Air T (AIRT) 10-K/A 13 Oct 17 2016 FY Annual report (amended) Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	May 31, 2016	Sep. 30, 2015
Document Information [Line Items]
Entity Registrant Name	AIR T INC
Entity Central Index Key	353,184
Trading Symbol	airt
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,372,527
Entity Public Float			$ 29,370
Document Type	10-K/A
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE Air T, Inc. (the “Company,” “Air T,” “we” or “us”) is filing this amended Form 10-K/A (“Form 10-K/A”) to amend its Annual Report on Form 10-K for the fiscal year ended March 31, 2016, originally filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2016 (“Original Filing”), to restate our audited consolidated financial statements and related footnote disclosures at March 31, 2016 and for the fiscal year ended March 31, 2016. The previously filed financial statements for those periods should no longer be relied upon. This Form 10-K/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10-K/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 periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income 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. As a result of the application of such methodology, for the fiscal year ended March 31, 2016 the attribution of Delphax losses to non-controlling interests should have been 33%. 2 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. We are also correcting an inadvertent transposition of the entries for the fiscal year ended March 31, 2016 for “proceeds from sale of property and equipment” and “capital expenditures” in the presentation of cash flows from investing activities on our Consolidated Statements of Cash Flows (which correction does not affect the reported amount of net cash used in investing activities for that period). This Form 10-K/A is being filed to restate our audited consolidated financial statements at March 31, 2016 and for the fiscal year ended March 31, 2016 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 Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the “Q3 2016 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at and for the three and nine months ended December 31, 2015 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 2017 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 2017 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 2017 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 March 31, 2016, with respect to procedures for the determination of the appropriate attribution of Delphax losses to non-controlling interests and with respect to our analysis of the applicable accounting guidance applicable to recognition of our investments in Delphax. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our internal control over financial reporting and disclosure controls and procedures, as defined by SEC regulations, were not effective at March 31, 2016, as discussed in Part II, Item 9A of this Form 10-K/A. Items Amended in this Form 10-K/A For the convenience of the reader, this Form 10-K/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 1A. Risk Factors B. Part II, Item 6. Selected Financial Data C. Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations D. Part II, Item 8. Financial Statements and Supplementary Data E. Part II, Item 9A. Controls and Procedures F. Part IV, Item 15 Exhibits and Financial Statement Schedules In accordance with applicable SEC rules, this Form 10-K/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-K/A. In addition, the Exhibit Index has been appropriately updated.

Consolidated Statements of Inco

Consolidated Statements of Income (As Restated) - USD ($)	12 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Operating Revenues:
Operating Revenues	$ 148,211,938	[1]	$ 112,181,158
Operating Expenses:
Flight-air cargo	35,990,031	[1]	22,219,794
Maintenance-air cargo	23,597,111	[1]	22,889,035
Ground equipment sales	38,060,345	[1]	31,949,363
Ground support services	20,752,753	[1]	17,495,471
Printing equipment and maintenance	3,611,024	[1]
Research and development	777,942	[1]	0
General and administrative	18,139,830	[1]	14,222,996
Depreciation, amortization and impairment	1,257,207	[1],[2]	856,911
Gain on sale of property and equipment	(5,968)	[1],[2]	(869,116)
	142,180,275	[1]	108,764,455
Operating Income	6,031,663	[1]	3,416,703
Non-operating Income:
Gain on sale of marketable securities	49,720	[2]	8,487
Foreign currency gain, net	79,654	[1]
Other investment income (loss), net	73,115	[1]	(10,265)
Interest expense and other	(80,743)	[1]
	121,746	[1]	(1,778)
Income Before Income Taxes	6,153,409	[1]	3,414,926
Income Taxes	2,395,452		931,000
Net Income	3,757,957	[1],[2],[3]	2,483,926
Net Loss Attributable to Non-controlling Interests	655,953	[1]
Net Income Attributable to Air T, Inc. Stockholders	$ 4,413,910	[1],[4]	$ 2,483,926
Earnings Per Share:
Basic (in dollars per share)	$ 1.86	[1],[4]	$ 1.05
Diluted (in dollars per share)	$ 1.84	[1],[4]	$ 1.04
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527	[1],[4]	2,359,610
Diluted (in shares)	2,396,824	[1],[4]	2,379,928
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 68,226,891	[1]	$ 49,864,547
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	51,175,818	[1]	41,770,395
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	24,834,616	[1]	20,546,216
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	3,954,797	[1]
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 19,816	[1]
[1]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[4]	Earnings per common share have been restated for the year ended March 31, 2016. See Note 1A.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (As Restated) - USD ($)	12 Months Ended
	Mar. 31, 2016	[3]	Mar. 31, 2015
Net income	$ 3,757,957	[1],[2]	$ 2,483,926
Other comprehensive income (loss):
Foreign currency translation loss	(78,004)
Unrealized gains (losses) on marketable securities	23,182		(209,215)
Tax effect of unrealized (gains) losses on marketable securities available for sale	(8,346)		76,566
Total unrealized gain (loss) on marketable securities, net of tax	14,836		(132,649)
Reclassification of gains on marketable securities included in net income	49,720		8,487
Tax effect of reclassification on marketable securities included in net income	(17,899)		(2,970)
Reclassification adjustment for realized gains, net of tax	31,821		5,517
Total Other Comprehensive Loss	(31,347)		(127,133)
Total Comprehensive Income	3,726,610		2,356,793
Comprehensive loss attributable to non-controlling interests	681,694
Comprehensive Income Attributable to Air T, Inc. Stockholders	$ 4,408,304		$ 2,356,793
[1]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.

