Air T (AIRT) 10-K 29 Jun 16 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	May 31, 2016	Sep. 30, 2015
Document Information [Line Items]
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
Entity Public Float			$ 29,370
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Overnight Air Cargo [Member]
Operating Revenues	$ 68,226,891	$ 49,864,547
Operating Income	3,283,495	19,519
Ground Equipment Sales [Member]
Operating Revenues	51,175,818	41,770,395
Operating Income	6,390,287	3,674,598
Ground Support Services [Member]
Operating Revenues	24,834,616	20,546,216
Operating Income	(1,035,929)	(92,532)
Printing Equipment and Maintenance [Member]
Operating Revenues	3,954,797	$ 0
Operating Income	(1,966,626)
Leasing [Member]
Operating Revenues	19,816
Operating Income	8,324
Operating Revenues	148,211,938	$ 112,181,158
Flight-air cargo	35,990,031	22,219,794
Maintenance-air cargo	23,597,111	22,889,035
Ground equipment sales	38,060,345	31,949,363
Ground support services	20,752,753	17,495,471
Printing equipment and maintenance	3,611,024	0
Research and development	777,942	0
General and administrative	18,139,830	14,222,996
Depreciation and amortization	1,257,207	856,911
Gain on sale of property and equipment	(5,968)	(869,116)
	142,180,275	108,764,455
Operating Income	6,031,663	3,416,703
Non-operating Income:
Gain on sale of marketable securities	49,720	$ 8,487
Foreign currency gain, net	79,654
Other investment income (loss), net	73,115	$ (10,265)
Interest expense and other	(80,743)
	121,746	$ (1,778)
Income Before Income Taxes	6,153,409	3,414,926
Income Taxes	2,395,452	931,000
Net Income	3,757,957	$ 2,483,926
Net Loss Attributable to Non-controlling Interests	1,185,108
Net Income Attributable to Air T, Inc. Stockholders	$ 4,943,065	$ 2,483,926
Earnings Per Share:
Basic (in dollars per share)	$ 2.08	$ 1.05
Diluted (in dollars per share)	$ 2.06	$ 1.04
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527	2,359,610
Diluted (in shares)	2,396,824	2,379,928

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 3,757,957	$ 2,483,926
Other Comprehensive Income (Loss):
Foreign currency translation loss	(78,004)
Unrealized gains (losses) on marketable securities	23,182	$ (209,215)
Tax effect of unrealized (gains) losses on marketable securities available for sale	(8,346)	76,566
Total unrealized gain (loss) on marketable securities, net of tax	14,836	(132,649)
Reclassification of gains on marketable securities included in net income	49,720	8,487
Tax effect of reclassification of gains on marketable securities included in net income	(17,899)	(2,970)
Reclassification adjustment for realized gains, net of tax	31,821	5,517
Total Other Comprehensive Loss	(31,347)	(127,133)
Total Comprehensive Income	3,726,610	$ 2,356,793
Comprehensive Loss Attributable to Non-controlling Interests	1,233,470
Comprehensive Income Attributable to Air T, Inc. Stockholders	$ 4,960,080	$ 2,356,793

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 5,345,455	$ 13,388,767
Marketable securities	4,944,572	5,278,752
Restricted cash	820,651	776,353
Accounts receivable, less allowance for doubtful accounts of $426,000 and $222,000	12,303,128	9,534,563
Notes and other receivables-current	592,721	816,606
Income tax receivable	719,899	195,000
Inventories	12,274,104	7,789,649
Deferred income taxes	291,000	278,000
Prepaid expenses and other	1,668,004	612,334
Total Current Assets	38,959,534	$ 38,670,023
Investments in Available-For-Sale Securities	4,711,343
Property and Equipment, net	4,577,774	$ 2,571,499
Cash Surrender Value of Life Insurance Policies	2,100,057	$ 1,990,671
Notes and Other Receivables-Long-term	103,996
Other Assets	317,528	$ 224,188
Intangible Assets, net	1,109,112
Goodwill	275,408
Total Assets	52,154,752	$ 43,456,382
Current Liabilities:
Accounts payable	7,003,660	$ 4,715,709
Income tax payable	11,312
Accrued expenses	6,842,874	$ 3,529,451
Short-term debt	1,859,300
Total Current Liabilities	15,717,146	$ 8,245,160
Long-term Debt	4,835	5,000,000
Deferred Income Taxes	546,000	$ 416,000
Other Non-current Liabilities	$ 615,241
Commitments and Contingencies (Notes 8, 11, and 22)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	$ 0	$ 0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding	593,131	593,131
Additional paid-in capital	4,947,665	4,929,090
Retained earnings	29,350,980	24,407,915
Accumulated other comprehensive loss, net	(117,898)	(134,913)
Total Air T, Inc. Stockholders' Equity	34,773,878	$ 29,795,223
Non-controlling Interests	497,652
Total Equity	35,271,530	$ 29,795,223
Total Liabilities and Equity	$ 52,154,752	$ 43,456,382

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Allowance for doubtful accounts	$ 426,000	$ 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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit	$ 1,832,600
Payment on line of credit	(2,827,609)
Net income	3,757,957	$ 2,483,926
Gain on sale of marketable securities	(49,720)	(8,487)
Gain on sale of property and equipment	(5,968)	(869,116)
Change in accounts receivable and inventory reserves	(462,439)	(370,756)
Depreciation, amortization and impairment	1,257,207	856,911
Change in cash surrender value of life insurance	(109,386)	(103,060)
Deferred income taxes	90,484	(372,000)
Warranty reserve.	140,768	169,683
Compensation expense related to stock options	29,333	8,958
Accounts receivable	(1,530,289)	640,944
Notes receivable and other non-trade receivables	119,889	871,882
Inventories	(877,993)	3,760,133
Prepaid expenses and other assets	(422,547)	147,659
Accounts payable	605,940	(1,710,347)
Accrued expenses	1,217,786	767,231
Income taxes payable/ receivable	(524,900)	$ 566,000
Non-current liabilities	(21,605)
Total adjustments	(543,440)	$ 4,355,635
Net cash provided by operating activities	3,214,517	6,839,561
Purchases of marketable securities	(4,481,030)	(4,527,784)
Proceeds from sale of marketable securities	226,759	$ 515,045
Net cash flow from business combination	78,000
Proceeds from sale of property and equipment	(1,246,071)	$ (799,666)
Proceeds from sale of property and equipment		3,358,660
Capital expenditures	200,634
Capital expenditures		799,666
Decrease in restricted cash	(44,298)	(526,352)
Net cash used in investing activities	(5,266,006)	(1,980,097)
Proceeds from line of credit	14,296,108	6,330,888
Payment on line of credit	(19,302,273)	$ (1,330,888)
Proceeds from funding of lease	$ 7,428
Repurchase of stock options		$ (130,335)
Proceeds from exercise of stock options, net of excess tax benefit		150,750
Net cash (used in) provided by used in financing activities	$ (5,993,746)	$ 5,020,415
Effect of foreign currency exchange rates on cash and cash equivalents	1,923
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(8,043,312)	$ 9,879,879
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	13,388,767	3,508,888
CASH AND CASH EQUIVALENTS AT END OF YEAR	5,345,455	13,388,767
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers	1,288,474	$ 1,132,115
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES:
Non-controlling interests in acquired business	1,712,935
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	47,052	$ 19,000
Income taxes	$ 2,827,000	$ 737,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Mar. 31, 2014	2,355,027
Balance at Mar. 31, 2014	$ 588,756	$ 4,855,093	$ 21,923,988	$ (7,780)		$ 27,360,057
Net income			$ 2,483,926			2,483,926
Unrealized gain (loss) from marketable securities, net of tax				$ (127,133)		$ (127,133)
Exercise of stock options (in shares)	17,500					17,500
Exercise of stock options	$ 4,375	$ 146,375				$ 150,750
Compensation expense related to stock options		8,958				8,958
Tax effect from exercise, forfeiture and repurchase of stock options		49,000				49,000
Repurchase of stock options		(130,335)				(130,335)
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
Non-controlling interests in acquired business
Foreign currency translation loss
Net income			$ 4,943,065		$ (1,185,108)	$ 3,757,957
Unrealized gain (loss) from marketable securities, net of tax				$ 46,657		46,657
Compensation expense related to stock options		11,147			18,187	29,334
Balance (in shares) at Mar. 31, 2016	2,372,527
Balance at Mar. 31, 2016	$ 593,131	$ 4,947,665	$ 29,350,980	$ (117,898)	497,652	35,271,530
Non-controlling interests in acquired business					1,712,935	1,712,935
Foreign currency translation loss				$ (29,642)	$ (48,362)	(78,004)
Funding on residual sharing agreements		$ 7,428				$ 7,428

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Reclassifications Accounting Estimates Concentration of Credit Risk At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not covered by insurance. A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one major customer. The loss of a major customer would have a material impact on the Company’s results of operations. See Note 16 “Major Customers”. Cash and Cash Equivalents Foreign exchange Goodwill The Company intends to perform its annual impairment test of Delphax’s goodwill as of September 30, which is the end of Delphax’s fiscal year. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company has determined that the reporting unit for all goodwill as of March 31, 2016 is at the consolidated Delphax level. The applicable accounting standards provide for two methods to assess goodwill for possible impairment, one qualitative and the other a two-step quantitative method. The Company is permitted to first assess qualitative factors to determine whether it is more likely than not (this is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. In qualitatively evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market developments, cost factors, and the overall financial performance of the reporting unit. If, after assessing these events and circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the quantitative goodwill impairment test are unnecessary. In the first step of the quantitative method, recoverability of goodwill is evaluated by estimating the fair value of the reporting unit’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second step is performed to determine the amount of impairment loss, if any. The second step requires allocation of the reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of goodwill over its implied fair value. Considering all relevant factors, the Company identified a potential goodwill impairment during the quarter ended March 31, 2016. After review, the Company estimated and recorded an impairment charge in the amount of $100,000. Intangible Assets Years Tradenames 5 Patents 9 Marketable Securities Investments – Debt and Equity Securities Inventories Property and Equipment The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. In the event it is determined that the carrying values of long-lived assets are in excess of the estimated undiscounted cash flows from those assets, the Company then will write-down the value of the assets by such excess. Asset Retirement Obligation Restricted Cash Revenue Recognition Operating Expenses Reimbursed by Customer Stock Based Compensation The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses 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. Warranty Reserves Product warranty reserve activity is as follows: Year Ended March 31, 2016 2015 Beginning Balance $ 231,803 $ 242,000 Amounts charged to expense 140,768 169,683 Actual warranty costs paid (166,916 ) (179,880 ) Delphax acquisition 60,800 - Ending Balance $ 266,455 $ 231,803 Income Taxes Research and Development Costs

