Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 31, 2017 | |
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) | 2,042,789 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | $ 35,769,170 | $ 46,618,573 | $ 104,785,413 | $ 113,631,022 |
Overnight air cargo - flight | 10,152,680 | 9,823,987 | 29,150,766 | 25,597,653 |
Overnight air cargo - maintenance | 5,068,418 | 6,499,073 | 15,778,738 | 17,061,811 |
Ground equipment sales | 4,345,727 | 14,629,183 | 16,521,728 | 33,229,603 |
Ground support services | 6,449,260 | 5,358,593 | 17,604,562 | 15,137,050 |
Printing equipment and maintenance | 948,008 | 1,376,000 | 8,072,739 | 1,376,000 |
Commercial jet engines | 1,672,092 | 2,459,631 | ||
Leasing | 49,460 | |||
Research and development | 107,598 | 216,000 | 858,480 | 216,000 |
General and administrative | 4,960,263 | 4,585,364 | 15,932,655 | 12,050,479 |
Depreciation, amortization and impairment | 411,798 | 296,474 | 2,755,071 | 667,595 |
(Gain) loss on sale of property and equipment | 13,909 | (56,218) | 13,909 | (50,837) |
34,129,753 | 42,728,456 | 109,197,739 | 105,285,354 | |
Operating Income (Loss) | 1,639,417 | 3,890,117 | (4,412,326) | 8,345,668 |
Non-operating Income (Expense): | ||||
Gain (loss) on sale of marketable securities | 9,965 | (6,837) | 582,910 | (6,837) |
Foreign currency gain, net | 235,670 | 11,000 | 360,556 | 11,000 |
Other-than-temporary impairment loss on investments | (1,502,239) | |||
Other investment income, net | 66,082 | 15,776 | 157,044 | |
Interest expense and other | (136,842) | 35,144 | (278,219) | 21,289 |
174,875 | 55,083 | (679,948) | 25,452 | |
Income (Loss) Before Income Taxes | 1,814,292 | 3,945,200 | (5,092,274) | 8,371,120 |
Income Taxes | 149,000 | 1,499,000 | 152,000 | 2,867,000 |
Net Income (Loss) | 1,665,292 | 2,446,200 | (5,244,274) | 5,504,120 |
Net (Income) Loss Attributable to Non-controlling Interests | (809,187) | 525,140 | 3,492,626 | 525,140 |
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ 856,105 | $ 2,971,340 | $ (1,751,648) | $ 6,029,260 |
Earnings (Loss) Per Share: | ||||
Basic (in dollars per share) | $ 0.42 | $ 1.25 | $ (0.81) | $ 2.54 |
Diluted (in dollars per share) | $ 0.42 | $ 1.24 | $ (0.81) | $ 2.52 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,042,789 | 2,372,527 | 2,152,301 | 2,372,527 |
Diluted (in shares) | 2,047,637 | 2,396,999 | 2,152,301 | 2,396,645 |
Overnight Air Cargo [Member] | ||||
Operating Revenues | $ 17,099,640 | $ 18,674,458 | $ 50,888,019 | $ 48,949,401 |
Ground Equipment Sales [Member] | ||||
Operating Revenues | 5,400,258 | 20,344,287 | 20,743,323 | 45,666,664 |
Ground Support Services [Member] | ||||
Operating Revenues | 7,579,661 | 6,559,110 | 21,417,854 | 17,974,239 |
Printing Equipment and Maintenance [Member] | ||||
Operating Revenues | 2,653,899 | 1,035,000 | 6,941,883 | 1,035,000 |
Commercial Jet Engines [Member] | ||||
Operating Revenues | 2,998,165 | 4,293,272 | ||
Leasing [Member] | ||||
Operating Revenues | $ 37,547 | $ 5,718 | $ 501,062 | $ 5,718 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 1,665,292 | $ 2,446,200 | $ (5,244,274) | $ 5,504,120 |
Other comprehensive income (loss): | ||||
Foreign currency translation loss | (179,015) | (18,000) | (368,956) | (18,000) |
Unrealized net gains (losses) on marketable securities | 139,531 | 1,030,265 | (307,224) | 163,835 |
Tax effect of net unrealized (gains) losses on marketable securities | (50,715) | (370,895) | 110,601 | (58,981) |
Total unrealized net gain (loss) on marketable securities, net of tax | 88,816 | 659,370 | (196,623) | 104,854 |
Reclassification of other-than-temporary impairment losses on marketable securities, net of losses (gains) on sale of marketable securities, included in income (loss) before income taxes | (9,965) | 6,837 | 919,329 | 6,837 |
Tax effect of reclassification | 4,071 | (2,461) | (330,475) | (2,461) |
Reclassification adjustment, net of tax | (5,894) | 4,376 | 588,854 | 4,376 |
Total Other Comprehensive Income (Loss) | (96,093) | 645,746 | 23,275 | 91,230 |
Total Comprehensive Income (Loss) | 1,569,199 | 3,091,946 | (5,220,999) | 5,595,350 |
Comprehensive (Income) Loss Attributable to Non-controlling Interests | (698,198) | 536,140 | 3,721,380 | 536,140 |
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders | $ 871,001 | $ 3,628,086 | $ (1,499,619) | $ 6,131,490 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | |
Current Assets: | |||
Cash and cash equivalents | $ 1,621,890 | $ 5,345,455 | [1] |
Marketable securities | 3,196,810 | 4,944,572 | |
Restricted cash | 820,651 | 820,651 | |
Accounts receivable, less allowance for doubtful accounts of $437,000 and $426,000 | 15,239,948 | 12,303,128 | |
Notes and other receivables-current | 1,318,865 | 592,721 | |
Income tax receivable | 1,582,145 | 719,899 | |
Inventories, net | 20,946,720 | 12,274,104 | |
Deferred Tax Assets, Net of Valuation Allowance, Current | 71,126 | 291,000 | |
Prepaid expenses and other | 1,192,275 | 1,668,004 | |
Total Current Assets | 45,990,430 | 38,959,534 | |
Available-For-Sale marketable securities | 2,876,399 | 4,711,343 | |
Property and Equipment, net | 5,168,905 | 4,577,774 | |
Cash surrender value of life insurance policies | 2,264,689 | 2,100,057 | |
Notes and other receivables - long-term | 103,996 | ||
Other assets | 402,439 | 317,528 | |
Intangible assets, net | 1,139,922 | 1,109,112 | |
Goodwill | 4,185,265 | 275,408 | |
Total Assets | 62,028,049 | 52,154,752 | |
Current Liabilities: | |||
Accounts payable | 9,054,684 | 7,003,660 | |
Income tax payable | 11,312 | ||
Accrued expenses | 6,706,927 | 6,842,874 | |
Short-term debt | 1,163,577 | 1,859,300 | |
Total Current Liabilities | 16,925,188 | 15,717,146 | |
Long-term debt | 18,358,742 | 4,835 | |
Deferred income taxes | 546,000 | 546,000 | |
Other non-current liabilities | 2,992,435 | 615,241 | |
Total Liabilities | 38,822,365 | 16,883,222 | |
Redeemable non-controlling interest | 1,127,019 | ||
Commitments and Contingencies (Notes 9 and 13) | |||
Equity: | |||
Preferred stock, $1.00 par value, 50,000 shares authorized | 0 | 0 | |
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding at December 31, 2016, 2,372,527 shares issued and outstanding at March 31, 2016 | 510,696 | 593,131 | |
Additional paid-in capital | 4,260,030 | 4,947,665 | |
Retained earnings | 20,452,393 | 29,350,980 | |
Accumulated other comprehensive income (loss), net | 134,130 | (117,898) | |
Total Air T, Inc. Stockholders' Equity | 25,357,249 | 34,773,878 | |
Non-controlling Interests | (3,278,584) | 497,652 | |
Total Equity | 22,078,665 | 35,271,530 | |
Total Liabilities and Equity | $ 62,028,049 | $ 52,154,752 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Allowance for doubtful accounts | $ 437,000 | $ 426,000 |
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) | 2,042,789 | 2,372,527 |
Common stock, outstanding (in shares) | 2,042,789 | 2,372,527 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (5,244,274) | $ 5,504,120 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Gain) loss on sale of marketable securities | (582,910) | 6,837 | |
(Gain) loss on sale of property and equipment | 13,909 | (50,837) | |
Change in accounts receivable and inventory reserves | 1,409,575 | (157,059) | |
Depreciation, amortization and impairment | 2,755,071 | 667,595 | |
Change in cash surrender value of life insurance | (164,632) | (120,159) | |
Warranty reserve. | (66,869) | (93,228) | |
Compensation expense related to stock options | 31,000 | ||
Other-than-temporary impairment loss on investments | 1,502,239 | ||
Change in operating assets and liabilities: | |||
Accounts receivable | (1,350,470) | (3,576,456) | |
Notes receivable and other non-trade receivables | (669,943) | (137,634) | |
Inventories | (8,569,464) | 383,383 | |
Prepaid expenses and other | 450,498 | 80,138 | |
Accounts payable | 1,615,448 | (565,144) | |
Accrued expenses | (317,093) | 152,974 | |
Income tax payable / receivable | (873,557) | 897,266 | |
Non-current liabilities | (580,110) | (34,310) | |
Total adjustments | (5,428,308) | (2,515,634) | |
Net cash (used in) provided by operating activities | (10,672,582) | 2,988,486 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of marketable securities | (2,505,519) | (3,278,466) | |
Proceeds from sale of marketable securities | (5,781,001) | (54,958) | |
Net cash flow used in business combinations | (4,573,700) | 78,000 | |
