Air T (AIRT) 10-Q/A 13 Oct 17 2016 Q3 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Jan. 29, 2016
Document Information [Line Items]
Entity Registrant Name	AIR T INC
Entity Central Index Key	353,184
Trading Symbol	airt
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,372,527
Document Type	10-Q/A
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE Air T, Inc. (the “Company,” “Air T,” “we” or “us”) is filing this amended Form 10-Q/A (“Form 10-Q/A”) to amend its Quarterly Report on Form 10-Q for the period ended December 31, 2015, originally filed with the Securities and Exchange Commission (the “SEC”) on February 5, 2016 (“Original Filing”), to restate our unaudited condensed consolidated financial statements and related footnote disclosures at December 31, 2015 and for the three and nine months ended December 31, 2015. The previously filed financial statements for those periods should no longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10-Q/A” below. Restatement Background As disclosed in the Original Filing, pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on November 24, 2015 (the “Closing Date”), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). As further disclosed in the Original Filing, each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax’s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement) with respect to three-sevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement of) with respect to four-sevenths of the members of the board of directors of Delphax. The Warrant expires on November 24, 2021 and provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. The consolidated financial statements included in the Original Filing reflect the consolidation of Delphax with the Company and its subsidiaries from the Closing Date. Such consolidated financial statements also reflected an attribution of 62% of Delphax’s loss for the period commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income (loss) attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the Senior Subordinated Note issued by Delphax Canada should be, under defined circumstances, considered in attribution. Specifically, we concluded that if, through attribution of 33% of Delphax net losses to the non-controlling interests, the non-controlling interests’ Delphax equity balance is reduced to zero, there could be a period during which no portion of Delphax’s net loss is attributed to the non-controlling interests due to the fact that Air T, Inc.’s investment in the Senior Subordinated Note constitutes the then next most at risk Delphax financing instrument. 2 As a result of the application of the above-described attribution methodology, for the three and nine months ended December 31, 2015, the attribution of Delphax losses to non-controlling interests should have been 33%. In addition, we are also correcting an otherwise immaterial error associated with our elimination of intercompany interest charged by Air T, Inc. to Delphax Canada under the Senior Subordinated Note. This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at December 31, 2015 and for the three and nine months ended December 31, 2015 to so correct the treatment of Air T’s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures. Restatement of Other Financial Statements We are concurrently filing (i) an amendment to our Annual Report on Form 10-K for the period ended March 31, 2016 (the “Form 10-K/A”) to similarly restate our audited consolidated financial statements and related financial information at and for the fiscal year ended March 31, 2016 and to amend certain other items within that report, (ii) an amendment to our Quarterly Report on Form 10-Q for the period ended June 30, 2016 (the “Q1 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at June 30, 2016 and March 31, 2016 and for the three months ended June 30, 2016 and to amend certain other items within that report, (iii) an amendment to our Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the “Q2 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at September 30, 2016 and March 31, 2016 and for the three and six months ended September 30, 2016 and to amend certain other items within that report, and (iv) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2016 (the “Q3 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2016 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 and to amend certain other items within that report. Internal Control and Disclosure Controls Considerations Our Chief Executive Officer and Chief Financial Officer have determined that there were deficiencies in our internal control over financial reporting that constitute material weaknesses, as defined by SEC regulations, at December 31, 2015. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined by SEC regulations, were not effective at December 31, 2015, as discussed in Part I, Item 4 of this Form 10-Q/A. Items Amended in this Form 10-Q/A For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement described above. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement: A. Part I, Item 1. Financial Statements B. Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations C. Part I, Item 4. Controls and Procedures D. Part II, Item 6. Exhibits In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. In addition, the Exhibit Index has been appropriately updated.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) (As Restated) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2015		Dec. 31, 2014
Operating Revenues:
Operating Revenues	$ 46,618,573		$ 30,892,986	$ 113,631,022		$ 87,296,249
Operating Expenses:
Flight-air cargo	9,823,987		5,641,402	25,597,653		15,943,068
Maintenance-air cargo	6,499,073		6,174,155	17,061,811		16,684,148
Ground equipment sales	14,629,183		9,474,732	33,229,603		27,429,825
Ground support services	5,358,593		4,366,863	15,137,050		12,160,830
Printing equipment and maintenance	1,376,000			1,376,000
Research and development	216,000			216,000
General and administrative	4,585,364		3,654,280	12,050,479		10,636,068
Depreciation and amortization	296,474		221,654	667,595		660,825
Gain on sale of property and equipment	(56,218)		(780,920)	(50,837)		(1,054,781)
	42,728,456		28,752,166	105,285,354		82,459,983
Operating Income	3,890,117		2,140,820	8,345,668		4,836,266
Non-operating Income (Expense):
Realized gain	4,163		78	4,163		8,487
Investment income			970			8,698
Interest expense and other	50,920		(2,798)	21,289		(19,079)
	55,083		(1,750)	25,452		(1,894)
Income Before Income Taxes	3,945,200		2,139,070	8,371,120		4,834,372
Income Taxes	1,499,000		690,617	2,867,000		1,494,821
Net Income	2,446,200		1,448,453	5,504,120		3,339,551
Net Loss Attributable to Non-controlling Interests	279,510			279,510
Net Income Attributable to Air T, Inc. Stockholders	$ 2,725,710	[1]	$ 1,448,453	$ 5,783,630	[1]	$ 3,339,551
Earnings Per Share:
Basic (in dollars per share)	$ 1.15	[1]	$ 0.61	$ 2.44	[1]	$ 1.42
Diluted (in dollars per share)	$ 1.14	[1]	$ 0.61	$ 2.41	[1]	$ 1.41
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527	[1]	2,357,637	2,372,527	[1]	2,355,901
Diluted (in shares)	2,396,999	[1]	2,381,214	2,396,645	[1]	2,373,500
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 18,674,458		$ 12,973,810	$ 48,949,401		$ 36,626,144
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	20,344,287		12,639,354	45,666,664		35,902,468
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	6,559,110		5,279,822	17,974,239		14,767,637
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	1,035,000			1,035,000
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 5,718			$ 5,718
[1]	Earnings per common share have been restated for the three and nine-month periods ended December 31, 2015. See Note 1A.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (As Restated) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 2,446,200	$ 1,448,453	$ 5,504,120	$ 3,339,551
Other comprehensive income (loss):
Foreign currency translation	(18,000)		(18,000)
Unrealized gains on investment securities available for sale	1,030,265	672,620	163,835	550,787
Tax effect of unrealized gains on investment securities available for sale	(370,895)	(242,139)	(58,981)	(197,676)
Total unrealized gains on investment securities available for sale, net of tax	659,370	430,481	104,854	353,111
Reclassification of (gains) losses on investment securities available for sale included in net income	6,837	(78)	6,837	(8,487)
Tax effect of reclassification of (gains) losses on investment securities available for sale included in net income	(2,461)	24	(2,461)	3,093
Reclassification adjustment for realized gains, net of tax	4,376	(54)	4,376	(5,394)
Total other comprehensive income	645,746	430,427	91,230	347,717
Total comprehensive income	3,091,946	1,878,880	5,595,350	3,687,268
Comprehensive loss attributable to the non-controlling interests	285,450		285,450
Comprehensive income attributable to Air T, Inc. stockholders	$ 3,377,396	$ 1,878,880	$ 5,880,800	$ 3,687,268