Note 2 - Earning Per Common Sha

Note 2 - Earning Per Common Share	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	2. EARNINGS PER COMMON SHARE Basic earnings per share has been calculated by dividing net income by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. For the year ended March 31, 2016 all options to acquire shares of Air T, Inc. common stock were included in computing earnings per share because their effects were dilutive. The computation of earnings per common share is as follows: Year Ended March 31, 2016 2015 Net earnings attributable to Air T, Inc. Stockholders $ 4,943,065 $ 2,483,926 Earnings Per Share: Basic $ 2.08 $ 1.05 Diluted $ 2.06 $ 1.04 Weighted Average Shares Outstanding: Basic 2,372,527 2,359,610 Diluted 2,396,824 2,379,928

Note 3 - Marketable Securities

Note 3 - Marketable Securities	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. MARKETABLE SECURITIES Marketable securities at March 31, 2016 consisted of investments in publicly traded companies with a fair value of $9,656,000, an aggregate cost basis of $9,791,000, gross unrealized gains aggregating $422,000 and gross unrealized losses aggregating $557,000. Marketable securities at March 31, 2015 consisted of investments with a fair market 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 that had been in a continuous unrealized loss position for less than 12 months as of March 31, 2016 had an aggregate fair value and unrealized loss of $5,903,000 and $163,000, respectively ($4,168,000 and $176,000, respectively, at March 31, 2015). Securities that had been in a continuous unrealized loss position for more than 12 months as of March 31, 2016 had an aggregate fair value and unrealized loss of $4,711,000 and $395,000, respectively ($1,111,000 and $35,000, respectively, at March 31, 2015). The Company realized gains of $50,000 and $9,000 from the sale of securities during the years ended March 31, 2016 and March 31, 2015, respectively.

Note 4 - Inventories

Note 4 - Inventories	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. INVENTORIES Inventories consisted of the following: Year Ended March 31, 2016 2015 Ground support service parts $ 1,566,694 $ 938,072 Ground equipment manufacturing: Raw materials 1,549,810 2,583,797 Work in process 408,213 1,535,152 Finished goods 4,328,812 3,045,761 Printing equipment and maintenance Raw materials 3,319,939 - Work in process 759,446 - Finished goods 562,912 - Total inventories 12,495,826 8,102,782 Reserves (221,722 ) (313,133 ) Total, net of reserves $ 12,274,104 $ 7,789,650

Note 5 - Property and Equipment

Note 5 - Property and Equipment	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: March 31, 2016 2015 Furniture, fixtures and improvements $ 5,559,885 $ 4,931,748 Equipment leased to customers 2,898,639 1,672,402 8,458,523 6,604,150 Less accumulated depreciation (3,880,750 ) (4,032,650 ) Property and equipment, net $ 4,577,774 $ 2,571,499

Note 6 - Intangible Assets

Note 6 - Intangible Assets	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	6. INTANGIBLE ASSETS AND GOODWILL Intangible assets as of March 31, 2016 are presented in the table below. The Company had no intangible assets as of the end of the prior fiscal year. March 31, 2016 Tradenames $ 120,000 Patents 1,090,000 1,210,000 Less accumulated amortization and impairment (100,888 ) Intangible assets, net $ 1,109,112 Amortization expense was approximately $51,000 for the period November 24, 2015 through March 31, 2016. There is no amortization expense for the year ended March 31, 2015 as all intangibles were acquired through the Company’s investment in Delphax on November 24, 2015. The Company’s consolidated statement of income for the year ended March 31, 2016 reflects a tradename impairment charge in the amount of $50,000. Annual future amortization expense for these intangible assets is as follows: Year ending March 31, 2017 $ 135,111 2018 135,111 2019 135,111 2020 135,111 2021 126,695 Thereafter 441,973 $ 1,109,112 The Company provisionally recorded goodwill of approximately $375,000 in connection with its investment in Delphax (Note 8). The Company estimated a subsequent impairment of this goodwill in the amount of $100,000 which has been reflected in the accompanying fiscal year 2016 consolidated financial statements.

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. ACCRUED EXPENSES Accrued expenses consisted of the following: March 31, 2016 2015 Salaries, wages and related items $ 3,288,169 $ 1,571,347 Profit sharing 1,769,261 1,088,089 Health insurance 353,825 405,826 Warranty reserves 266,455 231,803 Other 1,165,164 232,386 Total $ 6,842,874 $ 3,529,451

Note 8 - Acquisition of Interes

Note 8 - Acquisition of Interests in Delphax	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	8. ACQUISITION OF INTERESTS IN DELPHAX Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the "Securities Purchase Agreement") among the Company, Delphax Technologies, Inc. and its subsidiary, Delphax Technologies Canada Limited ("Delphax Canada"), on November 24, 2015 (the "Closing Date"), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the "Senior Subordinated Note") issued by Delphax Canada for a combination of cash and the surrender of outstanding principal of $500,000 and accrued and unpaid interest thereunder, and cancellation of, a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 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 Senior Subordinated Note is due on October 24, 2020 and bears interest at an annual rate of 8.5%. Interest is to be paid in kind until, in the absence of specified events, November 24, 2017. 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 Senior Subordinated Note is guaranteed by Delphax and is secured by security interests granted by Delphax and Delphax Canada in their respective inventories, equipment, accounts receivable, cash, deposit accounts, contract rights and other specified property, as well as a pledge by Delphax of the outstanding capital stock of its subsidiaries, including Delphax Canada. Pursuant to the terms of a subordination agreement (the "Subordination Agreement") entered into on October 2, 2015 by Delphax, Delphax Canada, the Company and the senior lender (the "Senior Lender") that provides a revolving credit facility under an agreement with Delphax and Delphax Canada (the "Senior Credit Agreement"), the Company's rights with respect to payment under and enforcement of the Senior Subordinated Note, and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement. Each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and has 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 the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company and approximately 31% of the outstanding shares of common stock assuming conversion of the Series B Preferred Stock and the issuance of all the shares of Delphax common stock reserved for issuance under Delphax's employee stock option plans. Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Series B Preferred Stock 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. Pursuant to the provision described above, beginning on November 24, 2015, three designees of the Company were elected to the board of directors of Delphax, which had a total of seven members following their election. The Warrant expires on November 24, 2021. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant 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 requires 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 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. As a result of the above transactions, the Company determined that it had obtained control over Delphax and it included Delphax in its consolidated financial statements beginning on November 24, 2015. The following table summarizes the provisional fair values of consolidated Delphax assets and liabilities as of the Closing Date: November 24, 2015 ASSETS Cash and cash equivalents $ 586,061 Accounts receivable 1,740,210 Inventories 3,972,802 Other current assets 693,590 Property and equipment 722,714 Intangible assets - trade name 120,000 Intangible assets - patents 1,090,000 Goodwill 375,408 Total assets $ 9,300,785 LIABILITIES Accounts payable $ 1,663,199 Accrued expenses 1,949,522 Income tax payable 11,312 Debt 3,313,317 Other long-term liabilities 650,500 Total liabilities $ 7,587,850 Net Assets $ 1,712,935 The Company determined that it was reasonable to use the price which it paid for its minority equity interest as the basis for estimating the total fair value of Delphax’s equity as of November 24, 2015 acquisition date. The effect of the Company’s equity and debt investments of $1,050,000 and $2,500,000, respectively, are not reflected in the above table. As such, the amounts presented reflect the provisional fair values of Delphax’s assets and liabilities immediately prior to the Company’s investments. The net assets amount presented above is the estimated acquisition date fair value of the non-controlling interests in Delphax. Delphax’s debt immediately prior to the acquisition included approximately $508,000 due under the 90-Day Senior Subordinated Note. The Company’s initial accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional. Determination of the acquisition date fair values of certain of Delphax assets and liabilities, particularly inventories and the ARO liability (see Note 1) involves significant management judgment and is a time-intensive undertaking. The Company anticipates finalizing its accounting of this business combination in the first quarter of fiscal year 2017, but by no later than the end of the second fiscal 2017 quarter. Direct costs relating to the above transactions of $110,000 were expensed as incurred during the year ended March 31, 2016, and are included in the general and administrative expenses in the consolidated statements of income and comprehensive income. Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

Note 9 - Variable Interest Enti

Note 9 - Variable Interest Entities	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	9. VARIABLE INTEREST ENTITIES A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 - Consolidation ● the power to direct the activities that most significantly impact the economic performance of the VIE; and ● the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. As described in Note 8, the Company acquired Delphax Series B Preferred Stock, loaned funds to Delphax, and acquired the Warrant. In accordance with ASC 810, the Company evaluated whether Delphax was a VIE as of November 24, 2015. Based principally on the fact that the Company granted Delphax subordinated financial support, the Company determined that Delphax was a VIE on that date. Therefore, it was necessary for the Company to assess whether it held any “variable interests”, as defined in ASC 810, in Delphax. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. While various factors informed the Company’s determination, particular weight was given to the Company’s current representation on Delphax’s board of directors and the provision described in Note 2 which grants the Company control of such board beginning June 1, 2016. Since the Company became Delphax’s primary beneficiary on November 24, 2015, the Company consolidated Delphax in its consolidated financial statements beginning on that date. Refer to Note 8 for the provisional fair value of the assets and liabilities of Delphax on the acquisition date. The following table sets forth the carrying values of Delphax’s assets and liabilities as of March 31, 2016: March 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 249,528 Accounts receivable, net 1,433,494 Inventories 4,642,298 Other current assets 1,034,067 Total current assets 7,359,387 Property and equipment 625,684 Intangible assets 1,109,112 Goodwill 275,408 Other Assets 26,020 Total assets $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 1,684,802 Income tax payable 11,312 Accrued expenses 1,926,340 Short-term debt 1,859,300 Total current liabilities 5,481,754 Long-term debt 2,581,107 Other long-term liabilities 606,358 Total liabilities $ 8,669,219 Net Assets $ 726,392 Long-term debt as reflected in the above table includes approximately $76,000 of accrued interest, due to the Company from Delphax Canada under the Senior Subordinated Note. This debt and accrued interest was eliminated for purposes of the Company’s accompanying March 31, 2016 consolidated balance sheet. The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax’s creditors do not have recourse to the assets of Air T, Inc. or its subsidiaries. Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015. Revenues and expenses prior to the date of initial consolidation are excluded. The following table sets forth the revenue and expenses of Delphax that are included in the Company’s consolidated statements of income and comprehensive income for the year ended March 31, 2016: From November 24, 2015 through March 31, 2016 Operating Revenues $ 3,954,797 Operating Expenses: Cost of sales 3,611,024 General and administrative 1,218,564 Research and development 777,942 Depreciation, amortization and impairment 313,893 5,921,423 Operating Loss (1,966,626 ) Non-operating Loss (21,111 ) Loss Before Income Taxes (1,987,737 ) Income Taxes - Net Loss $ (1,987,737 ) Non-operating income, net, includes interest expense of approximately $76,000 associated with the Senior Subordinated Note. This interest expense was eliminated for purposes of the Company’s accompanying consolidated statements of income and comprehensive income for the year ended March 31, 2016.

