102,782 Reserves (270,704 ) (313,133 ) Total, net of reserves $ 9,900,883 $ 7,789,649 |
Note 6 - Stock Based Compensati
Note 6 - Stock Based Compensation | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Stock Based Compensation The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost the Company records for these awards is based on their fair value on the date of grant. The Company has used the Black-Scholes option pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. No options were granted or exercised during the three and six-month periods ended September 30, 2015 and 2014, respectively. During the six-month period ended September 30, 2014, options for 17,500 shares were repurchased by the Company and cancelled. Stock based compensation expense in the amount of $0 and $10,479 was recognized for the six-month periods ended September 30, 2015 and 2014, respectively. |
Note 7 - Financing Arrangements
Note 7 - Financing Arrangements | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Financing Arrangements On April 1, 2015, the Company replaced its existing $7.0 million credit line with 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 and its operating subsidiaries 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%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility. The Revolving Credit Facility matures on April 1, 2017. Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property. The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 million, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a minimum consolidated asset coverage ratio of 1.75 to 1.0, and a maximum consolidated leverage ratio of 3.5 to 1.0. The agreement governing the Revolving Credit Facility contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole. 10 The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. |
Note 8 - Segment Information
Note 8 - Segment Information | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. Segment Information The Company operates in three business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. Each business segment has separate management teams and infrastructures. The Company evaluates the performance of its operating segments based on operating income. Segment data is summarized as follows: Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 Operating Revenues: Overnight Air Cargo $ 17,385,753 $ 11,971,392 $ 30,274,943 $ 23,652,334 Ground Equipment Sales: Domestic 20,163,034 10,159,358 22,141,063 14,633,297 International 1,120,106 7,791,823 3,181,314 8,629,817 Total Ground Equipment Sales 21,283,140 17,951,181 25,322,377 23,263,114 Ground Support Services 5,985,036 4,702,153 11,415,129 9,487,815 Total $ 44,653,929 $ 34,624,726 $ 67,012,449 $ 56,403,263 Operating Income (Loss): Overnight Air Cargo $ 1,744,224 $ 277,629 $ 1,980,659 $ 822,916 Ground Equipment Sales 4,563,056 2,924,102 4,139,011 2,743,904 Ground Support Services (195,736 ) 90,699 (417,831 ) 312,113 Corporate (606,894 ) (695,808 ) (1,246,288 ) (1,183,487 ) Total $ 5,504,651 $ 2,596,622 $ 4,455,551 $ 2,695,446 Capital Expenditures: Overnight Air Cargo $ 51,664 $ 49,759 $ 75,989 $ 88,339 Ground Equipment Sales 92,969 1,197,817 218,739 1,349,548 Ground Support Services 139,371 30,631 208,772 115,336 Corporate 9,933 - 9,933 - Total $ 293,937 $ 1,278,207 $ 513,433 $ 1,553,223 Depreciation and Amortization: Overnight Air Cargo $ 34,621 $ 40,868 $ 69,093 $ 79,041 Ground Equipment Sales 103,624 132,009 199,064 258,182 Ground Support Services 47,335 42,068 88,567 85,896 Corporate 6,924 7,687 14,397 16,053 Total $ 192,504 $ 222,632 $ 371,121 $ 439,172 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies The Company is currently involved in certain product liability-related matters and employment and other matters, which involve pending or threatened legal proceedings. Management believes that these threatened or pending legal proceedings, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before financial statements are issued for potential recognition or disclosure of such events in its financial statements. Investment in Delphax The Securities Purchase Agreement also provides that, upon