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Current Assets:
Cash and cash equivalents (Delphax $276,000)**	$ 5,287,316	$ 14,165,120	[1]
Marketable securities	3,921,690	5,278,752
Accounts receivable, less allowance for doubtful accounts of $183,000 and $222,000 (Delphax $1,838,000)**	14,969,012	9,534,563	[1]
Notes and other receivables-current	954,240	816,606	[1]
Income tax receivable		195,000	[1]
Inventories (Delphax $4,869,000)**	11,557,592	7,789,649
Deferred income taxes	216,559	278,000	[1]
Prepaid expenses and other (Delphax $612,000)**	1,189,235	612,334	[1]
Total Current Assets	38,095,644	38,670,024	[1]
Investments in Available-For-Sale Securities	4,744,406		[1]
Property and Equipment, net (Delphax $391,000)**	4,516,440	2,571,499	[1]
Cash Surrender Value of Life Insurance Policies	2,110,830	1,990,671	[1]
Other Assets (Delphax $29,000)**	289,967	224,188	[1]
Total Assets	49,757,287	43,456,382	[1]
Current Liabilities:
Accounts payable (Delphax $1,197,000)**	5,629,318	4,715,708	[1]
Income tax payable (Delphax $170,000)**	872,267		[1]
Accrued expenses (Delphax $1,982,000)**	5,456,011	3,529,451	[1]
Short-term debt (Delphax $208,000)**	208,000		[1]
Total Current Liabilities	12,165,596	8,245,159	[1]
Long-term Debt (Delphax $11,000)**	11,000	5,000,000	[1]
Deferred Income Taxes	416,000	416,000	[1]
Other Non-current Liabilities (Delphax $49,000)**	53,690		[1]
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized,	0	0	[1]
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding	593,131	593,131	[1]
Additional paid-in capital	4,936,518	4,929,090	[1]
Retained earnings	30,191,545	24,407,915	[1]
Accumulated other comprehensive loss	(37,743)	(134,913)	[1]
Total Air T, Inc. Stockholders' Equity	35,683,451	29,795,223	[1]
Non-controlling interests	1,427,550		[1]
Total Equity	37,111,001	29,795,223	[1]
Total Liabilities and Equity	$ 49,757,287	$ 43,456,382	[1]
[1]	Derived from audited consolidated financial statements

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) (Parentheticals) - USD ($)		Dec. 31, 2015	Mar. 31, 2015
Cash and cash equivalents		$ 5,287,316	$ 14,165,120	[1]
Allowance for doubtful accounts		183,000	222,000	[2]
Accounts receivable		14,969,012	9,534,563	[1]
Inventories		11,557,592	7,789,649
Prepaid expenses and other		1,189,235	612,334	[1]
Property and Equipment, net		4,516,440	2,571,499	[1]
Other Assets		289,967	224,188	[1]
Accounts payable		5,629,318	4,715,708	[1]
Income tax payable		872,267		[1]
Accrued expenses		5,456,011	3,529,451	[1]
Short-term debt		208,000		[1]
Long-term debt		11,000	5,000,000	[1]
Other Non-current Liabilities		$ 53,690		[1]
Preferred stock, par value (in dollars per share)		$ 1	$ 1	[2]
Preferred stock, authorized (in shares)		50,000	50,000	[2]
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25	[2]
Common stock, authorized (in shares)		4,000,000	4,000,000	[2]
Common stock, issued (in shares)		2,372,527	2,372,527	[2]
Common stock, outstanding (in shares)		2,372,527	2,372,527	[2]
Delphax [Member]
Cash and cash equivalents	[3]	$ 276,000
Accounts receivable	[3]	1,838,000
Inventories	[3]	4,869,000
Prepaid expenses and other	[3]	612,000
Property and Equipment, net	[3]	391,000
Other Assets	[3]	29,000
Accounts payable	[3]	1,197,000
Income tax payable	[3]		$ 170,000
Accrued expenses	[3]	1,982,000
Short-term debt	[3]	208,000
Long-term debt	[3]	11,000
Other Non-current Liabilities	[3]	$ 49,000
[1]	Derived from audited consolidated financial statements
[2]	Derived from audited consolidated financial statements
[3]	Amounts related to Delphax as of December 31, 2015

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,504,120		$ 3,339,551
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (Gain) on sale of marketable securities	6,837		(8,487)
Gain on sale of property and equipment	(50,837)		(1,054,781)
Change in accounts receivable and inventory reserves	(157,059)		(245,358)
Depreciation and amortization	667,595		660,825
Change in cash surrender value of life insurance	(120,159)		(117,305)
Warranty reserve.	(93,228)		103,065
Compensation expense related to stock options	31,000		8,958
Change in operating assets and liabilities:
Accounts receivable	(3,576,456)		(3,146,977)
Notes receivable and other non-trade receivables	(137,634)		475,715
Inventories	383,383		4,574,019
Prepaid expenses and other	80,138		214,623
Accounts payable	(565,144)		(27,889)
Accrued expenses	152,974		1,041,090
Income tax payable	897,266		1,257,385
Non-current liabilities	(34,310)
Total adjustments	(2,515,634)		3,734,883
Net cash provided by operating activities	2,988,486		7,074,434
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities	(3,278,466)		(4,109,201)
Proceeds from sale of investment securities available for sale	54,958		515,045
Cash inflow from acquisition of Delphax interests	78,000
Capital expenditures	(1,051,055)		(1,774,495)
Proceeds from sale of property and equipment	185,830		3,357,810
Net cash used in investing activities	(4,010,733)		(2,010,841)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit	14,472,273		1,330,888
Payment on line of credit	(19,291,273)		(1,330,888)
Payment on Delphax senior credit facility	(3,031,000)
Proceeds from lease funding	7,428
Proceeds from exercise of stock options			124,350
Repurchase of stock options			(130,335)
Net cash used in financing activities	(7,842,572)		(5,985)
Effect of foreign currency exchange rates on cash and cash equivalents	(12,985)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(8,877,804)		5,057,608
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	14,165,120	[1]	3,758,888
CASH AND CASH EQUIVALENTS AT END OF PERIOD	5,287,316		8,816,496
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers	1,288,474		1,132,115
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	56,546		19,152
Income taxes	$ 1,966,881		$ 240,618
[1]	Derived from audited consolidated financial statements