Note 10 - Financing Arrangement

Note 10 - Financing Arrangements	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	10. FINANCING ARRANGEMENTS 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. 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, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole. The Company is exposed to changes in interest rates on its prior line of credit and its current revolving credit facility. If the LIBOR interest rate had been increased by one percentage point, based on the weighted average balance outstanding for the year, the change in annual interest expense would have been negligible. No borrowings were outstanding under the credit facility on March 31, 2016. Amounts advanced under the credit facility bear interest at the 30-day “LIBOR” rate plus 150 basis points. The LIBOR rate at March 31, 2016 was approximately .44%. The Company was in compliance with all covenants under this credit facility at March 31, 2016. As of March 31, 2016, Delphax maintained a debt facility consisting of a $7.0 million revolving senior secured credit facility, subject to a borrowing base of North American accounts receivable and inventory. Because Delphax’s senior credit facility prohibits the payment of cash dividends, the facility is not a source of liquidity to Air T, Inc. or any of its subsidiaries. Neither Air T nor any of its subsidiaries is a guarantor of Delphax’s obligations under its senior credit facility. The Delphax senior credit facility is secured by substantially all of its North American assets, expires in November 2018, prohibits payment of cash dividends by Delphax and is subject to certain financial covenants. The Delphax senior credit facility provides for interest based upon the prime rate plus a margin (4.25% as of March 31, 2016). As of March 31, 2016, Delphax had aggregate borrowings of $1,833,000 outstanding under its senior credit facility, with a borrowing base that would have permitted additional borrowings of approximately $800,000. Delphax has advised that at March 31, 2016 it was not in compliance with financial covenants under the agreement governing its senior credit facility. Due to Delphax’s non-compliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the facility and to declare all amounts outstanding under the senior credit facility due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the senior credit facility. As of the date of this report, Delphax has not regained compliance with these financial covenants. In the event that Delphax is denied access to additional borrowings under the senior credit facility, unless it obtains access to other adequate sources of liquidity, which may include cash from operations, Delphax may be unable to adequately fund its operations or pay its debts as they come due. Delphax has recently implemented cost-savings initiatives, including employee furloughs, to minimize ongoing cash needs.

Note 11 - Lease Arrangements

Note 11 - Lease Arrangements	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments Disclosure [Text Block]	11. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases its corporate offices from a company controlled by certain of the Company’s former officers and directors. The lease for this facility provides for monthly rent of $14,862 and expires on January 31, 2018, though the lease may be renewed by us for three additional two-year option periods through January 31, 2024. The Company leases approximately 53,000 square feet of a 66,000 square foot aircraft maintenance facility located in Kinston, North Carolina under an agreement that extends through January 2023, with the option to extend the lease for four additional five-year periods thereafter. The Company has calculated rent expense under the current lease term. GGS leases its production facility under an agreement that extends through August 2019. GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one year agreements with renewal clauses, but some of these are multi-year leases extending out as far as March 2021. Delphax leases its production facility in Mississauga, Ontario under an agreement extending through August 2018. Annual rents remaining under the agreement are CDN $384,000 (approximately $222,000 using the March 31, 2016 exchange rate) per year. In addition, Delphax is obligated to pay as additional rent the related operating expenses of the landlord. Under the terms of the lease, Delphax is also subject to a facility restoration obligation (see Note 1). Delphax has office space in the United Kingdom under an operating lease that extends through January 2017. The annual lease payment for this facility is £62,400 (approximately $90,000 using the March 31, 2016 exchange rate). In addition to the contracted lease amount, the lease payments include a pro rata portion of the operating expenses incurred by the landlord. At March 31, 2016, future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2016 exchange rates) under non-cancelable operating leases with initial or remaining terms of more than one year are as follows: Year ended March 31, 2017 $ 3,278,000 2018 2,611,000 2019 1,660,000 2020 1,018,000 2021 564,000 Thereafter 632,000 Total minimum lease payments $ 9,763,000 The Company’s rent expense excluding Delphax for operating leases totaled approximately $3,038,000 and $2,309,000 for fiscal 2016 and 2015, respectively, and includes amounts to related parties of $178,000 and $177,000 in fiscal 2016 and 2015, respectively. Delphax’s rent expense from November 24, 2015 through March 31, 2016 totaled approximately $226,000.

Note 12 - Equipment Leased to C

Note 12 - Equipment Leased to Customers	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Operating Leases of Lessor Disclosure [Text Block]	12. EQUIPMENT LEASED TO CUSTOMERS The Company leases equipment to third parties. As of March 31, 2016, minimum future rentals under non-cancelable operating leases are as follow: Year ended March 31, 2017 $ 206,000 2018 46,040 2019 46,040 2020 46,040 2021 46,040 Thereafter 3,837 Total minimum lease payments $ 393,994 Delphax leases a printer to a third party under an operating lease agreement entered into in June 2015. The term of this lease extends through May 2018. This agreement provides for monthly rent of $20,000. At March 31, 2016, future minimum annual lease payments receivable are as follows: Year ended March 31, 2017 $ 240,000 2018 240,000 2019 40,000 $ 520,000

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The Company’s assets and liabilities measured at fair value (all Level 1 categories) were as follows: Fair Value Measurements at March 31, 2016 2015 Marketable securities $ 9,655,915 $ 5,278,752 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accrued expenses approximate their fair value at March 31, 2016 and 2015.

Note 14 - Air T, Inc., Stockhol

Note 14 - Air T, Inc., Stockholders' Equity	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. AIR T, INC. STOCKHOLDERS’ EQUITY The authorized capital structure of Air T, Inc. includes 4,000,000 shares of common stock, with a par value of $0.25 per share. In May 2014, the Company’s Board of Directors adopted a policy to discontinue the payment of a regularly scheduled annual cash dividend. On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. In addition to common stock, the Company may issue up to 50,000 shares of $1.00 par value preferred stock, in one or more series, on such terms and with such rights, preferences and limitations as determined by the Board of Directors. A total of 5,000 shares of preferred stock are authorized for issuance as Series A Junior Participating Preferred Stock and 5,000 shares of preferred stock are authorized for issuance as Series B Junior Participating Preferred Stock, of which 3,000 shares had been reserved for issuance pursuant to the Company’s Rights Agreement, described below. If issued, each share of Series B Junior Participating Preferred Stock would be entitled, in connection with the declaration of a dividend on the Company’s common stock, to a preferential dividend payment equal to the greater of (i) $1.00 per share and (ii) an amount equal to 1,000 times the related dividend declared per share of common stock. Subject to customary anti-dilution provisions, in the event of liquidation, the holders of Series B Junior Participating Preferred Stock would be entitled to a preferential liquidation payment equal to the greater of (a) $100 per share and (b) an amount equal to 1,000 times the liquidation payment made per share of common stock. In addition, if issued, each share of Series B Junior Participating Preferred Stock would entitle the holder thereof to one thousand votes on all matters submitted to a vote of the stockholders of the Company. No shares of preferred stock of any series have been issued as of March 31, 2016. On December 14, 2014, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock of the Company. The Rights are governed by a Rights Agreement (the “Rights Agreement”) dated as of December 15, 2014. The dividend was payable on December 26, 2014 (the “Record Date”) to the stockholders of record on that date. In addition, one Right attaches to each share of common stock issued thereafter. The Rights initially represent the right to purchase one one-thousandth of a share of Series B Junior Participating Preferred Stock. The Rights will become exercisable upon the occurrence of specified events, including if any person or group (other than an “exempt person”) acquires beneficial ownership of 20 percent or more of the Company’s common stock. Under the Rights Agreement, an “exempt person” means each person that beneficially owns as of the date of the Rights Agreement 20% or more of the outstanding shares of common stock of the Company, except that each such person will be considered an exempt person only if and so long as the shares of common stock that are beneficially owned by such person do not exceed the number of shares which are beneficially owned by such person on the date of the Rights Agreement, plus any additional shares representing not more than 1% of the shares of common stock then outstanding, and except that a person will cease to be an exempt person immediately at such time as such person ceases to be the beneficial owner of 20% or more of the shares of common stock then outstanding. Upon a person or group (other than an exempt person) acquiring 20 percent or more of the Company’s common stock, each Right (other than Rights owned by such person or group) entitles its holder to purchase, for an exercise price of $85 per share, a number of shares of the Company’s common stock (or in certain circumstances, cash, property or other securities of the Company) having a market value of twice the exercise price, and under certain conditions, common stock of an acquiring company having a market value of twice the exercise price. If any person or group (other than an exempt person) acquires beneficial ownership of 20 percent or more of the Company’s common stock, the Company may, at its option, exchange the outstanding Rights (other than Rights owned by such acquiring person or group) for shares of the Company’s common stock or Company equity securities deemed to have the same value as one share of common stock or a combination thereof, at an exchange ratio of one share of common stock per Right. The Rights are subject to adjustment if certain events occur. Unless earlier redeemed, exchanged or amended by the Company, the Rights will expire on December 26, 2017. The Rights Agreement provides that the Company’s Board of Directors may, at its option and in the absence of certain events, redeem all of the outstanding Rights at a redemption price of $0.01 per Right.