satisfaction of specified closing conditions, including approval by the shareholders of Delphax, the Company will purchase (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Five-Year Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the surrender of outstanding principal and accrued and unpaid interest under, and cancellation of, the 90-Day Senior Subordinated Note and (ii) for $1,050,000 in cash a total of 43,000 shares (the “Shares”) of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). Principal under the Five-Year Senior Subordinated Note is to be due on the fifth anniversary of the issuance date of the Five-Year Senior Subordinated Note and is to bear interest at an annual rate of 8.5%. Interest is to be paid in kind until, in the absence of specified events, the second anniversary of the date the Five-Year Senior Subordinated Note is issued. Thereafter, interest is to be paid in cash. Interest in kind is to be paid monthly, while interest payable in cash is to be paid quarterly. The Five-Year Senior Subordinated Note is to be guaranteed by Delphax and is to be secured by the same collateral as, and be subject to the Subordination Agreement to the same extent as, the 90-Day Senior Subordinated Note. Each share of Series B Preferred Stock is to be convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and is to have no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax’s employee stock option plans at October 2, 2015, the number of shares of common stock underlying the Shares to be acquired at closing represent approximately 38.3% of the shares of Delphax common stock that would be outstanding assuming conversion of the Shares and approximately 30.5% of the aggregate of the shares of common stock reserved for issuance under Delphax’s employee stock option plans and the shares that would be outstanding assuming conversion of the Shares. Upon the closing of the purchase and sale transactions contemplated by the Securities Purchase Agreement, the Securities Purchase Agreement provides that three designees of the Company (including Nick Swenson, the Company’s President, Chief Executive Officer and Chairman, and Michael Moore, the President of the Company’s GGS subsidiary) are to be elected to the board of directors of Delphax which is to then have seven members, with one of the Company’s designees to be elected as non-executive Chairman of Delphax’s board of directors. Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Five-Year Senior Subordinated Note or the Company continues to hold a specified number of the Shares and interests in the Warrant sufficient to permit it to acquire up to 50% of the number of shares of Series B Preferred Stock initially purchasable under the Warrant (or holds shares of Series B Preferred Stock acquired in connection with the exercise of the Warrant equal to 50% of the number of shares of Series B Preferred Stock initially purchasable under the Warrant), then ● holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement) with respect to three-sevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and to exercise rights of removal and replacement of) with respect to four-sevenths of the members of the board of directors of Delphax; and ● without the written consent or waiver of the Company, Delphax may not enter into specified corporate transactions. 12 The Warrant is to expire on the sixth anniversary of the date it is issued. The Warrant is to provide that, prior to any exercise of the Warrant, the Holder must first make a good faith written tender offer to existing holders of Delphax common stock to purchase an aggregate amount of common stock equal to the number of shares of common stock issuable upon conversion of the Series B Preferred Stock that would be purchased upon such exercise of the Warrant. The Warrant is to require that the per share purchase price to be offered in such tender offer would be equal to the then-current exercise price of the Warrant divided by the then-current conversion rate of the Series B Preferred Stock. To the extent that shares of common stock are purchased by the holder in the tender offer, the