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Unaudited) (As Restated) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]		Total
Balance (in shares) at Mar. 31, 2014	2,355,027
Balance at Mar. 31, 2014	$ 588,756	$ 4,855,093	$ 21,923,988	$ (7,780)		[1]	$ 27,360,057
Net income			3,339,551			[1]	3,339,551
Unrealized gain from marketable securities, net of tax				347,717			$ 347,717
Exercise of stock options (in shares)	15,000						15,000
Exercise of stock options	$ 3,750	120,600					$ 124,350
Compensation expense related to stock options		8,957					8,957
Repurchase of stock options		(130,335)					(130,335)
Balance (in shares) at Dec. 31, 2014	2,370,027
Balance at Dec. 31, 2014	$ 592,506	4,854,315	25,263,539	339,937		[1]	31,050,297
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)		[1]	29,795,223	[2]
Net income			5,783,630		(279,510)		5,504,120
Unrealized gain from marketable securities, net of tax				109,230			$ 109,230
Exercise of stock options (in shares)							0
Initial consolidation of Delphax					1,713,000		$ 1,713,000
Foreign currency translation				(12,060)	(5,940)		(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	$ 30,191,545	$ (37,743)	$ 1,427,550	[1]	$ 37,111,001
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation
[2]	Derived from audited consolidated financial statements

Note 1A - Restatement of Previo

Note 1A - Restatement of Previously Issued Consolidated Financial Statements	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Accounting Changes and Error Corrections [Text Block]	1A. Restatement of Previously Issued Consolidated Financial Statements 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 ’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 $33.4728 100 no No 38% three June 1, 2016 four November 24, 2021 The condensed consolidated financial statements included in the Company ’s Quarterly Report on Form 10 December 31, 2015, February 5, 2016 ( November 24, 2015 62% 38% We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% ’s net losses are attributed first 67% /33% 67% 33% As a result of the application of the above-described attribution methodology, for the three nine December 31, 2015, 33%. In addition, we are also correcting an otherwise immaterial error associated with our elimination of intercompany interest charged by Air T, Inc. to Delphax Canada under the Senior Subordinated Note. This Form 10 December 31, 2015 three nine December 31, 2015 The combined impacts of all the adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form 10Q/A Financial Statement Presentation In addition to the restatement of our unaudited condensed consolidated financial statements, we have also restated the following Notes for the effects of the errors above or, as indicated, amended Notes to include additional relevant disclosures. ● Note 2. Amended) ● Note 4. ● Note 9. The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements at December 31, 2015 three nine December 31, 2015: As Previously Reported As Restated Consolidated Balance Sheet Information (at December 31, 2015): Retained earnings $ 30,437,175 $ 30,191,545 Accumulated other comprehensive loss (32,683 ) (37,743 ) Total Air T, Inc. stockholders' equity 35,934,141 35,683,451 Non-controlling interests 1,176,860 1,427,550 Total equity 37,111,001 37,111,001 Total liabilities and equity 49,757,287 49,757,287 Consolidated Statement of Income (Loss) (For the three months ended December 31, 2015): Net loss attributable to non-controlling interests $ 525,140 $ 279,510 Net income attributable to Air T, Inc. stockholders 2,971,340 2,725,710 Earnings per share - basic 1.25 1.15 Earnings per share - diluted 1.24 1.14 Consolidated Statement of Comprehensive Income (For the three months ended December 31, 2015): Comprehensive loss attributable to non-controlling interests $ 536,140 $ 285,450 Comprehensive income attributable to Air T, Inc. stockholders 3,628,086 3,377,396 Consolidated Statement of Income (Loss) (For the nine months ended December 31, 2015): Net loss attributable to non-controlling interests $ 525,140 $ 279,510 Net income attributable to Air T, Inc. stockholders 6,029,260 5,783,630 Earnings per share - basic 2.54 2.44 Earnings per share - diluted 2.52 2.41 Consolidated Statement of Comprehensive Income (For the nine months ended December 31, 2015): Comprehensive loss attributable to non-controlling interests $ 536,140 $ 285,450 Comprehensive income attributable to Air T, Inc. stockholders 6,131,490 5,880,800

Note 1 - Financial Statement Pr

Note 1 - Financial Statement Presentation	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not 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, 2015. December 31 not Certain reclassifications have been made to the prior period amounts to conform to the current presentation. New Accounting Pronouncement s In May 2014, five December 15, 2017, ’s consolidated financial statements. In February 2015, first March 31, 2017. In April 2015, December 15, 2015, In July 2015, December 15, 2016 In September 2015, December 15, 2015, March 31, 2016, In January 2016, 2016 01 Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, one 2016 01 320 321,

Note 2 - Acquisition of Interes

Note 2 - Acquisition of Interests in Delphax (As Amended)	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Acquisition of Interests in Delphax (As Amended ) 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 ’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%. November 24, 2017. October 2, 2015 ’s rights with respect to payment under and enforcement of the Senior Subordinated Note, and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement. Each share of Series B Preferred Stock is convertible into 100 no No ’s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately 38% 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 Series B Preferred Stock 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 June 1, 2016 four ● without the written consent or waiver of the Company, Delphax may not Pursuant to the provision described above, beginning on November 24, 2015, three seven The Warrant expires on November 24, 2021. In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must first may 0.95 20 one As a result of the above transactions, the Company determined that it had obtained control over Delphax and it included Delphax in its consolidated financial statements beginning on November 24, 2015. The following table summarizes the preliminary fair values of consolidated Delphax assets and liabilities as of the Closing Date: November 24, 2015 (Unaudited) ASSETS Cash and cash equivalents $ 586,000 Accounts receivable, net 1,820,000 Inventories 5,327,000 Other current assets 722,000 Property and equipment 408,000 Total assets $ 8,863,000 LIABILITIES Accounts payable $ 1,482,000 Accrued expenses 1,833,000 Income tax payable 170,000 Debt 3,577,000 Other long-term liabilities 88,000 Total liabilities $ 7,150,000 Net Assets $ 1,713,000 The Company determined that it was reasonable to use the price which it paid for its 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, not Delphax ’s debt immediately prior to the acquisition included approximately $508,000 90 not The Company ’s accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by ASC 805, fourth Direct costs relating to the above transactions of $110,000 three nine December 31, 2015, and comprehensive income.

Note 3 - Income Taxes

Note 3 - Income Taxes	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Tax es 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 consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The income tax provision for the nine December 31, 2015 ’s share of Delphax’s consolidated net loss. The effective tax rate for the nine December 31, 2015 831 nine December 31, 2015 2014, $2,867,000 $1,495,000, three December 31, 2015, $1,499,000 $691,000 As described in Note 2, November 24, 2015, 38%, three no 2011. Delphax maintains a September 30 September 30, 2015, $13.9 $8.0 $3.9 2023. $325,000 no 382 may The provisions of ASC 740 not November 24, 2015, ’s net deferred tax assets of approximately $11,661,000. December 31, 2015 $12,003,000.