Capital expenditures | (1,518,007) | (1,051,055) | |
Proceeds from sale of property and equipment | 6,281 | 185,830 | |
Net cash used in investing activities | (2,809,944) | (4,010,733) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from line of credit | 52,462,391 | 14,472,273 | |
Payment on line of credit | (34,103,649) | (19,291,273) | |
Proceeds from lease funding | 7,428 | ||
Repurchase of common stock | (7,917,009) | ||
Net cash provided by (used in) financing activities | 9,741,175 | (7,842,572) | |
Effect of foreign currency exchange rates on cash and cash equivalents | 17,786 | (12,985) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (3,723,565) | (8,877,804) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 5,345,455 | [1] | 14,165,120 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,621,890 | 5,287,316 | |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | |||
Finished goods inventory transferred to equipment leased to customers | 321,345 | 1,288,474 | |
Change in fair value of marketable securities | (893,225) | 171,220 | |
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES: | |||
Non-controlling interest in acquired business | 1,072,161 | 1,713,000 | |
Acquired business earnout contracts and payable | 3,075,000 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 158,100 | 56,546 | |
Income taxes | 1,028,457 | 1,966,881 | |
Delphax [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment on line of credit | $ (700,558) | $ (3,031,000) | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 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, 2015 | 2,372,527 | |||||
Balance at Mar. 31, 2015 | $ 593,131 | $ 4,929,090 | $ 24,407,915 | $ (134,913) | $ 29,795,223 | |
Non-controlling interest in acquired business | 1,713,000 | 1,713,000 | ||||
Net income (loss) | 6,029,260 | (525,140) | 5,504,120 | |||
Net change from marketable securities, net of tax | 109,230 | 109,230 | ||||
Foreign currency translation loss | (7,000) | (11,000) | (18,000) | |||
Funding on residual sharing agreements | 7,428 | 7,428 | ||||
Balance (in shares) at Dec. 31, 2015 | 2,372,527 | |||||
Balance at Dec. 31, 2015 | $ 593,131 | 4,936,518 | 30,437,175 | (32,683) | 1,176,860 | 37,111,001 |
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 interest in acquired business | 1,072,161 | |||||
Net income (loss) | (1,751,648) | (3,547,484) | (5,244,274) | |||
Net change from marketable securities, net of tax | 392,232 | 392,232 | ||||
Foreign currency translation loss | (140,204) | (228,752) | (368,956) | |||
Balance (in shares) at Dec. 31, 2016 | 2,042,789 | |||||
Balance at Dec. 31, 2016 | $ 510,696 | 4,260,030 | 20,452,393 | 134,130 | (3,278,584) | 22,078,665 |
Repurchase of common stock (in shares) | (329,738) | |||||
Repurchase of common stock | $ (82,435) | $ (687,635) | $ (7,146,939) | $ (7,917,009) |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 March 31, 2016. December 31 Certain reclassifications have been made to the prior period amounts to conform to the current presentation. New Accounting Pronouncements In May 2014, five December 15, 2017, In July 2015, December 15, 2016 In January 2016, 2016 01 2016 01 December 15, 2017, 2016 01 320 321, In February 2016, 2016 02, 12 December 15, 2018, In March 2016, 2018 In June 2016, December 15, 2019, December 15, 2018, |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Acquisitions Acquisition of Interests in Delphax Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 November 24, 2015 $2,500,000 $500,000 90 October 2, 2015 $1,050,000 43,000 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%, 10.5%. September 1, 2016. November 24, 2017. October 2, 2015 16, January 6, 2017 Each share of Series B Preferred Stock is convertible into 100 no No 38% 31% 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 Shares and interests in the Warrant sufficient to permit it to acquire up to 50% 50% ● 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 June 1, 2016 four sevenths ● without the written consent or waiver of the Company, Delphax may Pursuant to the provision described above, beginning on November 24, 2015, three seven December 31, 2016, two five four sevenths The Warrant expires on November 24, 2021. first tender tender tender may 0.95 20 one As a result of the above transactions, the Company determined that it had obtained control over Delphax and we consolidated Delphax in our consolidated financial statements beginning on November 24, 2015. The following table summarizes the fair values of Delphax assets and liabilities as of the Delphax 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 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 $1,050,000 $2,500,000, Delphax’s debt immediately prior to the acquisition included approximately $508,000 90 As further discussed in Note 10, June 30, 2016 June 30, 2016 Acquisition of Interests in Contrail On July 18, 2016 The acquisition consideration consisted of (i) $4,033,368 21% Pursuant to the Asset Purchase Agreement, Contrail Aviation agreed to pay as contingent additional deferred consideration up to a maximum of $1,500,000 $3,000,000 (i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no (ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, $2,000,000, $1,500,000, two (2); (iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $2,000,000, $4,000,000, $1,000,000; (iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $4,000,000, $1,500,000; (v) if, following the fifth $15,000,000 $3,000,000 $3,000,000 As used in the Asset Purchase Agreement, “Earnout Period” means each of the first five twelve On the Contrail Closing Date, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”) permitting, at any time after the fifth third The following table summarizes the provisional fair values of assets acquired and liabilities assumed by Contrail Aviation as of the Contrail Closing Date: July 18, 2016 ASSETS Accounts receivable 1,357,499 Inventories 2,118,475 Prepaid expenses 30,121 Property and equipment 33,095 Intangible assets - non-compete 69,700 Intangible assets - tradename 322,000 Intangible assets - certification 47,000 Intangible assets - customer relationship 451,000 Goodwill 3,986,865 Total assets $ 8,415,755 LIABILITIES Accounts payable $ 366,575 Accrued expenses 43,652 Earnout liability 2,900,000 Total liabilities $ 3,310,227 Net Assets $ 5,105,528 The Company’s purchase accounting reflects the estimated net fair value of the Seller’s assets acquired and liabilities assumed as of the Contrail Closing Date. Purchase accounting also reflects the Company’s current estimate that the Earnout Payments will be due at the above-specified maximum level. The Contrail Closing Date balance sheet information disclosed above reflects the present value of such estimated Earnout Payments. The Company’s initial accounting for the acquisition is currently incomplete, principally as regards the valuation of inventories and intangible assets. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional. The Put/Call Option specifies a fair value strike price as of the exercise date. As such, the Company assigned no value to the Put/Call Option for purposes of purchase accounting. Because the Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation, the Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying December 31, 2016 July 18, 2016, September 30, 2016, December 31, 2016. Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements. Amortization expense associated with the acquired intangible assets totaled approximately $60,000 nine December 31, 2016. Other Acquisitions On October 3, 2016, 100% $15,000 145 48.5 2014, June 2016 May 2046 30 2.6 may 90 $27,000, first seven $152,000), five three March 2017 B777 300 first 2021. The acquired Jet Yard business is included in the Company’s commercial jet engine segment. The Company has finalized its Jet Yard acquisition accounting. Pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”) signed on October 31, 2016, October 1, 2016, $400,000. $100,000 30 $100,000 $16,667 November 1, 2016. $100,000 may twelve September 30, 2017. $700,000. No $200,000 $300,000, $200,000 no Amortization expense associated with the acquired intangible assets was approximately $5,000 nine December 31, 2016. The acquired D&D business is operated by GAS and included in the Company’s ground support services segment. The Company has finalized its D&D acquisition accounting. Pro forma financial information is not presented for the above acquisitions as the results are not material to the Company’s consolidated financial statements. |