Consolidated Balance Sheets (As

Consolidated Balance Sheets (As Restated) - USD ($)		Mar. 31, 2016	[1]	Mar. 31, 2015
Current Assets:
Cash and cash equivalents (Delphax $249,528)**	[2]	$ 5,345,455		$ 13,388,767
Marketable securities		4,944,572		5,278,752
Restricted cash		820,651		776,353
Accounts receivable, less allowance for doubtful accounts of $426,000 and $222,000 (Delphax $1,433,494)**		12,303,128		9,534,563
Notes and other receivables-current		592,721		816,606
Income tax receivable		719,899		195,000
Inventories (Delphax $4,642,298)**		12,274,104		7,789,649
Deferred income taxes		291,000		278,000
Prepaid expenses and other ($1,034,067)**		1,668,004		612,334
Total Current Assets		38,959,534		38,670,024
Investments in Available-For-Sale Securities		4,711,343
Property and Equipment, net (Delphax $625,684)**		4,577,774		2,571,499
Cash Surrender Value of Life Insurance Policies		2,100,057		1,990,671
Notes and other receivables-long-term		103,996
Other Assets (Delphax $26,020)**		317,528		224,188
Intangible assets, net (Delphax $1,109,112)**		1,109,112
Goodwill (Delphax $275,408)**		275,408
Total Assets		52,154,752		43,456,382
Current Liabilities:
Accounts payable (Delphax $1,684,802)**		7,003,660		4,715,708
Income tax payable (Delphax $11,312)**		11,312
Accrued expenses (Delphax $1,926,340)**		6,842,874		3,529,451
Short-term debt (Delphax $1,859,300)**		1,859,300
Total Current Liabilities		15,717,146		8,245,159
Long-Term Debt (Delphax $4,835)**		4,835		5,000,000
Deferred Income Taxes		546,000		416,000
Other Non-current Liabilities (Delphax $606,358)**		615,241
Commitments and Contingencies (Notes 8, 11, and 22)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized		0		0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding		593,131		593,131
Additional paid-in capital		4,956,171		4,929,090
Retained earnings		28,821,825		24,407,915
Accumulated other comprehensive loss, net		(140,519)		(134,913)
Total Air T, Inc. Stockholders' Equity		34,230,608		29,795,223
Non-controlling Interests		1,040,922
Total Equity		35,271,530		29,795,223
Total Liabilities and Equity		$ 52,154,752		$ 43,456,382
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.