Note 4 - Net Earnings Per Share

Note 4 - Net Earnings Per Share (As Restated)	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Net Earnings Per Share (As R estated) Basic earnings per share have been calculated by dividing net earnings attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares, unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (As Restated)* (As Restated)* Net earnings attributable to Air T, Inc. Stockholders, as previously stated $ 2,971,340 $ 1,448,453 $ 6,029,260 $ 3,339,551 Net earnings attributable to Air T, Inc. Stockholders, as restated $ 2,725,710 $ 1,448,453 $ 5,783,630 $ 3,339,551 Earnings Per Share: Basic, as previously stated $ 1.25 $ 0.61 $ 2.54 $ 1.42 Basic, as restated $ 1.15 $ 0.61 $ 2.44 $ 1.42 Diluted, as previously stated $ 1.24 $ 0.61 $ 2.52 $ 1.41 Diluted, as restated $ 1.14 $ 0.61 $ 2.41 $ 1.41 Weighted Average Shares Outstanding: Basic 2,372,527 2,357,637 2,372,527 2,355,901 Diluted 2,396,999 2,381,214 2,396,645 2,373,500 * Earnings per common share have been restated for the three nine December 31, 2015. 1A. For the three nine December 31, 2015 2014, no

Note 5 - Investment Securities

Note 5 - Investment Securities Available for Sale	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Investment Securities Available For Sale The marketable securities held by the Company as of December 31, 2015 March 31, 2015 December 31, 2015 $8,666,000, $8,706,000, $477,000 $517,000. March 31, 2015 $5,279,000, $5,490,000, $0 $211,000. December 31, 2015 $6,255,000 $517,000 twelve March 31, 2015 $4,168,000 $176,000 twelve $35,000 twelve $1,111,000. $859 $78 three December 31, 2015 December 31, 2014 nine December 31, 2015, $7,696 no $859 $8,487 nine December 31, 2015 December 31, 2014 December 31, 2015 March 31, 2015 not twelve June 30, 2015 December 31, 2015. December 31, 2015 $5,106,000 $362,000. 1

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories Inventories consisted of the following: December 31, 2015 March 31, 2015 Ground support service parts $ 1,529,931 $ 938,072 Printing equipment and maintenance Raw materials 3,702,883 - Work in process 354,408 - Finished goods 937,166 - Ground equipment manufacturing: Raw materials 2,270,630 2,583,797 Work in process 964,274 1,535,152 Finished goods 2,117,512 3,045,761 Total inventories 11,876,804 8,102,782 Reserves (319,212 ) (313,133 ) Total inventories, net $ 11,557,592 $ 7,789,649

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Stock- Based Compensation The Company maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized for stock options based on their grant-date fair values over the requisite service period. The Company and Delphax use the Black-Scholes option pricing model to value stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determ ination of compensation expense. No ’s stock option plan during the three nine December 31, 2015. three December 31, 2014, 15,000 2,500 6,000 nine December 31, 2014, 15,000 32,000 6,000 $0 $8,958 nine December 31, 2015 2014, December 31, 2015, no As noted above, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company ’s acquisition of interests in Delphax. Subsequent to this acquisition, Delphax granted 1.2 $0.33 December 31, 2015 $31,000 December 31, 2015, $373,000

Note 8 - Financing Arrangements

Note 8 - Financing Arrangements	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	8. Financing Arrangements On April 1, 2015, $7.0 $20.0 $500,000. may one 1.50%, 0.15%. may April 1, 2017. first The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $22.0 1.35 1.0, 1.75 1.0, 3.5 1.0. As of December 31, 2015, $7.0 ’s North American accounts receivable and inventories. The facility, which is secured by substantially all of Delphax’s North American assets, expires in November 2018, 4.25% December 31, 2015). December 31, 2015, $181,000 December 31, 2015, $2,828,000 $134,000 $2,000, 4.50% December 31, 2015). December 31, 2015, $38,000. 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 9 - Variable Interest Enti

Note 9 - Variable Interest Entities (As Restated)	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	9. Variable Interest Entities (As R estated) 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, ● 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, ’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. ’s determination, the Company assigned considerable weight to both 1 June 1, 2016 four 2 June 1, 2016. November 24, 2015, Refer to Note 2 The following table sets forth the carrying values of assets and liabilities of Delphax as of December 31, 2015: December 31, 2015 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 276,000 Accounts receivable, net 1,838,000 Inventories 4,869,000 Other current assets 612,000 Total current assets 7,595,000 Property and equipment 391,000 Other Assets 29,000 Total assets $ 8,015,000 LIABILITIES Current liabilities: Accounts payable $ 1,197,000 Income tax payable 170,000 Accrued expenses 1,982,000 Short-term debt 208,000 Total current liabilities 3,557,000 Long-term debt 2,511,000 Other long-term liabilities 49,000 Total liabilities $ 6,117,000 Net Assets $ 1,898,000 Long-term debt as reflected in the above table includes $2,500,000 ’s accompanying December 31, 2015 The assets of Delphax and its subsidiaries can only be used to satisfy the obligations of Delphax and subsidiaries. Furthermore, the creditors of Delphax and its subsidiaries do not Revenue and Expenses of Delphax . Delphax’s revenues and expenses are included in the Company’s consolidated financial statements beginning November 24, 2015. three nine December 31, 2015. Three and Nine Months Ended December 31, 2015 (Unaudited) Operating Revenues $ 1,035,000 Operating Expenses: Cost of sales 1,376,000 General and administrative 309,000 Research and development 216,000 Depreciation and amortization 17,000 1,918,000 Operating Loss (883,000 ) Non-operating Income 36,000 Loss Before Income Taxes (847,000 ) Income Taxes - Net Loss $ (847,000 ) We determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T ’s investments in Delphax and Delphax Canada. As disclosed in Note 2, 67% 33% ’s net losses are attributed first 67% /33% 67% 33% As a result of the application of the above-described attribution methodology, for the three nine December 31, 2015, 33%.