amount of shares of Series B Preferred Stock purchasable under the Warrant held by such holder is to be ratably reduced. The Warrant is to provide that it may be exercised for cash, by surrender of principal and interest under the Five-Year Senior Subordinated Note equal to 0.95 times the aggregate exercise price or by surrender of a portion of the Warrant having a value equal to the aggregate exercise price based on the difference between the Warrant exercise price per share and an average market value, measured over a 20-trading day period, of Delphax common stock that would be acquired upon conversion of one share of Series B Preferred Stock. In connection with the execution of the Securities Purchase Agreement, the Company, Delphax and a holder of approximately 27.6% of the outstanding common stock of Delphax entered into an agreement under which such shareholder agreed to vote such shareholder’s shares of Delphax common stock in favor of the transactions to be approved by the shareholders of Delphax under the Securities Purchase Agreement. The Securities Purchase Agreement provides that, in the event that Delphax’s shareholders do not approve the matters specified for their approval in the Securities Purchase Agreement, (i) Delphax will pay $20,000 to the Company and (ii) if within 180 days after the Delphax shareholders meeting, Delphax or Delphax Canada enter into an agreement providing for a change in control (as specified in the Securities Purchase Agreement) or for alternative financing for $2,500,000 or more (other than refinancing the Senior Credit Agreement), Delphax and Delphax Canada would be jointly and severally liable to pay $120,000 to the Company upon the closing of the transactions contemplated by such an agreement. Delphax has given notice to its shareholders of an annual meeting to be held on November 24, 2015 for the Delphax shareholders to consider, among other things, approval of the matters specified in the Securities Purchase Agreement. Organization of Equipment Leasing Subs i diary |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements. In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company is evaluating the impact of adoption of the standard on the Company's financial statements. In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. The standard will not apply to inventories that are measured using either the last-in, first-out (LIFO) method or the retail inventory method. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of the adoption of the standard on the Company's financial statements. In September 2015, a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period covering the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after December 15, 2015. This standard is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures. |
Note 3 - Net Earnings Per Sha19
Note 3 - Net Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 Net Income $ 3,793,960 $ 1,818,306 $ 3,057,920 $ 1,891,103 Earnings Per Share: Basic $ 1.60 $ 0.77 $ 1.29 $ 0.80 Diluted $ 1.58 $ 0.77 $ 1.28 $ 0.80 Weighted Average Shares Outstanding: Basic 2,372,527 2,355,028 2,372,527 2,355,028 Diluted 2,397,163 2,375,398 2,396,460 2,375,660 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2015 March 31, 2015 Ground support service parts $ 1,378,706 $ 938,072 Ground equipment manufacturing: Raw materials 3,434,880 2,583,797 Work in process 1,711,977 1,535,152 Finished goods 3,646,024 3,045,761 Total inventories 10,171,587 8,102,782 Reserves (270,704 ) (313,133 ) Total, net of reserves $ 9,900,883 $ 7,789,649 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 Operating Revenues: Overnight Air Cargo $ 17,385,753 $ 11,971,392 $ 30,274,943 $ 23,652,334 Ground Equipment Sales: Domestic 20,163,034 10,159,358 22,141,063 14,633,297 International 1,120,106 7,791,823 3,181,314 8,629,817 Total Ground Equipment Sales 21,283,140 17,951,181 25,322,377 23,263,114 Ground Support Services 5,985,036 4,702,153 11,415,129 9,487,815 Total $ 44,653,929 $ 34,624,726 $ 67,012,449 $ 56,403,263 Operating Income (Loss): Overnight Air Cargo $ 1,744,224 $ 277,629 $ 1,980,659 $ 822,916 Ground Equipment