Note 3 - Income Taxes
Note 3 - Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. Income Taxes Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. During the nine December 31, 2016, $152,000 24.17% 2.99% three December 31, 2016, $149,000. The individually largest factor contributing to the difference between the federal statutory rate of 34% three nine December 31, 2016 three nine December 31, 2016 831(b). nine December 31, 2015, $2,867,000 34.25%. three December 31, 2015, $1,499,000. 831(b) As described in Note 2, November 24, 2015, 38%, three 2011. Delphax maintains a September 30 September 30, 2015 $6.0 $7.9 $4.5 2023. $325,000 September 30, 2016. Should there be an ownership change for purposes of Section 382 may $3.2 $4.5 10. The provisions of ASC 740 November 24, 2015, $11,661,000. December 31, 2016 $12,352,000. The Company has not recognized any deferred income tax assets or liabilities associated with differences between the financial reporting and tax reporting bases of investments in foreign subsidiaries or for outside basis differences associated with the Company’s investments in Delphax. The Company concluded that the conditions for such recognition were not met as of December 31, 2016. As described in Note 2, July 18, 2016, 21% 79% |
Note 4 - Net Earnings Per Share
Note 4 - Net Earnings Per Share | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Net Earnings Per Share Basic earnings per share have been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during the respective period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Net earnings (loss) attributable to Air T, Inc. Stockholders $ 856,105 $ 2,971,340 $ (1,751,648 ) $ 6,029,260 Earnings (Loss) per share: Basic $ 0.42 $ 1.25 $ (0.81 ) $ 2.54 Diluted $ 0.42 $ 1.24 $ (0.81 ) $ 2.52 Weighted average shares outstanding: Basic 2,042,789 2,372,527 2,152,301 2,372,527 Diluted 2,047,637 2,396,999 2,152,301 2,396,645 The Company reported a net loss for the nine December 31, 2016. |
Note 5 - Investment Securities
Note 5 - Investment Securities Available for Sale | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Investment Securities Available For Sale Investments in available-for-sale marketable securities at December 31, 2016 $6,073,000, $5,598,000, $614,000 $139,000. March 31, 2016 $9,656,000, $9,791,000, $422,000 $557,000. 12 December 31, 2016 $613,000 $139,000, March 31, 2016 $5,903,000 $163,000. As of December 31, 2016, 12 12 March 31, 2016, $4,711,000 $395,000 Any investment with a fair value of less than its cost basis is assessed for possible “other-than-temporary” impairment regularly and at each reporting date. Other-than-temporary impairments of available-for-sale marketable equity securities are recognized in the consolidated statement of income (loss). On the basis of its June 30, 2016 June 30, 2016, one June 30, 2016. June 30, 2016 $3,604,000 June 30, 2016 $4,034,000 December 31, 2016, $430,000. As a result of the above-described Insignia other-than-temporary impairment assessment, the Company’s condensed consolidated statements of income (loss) for the three June 30, 2016 nine December 31, 2016 $1,502,000. On November 28, 2016, $0.70 December 13, 2016, January 6, 2017. January 6, 2017 three nine December 31, 2016 16 fourth With the exception of Insignia, all of the Company’s investments in available-for-sale marketable securities are fully classified within the current asset section of the accompanying condensed consolidated balance sheets. Given the Company’s intention not to sell its Insignia shares for a period of at least twelve March 31, 2016. December 31, 2016 January 2017. The Company realized gains of $583,000 $0, nine December 31, 2016 December 31, 2015. December 31, 2016, March 31, 2016 All securities are priced using publicly quoted market prices and are considered Level 1 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consisted of the following: December 31, 2016 March 31, 2016 Ground support service parts $ 2,498,473 $ 1,566,694 Ground equipment manufacturing: Raw materials 2,018,052 1,549,810 Work in process 1,692,322 408,213 Finished goods 9,396,326 4,328,812 Printing equipment and maintenance Raw materials 2,326,857 3,319,939 Work in process 322,537 759,446 Finished goods 1,090,370 562,912 Commercial jet engines 3,580,930 - Total inventories 22,925,867 12,495,826 Reserves (1,979,147 ) (221,722 ) Total, net of reserves $ 20,946,720 $ 12,274,104 During the quarter ended June 30, 2016, 10. |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7. Stock-Based Compensation Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though no awards may July 29, 2015. No nine December 31, 2016 2015. no December 31, 2016, no three nine December 31, 2016, zero 30,000 No December 2016 not December 2016 A summary of Air T, Inc. stock option activity during the nine December 31, 2016 Shares Outstanding as of March 31, 2016 40,000 Activity during the nine months ended December 31, 2016 Granted - Exercised - Canceled (forfeited/expired) (30,000 ) Outstanding as of December 31, 2016 10,000 Exerciseable as of December 31, 2016 10,000 |
Note 8 - Stock Repurchase
Note 8 - Stock Repurchase | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stock Repurchase [Text Block] | 8. Stock Repurchase On July 1, 2016, 329,738 $0.25 $24.01 $7,917,009. thirty (30) Pursuant to the terms of the Securities Purchase Agreement, for a period of four The Common Stock was retired upon repurchase. The accompanying condensed consolidated statement of equity for the nine December 31, 2016 |
Note 9 - Financing Arrangements
Note 9 - Financing Arrangements | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Financing Arrangements On April 1, 2015, $7.0 $20.0 $500,000 may one December 31, 2016, 1.50%. 0.15%. may On July 15, 2016, July 15, 2016, August 9, 2016, August 9, 2016, $20.0 $25.0 April 1, 2017 April 1, 2018 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 10, The Credit Agreement 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 18.0 March 31, 2017, 50% 1.35 1.0, 3.5 1.0, 1.25 1.0 June 30, 2016 September 30, 2016, 1.50 1.0 December 31, 2016 March 31, 2017, 1.75 1.0 $5,000,000 December 31, 2016 September 30, 2016 As of December 31, 2016, $18.3 December 31, 2016 No March 31, 2016. On October 31, 2016, October 31, 2016, $1,480,000 may October 2017. November 2016. 25 November 2017, October 2026. December 31, 2016, $77,000. As of December 31, 2016, $7.0 December 31, 2016, November 2018, 10.5%, December 31, 2016). As of December 31, 2016, $1.2 $1.8 March 31, 2016) March 31, 2016, December 31, 2016 December 31, 2016 September 1, 2016, 0.5% September 9, 2016. 16, January 6, 2017 In connection with and upon consummation of the Contrail acquisition, Contrail Aviation entered into a Credit Agreement (the “Contrail Credit Agreement”) with BMO Harris Bank N.A. The Contrail Credit Agreement provides for revolving credit borrowings by Contrail Aviation in an amount up to the lesser of $12,000,000 75% $9,000,000) 80% December 31, 2016 $2.2 one 2.80%, January 2018. The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a first $1,600,000, The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of Contrail Aviation and its subsidiaries 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 its business, and engage in transactions with affiliates. The Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of 1.75 1.0, 2.5 1.0, $10,000 The Contrail Credit Agreement 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, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company’s failure to own, legally and beneficially, at least 51% At December 31, 2016, no December 31, 2016. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. |
Note 10 - Variable Interest Ent