Note 15 - Employee and Non-empl

Note 15 - Employee and Non-employee Stock Options	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	15. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in 2005, the Company has granted options to purchase up to a total of 256,000 shares of common stock to key employees, officers and non-employee directors with exercise prices at 100% of the fair market value on the date of grant. As of March 31, 2016, no further awards may be granted under the plans, and options to acquire a total of 40,000 shares remained outstanding. The employee options generally vested one-third per year beginning with the first anniversary from the date of grant. The non-employee director options generally vested one year from the date of grant. Compensation expense related to Air T, Inc. stock options was $0 and $9,000 for the years ended March 31, 2016 and 2015, respectively. As of March 31, 2016, there was no unrecognized compensation expense, related to the stock options. There were no stock options granted during the years ended March 31, 2016 and March 31, 2015. In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted 1.2 million non-qualified options to purchase shares of its common stock to certain of its employees at an exercise price of $0.33 per share. For the period from the acquisition date through March 31, 2016 Delphax recognized approximately $30,000 of stock-based compensation expense for its stock-based compensation arrangements. As of March 31, 2016, Delphax had a total of $373,000 in unrecognized compensation cost associated with its stock option plans. Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life(Years) Value Outstanding at March 31, 2014 101,500 $ 8.73 3.39 $ 342,000 Granted - Exercised (17,500 ) 8.61 Forfeited (6,000 ) 8.29 Repurchased (32,000 ) 8.96 Outstanding at March 31, 2015 46,000 $ 8.68 2.87 $ 732,000 Granted - Exercised - - Forfeited (6,000 ) 8.29 Repurchased - - Outstanding at March 31, 2016 40,000 8.74 2.09 $ 617,000 Exercisable at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 During the year ended March 31, 2015, options to purchase 10,000 shares vested and as of March 31, 2014 2,500 options vested. For the fiscal year ended March 31, 2016, no options were purchased.

Note 16 - Major Customers

Note 16 - Major Customers	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	16. MAJOR CUSTOMERS Approximately 46% and 45% of the Company’s consolidated revenues were derived from services performed for FedEx Corporation in fiscal 2016 and 2015, respectively. Approximately 24% and 26% of the Company’s consolidated accounts receivable at March 31, 2016 and 2015, respectively, were due from FedEx Corporation.

Note 17 - Income Taxes

Note 17 - Income Taxes	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	17. INCOME TAXES The components of income tax expense were as follows: Year Ended March 31, 2016 2015 Current: Federal $ 1,817,000 $ 1,209,000 State 316,000 159,000 Foreign 171,000 (65,000 ) Total current 2,304,000 1,303,000 Deferred: Federal 152,000 (315,000 ) State (61,000 ) (57,000 ) Total deferred 91,000 (372,000 ) Total $ 2,395,000 $ 931,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 34% as shown in the following table: Year Ended March 31, 2016 2015 Expected Federal income tax expense U.S. statutory rate $ 2,092,000 34.0 % $ 1,161,000 34.0 % State income taxes, net of Federal benefit 169,000 2.7 % 67,000 2.0 % Permanent differences, other 47,000 0.8 % 42,000 1.2 % Section 831(b) benefit (316,000 ) -5.1 % (364,000 ) -10.6 % Change in valuation allowance 557,000 9.0 % Domestic production activities deductions (193,000 ) -3.1 % (107,000 ) -3.1 % Other differences, net 39,000 0.6 % 132,000 3.8 % Income tax expense $ 2,395,000 38.9 % $ 931,000 27.3 % Delphax, which generated a loss for the period from November 24, 2015 through March 31, 2016 and is not included in the Air T, Inc.’s consolidated tax returns, is the source of the above valuation allowance effect. Deferred tax assets and liabilities consisted of the following as of: March 31, 2016 2015 Inventory reserves $ 504,000 $ 115,000 Accrued vacation 439,000 244,000 Stock option compensation 141,000 47,000 Warranty reserve 74,000 85,000 Accounts and notes receivable reserve 181,000 83,000 Net operating loss carryforwards 5,353,000 - Federal credits 4,784,000 - 263A inventory capitalization 60,000 145,000 Other 112,000 79,000 Total deferred tax assets 11,648,000 798,000 Deferred Revenue (52,000 ) - Prepaid expenses (563,000 ) (473,000 ) Property and equipment (70,000 ) (463,000 ) Intangibles (388,000 ) - Total deferred tax liabilities (1,073,000 ) (936,000 ) Net deferred tax (liability) asset $ 10,575,000 $ (138,000 ) Less Valuation Allowance (10,830,000 ) - Net deferred tax (liability) asset after Valuation Allowance $ (255,000 ) $ (138,000 ) The deferred tax items are reported on a net current and non-current basis in the accompanying fiscal 2016 and 2015 consolidated balance sheets according to the classification of the underlying asset and liability. The Company accounts for uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. The Company has analyzed filing positions in all of the federal, state and international jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal return are the fiscal 2012 through 2014 tax years. The periods subject to examination for the Company’s state returns are generally the fiscal 2011 through 2014 tax years. As of March 31, 2016 and 2015, the Company did not have any unrecognized tax benefits. The Company does not believe there will be any material changes in unrecognized tax positions over the next twelve months. It is the Company’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2016 and 2015, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the years ended March 31, 2016 and 2015. As described in Note 8, effective on November 24, 2015, Air T, Inc. purchased interests in Delphax. With an equity investment level by the Company of approximately 38%, Delphax is required to continue filing a separate United States corporate tax return. Furthermore, Delphax has three foreign subsidiaries located in Canada, France, and the United Kingdom which file tax returns in those jurisdictions. With few exceptions, Delphax is no longer subject to examinations by income tax authorities for tax years before 2011. Delphax maintains a September 30 fiscal year. As of September 30, 2015, Delphax and its subsidiaries had estimated foreign and domestic tax loss carryforwards of $6.0 million and $7.9 million, respectively. As of that date, they had estimated foreign research and development credit carryforwards of $4.5 million, which are available to offset future income tax. The credits and net operating losses expire in varying amounts beginning in the year 2023. Domestic alternative minimum tax credits of approximately $325,000 are available to offset future income tax with no expiration date. The Company is currently evaluating whether the investment in Delphax by Air T resulted in an ownership change for purposes of Section 382. The Company anticipates completing this analysis prior to filing it’s first quarterly report for fiscal year 2017. Should there be an ownership change for purposes of Section 382 or any equivalent foreign tax rules, the utilization of the previously mentioned carryforwards will be significantly limited. The provisions of ASC 740 require an assessment of both positive and negative evidence when determining whether it is more-likely-than-not that deferred tax assets will be recovered. In accounting for the Delphax acquisition on November 24, 2015, the Company established a full valuation allowance against Delphax’s net deferred tax assets of approximately $10,273,000. The corresponding valuation allowance at March 31, 2016 was approximately $10,830,000. The cumulative losses incurred by Delphax in recent years was the primary basis for the Company’s determination that a full valuation allowance should be established against Delphax’s net deferred tax assets. U.S. income tax has not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries for Delphax that is indefinitely reinvested outside the United States. This amount becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable because of the complexities of the hypothetical calculation.

Note 18 - Employee Benefits

Note 18 - Employee Benefits	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	18. EMPLOYEE BENEFITS The Company has a 401(k) defined contribution plan covering domestic employees and an 1165(E) defined contribution plan covering Puerto Rico based employees (“Plans”). All employees of the Company are immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the years ended March 31, 2016 and 2015 was approximately $376,000 and $299,000, respectively and was recorded in general and administrative expenses in the consolidated statements of income. The Company, in each of the past three years, has paid a discretionary profit sharing bonus in which all employees have participated. Profit sharing expense in fiscal 2016 and 2015 was approximately $1,748,000 and $1,150,000, respectively, and was recorded in general and administrative expenses in the consolidated statements of income. In addition, Delphax has a defined contribution salary deferral plan covering substantially all U.S. employees under Section 401(k) of the Internal Revenue Code. The plan allows eligible employees to make contributions up to the maximum amount provided under the Code. Delphax contributes an amount equal to 50% of the participants’ before-tax contributions up to 6% of base salary. The employer contribution vests after the employee has completed three years of eligible service. The contribution made by Delphax during the period from November 24, 2015 through March 31, 2016 was $15,000. Delphax also has a defined contribution plan covering substantially all Canadian employees. Canadian employees contribute 2% of gross salary to the plan, and Delphax makes a contribution to the plan of 3% or 4% of gross salary depending on employee classification. The employer contribution vests over two years. The contribution made by Delphax during the period from November 24, 2015 through March 31, 2016 was $41,000.

Note 19 - Quarterly Financial I

Note 19 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 $ 3,890 (2,314 ) Net Income (Loss) (736 ) 3,794 2,971 (1,086 ) Basic Earnings (Loss) per share (0.31 ) 1.60 1.25 (0.46 ) Diluted Earnings (Loss) per share (0.31 ) 1.58 1.24 (0.46 ) 2015 Operating Revenues $ 21,779 $ 34,625 $ 30,893 $ 24,885 Operating Income (Loss) 99 2,597 2,141 (1,420 ) Net Income (Loss) 73 1,818 1,448 (856 ) Basic Earnings (Loss) per share 0.03 0.77 0.61 (0.36 ) Diluted Earnings (Loss) per share 0.03 0.77 0.61 (0.36 )

Note 20 - Geographical Informat

Note 20 - Geographical Information	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	20. GEOGRAPHICAL INFORMATION Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2016 and March 31, 2015: March 31, March 31, 2016 2015 United States, the Company’s country of domicile $ 4,544,050 $ 2,571,499 Foreign 33,724 - Total property and equipment, net $ 4,577,774 $ 2,571,499 Total revenue, located in the United States, the Company’s Country of domicile is summarized in the following table as of March 31, 2016 and March 31, 2015: March 31, March 31, 2016 2015 United States, the Company’s country of domicile $ 141,010,279 $ 103,642,292 Foreign 7,201,659 8,538,866 Total revenue $ 148,211,938 $ 112,181,158

Note 21 - Segment Information

Note 21 - Segment Information	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	21. SEGMENT INFORMATION The Company has five 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. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning November 24, 2015. Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. The Company’s newly established leasing segment, comprised of the Company’s Air T Global Leasing, LLC subsidiary, provides funding for equipment leasing transactions, which may include transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by third parties unrelated to equipment manufactured by the Company or any of its subsidiaries. Air T Global Leasing, LLC commenced operations during the quarter ended December 31, 2015. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income. For the fiscal year ended March 31, 2016, the premiums paid to SAIC by the Company were allocated among the operating segments based on segment revenue and certain identified corporate expenses were allocated to the segments based on the relative benefit of those expenses to each segment. The prior period amounts have been reclassified to conform to the current period allocations of these expenses. Segment data is summarized as follows: Year Ended March 31, 2016 2015 Operating Revenues: Overnight Air Cargo $ 68,226,891 $ 49,864,547 Ground Equipment Sales: Domestic 45,175,818 33,231,529 International 6,000,000 8,538,866 Total Ground Equipment Sales 51,175,818 41,770,395 Ground Support Services 24,834,616 20,546,216 Printing Equipment and Maintenance Domestic 2,753,138 - International 1,201,659 - Total Printing Equipment and Maintenance 3,954,797 - Leasing 19,816 - Total $ 148,211,938 $ 112,181,158 Operating Income (Loss): Overnight Air Cargo $ 3,283,495 $ 19,519 Ground Equipment Sales 6,390,287 3,674,598 Ground Support Services (1,035,929 ) (92,532 ) Printing Equipment and Maintenance (1,966,626 ) - Leasing 8,324 - Corporate (647,888 ) (184,881 ) Total $ 6,031,663 $ 3,416,703 Capital Expenditures: Overnight Air Cargo $ 92,707 $ 245,548 Ground Equipment Sales 341,124 228,025 Ground Support Services 520,243 256,918 Printing Equipment and Maintenance 16,438 - Corporate 275,559 69,175 Total $ 1,246,071 $ 799,666 Depreciation and Amortization: Overnight Air Cargo $ 138,639 $ 158,179 Ground Equipment Sales 518,013 502,648 Ground Support Services 224,878 167,743 Printing Equipment and Maintenance 163,893 - Leasing 8,724 - Corporate 53,060 28,340 Total $ 1,107,207 $ 856,911

Note 22 - Commitments and Conti

Note 22 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	22. COMMITMENTS AND CONTINGENCIES The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position. 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.