Consolidated Balance Sheets (A5

Consolidated Balance Sheets (As Restated) (Parentheticals) - USD ($)		Mar. 31, 2016		Mar. 31, 2015
Cash and cash equivalents	[2]	$ 5,345,455	[1]	$ 13,388,767
Allowance for doubtful accounts		426,000	[3]	222,000
Accounts receivable		12,303,128	[1]	9,534,563
Inventories		12,274,104	[1]	7,789,649
Prepaid expenses and other		1,668,004	[1]	612,334
Property and Equipment, net		4,577,774	[1]	2,571,499
Other Assets		317,528	[1]	224,188
Intangible assets, net		1,109,112	[1]
Goodwill		275,408	[1]
Accounts payable		7,003,660	[1]	4,715,708
Income tax payable		11,312	[1]
Accrued expenses		6,842,874	[1]	3,529,451
Short-term debt		1,859,300	[1]
Long-term Debt		4,835	[1]	5,000,000
Other Non-current Liabilities		$ 615,241	[1]
Preferred stock, par value (in dollars per share)		$ 1	[3]	$ 1
Preferred stock, authorized (in shares)		50,000	[3]	50,000
Common stock, par value (in dollars per share)		$ 0.25	[3]	$ 0.25
Common stock, authorized (in shares)		4,000,000	[3]	4,000,000
Common stock, issued (in shares)		2,372,527	[3]	2,372,527
Common stock, outstanding (in shares)		2,372,527	[3]	2,372,527
Delphax [Member]
Cash and cash equivalents	[3],[4]	$ 249,528
Accounts receivable	[3],[4]	1,433,494
Inventories	[3],[4]	4,642,298
Prepaid expenses and other	[3],[4]	1,034,067
Property and Equipment, net	[3],[4]	625,684
Other Assets	[3],[4]	26,020
Intangible assets, net	[3],[4]	1,109,112
Goodwill	[3],[4]	275,408
Accounts payable	[3],[4]	1,684,802
Income tax payable	[3],[4]	11,312
Accrued expenses	[3],[4]	1,926,340
Short-term debt	[3],[4]	1,859,300
Long-term Debt	[3],[4]	4,835
Other Non-current Liabilities	[3],[4]	$ 606,358
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[4]	Amounts related to Delphax as of March 31, 2016.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (As Restated) - USD ($)		12 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 3,757,957	[1],[2],[3]	$ 2,483,926
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of marketable securities		(49,720)	[1]	(8,487)
Gain on sale of property and equipment		(5,968)	[1],[2]	(869,116)
Change in accounts receivable and inventory reserves		(462,439)	[1]	(370,756)
Depreciation, amortization and impairment		1,257,207	[1],[2]	856,911
Change in cash surrender value of life insurance		(109,386)	[1]	(103,060)
Deferred income taxes		90,484		(372,000)
Warranty reserve		140,768	[1]	169,683
Compensation expense related to stock options		29,334	[1]	8,958
Change in operating assets and liabilities:
Accounts receivable		(1,530,289)	[1]	640,944
Notes receivable and other non-trade receivables		119,889	[1]	871,882
Inventories		(877,993)	[1]	3,760,133
Prepaid expenses and other assets		(422,547)	[1]	147,659
Accounts payable		605,940	[1]	(1,710,347)
Accrued expenses		1,217,786	[1]	767,231
Income taxes payable/ receivable		(524,900)	[1]	566,000
Non-current liabilities		(21,606)	[1]
Total adjustments		(543,440)	[1]	4,355,635
Net cash provided by operating activities		3,214,517	[1]	6,839,561
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(4,481,030)	[1]	(4,527,784)
Proceeds from sale of marketable securities		(226,759)	[1]	(515,045)
Net cash flow from business combination		78,000	[1]
Proceeds from sale of property and equipment		200,634	[1]	3,358,660
Capital expenditures		(1,246,071)	[1]	(799,666)
Decrease in restricted cash		(44,298)	[1]	(526,352)
Net cash used in investing activities		(5,266,006)	[1]	(1,980,097)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		14,296,108	[1]	6,330,888
Payment on line of credit		(19,302,273)	[1]	(1,330,888)
Proceeds from funding of lease		7,428	[1]
Repurchase of stock options			[1]	(130,335)
Proceeds from exercise of stock options, net of excess tax benefit			[1]	150,750
Net cash (used in) provided by financing activities		(5,993,746)	[1]	5,020,415
Effect of foreign currency exchange rates on cash and cash equivalents		1,923	[1]
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(8,043,312)	[1]	9,879,879
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		13,388,767	[1]	3,508,888
CASH AND CASH EQUIVALENTS AT END OF YEAR	[1]	5,345,455	[4]	13,388,767
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers		1,288,474	[1]	1,132,115
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES:
Non-controlling interests in acquired business		1,712,935	[1]
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		47,052	[1]	19,000
Income taxes		2,827,000	[1]	737,000
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		1,832,600	[1]
Payment on line of credit		(2,827,609)	[1]
CASH AND CASH EQUIVALENTS AT END OF YEAR	[5],[6]	$ 249,528
[1]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[4]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[5]	Amounts related to Delphax as of March 31, 2016.
[6]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Consolidated Statements of Equi