Note 10 - Variable Interest Entities | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 10. 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 2, 810, November 24, 2015. 810, 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. June 1, 2016. November 24, 2015, Refer to Note 2 The following table sets forth the carrying values of Delphax’s assets and liabilities as of December 31, 2016, March 31, 2016: December 31, 2016 March 31, 2016 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 95,357 $ 249,528 Accounts receivable, net 2,000,183 1,433,494 Inventories 2,014,783 4,642,298 Other current assets 491,331 1,034,067 Total current assets 4,601,654 7,359,387 Property and equipment 33,474 625,684 Intangible assets - 1,109,112 Goodwill - 275,408 Other Assets - 26,020 Total assets $ 4,635,128 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,577,816 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 3,562,787 1,926,340 Short-term debt 1,163,577 1,859,300 Total current liabilities 7,315,492 5,481,754 Long-term debt 2,748,471 2,581,107 Other long-term liabilities - 606,358 Total liabilities $ 10,063,963 $ 8,669,219 Net assets $ (5,428,835 ) $ 726,392 Long-term debt as reflected in the above table includes approximately $248,000 $76,000 December 31, 2016, March 31, 2016, December 31, 2016 March 31, 2016 The assets of Delphax can only be used to satisfy the obligations of Delphax. Revenue and Expenses of Delphax November 24, 2015. nine December 31, 2016. For the Nine Months Ended December 31, 2016 (Unaudited) Operating revenues $ 7,648,724 Operating expenses: Cost of sales 8,671,905 General and administrative 2,295,255 Research and development 858,480 Depreciation, amortization and impairment 1,713,322 13,538,962 Operating loss (5,890,238 ) Non-operating loss 103,966 Loss before income taxes (5,786,272 ) Income taxes - Net loss $ (5,786,272 ) As disclosed in the Company’s Form 10 June 30, 2016, first The adverse business developments during the quarter ended June 30, 2016 June 30, 2016, $5,610,000, June 30, 2016. June 30, 2016 December 31, 2016. Intangible assets of Delphax had a net book value of approximately $1.4 March 31, 2016. June 30, 2016, The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax’s business outlook and alternative courses of action. During the quarter ended June 30, 2016, September 30, 2016 December 31, 2016, Based on all currently available relevant information including, among other considerations, the assessment of the outside advisory firm, the Company believes that Delphax or one may may may first 2018 The following presents information on Delphax’s amortizable intangible assets and goodwill at December 31, 2016 March 31, 2016: December 31, 2016 March 31, 2016 (Unaudited) Tradenames $ 120,000 $ 120,000 Patents 1,090,000 1,090,000 Goodwill 375,000 375,000 1,585,000 1,585,000 Less accumulated amortization and impairment (1,585,000 ) (200,480 ) Intangible assets and goodwill, net $ - $ 1,384,520 |
Note 11 - Geographical Informat
Note 11 - Geographical Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Geographical Reporting Disclosure [Text Block] | 11. Geographical I nformation Total property and equipment, net of accumulated depreciation, is located as follows as of December 31, 2016, March 31, 2016: December 31, 2016 March 31, 2016 (Unaudited) United States, the Company’s country of domicile $ 5,135,431 $ 4,240,050 Foreign 33,474 337,724 Total property and equipment, net $ 5,168,905 $ 4,577,774 Total revenue, based on customer location, is summarized in the following table for the nine December 31, 2016 December 31, 2015: December 31, 2016 December 31, 2015 (Unaudited) (Unaudited) United States, the Company’s country of domicile $ 96,223,786 $ 108,883,473 Foreign 8,561,627 4,747,549 Total revenue $ 104,785,413 $ 113,631,022 |
Note 12 - Segment Information
Note 12 - Segment Information | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. Segment Information At December 31, 2016, six 10 third December 31, 2015. July 2016 Each business segment has separate management teams and infrastructures. We evaluate the performance of our business segments based on operating income. In March 2014, $250,000. third fourth 2016, nine December 31, 2015 Segment data is summarized as follows: Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Operating Revenues: Overnight Air Cargo $ 17,099,640 $ 18,674,458 $ 50,888,019 $ 48,949,401 Ground Equipment Sales: Domestic 781,519 19,120,611 16,472,690 41,261,674 International 1,960,841 1,320,235 4,029,235 4,501,549 Total Ground Equipment Sales 2,742,360 20,440,846 20,501,925 45,763,223 Ground Support Services 7,579,661 6,559,110 21,417,854 17,974,239 Printing Equipment and Maintenance Domestic 2,151,030 789,000 5,400,433 789,000 International 538,868 246,000 2,248,291 246,000 Total Printing Equipment and Maintenance 2,689,898 1,035,000 7,648,724 1,035,000 Commercial Jet Engines: Domestic 1,558,983 - 2,009,171 - International 1,439,182 - 2,284,101 - Total Commercial Jet Engines 2,998,165 - 4,293,272 - Leasing 37,547 5,718 501,062 5,718 Corporate 281,926 265,837 845,778 796,884 Intercompany 2,339,973 (362,396 ) (1,311,221 ) (893,443 ) Total $ 35,769,170 $ 46,618,573 $ 104,785,413 $ 113,631,022 Operating Income (Loss): Overnight Air Cargo $ 716,356 $ 1,099,335 $ 2,136,337 $ 2,484,097 Ground Equipment Sales (912,893 ) 3,841,378 672,464 7,685,291 Ground Support Services (41,199 ) (69,620 ) (391,968 ) (675,813 ) Printing Equipment and Maintenance 1,056,972 (883,000 ) (5,890,238 ) (883,000 ) Commercial Jet Engines 491,479 - 534,285 - Leasing 226,011 (194 ) 405,426 (194 ) Corporate (453,577 ) (2,686 ) (1,917,110 ) (169,617 ) Intercompany 556,268 (95,096 ) 38,478 (95,096 ) Total $ 1,639,417 $ 3,890,117 $ (4,412,326 ) $ 8,345,668 Capital Expenditures: Overnight Air Cargo $ 43,542 $ 6,618 $ 79,582 $ 82,607 Ground Equipment Sales - 119,455 19,596 338,194 Ground Support Services 119,381 220,816 331,520 429,588 Printing Equipment and Maintenance - - 9,927 - Commercial Jet Engines 50,154 - 50,154 - Leasing - 241,398 3,066,500 241,398 Corporate 393,890 190,733 1,027,228 200,666 Intercompany - (241,398 ) (3,066,500 ) (241,398 ) Total $ 606,967 $ 537,622 $ 1,518,007 $ 1,051,055 Depreciation and Amortization: Overnight Air Cargo $ 31,866 $ 37,068 $ 91,175 $ 106,161 Ground Equipment Sales 359,021 165,401 453,941 364,465 Ground Support Services 103,600 60,993 274,309 149,560 Printing Equipment and Maintenance (13,082 ) 17,000 1,713,322 17,000 Commercial Jet Engines 38,221 - 66,627 - Leasing 14,516 3,658 232,806 3,658 Corporate 49,390 13,817 116,175 28,214 Intercompany (171,734 ) (1,463 ) (193,284 ) (1,463 ) Total $ 411,798 $ 296,474 $ 2,755,071 $ 667,595 The elimination of intercompany revenues is related to the return during the three December 31, 2016 ten two nine December 31, 2016, |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. 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, $2.0 2018. $178,000. As disclosed in Note 2, two As also disclosed in Note 2, In connection with Jet Yard’s lease with the county of Pinal, Arizona, the Company has commitments to construct facilities on the leased premises in phases in accordance with a specified timetable. See Note 2. |
Note 14 - Related Party Matters
Note 14 - Related Party Matters | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. Related Party Matters Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018, may three two January 31, 2024. Since April 1, 2015, two $401,250. third $1,000) 1% December 31, 2016 1% As described in Note 2, December 31, 2016 $2.9 In connection with the acquisition described in Note 2, five may five 30 six $13,081 1.5%. |
Note 15 - Expiration of Rights
Note 15 - Expiration of Rights Under Rights Agreement | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Expiration of Rights Under Rights Agreement [Text Block] | 15. Expiration of Rights under Rights Agreement On September 26, 2016, December 15, 2014 5:00 December 26, 2017 5:00 September 26, 2016. September 26, 2016, 1 5:00 December 26, 2017 5:00 September 26, 2016 September 26, 2016 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before the condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements. Acquisition of Delphax Senior Credit Agreement Pursuant to an Assignment and Acceptance Agreement dated January 6, 2017 January 6, 2017 $1.26 $7.0 $2.5 100% $500,000, 2.5% $25,000 $50,000 January 6, 2017, On January 6, 2017, January 6, 2017, 10.5% 18%, January 6, 2017, May 31, 2017 $141,000. Insignia Special D ividend As discussed in Note 5, November 28, 2016 $0.70 January 9, 2017. $1,200,000. fourth The net effect of the Insignia special dividend will be reflected in the Company’s fourth March 31, 2017 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, five December 15, 2017, In July 2015, December 15, 2016 In January 2016, 2016 01 2016 01 December 15, 2017, 2016 01 320 321, In February 2016, 2016 02, 12 December 15, 2018, In March 2016, 2018 In June 2016, December 15, 2019, December 15, 2018, |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Dec. 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 |