Note 10 - Geographical Informat

Note 10 - Geographical Information	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	10. Geographical I nformation Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of December 31, 2015 March 31, 2015: December 31, March 31, 2015 2015 United States, the Company ’s country of domicile $ 4,135,440 $ 2,571,499 Foreign 381,000 - Total tangible long-lived assets $ 4,516,440 $ 2,571,499

Note 11 - Segment Information

Note 11 - Segment Information	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. Segment I nformation The Company has five ’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning November 24, 2015. may third December 31, 2015. Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its business segments based on operating income. Segment data is summarized as follows: Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Operating Revenues: Overnight Air Cargo $ 18,674,458 $ 12,973,810 $ 48,949,401 $ 36,626,144 Ground Equipment Sales: Domestic 19,024,052 9,142,043 41,165,115 23,775,339 International 1,320,235 3,497,312 4,501,549 12,127,129 Total Ground Equipment Sales 20,344,287 12,639,355 45,666,664 35,902,468 Ground Support Services 6,559,110 5,279,822 17,974,239 14,767,637 Printing Equipment and Maintenance Domestic 789,000 - 789,000 - International 246,000 - 246,000 - Total Printing Equipment and Maintenance 1,035,000 - 1,035,000 - Leasing 5,718 - 5,718 - Total $ 46,618,573 $ 30,892,987 $ 113,631,022 $ 87,296,249 Operating Income (Loss): Overnight Air Cargo $ 1,413,667 $ 602,776 $ 3,394,326 $ 1,425,692 Ground Equipment Sales 3,874,921 1,704,445 8,013,932 4,448,349 Ground Support Services 25,829 262,099 (392,002 ) 574,212 Printing Equipment and Maintenance (883,000 ) - (883,000 ) - Leasing 1,378 - 1,378 - Corporate (542,678 ) (428,500 ) (1,788,966 ) (1,611,987 ) Total $ 3,890,117 $ 2,140,820 $ 8,345,668 $ 4,836,266 Capital Expenditures: Overnight Air Cargo $ 6,618 $ 152,606 $ 82,607 $ 240,945 Ground Equipment Sales 119,455 8,299 338,194 1,357,847 Ground Support Services 220,816 60,367 429,588 175,703 Printing Equipment and Maintenance - - - - Corporate 190,733 - 200,666 - Total $ 537,622 $ 221,272 $ 1,051,055 $ 1,774,495 Depreciation and Amortization: Overnight Air Cargo $ 37,068 $ 39,371 $ 106,161 $ 118,411 Ground Equipment Sales 165,401 135,585 364,465 393,767 Ground Support Services 60,993 40,645 149,560 126,540 Printing Equipment and Maintenance 17,000 - 17,000 - Leasing 2,195 - 2,195 - Corporate 13,817 6,054 28,214 22,107 Total $ 296,474 $ 221,655 $ 667,595 $ 660,825

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies The Company is currently involved in certain product liability-related matters and employment and other matters, which involve pending or threatened legal proceedings. Management believes that these threatened or pending legal proceedings, if adversely decided, would not

Note 13 - Subsequent Events

Note 13 - Subsequent Events	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent Events Management performs an evaluation of events that occur after the consolidated balance sheet date, but before the consolidated financial statements are issued, for potential recognition or disclosure of such events in the Company ’s consolidated financial statements. Overnight Air C argo At December 31, 2015, SA operated a total of 18 61 January 2016, February 2016

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement s In May 2014, five December 15, 2017, ’s consolidated financial statements. In February 2015, first March 31, 2017. In April 2015, December 15, 2015, In July 2015, December 15, 2016 In September 2015, December 15, 2015, March 31, 2016, In January 2016, 2016 01 Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, one 2016 01 320 321,

Note 1A - Restatement of Prev23

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As Previously Reported As Restated Consolidated Balance Sheet Information (at December 31, 2015): Retained earnings $ 30,437,175 $ 30,191,545 Accumulated other comprehensive loss (32,683 ) (37,743 ) Total Air T, Inc. stockholders' equity 35,934,141 35,683,451 Non-controlling interests 1,176,860 1,427,550 Total equity 37,111,001 37,111,001 Total liabilities and equity 49,757,287 49,757,287 Consolidated Statement of Income (Loss) (For the three months ended December 31, 2015): Net loss attributable to non-controlling interests $ 525,140 $ 279,510 Net income attributable to Air T, Inc. stockholders 2,971,340 2,725,710 Earnings per share - basic 1.25 1.15 Earnings per share - diluted 1.24 1.14 Consolidated Statement of Comprehensive Income (For the three months ended December 31, 2015): Comprehensive loss attributable to non-controlling interests $ 536,140 $ 285,450 Comprehensive income attributable to Air T, Inc. stockholders 3,628,086 3,377,396 Consolidated Statement of Income (Loss) (For the nine months ended December 31, 2015): Net loss attributable to non-controlling interests $ 525,140 $ 279,510 Net income attributable to Air T, Inc. stockholders 6,029,260 5,783,630 Earnings per share - basic 2.54 2.44 Earnings per share - diluted 2.52 2.41 Consolidated Statement of Comprehensive Income (For the nine months ended December 31, 2015): Comprehensive loss attributable to non-controlling interests $ 536,140 $ 285,450 Comprehensive income attributable to Air T, Inc. stockholders 6,131,490 5,880,800

Note 2 - Acquisition of Inter24

Note 2 - Acquisition of Interests in Delphax (As Amended) (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	November 24, 2015 (Unaudited) ASSETS Cash and cash equivalents $ 586,000 Accounts receivable, net 1,820,000 Inventories 5,327,000 Other current assets 722,000 Property and equipment 408,000 Total assets $ 8,863,000 LIABILITIES Accounts payable $ 1,482,000 Accrued expenses 1,833,000 Income tax payable 170,000 Debt 3,577,000 Other long-term liabilities 88,000 Total liabilities $ 7,150,000 Net Assets $ 1,713,000

Note 4 - Net Earnings Per Sha25

Note 4 - Net Earnings Per Share (As Restated) (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 (As Restated)* (As Restated)* Net earnings attributable to Air T, Inc. Stockholders, as previously stated $ 2,971,340 $ 1,448,453 $ 6,029,260 $ 3,339,551 Net earnings attributable to Air T, Inc. Stockholders, as restated $ 2,725,710 $ 1,448,453 $ 5,783,630 $ 3,339,551 Earnings Per Share: Basic, as previously stated $ 1.25 $ 0.61 $ 2.54 $ 1.42 Basic, as restated $ 1.15 $ 0.61 $ 2.44 $ 1.42 Diluted, as previously stated $ 1.24 $ 0.61 $ 2.52 $ 1.41 Diluted, as restated $ 1.14 $ 0.61 $ 2.41 $ 1.41 Weighted Average Shares Outstanding: Basic 2,372,527 2,357,637 2,372,527 2,355,901 Diluted 2,396,999 2,381,214 2,396,645 2,373,500

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2015 March 31, 2015 Ground support service parts $ 1,529,931 $ 938,072 Printing equipment and maintenance Raw materials 3,702,883 - Work in process 354,408 - Finished goods 937,166 - Ground equipment manufacturing: Raw materials 2,270,630 2,583,797 Work in process 964,274 1,535,152 Finished goods 2,117,512 3,045,761 Total inventories 11,876,804 8,102,782 Reserves (319,212 ) (313,133 ) Total inventories, net $ 11,557,592 $ 7,789,649