Sales 4,563,056 2,924,102 4,139,011 2,743,904 Ground Support Services (195,736 ) 90,699 (417,831 ) 312,113 Corporate (606,894 ) (695,808 ) (1,246,288 ) (1,183,487 ) Total $ 5,504,651 $ 2,596,622 $ 4,455,551 $ 2,695,446 Capital Expenditures: Overnight Air Cargo $ 51,664 $ 49,759 $ 75,989 $ 88,339 Ground Equipment Sales 92,969 1,197,817 218,739 1,349,548 Ground Support Services 139,371 30,631 208,772 115,336 Corporate 9,933 - 9,933 - Total $ 293,937 $ 1,278,207 $ 513,433 $ 1,553,223 Depreciation and Amortization: Overnight Air Cargo $ 34,621 $ 40,868 $ 69,093 $ 79,041 Ground Equipment Sales 103,624 132,009 199,064 258,182 Ground Support Services 47,335 42,068 88,567 85,896 Corporate 6,924 7,687 14,397 16,053 Total $ 192,504 $ 222,632 $ 371,121 $ 439,172 |
Note 2 - Income Taxes (Details
Note 2 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Income Tax Expense (Benefit) | $ 1,701,000 | $ 766,200 | $ 1,368,000 | $ 804,200 |
Effective Income Tax Rate Reconciliation, Percent | 30.00% |
Note 3 - Net Earnings Per Sha23
Note 3 - Net Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Note 3 - Earnings Per Common Sh
Note 3 - Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 3,793,960 | $ 1,818,306 | $ 3,057,920 | $ 1,891,103 |
Earnings Per Share: | ||||
Basic (in dollars per share) | $ 1.60 | $ 0.77 | $ 1.29 | $ 0.80 |
Diluted (in dollars per share) | $ 1.58 | $ 0.77 | $ 1.28 | $ 0.80 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,372,527 | 2,355,028 | 2,372,527 | 2,355,028 |
Diluted (in shares) | 2,397,163 | 2,375,398 | 2,396,460 | 2,375,660 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |||
Insignia [Member] | ||||||||
Available-for-sale Securities, Gross Unrealized Loss | $ 920,000 | |||||||
Available-for-sale Securities, Noncurrent | $ 5,056,000 | 5,056,000 | ||||||
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments | 0 | $ 0 | 0 | $ 8,410 | ||||
Marketable Securities | 6,276,000 | 6,276,000 | ||||||
Available-for-sale Securities, Amortized Cost Basis | 7,353,000 | $ 5,490,000 | 7,353,000 | $ 5,490,000 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 48,000 | 0 | ||||||
Available-for-sale Securities, Gross Unrealized Loss | 1,125,000 | 211,000 | ||||||
Marketable Securities, Current | 2,139,815 | 5,278,752 | 2,139,815 | 5,278,752 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,888,000 | 4,168,000 | 4,888,000 | 4,168,000 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 176,000 | 1,052,000 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 35,000 | 73,000 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,216,000 | $ 1,111,000 | 1,216,000 | $ 1,111,000 | ||||
Available-for-sale Securities, Noncurrent | $ 4,136,127 | [1] | $ 4,136,127 | [1] | ||||
[1] | Derived from audited financial statements |
Note 5 - Inventory (Details)
Note 5 - Inventory (Details) - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 | |
Ground support service parts | $ 1,378,706 | $ 938,072 | |
Raw materials | 3,434,880 | 2,583,797 | |
Work in process | 1,711,977 | 1,535,152 | |
Finished goods | 3,646,024 | 3,045,761 | |
Total inventories | 10,171,587 | 8,102,782 | |
Reserves | (270,704) | (313,133) | |
Total, net of reserves | $ 9,900,883 | $ 7,789,649 | [1] |
[1] | Derived from audited financial statements |
Note 6 - Stock Based Compensa27
Note 6 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 17,500 | |||
Allocated Share-based Compensation Expense | $ 0 | $ 10,479 |
Note 7 - Financing Arrangemen28
Note 7 - Financing Arrangements (Details Textual) | 6 Months Ended | |
Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Derivative, Basis Spread on Variable Rate | 1.50% | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |
Minimum Consolidated Tangible Net Worth | $ 22,000,000 | |
Minimum Fixed Charge Coverage Ratio | 1.35 | |
Minimum Asset Coverage Ratio | 1.75 | |
Maximum Leverage Ratio | 3.5 | |
Secured Long-term Debt, Noncurrent | $ 7,000,000 |
Note 8 - Segment Information (D
Note 8 - Segment Information (Details Textual) | 6 Months Ended |
Sep. 30, 2015 | |
Number of Operating Segments | 3 |
Note 8 - Segment Data (Details)