Contrail Aviation Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | July 18, 2016 ASSETS Accounts receivable 1,357,499 Inventories 2,118,475 Prepaid expenses 30,121 Property and equipment 33,095 Intangible assets - non-compete 69,700 Intangible assets - tradename 322,000 Intangible assets - certification 47,000 Intangible assets - customer relationship 451,000 Goodwill 3,986,865 Total assets $ 8,415,755 LIABILITIES Accounts payable $ 366,575 Accrued expenses 43,652 Earnout liability 2,900,000 Total liabilities $ 3,310,227 Net Assets $ 5,105,528 |
Note 4 - Net Earnings Per Sha26
Note 4 - Net Earnings Per Share (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Net earnings (loss) attributable to Air T, Inc. Stockholders $ 856,105 $ 2,971,340 $ (1,751,648 ) $ 6,029,260 Earnings (Loss) per share: Basic $ 0.42 $ 1.25 $ (0.81 ) $ 2.54 Diluted $ 0.42 $ 1.24 $ (0.81 ) $ 2.52 Weighted average shares outstanding: Basic 2,042,789 2,372,527 2,152,301 2,372,527 Diluted 2,047,637 2,396,999 2,152,301 2,396,645 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 March 31, 2016 Ground support service parts $ 2,498,473 $ 1,566,694 Ground equipment manufacturing: Raw materials 2,018,052 1,549,810 Work in process 1,692,322 408,213 Finished goods 9,396,326 4,328,812 Printing equipment and maintenance Raw materials 2,326,857 3,319,939 Work in process 322,537 759,446 Finished goods 1,090,370 562,912 Commercial jet engines 3,580,930 - Total inventories 22,925,867 12,495,826 Reserves (1,979,147 ) (221,722 ) Total, net of reserves $ 20,946,720 $ 12,274,104 |
Note 7 - Stock-based Compensa28
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Outstanding as of March 31, 2016 40,000 Activity during the nine months ended December 31, 2016 Granted - Exercised - Canceled (forfeited/expired) (30,000 ) Outstanding as of December 31, 2016 10,000 Exerciseable as of December 31, 2016 10,000 |
Note 10 - Variable Interest E29
Note 10 - Variable Interest Entities (Tables) - Delphax [Member] | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2016 March 31, 2016 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 95,357 $ 249,528 Accounts receivable, net 2,000,183 1,433,494 Inventories 2,014,783 4,642,298 Other current assets 491,331 1,034,067 Total current assets 4,601,654 7,359,387 Property and equipment 33,474 625,684 Intangible assets - 1,109,112 Goodwill - 275,408 Other Assets - 26,020 Total assets $ 4,635,128 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,577,816 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 3,562,787 1,926,340 Short-term debt 1,163,577 1,859,300 Total current liabilities 7,315,492 5,481,754 Long-term debt 2,748,471 2,581,107 Other long-term liabilities - 606,358 Total liabilities $ 10,063,963 $ 8,669,219 Net assets $ (5,428,835 ) $ 726,392 |
Condensed Income Statement [Table Text Block] | For the Nine Months Ended December 31, 2016 (Unaudited) Operating revenues $ 7,648,724 Operating expenses: Cost of sales 8,671,905 General and administrative 2,295,255 Research and development 858,480 Depreciation, amortization and impairment 1,713,322 13,538,962 Operating loss (5,890,238 ) Non-operating loss 103,966 Loss before income taxes (5,786,272 ) Income taxes - Net loss $ (5,786,272 ) |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, 2016 March 31, 2016 (Unaudited) Tradenames $ 120,000 $ 120,000 Patents 1,090,000 1,090,000 Goodwill 375,000 375,000 1,585,000 1,585,000 Less accumulated amortization and impairment (1,585,000 ) (200,480 ) Intangible assets and goodwill, net $ - $ 1,384,520 |
Note 11 - Geographical Inform30
Note 11 - Geographical Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2016 March 31, 2016 (Unaudited) United States, the Company’s country of domicile $ 5,135,431 $ 4,240,050 Foreign 33,474 337,724 Total property and equipment, net $ 5,168,905 $ 4,577,774 |
Revenue from External Customers by Geographic Areas [Table Text Block] | December 31, 2016 December 31, 2015 (Unaudited) (Unaudited) United States, the Company’s country of domicile $ 96,223,786 $ 108,883,473 Foreign 8,561,627 4,747,549 Total revenue $ 104,785,413 $ 113,631,022 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 Operating Revenues: Overnight Air Cargo $ 17,099,640 $ 18,674,458 $ 50,888,019 $ 48,949,401 Ground Equipment Sales: Domestic 781,519 19,120,611 16,472,690 41,261,674 International 1,960,841 1,320,235 4,029,235 4,501,549 Total Ground Equipment Sales 2,742,360 20,440,846 20,501,925 45,763,223 Ground Support Services 7,579,661 6,559,110 21,417,854 17,974,239 Printing Equipment and Maintenance Domestic 2,151,030 789,000 5,400,433 789,000 International 538,868 246,000 2,248,291 246,000 Total Printing Equipment and Maintenance 2,689,898 1,035,000 7,648,724 1,035,000 Commercial Jet Engines: Domestic 1,558,983 - 2,009,171 - International 1,439,182 - 2,284,101 - Total Commercial Jet Engines 2,998,165 - 4,293,272 - Leasing 37,547 5,718 501,062 5,718 Corporate 281,926 265,837 845,778 796,884 Intercompany 2,339,973 (362,396 ) (1,311,221 ) (893,443 ) Total $ 35,769,170 $ 46,618,573 $ 104,785,413 $ 113,631,022 Operating Income (Loss): Overnight Air Cargo $ 716,356 $ 1,099,335 $ 2,136,337 $ 2,484,097 Ground Equipment Sales (912,893 ) 3,841,378 672,464 7,685,291 Ground Support Services (41,199 ) (69,620 ) (391,968 ) (675,813 ) Printing Equipment and Maintenance 1,056,972 (883,000 ) (5,890,238 ) (883,000 ) Commercial Jet Engines 491,479 - 534,285 - Leasing 226,011 (194 ) 405,426 (194 ) Corporate (453,577 ) (2,686 ) (1,917,110 ) (169,617 ) Intercompany 556,268 (95,096 ) 38,478 (95,096 ) Total $ 1,639,417 $ 3,890,117 $ (4,412,326 ) $ 8,345,668 Capital Expenditures: Overnight Air Cargo $ 43,542 $ 6,618 $ 79,582 $ 82,607 Ground Equipment Sales - 119,455 19,596 338,194 Ground Support Services 119,381 220,816 331,520 429,588 Printing Equipment and Maintenance - - 9,927 - Commercial Jet Engines 50,154 - 50,154 - Leasing - 241,398 3,066,500 241,398 Corporate 393,890 190,733 1,027,228 200,666 Intercompany - (241,398 ) (3,066,500 ) (241,398 ) Total $ 606,967 $ 537,622 $ 1,518,007 $ 1,051,055 Depreciation and Amortization: Overnight Air Cargo $ 31,866 $ 37,068 $ 91,175 $ 106,161 Ground Equipment Sales 359,021 165,401 453,941 364,465 Ground Support Services 103,600 60,993 274,309 149,560 Printing Equipment and Maintenance (13,082 ) 17,000 1,713,322 17,000 Commercial Jet Engines 38,221 - 66,627 - Leasing 14,516 3,658 232,806 3,658 Corporate 49,390 13,817 116,175 28,214 Intercompany (171,734 ) (1,463 ) (193,284 ) (1,463 ) Total $ 411,798 $ 296,474 $ 2,755,071 $ 667,595 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) | Oct. 03, 2016USD ($)a | Jul. 18, 2016USD ($) | Nov. 24, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Sep. 01, 2016 | Mar. 31, 2016USD ($) |
Goodwill | $ 4,185,265 | $ 275,408 | ||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 0 | |||||
Preferred Stock, Dividend Rate, Percentage | 0.00% | |||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 71,126 | $ 291,000 | ||||
Delphax [Member] | ||||||
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 Acquisition, Percentage of Voting Interests Acquired | 38.00% | |||||
Goodwill | $ 375,408 | |||||
Delphax [Member] | Series B Preferred Stock of Delphax [Member] | ||||||
Business Combination, Shares Acquired | shares | 43,000 | |||||
Business Combination, Warrants Acquired, Number of Securities Called by Warrants | shares | 95,600 | |||||
Business Combination, Warrants Acquired, Exercise Price Per Share | $ / shares | $ 33.4728 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 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% | |||||
Contrail Aviation Inc. [Member] | ||||||
Goodwill | $ 3,986,865 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 4,033,368 | |||||
Business combination, Equity Interests in Acquiree, Percentage | 21.00% | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year | $ 1,500,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,000,000 | |||||
Amortization of Intangible Assets | 60,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 1 [Member] | ||||||