Note 9 - Variable Interest En27

Note 9 - Variable Interest Entities (As Restated) (Tables) - Delphax [Member]	9 Months Ended
	Dec. 31, 2015
Notes Tables
Condensed Balance Sheet [Table Text Block]	December 31, 2015 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 276,000 Accounts receivable, net 1,838,000 Inventories 4,869,000 Other current assets 612,000 Total current assets 7,595,000 Property and equipment 391,000 Other Assets 29,000 Total assets $ 8,015,000 LIABILITIES Current liabilities: Accounts payable $ 1,197,000 Income tax payable 170,000 Accrued expenses 1,982,000 Short-term debt 208,000 Total current liabilities 3,557,000 Long-term debt 2,511,000 Other long-term liabilities 49,000 Total liabilities $ 6,117,000 Net Assets $ 1,898,000
Condensed Income Statement [Table Text Block]	Three and Nine Months Ended December 31, 2015 (Unaudited) Operating Revenues $ 1,035,000 Operating Expenses: Cost of sales 1,376,000 General and administrative 309,000 Research and development 216,000 Depreciation and amortization 17,000 1,918,000 Operating Loss (883,000 ) Non-operating Income 36,000 Loss Before Income Taxes (847,000 ) Income Taxes - Net Loss $ (847,000 )

Note 10 - Geographical Inform28

Note 10 - Geographical Information (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	December 31, March 31, 2015 2015 United States, the Company ’s country of domicile $ 4,135,440 $ 2,571,499 Foreign 381,000 - Total tangible long-lived assets $ 4,516,440 $ 2,571,499

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended December 31, Nine Months Ended December 31, 2015 2014 2015 2014 Operating Revenues: Overnight Air Cargo $ 18,674,458 $ 12,973,810 $ 48,949,401 $ 36,626,144 Ground Equipment Sales: Domestic 19,024,052 9,142,043 41,165,115 23,775,339 International 1,320,235 3,497,312 4,501,549 12,127,129 Total Ground Equipment Sales 20,344,287 12,639,355 45,666,664 35,902,468 Ground Support Services 6,559,110 5,279,822 17,974,239 14,767,637 Printing Equipment and Maintenance Domestic 789,000 - 789,000 - International 246,000 - 246,000 - Total Printing Equipment and Maintenance 1,035,000 - 1,035,000 - Leasing 5,718 - 5,718 - Total $ 46,618,573 $ 30,892,987 $ 113,631,022 $ 87,296,249 Operating Income (Loss): Overnight Air Cargo $ 1,413,667 $ 602,776 $ 3,394,326 $ 1,425,692 Ground Equipment Sales 3,874,921 1,704,445 8,013,932 4,448,349 Ground Support Services 25,829 262,099 (392,002 ) 574,212 Printing Equipment and Maintenance (883,000 ) - (883,000 ) - Leasing 1,378 - 1,378 - Corporate (542,678 ) (428,500 ) (1,788,966 ) (1,611,987 ) Total $ 3,890,117 $ 2,140,820 $ 8,345,668 $ 4,836,266 Capital Expenditures: Overnight Air Cargo $ 6,618 $ 152,606 $ 82,607 $ 240,945 Ground Equipment Sales 119,455 8,299 338,194 1,357,847 Ground Support Services 220,816 60,367 429,588 175,703 Printing Equipment and Maintenance - - - - Corporate 190,733 - 200,666 - Total $ 537,622 $ 221,272 $ 1,051,055 $ 1,774,495 Depreciation and Amortization: Overnight Air Cargo $ 37,068 $ 39,371 $ 106,161 $ 118,411 Ground Equipment Sales 165,401 135,585 364,465 393,767 Ground Support Services 60,993 40,645 149,560 126,540 Printing Equipment and Maintenance 17,000 - 17,000 - Leasing 2,195 - 2,195 - Corporate 13,817 6,054 28,214 22,107 Total $ 296,474 $ 221,655 $ 667,595 $ 660,825

Note 1A - Restatement of Prev30

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($)	Nov. 24, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2015	[1]
Stockholders' Equity Attributable to Noncontrolling Interest		$ 1,427,550	$ 1,427,550	$ 1,427,550
Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage		33.00%	33.00%	33.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent				67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests				33.00%
Percentage of Consolidated Net Income		33.00%	33.00%	33.00%
Stockholders' Equity Attributable to Noncontrolling Interest		$ 0	$ 0	$ 0
Scenario, Previously Reported [Member]
Stockholders' Equity Attributable to Noncontrolling Interest		$ 1,176,860	$ 1,176,860	$ 1,176,860
Scenario, Previously Reported [Member] | Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage				62.00%
Delphax [Member]
Payments to Acquire Businesses, Gross	$ 1,050,000
Delphax [Member] | Series B Preferred Stock of Delphax [Member]
Business Combination, Shares Acquired	43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants	95,600
Business Combination, Warrants Acquired, Exercise Price Per Share	$ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion	100
Preferred Stock, Liquidation Preference Per Share	$ 0
Preferred Stock, Dividend Rate, Percentage	0.00%
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion	38.00%
Five Year Senior Subordinated Promissory Note [Member] | Delphax [Member]
Debt Instrument, Face Amount	$ 2,500,000
Delphax 90-Day Senior Subordinated Note [Member] | Delphax [Member]
Debt Instrument, Cancellation, Outstanding Principal Surrendered	$ 500,000
[1]	Derived from audited consolidated financial statements

Note 1A - Restatement of Prev31

Note 1A - Restatement of Previously Issued Consolidated Financial Statements - Effect of Correction of Error (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2015		Dec. 31, 2014	Mar. 31, 2015	[1]	Mar. 31, 2014
Retained earnings	$ 30,191,545			$ 30,191,545			$ 24,407,915
Accumulated other comprehensive loss	(37,743)			(37,743)			(134,913)
Total Air T, Inc. stockholders' equity	35,683,451			35,683,451			29,795,223
Non-controlling interests	1,427,550			1,427,550
Total equity	37,111,001		$ 31,050,297	37,111,001		$ 31,050,297	29,795,223		$ 27,360,057
Total liabilities and equity	49,757,287			49,757,287			$ 43,456,382
Net Loss Attributable to Non-controlling Interests	279,510			279,510
Net income attributable to Air T, Inc. stockholders	$ 2,725,710	[2]	$ 1,448,453	$ 5,783,630	[2]	$ 3,339,551
Basic (in dollars per share)	$ 1.15	[2]	$ 0.61	$ 2.44	[2]	$ 1.42
Diluted (in dollars per share)	$ 1.14	[2]	$ 0.61	$ 2.41	[2]	$ 1.41
Comprehensive loss attributable to the non-controlling interests	$ 285,450			$ 285,450
Comprehensive income attributable to Air T, Inc. stockholders	3,377,396		1,878,880	5,880,800		3,687,268
Scenario, Previously Reported [Member]
Retained earnings	30,437,175			30,437,175
Accumulated other comprehensive loss	(32,683)			(32,683)
Total Air T, Inc. stockholders' equity	35,934,141			35,934,141
Non-controlling interests	1,176,860			1,176,860
Total equity	37,111,001			37,111,001
Total liabilities and equity	49,757,287			49,757,287
Net Loss Attributable to Non-controlling Interests	525,140			525,140
Net income attributable to Air T, Inc. stockholders	$ 2,971,340	[2]	$ 1,448,453	$ 6,029,260	[2]	$ 3,339,551
Basic (in dollars per share)	$ 1.25	[2]	$ 0.61	$ 2.54	[2]	$ 1.42
Diluted (in dollars per share)	$ 1.24	[2]	$ 0.61	$ 2.52	[2]	$ 1.41
Comprehensive loss attributable to the non-controlling interests	$ 536,140			$ 536,140
Comprehensive income attributable to Air T, Inc. stockholders	$ 3,628,086			$ 6,131,490
[1]	Derived from audited consolidated financial statements
[2]	Earnings per common share have been restated for the three and nine-month periods ended December 31, 2015. See Note 1A.