Note 8 - Segment Data (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Revenues | $ 17,385,753 | $ 11,971,392 | $ 30,274,943 | $ 23,652,334 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 1,744,224 | 277,629 | 1,980,659 | 822,916 |
Capital Expenditures: | ||||
Capital Expenditures | 51,664 | 49,759 | 75,989 | 88,339 |
Depreciation and Amortization: | ||||
Depreciation and Amortization | 34,621 | 40,868 | 69,093 | 79,041 |
Ground Equipment Sales [Member] | Domestic [Member] | ||||
Operating Revenues: | ||||
Revenues | 20,163,034 | 10,159,358 | 22,141,063 | 14,633,297 |
Ground Equipment Sales [Member] | International [Member] | ||||
Operating Revenues: | ||||
Revenues | 1,120,106 | 7,791,823 | 3,181,314 | 8,629,817 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Revenues | 21,283,140 | 17,951,181 | 25,322,377 | 23,263,114 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 4,563,056 | 2,924,102 | 4,139,011 | 2,743,904 |
Capital Expenditures: | ||||
Capital Expenditures | 92,969 | 1,197,817 | 218,739 | 1,349,548 |
Depreciation and Amortization: | ||||
Depreciation and Amortization | 103,624 | 132,009 | 199,064 | 258,182 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Revenues | 5,985,036 | 4,702,153 | 11,415,129 | 9,487,815 |
Operating Income (Loss): | ||||
Operating Income (Loss) | (195,736) | 90,699 | (417,831) | 312,113 |
Capital Expenditures: | ||||
Capital Expenditures | 139,371 | 30,631 | 208,772 | 115,336 |
Depreciation and Amortization: | ||||
Depreciation and Amortization | 47,335 | 42,068 | 88,567 | 85,896 |
Corporate Segment [Member] | ||||
Operating Income (Loss): | ||||
Operating Income (Loss) | (606,894) | $ (695,808) | (1,246,288) | $ (1,183,487) |
Capital Expenditures: | ||||
Capital Expenditures | 9,933 | 9,933 | ||
Depreciation and Amortization: | ||||
Depreciation and Amortization | 6,924 | $ 7,687 | 14,397 | $ 16,053 |
Revenues | 44,653,929 | 34,624,726 | 67,012,449 | 56,403,263 |
Operating Income (Loss) | 5,504,651 | 2,596,622 | 4,455,551 | 2,695,446 |
Capital Expenditures | 293,937 | 1,278,207 | 513,433 | 1,553,223 |
Depreciation and Amortization | $ 192,504 | $ 222,631 | $ 371,121 | $ 439,171 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Oct. 02, 2015USD ($)$ / sharesshares |
Delphax and Delphax Canada [Member] | Senior Subordinated Notes [Member] | |
Payments to Acquire Investments | $ 500,000 |
Term of Investment | 90 days |
Face Value of Investment | $ 500,000 |
Investments, Interest Rate, Stated Percentage | 12.00% |
Investment, Maturity Date | Dec. 31, 2015 |
Delphax and Delphax Canada [Member] | Securities Purchase Agreement [Member] | Series B Preferred Stock [Member] | |
Contingent Investments, Number of Shares to be Acquired | shares | 43,000 |
Delphax and Delphax Canada [Member] | Securities Purchase Agreement [Member] | |
Contingent Amount Receivable , in Investment | $ 120,000 |
Delphax Canada [Member] | Five Year Senior Subordinated Promissory Note [Member] | Securities Purchase Agreement [Member] | |
Contingent Investments Face Amount | $ 2,500,000 |
Contingent Investments Interest Rate Stated Percentage | 8.50% |
Delphax [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 |
Delphax [Member] | Securities Purchase Agreement [Member] | Series B Preferred Stock [Member] | |
Contingent Investments, Cash to be Paid to Acquire Securities | $ 1,050,000 |
Contingent Investment Warrant to be Issued to Acquire Additional Shares | shares | 95,600 |
Contingent Investment, Share price | $ / shares | $ 33.4728 |
Percentage of Number of Shares and Interest in Warrant Held | 50.00% |
Delphax [Member] | Securities Purchase Agreement [Member] | Series A Preferred Stock [Member] | |
Percentage of Number of Shares and Interest in Warrant Held | 50.00% |
Delphax [Member] | Securities Purchase Agreement [Member] | |
Percentage, Number of Stock to be acquired in Entity | 38.30% |
Percentage Number of Shares to be Acquired from Reserved Under Employee Stock Option Plan | 30.50% |
Investment,Threshold Trading Days | 20 days |
Third Party Percentage of Investment | 27.60% |
Contingent Amount Receivable , in Investment | $ 20,000 |
Number of Days for Change in Control | 180 days |