Business Combination, Contingent Consideration Arrangement, Earnout Payment | 0 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 1 [Member] | Maximum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 1,500,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | $ 1,500,000 | |||||
Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier | 2 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member] | Maximum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | $ 2,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member] | Minimum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 1,500,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member] | ||||||
Business Combination, Contingent Consideration Arrangement, Earnout Payment | 1,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member] | Maximum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 4,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member] | Minimum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 2,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 4 [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 1,500,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 4 [Member] | Minimum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | 4,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 5 [Member] | ||||||
Business Combination, Contingent Consideration Arrangement, Earnout Payment | 3,000,000 | |||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 5 [Member] | Minimum [Member] | ||||||
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold | $ 15,000,000 | |||||
Jet Yard, LLC [Member] | Global Aviation Partners LLC [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 15,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Jet Yard, LLC [Member] | Global Aviation Partners LLC [Member] | Lease Contract with Pinal Country, Arizona [Member] | ||||||
Area of Total Facility | a | 48.5 | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 30 years | |||||
Area of Lease Facility | a | 2.6 | |||||
Operating Lease, Lessee, Initial Annual Rent, Amount | $ 27,000 | |||||
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount | $ 152,000 | |||||
Operating Lease, Lessee, Annual Rent, Increase Percentage | 5.00% | |||||
Operating Lease, Lessee, Annual Rent Increase, Incremental Period | 3 years | |||||
Jet Yard, LLC [Member] | Global Aviation Partners Llc and Global Aviation Service [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 400,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 100,000 | |||||
Amortization of Intangible Assets | $ 5,000 | |||||
Payments to Acquire Business, Additional Payment After Closing, Amount | 100,000 | |||||
Payments to Acquire Business, Final Payment, Payable | 100,000 | |||||
Payments to Acquire Business, Final Payment, Payable, Monthly Installments, Amount | 16,667 | |||||
Business Combination, Consideration Transferred | 700,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tangible Assets | 200,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 300,000 | |||||
Goodwill | 200,000 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 0 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Current | $ 0 | |||||
Five Year Senior Subordinated Promissory Note [Member] | Delphax [Member] | ||||||
Debt Instrument, Face Amount | $ 2,500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 10.50% | ||||
Delphax 90-Day Senior Subordinated Note [Member] | Delphax [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 |
Note 2 - Acquisitions - Fair Va
Note 2 - Acquisitions - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Nov. 24, 2015 |
ASSETS | |||
Goodwill | $ 4,185,265 | $ 275,408 | |
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 | 375,408 | ||
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 | ||
Delphax [Member] | Trade Names [Member] | |||
ASSETS | |||
Intangible assets | 120,000 | ||
Delphax [Member] | Patents [Member] | |||
ASSETS | |||
Intangible assets | $ 1,090,000 |
Note 2 - Acquisitions - Provisi
Note 2 - Acquisitions - Provisional Fair Values of Contrail Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2016 | Jul. 18, 2016 | Mar. 31, 2016 |
ASSETS | |||
Goodwill | $ 4,185,265 | $ 275,408 | |
Contrail Aviation Inc. [Member] | |||
ASSETS | |||
Goodwill | $ 3,986,865 | ||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | |||
ASSETS | |||
Accounts receivable | 1,357,499 | ||
Inventories | 2,118,475 | ||
Prepaid expenses | 30,121 | ||
Property and equipment | 33,095 | ||
Total assets | 8,415,755 | ||
LIABILITIES | |||
Accounts payable | 366,575 | ||
Accrued expenses | 43,652 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability | 2,900,000 | ||
Total liabilities | 3,310,227 | ||
Net Assets | 5,105,528 | ||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Noncompete Agreements [Member] | |||
ASSETS | |||
Intangible assets - non-compete | 69,700 | ||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Trade Names [Member] | |||
ASSETS | |||
Intangible assets - non-compete | 322,000 | ||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Certification Marks [Member] | |||
ASSETS | |||
Intangible assets - non-compete | 47,000 | ||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Customer Relationships [Member] | |||
ASSETS | |||
Intangible assets - non-compete | $ 451,000 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 18, 2016 | Nov. 24, 2015 | Sep. 30, 2015 | |
Income Tax Expense (Benefit) | $ 149,000 | $ 1,499,000 | $ 152,000 | $ 2,867,000 | |||
Effective Income Tax Rate Reconciliation, Percent | 24.17% | 34.25% | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | |||||
Deferred Tax Assets, Valuation Allowance | $ 12,352,000 | $ 12,352,000 | $ 11,661,000 | ||||
Delphax [Member] | Foreign Tax Authority [Member] | |||||||
Operating Loss Carryforwards | $ 6,000,000 | ||||||
Tax Credit Carryforward, Amount | 4,500,000 | 4,500,000 | |||||
Delphax [Member] | Domestic Tax Authority [Member] | |||||||
Operating Loss Carryforwards | 7,900,000 | ||||||
Tax Credit Carryforward, Amount | $ 3,200,000 | $ 3,200,000 | |||||
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] | |||||||
Effective Income Tax Rate Reconciliation, Percent | (2.99%) | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 38.00% | ||||||
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | |||||||
Business combination, Equity Interests in Acquiree, Percentage | 21.00% | ||||||
Business Combination, Equity Interest in Acquiree, Deemed to be Acquired, Percentage | 79.00% |
Note 4 - Net Earnings Per Sha36
Note 4 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net earnings (loss) attributable to Air T, Inc. Stockholders | $ 856,105 | $ 2,971,340 | $ (1,751,648) | $ 6,029,260 |
Earnings (Loss) Per Share: | ||||
Basic (in dollars per share) | $ 0.42 | $ 1.25 | $ (0.81) | $ 2.54 |
Diluted (in dollars per share) | $ 0.42 | $ 1.24 | $ (0.81) | $ 2.52 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,042,789 | 2,372,527 | 2,152,301 | 2,372,527 |
Diluted (in shares) | 2,047,637 | 2,396,999 | 2,152,301 | 2,396,645 |
Note 5 - Investment Securitie37
Note 5 - Investment Securities Available for Sale (Details Textual) - USD ($) | Nov. 28, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 |
Marketable Securities | $ 6,073,000 | $ 6,073,000 | $ 9,656,000 | |||||
Available-for-sale Securities, Amortized Cost Basis | 5,598,000 | 5,598,000 | 9,791,000 | |||||
Available-for-sale Securities, Gross Unrealized Gain | 614,000 | 422,000 | ||||||
Available-for-sale Securities, Gross Unrealized Loss | 139,000 | 557,000 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 613,000 | 613,000 | 5,903,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 139,000 | 163,000 | ||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12 | 12 | 4,711,000 | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 12 | $ 395,000 | ||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 1,502,239 | |||||||
Available-for-sale Securities, Gross Realized Gains | 583,000 | 0 | ||||||
Insignia [Member] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | |||||||
Insignia [Member] | ||||||||
Available-for-sale Securities, Gross Unrealized Gain | 430,000 | |||||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,034,000 | $ 3,604,000 | 4,034,000 | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 1,502,000 | $ 0 | $ 0 | |||||
Investment Income, Dividend | $ 0 | $ 0 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Ground support service parts | $ 2,498,473 | $ 1,566,694 |