Note 2 - Acquisition of Inter32

Note 2 - Acquisition of Interests in Delphax (As Amended) (Details Textual) - Delphax [Member] - USD ($)	Nov. 24, 2015	Dec. 31, 2015	Dec. 31, 2015
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	$ 3,577,000
Business Combination, Acquisition Related Costs		$ 110,000	$ 110,000
Series B Preferred Stock of Delphax [Member]
Business Combination, Shares Acquired	43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants	95,600
Business Combination, Warrants Acquired, Exercise Price Per Share	$ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion	100
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion	38.00%
Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion and Issuance of All Shares Reserved for Issuance Under Employee Stock Option Plans	31.00%
Percentage of Preferred Stock Initially Purchasable under Warrant Permitted to Acquire	50.00%
Shares of Preferred Stock Acquired in Connection With the Exercise of the Warrant as a Percentage of the Number of Preferred Shares Initially Purchasable under the Warrant	50.00%
Five Year Senior Subordinated Promissory Note [Member]
Debt Instrument, Face Amount	$ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage	8.50%
Delphax 90-Day Senior Subordinated Note [Member]
Debt Instrument, Cancellation, Outstanding Principal Surrendered	$ 500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 508,000

Note 2 - Acquisition of Inter33

Note 2 - Acquisition of Interests in Delphax (As Amended) - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - Delphax [Member]	Nov. 24, 2015USD ($)
ASSETS
Cash and cash equivalents	$ 586,000
Accounts receivable, net	1,820,000
Inventories	5,327,000
Other current assets	722,000
Property and equipment	408,000
Total assets	8,863,000
LIABILITIES
Accounts payable	1,482,000
Accrued expenses	1,833,000
Income tax payable	170,000
Debt	3,577,000
Other long-term liabilities	88,000
Total liabilities	7,150,000
Net Assets	$ 1,713,000

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Nov. 24, 2015	Sep. 30, 2015
Income Tax Expense (Benefit)	$ 1,499,000	$ 690,617	$ 2,867,000	$ 1,494,821
Deferred Tax Assets, Valuation Allowance	$ 12,003,000		$ 12,003,000		$ 11,661,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards						$ 13,900,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount						325,000
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards						8,000,000
Delphax [Member] | Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount						$ 3,900,000
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired					38.00%

Note 4 - Net Earnings Per Sha35

Note 4 - Net Earnings Per Share (As Restated) (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0

Note 4 - Net Earnings Per Sha36

Note 4 - Net Earnings Per Share (As Restated) - Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended			9 Months Ended
	Dec. 31, 2015	[1]	Dec. 31, 2014	Dec. 31, 2015	[1]	Dec. 31, 2014
Net Income Attributable to Air T, Inc. Stockholders	$ 2,725,710		$ 1,448,453	$ 5,783,630		$ 3,339,551
Earnings Per Share:
Basic (in dollars per share)	$ 1.15		$ 0.61	$ 2.44		$ 1.42
Diluted (in dollars per share)	$ 1.14		$ 0.61	$ 2.41		$ 1.41
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527		2,357,637	2,372,527		2,355,901
Diluted (in shares)	2,396,999		2,381,214	2,396,645		2,373,500
Scenario, Previously Reported [Member]
Net Income Attributable to Air T, Inc. Stockholders	$ 2,971,340		$ 1,448,453	$ 6,029,260		$ 3,339,551
Earnings Per Share:
Basic (in dollars per share)	$ 1.25		$ 0.61	$ 2.54		$ 1.42
Diluted (in dollars per share)	$ 1.24		$ 0.61	$ 2.52		$ 1.41
[1]	Earnings per common share have been restated for the three and nine-month periods ended December 31, 2015. See Note 1A.

Note 5 - Investment Securitie37

Note 5 - Investment Securities Available for Sale (Details Textual) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015		Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Marketable Securities	$ 8,666,000				$ 8,666,000
Available-for-sale Securities, Amortized Cost Basis	8,706,000	$ 5,490,000			8,706,000		$ 5,490,000
Available-for-sale Securities, Gross Unrealized Gain					477,000		0
Available-for-sale Securities, Gross Unrealized Loss					517,000		211,000
Marketable Securities, Current	3,921,690	5,278,752			3,921,690		5,278,752
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	6,255,000	4,168,000			6,255,000		4,168,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss		176,000			517,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss		35,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		1,111,000					1,111,000
Available-for-sale Securities, Gross Realized Gains	859			$ 78	859	$ 8,487
Available-for-sale Securities, Gross Realized Losses					7,696	$ 0
Available-for-sale Securities, Noncurrent	4,744,406		[1]		4,744,406			[1]
Insignia [Member]
Available-for-sale Securities, Gross Unrealized Loss					362,000
Available-for-sale Securities, Noncurrent	$ 5,106,000				$ 5,106,000
[1]	Derived from audited consolidated financial statements

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Ground support service parts	$ 1,529,931	$ 938,072
Inventory Gross	11,876,804	8,102,782
Reserves	(319,212)	(313,133)
Total inventories, net	11,557,592	7,789,649
Printing Equipment and Maintenance [Member]
Raw materials	3,702,883
Work in process	354,408
Finished goods	937,166
Ground Equipment Manufacturing [Member]
Raw materials	2,270,630	2,583,797
Work in process	964,274	1,535,152
Finished goods	$ 2,117,512	$ 3,045,761

Note 7 - Stock-based Compensa39

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		0	15,000	0	15,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			2,500		32,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period			6,000		6,000
Allocated Share-based Compensation Expense				$ 0	$ 8,958
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0	$ 0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0		0
Delphax [Member]
Allocated Share-based Compensation Expense		$ 31,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 373,000	$ 373,000		$ 373,000
Delphax [Member] | Certain Employees of Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.33