Note 23 - Related Party Matters

Note 23 - Related Party Matters	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	23. RELATED PARTY MATTERS Since 1979 the Company has leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately 68 acres with one 3,000 foot paved runway, approximately 20,000 square feet of hangar space and approximately 12,300 square feet of office space. The operations of Air T, MAC and ATGL are headquartered at this facility. The lease for this facility provides for monthly rent of $14,862 and expires on January 31, 2018, though the lease may be renewed by us for three additional two-year option periods through January 31, 2024. The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance. Since April 1, 2015, the Company’s leasing subsidiary has acquired interests in two equipment leases originated by Vantage Financial, LLC (“Vantage”) for aggregate payments to Vantage of approximately $401,250. The interests in the acquired leases entitle the Company’s leasing subsidiary to receive lease payments from the third parties leasing the equipment for a specified period. Pursuant to the agreements between the Company’s leasing subsidiary and Vantage, Vantage’s fees for servicing the equipment leases for the leasing subsidiary (approximately $1,000) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company’s leasing subsidiary to Vantage to acquire these lease assets represent approximately 1% of Vantage’s outstanding lease assets at March 31, 2016 and the servicing income represents less than 1% of Vantage’s annual revenues.

Note 24 - Subsequent Events

Note 24 - Subsequent Events	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	24. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued. On April 4, 2016, ATGL purchased two elan TM On June 1, 2016, the dry-lease agreements between MAC and CSA and FedEx Corporation were amended to extend the term of the agreements to May 31, 2020 and to reduce the administrative fee per aircraft operated by MAC and CSA under the dry-lease agreements by approximately 2% (on a weighted average basis) compared to the administrative 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 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 administrative fee is anticipated to have a much more significant impact on the segment’s operating income. In June 2016, the Company acquired land and entered into an agreement to construct a new corporate headquarters in Denver, North Carolina for an aggregate amount of approximately $1.9 million, with construction anticipated to be completed in fiscal year 2018. The 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.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
Reclassification, Policy [Policy Text Block]	Reclassifications
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not covered by insurance. A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one major customer. The loss of a major customer would have a material impact on the Company’s results of operations. See Note 16 “Major Customers”.
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign exchange
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company intends to perform its annual impairment test of Delphax’s goodwill as of September 30, which is the end of Delphax’s fiscal year. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company has determined that the reporting unit for all goodwill as of March 31, 2016 is at the consolidated Delphax level. The applicable accounting standards provide for two methods to assess goodwill for possible impairment, one qualitative and the other a two-step quantitative method. The Company is permitted to first assess qualitative factors to determine whether it is more likely than not (this is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. In qualitatively evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market developments, cost factors, and the overall financial performance of the reporting unit. If, after assessing these events and circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the quantitative goodwill impairment test are unnecessary. In the first step of the quantitative method, recoverability of goodwill is evaluated by estimating the fair value of the reporting unit’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second step is performed to determine the amount of impairment loss, if any. The second step requires allocation of the reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of goodwill over its implied fair value. Considering all relevant factors, the Company identified a potential goodwill impairment during the quarter ended March 31, 2016. After review, the Company estimated and recorded an impairment charge in the amount of $100,000.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets Years Tradenames 5 Patents 9
Marketable Securities, Policy [Policy Text Block]	Marketable Securities Investments – Debt and Equity Securities
Inventory, Policy [Policy Text Block]	Inventories
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may be impaired and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amount. In the event it is determined that the carrying values of long-lived assets are in excess of the estimated undiscounted cash flows from those assets, the Company then will write-down the value of the assets by such excess.
Asset Retirement Obligations, Policy [Policy Text Block]	Asset Retirement Obligation
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	Operating Expenses Reimbursed by Customer
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Based Compensation The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses 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.
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves Product warranty reserve activity is as follows: Year Ended March 31, 2016 2015 Beginning Balance $ 231,803 $ 242,000 Amounts charged to expense 140,768 169,683 Actual warranty costs paid (166,916 ) (179,880 ) Delphax acquisition 60,800 - Ending Balance $ 266,455 $ 231,803
Income Tax, Policy [Policy Text Block]	Income Taxes
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs

Note 1 - Summary of Significa33

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Finite-Lived Intangible Asset Useful Lives [Table Text Block]	Years Tradenames 5 Patents 9
Schedule of Product Warranty Liability [Table Text Block]	Year Ended March 31, 2016 2015 Beginning Balance $ 231,803 $ 242,000 Amounts charged to expense 140,768 169,683 Actual warranty costs paid (166,916 ) (179,880 ) Delphax acquisition 60,800 - Ending Balance $ 266,455 $ 231,803

Note 2 - Earning Per Common S34

Note 2 - Earning Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2016 2015 Net earnings attributable to Air T, Inc. Stockholders $ 4,943,065 $ 2,483,926 Earnings Per Share: Basic $ 2.08 $ 1.05 Diluted $ 2.06 $ 1.04 Weighted Average Shares Outstanding: Basic 2,372,527 2,359,610 Diluted 2,396,824 2,379,928

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Year Ended March 31, 2016 2015 Ground support service parts $ 1,566,694 $ 938,072 Ground equipment manufacturing: Raw materials 1,549,810 2,583,797 Work in process 408,213 1,535,152 Finished goods 4,328,812 3,045,761 Printing equipment and maintenance Raw materials 3,319,939 - Work in process 759,446 - Finished goods 562,912 - Total inventories 12,495,826 8,102,782 Reserves (221,722 ) (313,133 ) Total, net of reserves $ 12,274,104 $ 7,789,650

Note 5 - Property and Equipme36

Note 5 - Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2016 2015 Furniture, fixtures and improvements $ 5,559,885 $ 4,931,748 Equipment leased to customers 2,898,639 1,672,402 8,458,523 6,604,150 Less accumulated depreciation (3,880,750 ) (4,032,650 ) Property and equipment, net $ 4,577,774 $ 2,571,499

Note 6 - Intangible Assets (Tab

Note 6 - Intangible Assets (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	March 31, 2016 Tradenames $ 120,000 Patents 1,090,000 1,210,000 Less accumulated amortization and impairment (100,888 ) Intangible assets, net $ 1,109,112
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Year ending March 31, 2017 $ 135,111 2018 135,111 2019 135,111 2020 135,111 2021 126,695 Thereafter 441,973 $ 1,109,112

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2016 2015 Salaries, wages and related items $ 3,288,169 $ 1,571,347 Profit sharing 1,769,261 1,088,089 Health insurance 353,825 405,826 Warranty reserves 266,455 231,803 Other 1,165,164 232,386 Total $ 6,842,874 $ 3,529,451

Note 8 - Acquisition of Inter39

Note 8 - Acquisition of Interests in Delphax (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	November 24, 2015 ASSETS Cash and cash equivalents $ 586,061 Accounts receivable 1,740,210 Inventories 3,972,802 Other current assets 693,590 Property and equipment 722,714 Intangible assets - trade name 120,000 Intangible assets - patents 1,090,000 Goodwill 375,408 Total assets $ 9,300,785 LIABILITIES Accounts payable $ 1,663,199 Accrued expenses 1,949,522 Income tax payable 11,312 Debt 3,313,317 Other long-term liabilities 650,500 Total liabilities $ 7,587,850 Net Assets $ 1,712,935

Note 9 - Variable Interest En40

Note 9 - Variable Interest Entities (Tables) - Delphax [Member]	12 Months Ended
	Mar. 31, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 249,528 Accounts receivable, net 1,433,494 Inventories 4,642,298 Other current assets 1,034,067 Total current assets 7,359,387 Property and equipment 625,684 Intangible assets 1,109,112 Goodwill 275,408 Other Assets 26,020 Total assets $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 1,684,802 Income tax payable 11,312 Accrued expenses 1,926,340 Short-term debt 1,859,300 Total current liabilities 5,481,754 Long-term debt 2,581,107 Other long-term liabilities 606,358 Total liabilities $ 8,669,219 Net Assets $ 726,392
Condensed Income Statement [Table Text Block]	From November 24, 2015 through March 31, 2016 Operating Revenues $ 3,954,797 Operating Expenses: Cost of sales 3,611,024 General and administrative 1,218,564 Research and development 777,942 Depreciation, amortization and impairment 313,893 5,921,423 Operating Loss (1,966,626 ) Non-operating Loss (21,111 ) Loss Before Income Taxes (1,987,737 ) Income Taxes - Net Loss $ (1,987,737 )

Note 11 - Lease Arrangements (T

Note 11 - Lease Arrangements (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ended March 31, 2017 $ 3,278,000 2018 2,611,000 2019 1,660,000 2020 1,018,000 2021 564,000 Thereafter 632,000 Total minimum lease payments $ 9,763,000

Note 12 - Equipment Leased to42

Note 12 - Equipment Leased to Customers (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Receivables from Leased Asset [Table Text Block]	Year ended March 31, 2017 $ 206,000 2018 46,040 2019 46,040 2020 46,040 2021 46,040 Thereafter 3,837 Total minimum lease payments $ 393,994 Year ended March 31, 2017 $ 240,000 2018 240,000 2019 40,000 $ 520,000

Note 13 - Fair Value of Finan43

Note 13 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at March 31, 2016 2015 Marketable securities $ 9,655,915 $ 5,278,752

Note 15 - Employee and Non-em44

Note 15 - Employee and Non-employee Stock Options (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life(Years) Value Outstanding at March 31, 2014 101,500 $ 8.73 3.39 $ 342,000 Granted - Exercised (17,500 ) 8.61 Forfeited (6,000 ) 8.29 Repurchased (32,000 ) 8.96 Outstanding at March 31, 2015 46,000 $ 8.68 2.87 $ 732,000 Granted - Exercised - - Forfeited (6,000 ) 8.29 Repurchased - - Outstanding at March 31, 2016 40,000 8.74 2.09 $ 617,000 Exercisable at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000