Inventory Gross | 22,925,867 | 12,495,826 |
Reserves | (1,979,147) | (221,722) |
Total, net of reserves | 20,946,720 | 12,274,104 |
Ground Equipment Manufacturing [Member] | ||
Raw materials | 2,018,052 | 1,549,810 |
Work in process | 1,692,322 | 408,213 |
Finished goods | 9,396,326 | 4,328,812 |
Printing Equipment and Maintenance [Member] | ||
Raw materials | 2,326,857 | 3,319,939 |
Work in process | 322,537 | 759,446 |
Finished goods | 1,090,370 | 562,912 |
Commercial Jet Engines Inventory [Member] | ||
Inventory Gross | $ 3,580,930 |
Note 7 - Stock-based Compensa39
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | 30,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Allocated Share-based Compensation Expense | $ 0 | $ 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | |||
Delphax [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Allocated Share-based Compensation Expense | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 |
Note 7 - Stock Based Compensati
Note 7 - Stock Based Compensation - Summary of Stock Option Activity (Details) | 9 Months Ended | |
Dec. 31, 2016shares | Dec. 31, 2015shares | |
Outstanding (in shares) | 40,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ||
Canceled (forfeited/expired) (in shares) | (30,000) | |
Outstanding (in shares) | 10,000 | |
Exerciseable (in shares) | 10,000 |
Note 8 - Stock Repurchase (Deta
Note 8 - Stock Repurchase (Details Textual) - USD ($) | Jul. 01, 2016 | Dec. 31, 2016 | Mar. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.25 | $ 0.25 | |
Stock Repurchased and Retired During Period, Value | $ 7,917,009 | ||
Securities Purchase Agreement [Member] | Biglari Group [Member] | |||
Stock Repurchased and Retired During Period, Shares | 329,738 | ||
Common Stock, Par or Stated Value Per Share | $ 0.25 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 24.01 | ||
Stock Repurchased and Retired During Period, Value | $ 7,917,009 |
Note 9 - Financing Arrangemen42
Note 9 - Financing Arrangements (Details Textual) | Jul. 18, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 09, 2016USD ($) | Jun. 30, 2016 | Mar. 31, 2016USD ($) | Apr. 01, 2015USD ($) |
Secured Long-term Debt, Noncurrent | $ 7,000,000 | |||||||
Construction Loan Agreement [Member] | BB&T [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,480,000 | |||||||
Long-term Line of Credit | $ 77,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | $ 20,000,000 | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||
Minimum Fixed Charge Coverage Ratio | 1.35 | |||||||
Maximum Leverage Ratio | 3.5 | |||||||
Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement | $ 5,000,000 | |||||||
Long-term Line of Credit | 18,300,000 | $ 0 | ||||||
Revolving Credit Facility [Member] | Delphax [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000,000 | |||||||
Long-term Line of Credit | 1,200,000 | $ 1,800,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 10.50% | |||||||
Revolving Credit Facility [Member] | Contrail Aviation Support LLC. [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,200,000 | |||||||
Long-term Line of Credit | $ 0 | |||||||
Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory | 75.00% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base | $ 9,000,000 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable | 80.00% | |||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,600,000 | |||||||
Minimum Debt Service Coverage Ratio | 1.75 | |||||||
Maximum Ratio of Total Liabilities to Tangible Net Worth | 2.5 | |||||||
Annual Operating Lease Payments Limitation | $ 10,000 | |||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Derivative, Basis Spread on Variable Rate | 1.50% | |||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | BMO Harris Bank N.A. [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | |||||||
Revolving Credit Facility [Member] | Letter of Credit [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||||
Revolving Credit Facility [Member] | Period of July 01, 2016 to September 30, 2016 [Member] | ||||||||
Minimum Asset Coverage Ratio | 1.25 | |||||||
Revolving Credit Facility [Member] | Period of April 01, 2016 to March 31, 2017 [Member] | ||||||||
Minimum Consolidated Tangible Net Worth | $ 18,000,000 | |||||||
Percentage of Consolidated Net Income | 50.00% | |||||||
Revolving Credit Facility [Member] | Period of April 01, 2016 to June 30, 2016 [Member] | ||||||||
Minimum Asset Coverage Ratio | 1.25 | |||||||
Revolving Credit Facility [Member] | Period of October 01, 2016 to December 31, 2016 [Member] | ||||||||
Minimum Asset Coverage Ratio | 1.5 | |||||||
Revolving Credit Facility [Member] | After March 31, 2017 [Member] | ||||||||
Minimum Asset Coverage Ratio | 1.75 |
Note 10 - Variable Interest E43
Note 10 - Variable Interest Entities (Details Textual) - Delphax [Member] - USD ($) | 3 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
Loan Due from Variable Interest Entity, Accrued Interest | $ 248,000 | $ 76,000 | |
Severance Costs | $ 5,610,000 | ||
Intangible Assets, Net (Including Goodwill) | $ 1,384,520 |
Note 10 - Variable Interest E44
Note 10 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Cash and cash equivalents | $ 1,621,890 | $ 5,345,455 | [1] | $ 5,287,316 | $ 14,165,120 |
Accounts receivable, net | 15,239,948 | 12,303,128 | |||
Inventories | 20,946,720 | 12,274,104 | |||
Other current assets | 1,192,275 | 1,668,004 | |||
Total current assets | 45,990,430 | 38,959,534 | |||
Property and equipment | 5,168,905 | 4,577,774 | |||
Goodwill | 4,185,265 | 275,408 | |||
Other assets | 402,439 | 317,528 | |||
Total assets | 62,028,049 | 52,154,752 | |||
Accounts payable | 9,054,684 | 7,003,660 | |||
Income tax payable | 11,312 | ||||
Accrued expenses | 6,706,927 | 6,842,874 | |||
Short-term debt | 1,163,577 | 1,859,300 | |||
Total current liabilities | 16,925,188 | 15,717,146 | |||
Long-term debt | 18,358,742 | 4,835 | |||
Other long-term liabilities | 2,992,435 | 615,241 | |||
Total liabilities | 38,822,365 | 16,883,222 | |||
Delphax [Member] | Reportable Legal Entities [Member] | |||||
Cash and cash equivalents | 95,357 | 249,528 | |||
Accounts receivable, net | 2,000,183 | 1,433,494 | |||
Inventories | 2,014,783 | 4,642,298 | |||
Other current assets | 491,331 | 1,034,067 | |||
Total current assets | 4,601,654 | 7,359,387 | |||
Property and equipment | 33,474 | 625,684 | |||
Intangible assets | 1,109,112 | ||||
Goodwill | 275,408 | ||||
Other assets | 26,020 | ||||
Total assets | 4,635,128 | 9,395,611 | |||
Accounts payable | 2,577,816 | 1,684,802 | |||
Income tax payable | 11,312 | 11,312 | |||
Accrued expenses | 3,562,787 | 1,926,340 | |||
Short-term debt | 1,163,577 | 1,859,300 | |||
Total current liabilities | 7,315,492 | 5,481,754 | |||
Long-term debt | 2,748,471 | 2,581,107 | |||
Other long-term liabilities | 606,358 | ||||
Total liabilities | 10,063,963 | 8,669,219 | |||
Net assets | $ (5,428,835) | $ 726,392 | |||
[1] | Derived from audited consolidated financial statements. |
Note 10 - Variable Interest E45
Note 10 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 35,769,170 | $ 46,618,573 | $ 104,785,413 | $ 113,631,022 |
General and administrative | 4,960,263 | 4,585,364 | 15,932,655 | 12,050,479 |
Research and development | 107,598 | 216,000 | 858,480 | 216,000 |
Depreciation, amortization and impairment | 411,798 | 296,474 | 2,755,071 | 667,595 |
34,129,753 | 42,728,456 | 109,197,739 | 105,285,354 | |
Operating loss | 1,639,417 | 3,890,117 | (4,412,326) | 8,345,668 |
Non-operating loss | 174,875 | 55,083 | (679,948) | 25,452 |
Loss before income taxes | 1,814,292 | 3,945,200 | (5,092,274) | 8,371,120 |
Income Tax Expense (Benefit) | 149,000 | 1,499,000 | 152,000 | 2,867,000 |
Net loss | $ 1,665,292 | $ 2,446,200 | (5,244,274) | $ 5,504,120 |
Delphax [Member] | ||||
Revenues | 7,648,724 | |||
Cost of sales | 8,671,905 | |||
General and administrative | 2,295,255 | |||
Research and development | 858,480 | |||
Depreciation, amortization and impairment | 1,713,322 | |||
13,538,962 | ||||
Operating loss | (5,890,238) | |||
Non-operating loss | 103,966 | |||
Loss before income taxes | (5,786,272) | |||
Income Tax Expense (Benefit) | ||||
Net loss | $ (5,786,272) |
Note 10 - Variable Interest E46
Note 10 - Variable Interest Entities - Summary of Intangible Assets and Goodwill of Delphax (Details) - Delphax [Member] - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Goodwill | $ 375,000 | $ 375,000 |