Note 8 - Financing Arrangemen40

Note 8 - Financing Arrangements (Details Textual)	9 Months Ended
	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)
Secured Long-term Debt, Noncurrent		$ 7,000,000
Delphax [Member] | Secured Equipment Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.50%
Debt Instrument, Face Amount	$ 134,000
Debt Instrument, Periodic Payment, Principal	2,000
Long-term Debt	38,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	0.15%
Minimum Consolidated Tangible Net Worth	$ 22,000,000
Minimum Fixed Charge Coverage Ratio	1.35
Minimum Asset Coverage Ratio	1.75
Maximum Leverage Ratio	3.5
Revolving Credit Facility [Member] | Delphax [Member]
Debt Instrument, Interest Rate, Effective Percentage	4.25%
Long-term Line of Credit	$ 181,000
Line of Credit Facility, Additional Borrowing Capacity	2,828,000
Revolving Credit Facility [Member] | Delphax [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Derivative, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000

Note 9 - Variable Interest En41

Note 9 - Variable Interest Entities (As Restated) (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Nov. 24, 2015
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent			67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests			33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage	33.00%	33.00%	33.00%
Delphax [Member]
Loan Due from Variable Interest Entity				$ 2,500,000

Note 9 - Variable Interest En42

Note 9 - Variable Interest Entities (As Restated) - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015		Dec. 31, 2014	Mar. 31, 2014
Cash and cash equivalents	$ 5,287,316	$ 14,165,120	[1]	$ 8,816,496	$ 3,758,888
Accounts receivable, net	14,969,012	9,534,563	[1]
Inventories	11,557,592	7,789,649
Other current assets	1,189,235	612,334	[1]
Total current assets	38,095,644	38,670,024	[1]
Property and equipment	4,516,440	2,571,499	[1]
Other Assets	289,967	224,188	[1]
Total assets	49,757,287	43,456,382	[1]
Accounts payable	5,629,318	4,715,708	[1]
Income tax payable	872,267		[1]
Accrued expenses	5,456,011	3,529,451	[1]
Short-term debt	208,000		[1]
Total current liabilities	12,165,596	8,245,159	[1]
Long-term debt	11,000	5,000,000	[1]
Other long-term liabilities	53,690		[1]
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	276,000
Accounts receivable, net	1,838,000
Inventories	4,869,000
Other current assets	612,000
Total current assets	7,595,000
Property and equipment	391,000
Other Assets	29,000
Total assets	8,015,000
Accounts payable	1,197,000
Income tax payable	170,000
Accrued expenses	1,982,000
Short-term debt	208,000
Total current liabilities	3,557,000
Long-term debt	2,511,000
Other long-term liabilities	49,000
Total liabilities	6,117,000
Net Assets	$ 1,898,000
[1]	Derived from audited consolidated financial statements

Note 9 - Variable Interest En43

Note 9 - Variable Interest Entities (As Restated) - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Operating Revenues	$ 46,618,573	$ 30,892,986	$ 113,631,022	$ 87,296,249
General and administrative	4,585,364	3,654,280	12,050,479	10,636,068
Research and development	216,000		216,000
Depreciation and amortization	296,474	221,655	667,595	660,825
	42,728,456	28,752,166	105,285,354	82,459,983
Operating Loss	3,890,117	2,140,820	8,345,668	4,836,266
Non-operating Income	55,083	(1,750)	25,452	(1,894)
Loss Before Income Taxes	3,945,200	2,139,070	8,371,120	4,834,372
Income Tax Expense (Benefit)	1,499,000	690,617	2,867,000	1,494,821
Net Loss	$ 2,446,200	$ 1,448,453	5,504,120	$ 3,339,551
Delphax [Member]
Operating Revenues			1,035,000
Cost of sales			1,376,000
General and administrative			309,000
Research and development			216,000
Depreciation and amortization			17,000
			1,918,000
Operating Loss			(883,000)
Non-operating Income			36,000
Loss Before Income Taxes			(847,000)
Income Tax Expense (Benefit)
Net Loss			$ (847,000)

Note 10 - Geographical Inform44

Note 10 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Non-current Assets	$ 4,516,440	$ 2,571,499
UNITED STATES
Non-current Assets	4,135,440	2,571,499
Non-US [Member]
Non-current Assets	$ 381,000

Note 11 - Segment Information45

Note 11 - Segment Information (Details Textual)	9 Months Ended
	Dec. 31, 2015
Number of Operating Segments	5

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Revenues	$ 46,618,573	$ 30,892,986	$ 113,631,022	$ 87,296,249
Operating Income (Loss)	3,890,117	2,140,820	8,345,668	4,836,266
Capital Expenditures	537,622	221,272	1,051,055	1,774,495
Depreciation and Amortization	296,474	221,655	667,595	660,825
Corporate, Non-Segment [Member]
Operating Income (Loss)	(542,678)	(428,500)	(1,788,966)	(1,611,987)
Capital Expenditures	190,733		200,666
Depreciation and Amortization	13,817	6,054	28,214	22,107
Overnight Air Cargo [Member]
Revenues	18,674,458	12,973,810	48,949,401	36,626,144
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	18,674,458	12,973,810	48,949,401	36,626,144
Operating Income (Loss)	1,413,667	602,776	3,394,326	1,425,692
Capital Expenditures	6,618	152,606	82,607	240,945
Depreciation and Amortization	37,068	39,371	106,161	118,411
Ground Equipment Sales [Member]
Revenues	20,344,287	12,639,354	45,666,664	35,902,468
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	20,344,287	12,639,355	45,666,664	35,902,468
Operating Income (Loss)	3,874,921	1,704,445	8,013,932	4,448,349
Capital Expenditures	119,455	8,299	338,194	1,357,847
Depreciation and Amortization	165,401	135,585	364,465	393,767
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	19,024,052	9,142,043	41,165,115	23,775,339
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	1,320,235	3,497,312	4,501,549	12,127,129
Ground Support Services [Member]
Revenues	6,559,110	5,279,822	17,974,239	14,767,637
Ground Support Services [Member] | Operating Segments [Member]
Revenues	6,559,110	5,279,822	17,974,239	14,767,637
Operating Income (Loss)	25,829	262,099	(392,002)	574,212
Capital Expenditures	220,816	60,367	429,588	175,703
Depreciation and Amortization	60,993	40,645	149,560	126,540
Printing Equipment and Maintenance [Member]
Revenues	1,035,000		1,035,000
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	1,035,000		1,035,000
Operating Income (Loss)	(883,000)		(883,000)
Capital Expenditures
Depreciation and Amortization	17,000		17,000
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	789,000		789,000
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	246,000		246,000
Leasing [Member]
Revenues	5,718		5,718
Leasing [Member] | Operating Segments [Member]
Revenues	5,718		5,718
Operating Income (Loss)	1,378		1,378
Depreciation and Amortization	$ 2,195		$ 2,195