Note 17 - Income Taxes (Tables)

Note 17 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2016 2015 Current: Federal $ 1,817,000 $ 1,209,000 State 316,000 159,000 Foreign 171,000 (65,000 ) Total current 2,304,000 1,303,000 Deferred: Federal 152,000 (315,000 ) State (61,000 ) (57,000 ) Total deferred 91,000 (372,000 ) Total $ 2,395,000 $ 931,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2016 2015 Expected Federal income tax expense U.S. statutory rate $ 2,092,000 34.0 % $ 1,161,000 34.0 % State income taxes, net of Federal benefit 169,000 2.7 % 67,000 2.0 % Permanent differences, other 47,000 0.8 % 42,000 1.2 % Section 831(b) benefit (316,000 ) -5.1 % (364,000 ) -10.6 % Change in valuation allowance 557,000 9.0 % Domestic production activities deductions (193,000 ) -3.1 % (107,000 ) -3.1 % Other differences, net 39,000 0.6 % 132,000 3.8 % Income tax expense $ 2,395,000 38.9 % $ 931,000 27.3 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	March 31, 2016 2015 Inventory reserves $ 504,000 $ 115,000 Accrued vacation 439,000 244,000 Stock option compensation 141,000 47,000 Warranty reserve 74,000 85,000 Accounts and notes receivable reserve 181,000 83,000 Net operating loss carryforwards 5,353,000 - Federal credits 4,784,000 - 263A inventory capitalization 60,000 145,000 Other 112,000 79,000 Total deferred tax assets 11,648,000 798,000 Deferred Revenue (52,000 ) - Prepaid expenses (563,000 ) (473,000 ) Property and equipment (70,000 ) (463,000 ) Intangibles (388,000 ) - Total deferred tax liabilities (1,073,000 ) (936,000 ) Net deferred tax (liability) asset $ 10,575,000 $ (138,000 ) Less Valuation Allowance (10,830,000 ) - Net deferred tax (liability) asset after Valuation Allowance $ (255,000 ) $ (138,000 )

Note 19 - Quarterly Financial46

Note 19 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Quarter Quarter Quarter Quarter 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 $ 3,890 (2,314 ) Net Income (Loss) (736 ) 3,794 2,971 (1,086 ) Basic Earnings (Loss) per share (0.31 ) 1.60 1.25 (0.46 ) Diluted Earnings (Loss) per share (0.31 ) 1.58 1.24 (0.46 ) 2015 Operating Revenues $ 21,779 $ 34,625 $ 30,893 $ 24,885 Operating Income (Loss) 99 2,597 2,141 (1,420 ) Net Income (Loss) 73 1,818 1,448 (856 ) Basic Earnings (Loss) per share 0.03 0.77 0.61 (0.36 ) Diluted Earnings (Loss) per share 0.03 0.77 0.61 (0.36 )

Note 20 - Geographical Inform47

Note 20 - Geographical Information (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, March 31, 2016 2015 United States, the Company’s country of domicile $ 4,544,050 $ 2,571,499 Foreign 33,724 - Total property and equipment, net $ 4,577,774 $ 2,571,499
Revenue from External Customers by Geographic Areas [Table Text Block]	March 31, March 31, 2016 2015 United States, the Company’s country of domicile $ 141,010,279 $ 103,642,292 Foreign 7,201,659 8,538,866 Total revenue $ 148,211,938 $ 112,181,158

Note 21 - Segment Information (

Note 21 - Segment Information (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2016 2015 Operating Revenues: Overnight Air Cargo $ 68,226,891 $ 49,864,547 Ground Equipment Sales: Domestic 45,175,818 33,231,529 International 6,000,000 8,538,866 Total Ground Equipment Sales 51,175,818 41,770,395 Ground Support Services 24,834,616 20,546,216 Printing Equipment and Maintenance Domestic 2,753,138 - International 1,201,659 - Total Printing Equipment and Maintenance 3,954,797 - Leasing 19,816 - Total $ 148,211,938 $ 112,181,158 Operating Income (Loss): Overnight Air Cargo $ 3,283,495 $ 19,519 Ground Equipment Sales 6,390,287 3,674,598 Ground Support Services (1,035,929 ) (92,532 ) Printing Equipment and Maintenance (1,966,626 ) - Leasing 8,324 - Corporate (647,888 ) (184,881 ) Total $ 6,031,663 $ 3,416,703 Capital Expenditures: Overnight Air Cargo $ 92,707 $ 245,548 Ground Equipment Sales 341,124 228,025 Ground Support Services 520,243 256,918 Printing Equipment and Maintenance 16,438 - Corporate 275,559 69,175 Total $ 1,246,071 $ 799,666 Depreciation and Amortization: Overnight Air Cargo $ 138,639 $ 158,179 Ground Equipment Sales 518,013 502,648 Ground Support Services 224,878 167,743 Printing Equipment and Maintenance 163,893 - Leasing 8,724 - Corporate 53,060 28,340 Total $ 1,107,207 $ 856,911

Note 1 - Summary of Significa49

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Nov. 24, 2015USD ($)
Overnight Air Cargo [Member]
Number of Major Customers			1
Cargo and Freight Revenue			$ 24,632,000	$ 32,672,000
Delphax [Member]
Goodwill	$ 375,000	$ 375,000	375,000		$ 375,408
Asset Retirement Obligation					$ 560,000
Increase (Decrease) in Asset Retirement Obligations		0
Trade Names [Member]
Impairment of Intangible Assets, Finite-lived	50,000		$ 50,000
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life			3 years
Flight Equipment [Member]
Property, Plant and Equipment, Useful Life			7 years
Equipment Leased to Other Party [Member]
Property, Plant and Equipment, Useful Life			10 years
Accounts Receivable Payment Terms			30 days
Goodwill	$ 275,408	$ 275,408	$ 275,408
Goodwill, Impairment Loss			$ 100,000
Warranty Term on Ground Equipment Products			3 years
Research and Development Expense			$ 777,942	$ 0

Note 1 - Amortizable Lives of I

Note 1 - Amortizable Lives of Intangible Assets (Details)	12 Months Ended
	Mar. 31, 2016
Trade Names [Member]
Intangible asset useful life	5 years
Patents [Member]
Intangible asset useful life	9 years

Note 1 - Product Warranty Reser

Note 1 - Product Warranty Reserve Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Beginning Balance	$ 231,803	$ 242,000
Amounts charged to expense	140,768	169,683
Actual warranty costs paid	(166,916)	$ (179,880)
Delphax acquisition	60,800
Ending Balance	$ 266,455	$ 231,803

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
Net earnings attributable to Air T, Inc. Stockholders	$ (1,086,000)	$ 2,971,000	$ 3,794,000	$ (736,000)	$ (856,000)	$ 1,448,000	$ 1,818,000	$ 73,000	$ 4,943,065	$ 2,483,926
Earnings Per Share:
Basic (in dollars per share)	$ (0.46)	$ 1.25	$ 1.60	$ (0.31)	$ (0.36)	$ 0.61	$ 0.77	$ 0.03	$ 2.08	$ 1.05
Diluted (in dollars per share)	$ (0.46)	$ 1.24	$ 1.58	$ (0.31)	$ (0.36)	$ 0.61	$ 0.77	$ 0.03	$ 2.06	$ 1.04
Weighted Average Shares Outstanding:
Basic (in shares)									2,372,527	2,359,610
Diluted (in shares)									2,396,824	2,379,928

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Marketable Securities, Current	$ 4,944,572	$ 5,278,752
Available-for-sale Securities, Amortized Cost Basis	9,791,000	5,490,000
Available-for-sale Securities, Gross Unrealized Gain	422,000	0
Available-for-sale Securities, Gross Unrealized Loss	557,000	211,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	5,903,000	4,168,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	163,000	176,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,711,000	1,111,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	395,000	35,000
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	$ 49,720	$ 8,487

Note 4 - Inventories (Details)

Note 4 - Inventories (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Ground Equipment Manufacturing [Member]
Raw materials	$ 1,549,810	$ 2,583,797
Work in process	408,213	1,535,152
Finished goods	4,328,812	$ 3,045,761
Printing Equipment and Maintenance [Member]
Raw materials	3,319,939
Work in process	759,446
Finished goods	562,912
Ground support service parts	1,566,694	$ 938,072
Total inventories	12,495,826	8,102,782
Reserves	(221,722)	(313,133)
Total, net of reserves	$ 12,274,104	$ 7,789,649

Note 5 - Property and Equipme55

Note 5 - Property and Equipment (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Furniture and Fixtures [Member]
Furniture, fixtures and improvements	$ 5,559,885	$ 4,931,748
Equipment Leased to Other Party [Member]
Furniture, fixtures and improvements	2,898,639	1,672,402
Furniture, fixtures and improvements	8,458,523	6,604,150
Less accumulated depreciation	(3,880,750)	(4,032,650)
Property and equipment, net	$ 4,577,774	$ 2,571,499

Note 6 - Intangible Assets (Det

Note 6 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Nov. 24, 2015
Trade Names [Member]
Impairment of Intangible Assets, Finite-lived	$ 50,000	$ 50,000
Delphax [Member]
Goodwill	375,000	375,000		$ 375,408
Amortization of Intangible Assets		51,000	$ 0
Finite-Lived Intangible Assets, Net	1,109,112	1,109,112	$ 0
Goodwill	$ 275,408	275,408
Goodwill, Impairment Loss		$ 100,000

Note 6 - Summary of Intangible

Note 6 - Summary of Intangible Assets (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Trade Names [Member]
Intangible assets, gross	$ 120,000
Patents [Member]
Intangible assets, gross	1,090,000
Intangible assets, gross	1,210,000
Less accumulated amortization and impairment	(100,888)
	$ 1,109,112	$ 0

Note 6 - Future Amortization of

Note 6 - Future Amortization of Intangible Assets (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
2,017	$ 135,111
2,018	135,111
2,019	135,111
2,020	135,111
2,021	126,695
Thereafter	441,973
	$ 1,109,112	$ 0

Note 7 - Accrued Expenses (Deta

Note 7 - Accrued Expenses (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Salaries, wages and related items	$ 3,288,169	$ 1,571,347
Profit sharing	1,769,261	1,088,089
Health insurance	353,825	405,826
Warranty reserves	266,455	231,803
Other	1,165,164	232,386
Total	$ 6,842,874	$ 3,529,451