Intangible assets and goodwill, gross | 1,585,000 | 1,585,000 |
Less accumulated amortization and impairment | (1,585,000) | (200,480) |
Intangible assets and goodwill, net | 1,384,520 | |
Trade Names [Member] | ||
Intangible assets, gross | 120,000 | 120,000 |
Patents [Member] | ||
Intangible assets, gross | $ 1,090,000 | $ 1,090,000 |
Note 11 - Geographical Inform47
Note 11 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Non-current Assets | $ 5,168,905 | $ 4,577,774 |
UNITED STATES | ||
Non-current Assets | 5,135,431 | 4,240,050 |
Non-US [Member] | ||
Non-current Assets | $ 33,474 | $ 337,724 |
Note 11 - Geographical Inform48
Note 11 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 35,769,170 | $ 46,618,573 | $ 104,785,413 | $ 113,631,022 |
UNITED STATES | ||||
Revenues | 96,223,786 | 108,883,473 | ||
Non-US [Member] | ||||
Revenues | $ 8,561,627 | $ 4,747,549 |
Note 12 - Segment Information49
Note 12 - Segment Information (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014USD ($) | Dec. 31, 2016 | Dec. 31, 2016 | |
Number of Operating Segments | 6 | ||
Global Ground Support [Member] | |||
Number of Commercial Deicing Units Sold | 10 | ||
Delphax [Member] | |||
Number of Elan Printers Sold | 2 | ||
Space Age Insurance Company [Member] | |||
Initial Capital | $ 250,000 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Data (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | ||||
Revenues | $ 35,769,170 | $ 46,618,573 | $ 104,785,413 | $ 113,631,022 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 1,639,417 | 3,890,117 | (4,412,326) | 8,345,668 |
Capital Expenditures: | ||||
Capital Expenditures | 606,967 | 537,622 | 1,518,007 | 1,051,055 |
Depreciation and Amortization | 411,798 | 296,474 | 2,755,071 | 667,595 |
Corporate, Non-Segment [Member] | ||||
Operating Revenues: | ||||
Revenues | 281,926 | 265,837 | 845,778 | 796,884 |
Operating Income (Loss): | ||||
Operating Income (Loss) | (453,577) | (2,686) | (1,917,110) | (169,617) |
Capital Expenditures: | ||||
Capital Expenditures | 393,890 | 190,733 | 1,027,228 | 200,666 |
Depreciation and Amortization | 49,390 | 13,817 | 116,175 | 28,214 |
Intersegment Eliminations [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,339,973 | (362,396) | (1,311,221) | (893,443) |
Operating Income (Loss): | ||||
Operating Income (Loss) | 556,268 | (95,096) | 38,478 | (95,096) |
Capital Expenditures: | ||||
Capital Expenditures | (241,398) | (3,066,500) | (241,398) | |
Depreciation and Amortization | (171,734) | (1,463) | (193,284) | (1,463) |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Revenues | 17,099,640 | 18,674,458 | 50,888,019 | 48,949,401 |
Overnight Air Cargo [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 17,099,640 | 18,674,458 | 50,888,019 | 48,949,401 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 716,356 | 1,099,335 | 2,136,337 | 2,484,097 |
Capital Expenditures: | ||||
Capital Expenditures | 43,542 | 6,618 | 79,582 | 82,607 |
Depreciation and Amortization | 31,866 | 37,068 | 91,175 | 106,161 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Revenues | 5,400,258 | 20,344,287 | 20,743,323 | 45,666,664 |
Ground Equipment Sales [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,742,360 | 20,440,846 | 20,501,925 | 45,763,223 |
Operating Income (Loss): | ||||
Operating Income (Loss) | (912,893) | 3,841,378 | 672,464 | 7,685,291 |
Capital Expenditures: | ||||
Capital Expenditures | 119,455 | 19,596 | 338,194 | |
Depreciation and Amortization | 359,021 | 165,401 | 453,941 | 364,465 |
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Operating Revenues: | ||||
Revenues | 781,519 | 19,120,611 | 16,472,690 | 41,261,674 |
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member] | ||||
Operating Revenues: | ||||
Revenues | 1,960,841 | 1,320,235 | 4,029,235 | 4,501,549 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Revenues | 7,579,661 | 6,559,110 | 21,417,854 | 17,974,239 |
Ground Support Services [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 7,579,661 | 6,559,110 | 21,417,854 | 17,974,239 |
Operating Income (Loss): | ||||
Operating Income (Loss) | (41,199) | (69,620) | (391,968) | (675,813) |
Capital Expenditures: | ||||
Capital Expenditures | 119,381 | 220,816 | 331,520 | 429,588 |
Depreciation and Amortization | 103,600 | 60,993 | 274,309 | 149,560 |
Printing Equipment and Maintenance [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,653,899 | 1,035,000 | 6,941,883 | 1,035,000 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,689,898 | 1,035,000 | 7,648,724 | 1,035,000 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 1,056,972 | (883,000) | (5,890,238) | (883,000) |
Capital Expenditures: | ||||
Capital Expenditures | 9,927 | |||
Depreciation and Amortization | (13,082) | 17,000 | 1,713,322 | 17,000 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,151,030 | 789,000 | 5,400,433 | 789,000 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member] | ||||
Operating Revenues: | ||||
Revenues | 538,868 | 246,000 | 2,248,291 | 246,000 |
Commercial Jet Engines [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,998,165 | 4,293,272 | ||
Commercial Jet Engines [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 2,998,165 | 4,293,272 | ||
Operating Income (Loss): | ||||
Operating Income (Loss) | 491,479 | 534,285 | ||
Capital Expenditures: | ||||
Capital Expenditures | 50,154 | 50,154 | ||
Depreciation and Amortization | 38,221 | 66,627 | ||
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Operating Revenues: | ||||
Revenues | 1,558,983 | 2,009,171 | ||
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member] | ||||
Operating Revenues: | ||||
Revenues | 1,439,182 | 2,284,101 | ||
Leasing [Member] | ||||
Operating Revenues: | ||||
Revenues | 37,547 | 5,718 | 501,062 | 5,718 |
Leasing [Member] | Operating Segments [Member] | ||||
Operating Revenues: | ||||
Revenues | 37,547 | 5,718 | 501,062 | 5,718 |
Operating Income (Loss): | ||||
Operating Income (Loss) | 226,011 | (194) | 405,426 | (194) |
Capital Expenditures: | ||||
Capital Expenditures | 241,398 | 3,066,500 | 241,398 | |
Depreciation and Amortization | $ 14,516 | $ 3,658 | $ 232,806 | $ 3,658 |
Note 13 - Commitments and Con51
Note 13 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount | $ 2,000,000 |
Corporate Headquarters, Annual Rental Payment | $ 178,000 |
Note 14 - Related Party Matte52
Note 14 - Related Party Matters (Details Textual) | Jul. 18, 2016USD ($) | Dec. 31, 2016USD ($)a | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)a | Sep. 30, 2016USD ($) |
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability | $ 2,900,000 | ||||
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member] | |||||
Area of Real Estate Property | a | 68 | 68 | |||
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% | ||||
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member] | |||||
Operating Leases Monthly Rent | $ 13,081 | ||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||||
Operating Lease, Monthly Rent, Annual Increase, Percentage | 1.50% | ||||
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability | $ 2,900,000 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Jan. 06, 2017 | Nov. 28, 2016 | Jan. 05, 2017 |
Insignia [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | ||
Subsequent Event [Member] | Insignia [Member] | |||
Proceeds from Dividends Received | $ 1,200,000 | ||
Subsequent Event [Member] | Senior Notes [Member] | Delphax Canada [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | 10.50% | |
Line of Credit Facility, Forbearance Fee Amount | $ 141,000 | ||
Subsequent Event [Member] | Delphax [Member] | |||
Repayments of Long-term Lines of Credit | 1,260,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | $ 7,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Purchase Orders from Customers | 100.00% | ||
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Purchase Orders Included in Borrowing Base | $ 500,000 | ||
Line of Credit Facility, Interest Rate at Period End | 2.50% | ||
Subsequent Event [Member] | Delphax [Member] | Upon Execution of the Amendment [Member] | |||
Line of Credit Facility, Commitment Fee Amount | $ 25,000 | ||
Subsequent Event [Member] | Delphax [Member] | Upon Repayment in Full of All Loans Under the Senior Credit Agreement [Member] | |||
Line of Credit Facility, Commitment Fee Amount | $ 50,000 |