Air T (AIRT) 10-Q 13 Feb 17 2017 Q3 Quarterly report Financial data

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