Note 8 - Acquisition of Inter60

Note 8 - Acquisition of Interests in Delphax (Details Textual) - Delphax [Member] - USD ($)	Nov. 24, 2015	Mar. 31, 2016
Five Year Senior Subordinated Promissory Note [Member]
Debt Instrument, Face Amount	$ 2,500,000
Debt Instrument, Term	5 years
Debt Instrument, Interest Rate, Stated Percentage	8.50%
Delphax 90-Day Senior Subordinated Note [Member]
Debt Instrument, Cancellation, Outstanding Principal Surrendered	$ 500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 508,000
Series B Preferred Stock of Delphax [Member]
Business Combination, Shares Acquired	43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants	95,600
Business Combination, Warrants Acquired, Exercise Price Per Share	$ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion	100
Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion	38.00%
Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion and Issuance of All Shares Reserved for Issuance Under Employee Stock Option Plans	31.00%
Percentage of Preferred Stock Initially Purchasable under Warrant Permitted to Acquire	50.00%
Shares of Preferred Stock Acquired in Connection With the Exercise of the Warrant as a Percentage of the Number of Preferred Shares Initially Purchasable under the Warrant	50.00%
Payments to Acquire Businesses, Gross	$ 1,050,000
Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price	0.95
Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period	20 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 3,313,317
Business Combination, Acquisition Related Costs		$ 110,000

Note 8 - Assets Acquired and Li

Note 8 - Assets Acquired and Liabilities Assumed in Delphax Acquisition (Details) - USD ($)	Mar. 31, 2016	Nov. 24, 2015	Mar. 31, 2015
Delphax [Member] | Trade Names [Member]
ASSETS
Intangible assets		$ 120,000
Delphax [Member] | Patents [Member]
ASSETS
Intangible assets		1,090,000
Delphax [Member]
ASSETS
Cash and cash equivalents		586,061
Accounts receivable		1,740,210
Inventories		3,972,802
Other current assets		693,590
Property and equipment		722,714
Goodwill	$ 375,000	375,408
Total assets		9,300,785
LIABILITIES
Accounts payable		1,663,199
Accrued expenses		1,949,522
Income tax payable		11,312
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt		3,313,317
Other long-term liabilities		650,500
Total liabilities		7,587,850
Net Assets		$ 1,712,935
Goodwill	$ 275,408

Note 9 - Variable Interest En62

Note 9 - Variable Interest Entities (Details Textual)	Mar. 31, 2016USD ($)
Delphax [Member]
Loan Due from Variable Interest Entity, Accrued Interest	$ 76,000

Note 9 - Carrying Values of Ass

Note 9 - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	$ 249,528
Accounts receivable, net	1,433,494
Inventories	4,642,298
Other current assets	1,034,067
Total current assets	7,359,387
Property and equipment	625,684
Intangible assets	1,109,112
Goodwill	275,408
Other Assets	26,020
Total assets	9,395,611
Accounts payable	1,684,802
Income tax payable	11,312
Accrued expenses	1,926,340
Short-term debt	1,859,300
Total current liabilities	5,481,754
Long-term debt	2,581,107
Other long-term liabilities	606,358
Total liabilities	8,669,219
Net Assets	726,392
Cash and cash equivalents	5,345,455	$ 13,388,767	$ 3,508,888
Accounts receivable, net	12,303,128	9,534,563
Inventories	12,274,104	7,789,649
Other current assets	1,668,004	612,334
Total current assets	38,959,534	38,670,023
Property and equipment	4,577,774	2,571,499
Intangible assets	1,109,112	$ 0
Goodwill	275,408
Other Assets	317,528	$ 224,188
Total assets	52,154,752	43,456,382
Accounts payable	7,003,660	$ 4,715,709
Income tax payable	11,312
Accrued expenses	6,842,874	$ 3,529,451
Short-term debt	1,859,300
Total current liabilities	15,717,146	$ 8,245,160
Long-term debt	4,835	$ 5,000,000
Other long-term liabilities	$ 615,241

Note 9 - Revenue and Expenses o

Note 9 - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended								4 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Delphax [Member]
United States, the Company’s country of domicile									$ 3,954,797
Cost of sales									3,611,024
General and administrative									1,218,564
Research and Development Expense									777,942
Depreciation, amortization and impairment									313,893
									5,921,423
Operating Loss									(1,966,626)
Non-operating Loss									(21,111)
Loss Before Income Taxes									$ (1,987,737)
Income tax expense
Net income									$ (1,987,737)
United States, the Company’s country of domicile	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 24,885,000	$ 30,893,000	$ 34,625,000	$ 21,779,000		$ 148,211,938	$ 112,181,158
General and administrative										18,139,830	14,222,996
Research and Development Expense										777,942	0
Depreciation, amortization and impairment										1,257,207	856,911
										142,180,275	108,764,455
Operating Loss	$ (2,314,000)	$ 3,890,000	$ 5,505,000	$ (1,049,000)	$ (1,420,000)	$ 2,141,000	$ 2,597,000	$ 99,000		6,031,663	3,416,703
Non-operating Loss										121,746	(1,778)
Loss Before Income Taxes										6,153,409	3,414,926
Income tax expense										2,395,452	931,000
Net income										$ 3,757,957	$ 2,483,926

Note 10 - Financing Arrangeme65

Note 10 - Financing Arrangements (Details Textual) - Revolving Credit Facility [Member]	12 Months Ended
	Mar. 31, 2016USD ($)
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000
London Interbank Offered Rate (LIBOR) [Member]
Derivative, Basis Spread on Variable Rate	1.50%
Debt Instrument, Basis Spread on Variable Rate	1.50%
Delphax [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000
Long-term Line of Credit	$ 1,833,000
Debt Instrument, Interest Rate, Effective Percentage	4.25%
Line of Credit Facility, Additional Borrowing Capacity	$ 800,000
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
Long-term Line of Credit	$ 0
LIBOR Rate	0.44%

Note 11 - Lease Arrangements (D

Note 11 - Lease Arrangements (Details Textual)	4 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016CADft²	Mar. 31, 2016USD ($)ft²	Mar. 31, 2016GBP (£)ft²	Mar. 31, 2015USD ($)
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent			$ 14,862
Number of Additional Lease Option Periods		3	3	3
Lessee Leasing Arrangements, Operating Leases, Renewal Term		2 years	2 years	2 years
Related Party [Member]
Operating Leases, Rent Expense			$ 178,000		$ 177,000
Kinston, North Carolina [Member]
Number of Additional Lease Option Periods		4	4	4
Lessee Leasing Arrangements, Operating Leases, Renewal Term		5 years	5 years	5 years
Area of Lease Facility | ft²		53,000	53,000	53,000
Area of Total Facility | ft²		66,000	66,000	66,000
Mississauga, Ontario [Member] | Delphax [Member]
Operating Leases, Rent Expense		CAD 384,000	$ 222,000
UNITED KINGDOM | Delphax [Member]
Operating Leases, Rent Expense			$ 90,000	£ 62,400
GAS Leases [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		1 year	1 year	1 year
Delphax [Member]
Operating Leases, Rent Expense	$ 226,000
Operating Leases, Rent Expense			$ 3,038,000		$ 2,309,000

Note 11 - Future Minimum Annual

Note 11 - Future Minimum Annual Lease Payments (Details)	Mar. 31, 2016USD ($)
2,017	$ 3,278,000
2,018	2,611,000
2,019	1,660,000
2,020	1,018,000
2,021	564,000
Thereafter	632,000
Total minimum lease payments	$ 9,763,000

Note 12 - Equipment Leased to68

Note 12 - Equipment Leased to Customers (Details Textual)	Mar. 31, 2016USD ($)
Monthly Rental Receivable	$ 20,000

Note 12 - Annual Lease Payments

Note 12 - Annual Lease Payments Receivable (Details)	Mar. 31, 2016USD ($)
Equipment [Member]
2,017	$ 206,000
2,018	46,040
2,019	46,040
2,020	46,040
2,021	46,040
Thereafter	3,837
Total minimum lease payments	393,994
Printer [Member]
2,017	240,000
2,018	240,000
2,019	40,000
Total minimum lease payments	$ 520,000

Note 13 - Assets and Liabilitie

Note 13 - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Marketable Securities, Current	$ 9,655,915	$ 5,278,752
Marketable Securities, Current	$ 4,944,572	$ 5,278,752

Note 14 - Air T, Inc., Stockh71

Note 14 - Air T, Inc., Stockholders' Equity (Details Textual)	12 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015$ / sharesshares	May 14, 2014shares
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	5,000
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized	5,000
Preferred Stock, Capital Shares Reserved for Future Issuance	3,000
Dividends, Preferred Stock | $	$ 1
Related Dividend Declared in Comparison to Per Share of Common Stock	1,000
Preferred Stock, Liquidation Preference Per Share | $ / shares	$ 100
Liquidation Payment in Comparison to Per Share of Common Stock	1,000
Number of Votes Entitled	1,000
Other Than Exempt Person [Member]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 85
Rights Agreement [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 0.01
Common Stock, Shares Authorized	4,000,000	4,000,000
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.25	$ 0.25
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			750,000
Preferred Stock, Shares Authorized	50,000	50,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 1	$ 1
Preferred Stock, Shares Issued	0

Note 15 - Employee and Non-em72

Note 15 - Employee and Non-employee Stock Options (Details Textual) - USD ($)	4 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		256,000
Exercise Price to Fair Market Value		100.00%
Director [Member] | Employee and Non Employee Director Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Certain Employees of Delphax [Member] | Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.33
Employee and Non Employee Director Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0
Allocated Share-based Compensation Expense		$ 0	$ 9,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0	0
Delphax [Member]
Allocated Share-based Compensation Expense	30,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 373,000	$ 373,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	40,000	40,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		0	10,000	2,500

Note 15 - Option Activity (Deta

Note 15 - Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Outstanding (in shares)	46,000	101,500
Outstanding (in dollars per share)	$ 8.68	$ 8.73
Outstanding	2 years 32 days	2 years 317 days	3 years 142 days
Outstanding	$ 732,000	$ 342,000
Exercised (in shares)		(17,500)
Exercised (in dollars per share)		$ 8.61
Forfeited (in shares)	(6,000)	(6,000)
Forfeited (in dollars per share)	$ 8.29	$ 8.29
Repurchased (in shares)		(32,000)
Repurchased (in dollars per share)		$ 8.96
Outstanding (in shares)	40,000	46,000	101,500
Outstanding (in dollars per share)	$ 8.74	$ 8.68	$ 8.73
Outstanding	$ 617,000	$ 732,000	$ 342,000
Exercisable (in shares)	40,000
Exercisable (in dollars per share)	$ 8.74
Exercisable	2 years 32 days
Exercisable	$ 617,000

Note 16 - Major Customers (Deta

Note 16 - Major Customers (Details Textual) - Customer Concentration Risk [Member] - Fed Ex [Member]	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Sales Revenue, Net [Member]
Concentration Risk, Percentage	46.00%	45.00%
Accounts Receivable [Member]
Concentration Risk, Percentage	24.00%	26.00%

Note 17 - Income Taxes (Details

Note 17 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Nov. 24, 2015	Sep. 30, 2015
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards				$ 6,000,000
Delphax [Member] | Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount				4,500,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount				325,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards				$ 7,900,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
Unrecognized Tax Benefits	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0	$ 0
Deferred Tax Assets, Valuation Allowance	$ 10,830,000		$ 10,273,000

Note 17 - Provision for Income

Note 17 - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current:
Federal	$ 1,817,000	$ 1,209,000
State	316,000	159,000
Foreign	171,000	(65,000)
Total current	2,304,000	1,303,000
Deferred:
Federal	152,000	(315,000)
State	(61,000)	(57,000)
Total deferred	90,484	(372,000)
Total	$ 2,395,452	$ 931,000

Note 17 - Difference in Income

Note 17 - Difference in Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expected Federal income tax expense U.S. statutory rate	$ 2,092,000	$ 1,161,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
State income taxes, net of Federal benefit	$ 169,000	$ 67,000
State income taxes, net of Federal benefit	2.70%	2.00%
Permanent differences, other	$ 47,000	$ 42,000
Permanent differences, other	0.80%	1.20%
Section 831(b) benefit	$ (316,000)	$ (364,000)
Section 831(b) benefit	(5.10%)	(10.60%)
Change in valuation allowance	$ 557,000
Change in valuation allowance	9.00%
Domestic production activities deductions	$ (193,000)	$ (107,000)
Domestic production activities deductions	(3.10%)	(3.10%)
Other differences, net	$ 39,000	$ 132,000
Other differences, net	0.60%	3.80%
Income tax expense	$ 2,395,452	$ 931,000
Income tax expense	38.90%	27.30%

Note 17 - Deferred Tax Assets a

Note 17 - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2016	Nov. 24, 2015	Mar. 31, 2015
Inventory reserves	$ 504,000		$ 115,000
Accrued vacation	439,000		244,000
Stock option compensation	141,000		47,000
Warranty reserve	74,000		85,000
Accounts and notes receivable reserve	181,000		$ 83,000
Net operating loss carryforwards	5,353,000
Federal credits	4,784,000
263A inventory capitalization	60,000		$ 145,000
Other	112,000		79,000
Total deferred tax assets	11,648,000		$ 798,000
Deferred Revenue	(52,000)
Prepaid expenses	(563,000)		$ (473,000)
Property and equipment	(70,000)		$ (463,000)
Intangibles	(388,000)
Total deferred tax liabilities	(1,073,000)		$ (936,000)
Net deferred tax (liability) asset	10,575,000
Net deferred tax (liability) asset			$ (138,000)
Less Valuation Allowance	(10,830,000)	$ (10,273,000)
Net deferred tax (liability) asset after Valuation Allowance	$ (255,000)		$ (138,000)

Note 18 - Employee Benefits (De

Note 18 - Employee Benefits (Details Textual) - USD ($)	4 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
General and Administrative Expense [Member]
Other Labor-related Expenses		$ 1,748,000	$ 1,150,000
Delphax [Member] | United States Postretirement Benefit Plan of US Entity [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	6.00%
Deferred Compensation Arrangement with Individual, Requisite Service Period	3 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 15,000
Delphax [Member] | Foreign Postretirement Benefit Plan [Member] | CANADA | Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Delphax [Member] | Foreign Postretirement Benefit Plan [Member] | CANADA | Maximum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Delphax [Member] | Foreign Postretirement Benefit Plan [Member] | CANADA
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	2.00%
Deferred Compensation Arrangement with Individual, Requisite Service Period	2 years
Foreign Postretirement Benefit Plan [Member] | CANADA
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 41,000
Pension and Other Postretirement Benefit Contributions		$ 376,000	$ 299,000

Note 19 - Quarterly Financial80

Note 19 - Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
Operating Revenues	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 24,885,000	$ 30,893,000	$ 34,625,000	$ 21,779,000	$ 148,211,938	$ 112,181,158
Operating Income (Loss)	(2,314,000)	3,890,000	5,505,000	(1,049,000)	(1,420,000)	2,141,000	2,597,000	99,000	6,031,663	3,416,703
Net earnings attributable to Air T, Inc. Stockholders	$ (1,086,000)	$ 2,971,000	$ 3,794,000	$ (736,000)	$ (856,000)	$ 1,448,000	$ 1,818,000	$ 73,000	$ 4,943,065	$ 2,483,926
Basic (in dollars per share)	$ (0.46)	$ 1.25	$ 1.60	$ (0.31)	$ (0.36)	$ 0.61	$ 0.77	$ 0.03	$ 2.08	$ 1.05
Diluted (in dollars per share)	$ (0.46)	$ 1.24	$ 1.58	$ (0.31)	$ (0.36)	$ 0.61	$ 0.77	$ 0.03	$ 2.06	$ 1.04

Note 20 - Long-lived Assets By

Note 20 - Long-lived Assets By Geographic Region (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
UNITED STATES
United States, the Company’s country of domicile	$ 4,544,050	$ 2,571,499
Non-US [Member]
United States, the Company’s country of domicile	33,724
United States, the Company’s country of domicile	$ 4,577,774	$ 2,571,499

Note 20 - Revenue by Geographic

Note 20 - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
UNITED STATES
United States, the Company’s country of domicile									$ 141,010,279	$ 103,642,292
Non-US [Member]
United States, the Company’s country of domicile									7,201,659	8,538,866
United States, the Company’s country of domicile	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 24,885,000	$ 30,893,000	$ 34,625,000	$ 21,779,000	$ 148,211,938	$ 112,181,158

Note 21 - Segment Information83

Note 21 - Segment Information (Details Textual)	12 Months Ended
	Mar. 31, 2016
Number of Operating Segments	5

Note 21 - Segment Data (Details

Note 21 - Segment Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
Overnight Air Cargo [Member]
Operating Revenues:
Revenues									$ 68,226,891	$ 49,864,547
Operating Income (Loss):
Operating Income (Loss)									3,283,495	19,519
Capital Expenditures:
Capital Expenditures									92,707	245,548
Depreciation and Amortization:
Depreciation and Amortization									138,639	158,179
Ground Equipment Sales [Member] | Domestic [Member]
Operating Revenues:
Revenues									45,175,818	33,231,529
Ground Equipment Sales [Member] | International [Member]
Operating Revenues:
Revenues									6,000,000	8,538,866
Ground Equipment Sales [Member]
Operating Revenues:
Revenues									51,175,818	41,770,395
Operating Income (Loss):
Operating Income (Loss)									6,390,287	3,674,598
Capital Expenditures:
Capital Expenditures									341,124	228,025
Depreciation and Amortization:
Depreciation and Amortization									518,013	502,648
Ground Support Services [Member]
Operating Revenues:
Revenues									24,834,616	20,546,216
Operating Income (Loss):
Operating Income (Loss)									(1,035,929)	(92,532)
Capital Expenditures:
Capital Expenditures									520,243	256,918
Depreciation and Amortization:
Depreciation and Amortization									224,878	$ 167,743
Printing Equipment and Maintenance [Member] | Domestic [Member]
Operating Revenues:
Revenues									2,753,138
Printing Equipment and Maintenance [Member] | International [Member]
Operating Revenues:
Revenues									1,201,659
Printing Equipment and Maintenance [Member]
Operating Revenues:
Revenues									3,954,797	$ 0
Operating Income (Loss):
Operating Income (Loss)									(1,966,626)
Capital Expenditures:
Capital Expenditures									16,438
Depreciation and Amortization:
Depreciation and Amortization									163,893
Leasing [Member]
Operating Revenues:
Revenues									19,816
Operating Income (Loss):
Operating Income (Loss)									8,324
Depreciation and Amortization:
Depreciation and Amortization									8,724
Corporate Segment [Member]
Operating Income (Loss):
Operating Income (Loss)									(647,888)	$ (184,881)
Capital Expenditures:
Capital Expenditures									275,559	69,175
Depreciation and Amortization:
Depreciation and Amortization									53,060	28,340
Revenues	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 24,885,000	$ 30,893,000	$ 34,625,000	$ 21,779,000	148,211,938	112,181,158
Operating Income (Loss)	$ (2,314,000)	$ 3,890,000	$ 5,505,000	$ (1,049,000)	$ (1,420,000)	$ 2,141,000	$ 2,597,000	$ 99,000	6,031,663	3,416,703
Capital Expenditures									1,246,071	799,666
Depreciation and Amortization									$ 1,107,207	$ 856,911

Note 22 - Commitments and Con85

Note 22 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Jun. 29, 2016
Subsequent Event [Member]
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount		$ 1,900,000
Corporate Headquarters, Annual Rental Payment	$ 178,000

Note 23 - Related Party Matte86

Note 23 - Related Party Matters (Details Textual)	12 Months Ended
	Mar. 31, 2016USD ($)a
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]
Area of Real Estate Property | a	68
Operating Leases Monthly Rent	$ 14,862
Number of Additional Lease Option Periods	3
Lessee Leasing Arrangements, Operating Leases, Renewal Term	2 years
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent	$ 14,862
Number of Additional Lease Option Periods	3
Lessee Leasing Arrangements, Operating Leases, Renewal Term	2 years
Vantage [Member] | Leasing Subsidiary [Member]
Number of Interests Acquired in Equipment Leases During the Period	2
Payments to Acquire Interests in Equipment Leases	$ 401,250
Fees for Servicing Equipment Leases, Included in Acquisition Payments	$ 1,000
Equipment Lease Payments, Percentage of Outstanding Lease Assets	1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues	1.00%

Note 24 - Subsequent Events (De

Note 24 - Subsequent Events (Details Textual) - USD ($)	Jun. 01, 2016	Apr. 04, 2016	Mar. 31, 2016	Jun. 29, 2016
Subsequent Event [Member] | ATGL [Member] | Delphax [Member]
Payments to Acquire Machinery and Equipment		$ 650,000
Subsequent Event [Member] | MAC and CSA [Member] | FedEx Corporation [Member]
Administrative Fee Increase (Decrease), Percentage	(2.00%)
Subsequent Event [Member]
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount				$ 1,900,000
Corporate Headquarters, Annual Rental Payment			$ 178,000