Consolidated Statements of Equity (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)		$ 27,360,057
Net income			2,483,926			2,483,926
Unrealized gain (loss) from marketable securities, net of tax				(127,133)		$ (127,133)
Exercise of stock options (in shares)	17,500					17,500
Exercise of stock options	$ 4,375	146,375				$ 150,750
Compensation expense related to stock options		8,958				8,958
Tax effect from exercise, forfeiture and repurchase of stock options		49,000				49,000
Repurchase of stock options		(130,335)				(130,335)
Initial consolidation of Delphax
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
Net income			4,413,910		(655,953)	3,757,957	[1],[2],[3]
Unrealized gain (loss) from marketable securities, net of tax				46,657		46,657
Compensation expense related to stock options		19,653			9,681	29,334
Initial consolidation of Delphax					1,712,935	1,712,935	[1]
Foreign currency translation loss				(52,263)	(25,741)	(78,004)
Funding on residual sharing agreements		7,428				7,428
Balance (in shares) at Mar. 31, 2016	2,372,527
Balance at Mar. 31, 2016	$ 593,131	$ 4,956,171	$ 28,821,825	$ (140,519)	$ 1,040,922	$ 35,271,530	[4]
[1]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[4]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 1A - Restatement of Previo

Note 1A - Restatement of Previously Issued Consolidated Financial Statements	12 Months Ended
	Mar. 31, 2016
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 consolidated financial statements included in the Company ’s Annual Report on Form 10 March 31, 2016, June 29, 2016 ( November 24, 2015 62% 38% The Company has concluded that the Company ’s methodology in attributing 62% not 1. March 31, 2016 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 Five-Year Senior Subordinated Promissory Note and an inadvertent transposition of entries in our Consolidated Statement of Cash Flows described below. Accordingly, the Company is restating its consolidated financial statements at March 31, 2016 March 31, 2016, ’s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest, to correct an inadvertent transposition of the entries for the fiscal year ended March 31, 2016 not The combined impacts of all the adjustments to the applicable line items in our consolidated financial statements for the periods covered by this Form 10K/A Financial Statement Presentation In addition to the restatement of our consolidated financial statements, we have also restated the following Notes for the effects of the errors above. ● Note 1. ● Note 2. ● Note 8. ● Note 9. ● Note 19. The following tables present the effect of the correction of the error on selected line items of our previously reported consolidated financial statements at March 31, 2016 March 31, 2016: As Previously Reported As Restated Consolidated Balance Sheet Information (at March 31, 2016): Additional paid-in capital $ 4,947,665 $ 4,956,171 Retained earnings 29,350,980 28,821,825 Accumulated other comprehensive loss, net (117,898 ) (140,519 ) Total Air T, Inc. stockholders' equity 34,773,878 34,230,608 Non-controlling interests 497,652 1,040,922 Total equity 35,271,530 35,271,530 Total liabilities and equity 52,154,752 52,154,752 Consolidated Statement of Income (Loss) (for the fiscal year ended March 31, 2016): Net loss attributable to non-controlling interests $ 1,185,108 $ 655,953 Net income attribuable to Air T, Inc. stockholders 4,943,065 4,413,910 Earnings per share - basic 2.08 1.86 Earnings per share - diluted 2.06 1.84 Consolidated Statement of Comprehensive Income (for the fiscal year ended March 31, 2016): Comprehensive loss attributable to non-controlling interests $ 1,233,470 $ 681,694 Comprehensive income attributable to Air T, Inc. stockholders 4,960,080 4,408,304 Consolidated Statement of Cash Flows (for the fiscal year ended March 31, 2016): Proceeds from sale of property and equipment $ (1,246,071 ) $ 200,634 Capital expenditures 200,634 (1,246,071 )

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies (As Restated)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (AS RESTATED) Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Delphax. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications - Certain prior period amounts have been reclassified to conform with the current period presentation. Such reclassifications had no Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates. Concentration of Credit Risk – The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company ’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16 Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three Foreign exchange - Delphax, which is headquartered in the United States, has subsidiaries in Canada, France, and the United Kingdom. The functional currency of the Delphax’s Canadian subsidiary is the U.S. dollar, whereas the functional currency of Delphax’s subsidiaries in France and the United Kingdom is the Euro and Pound Sterling, respectively. The balance sheets of foreign operations with a functional currency of other than the U.S. dollar are translated to U.S. dollars using rates of exchange as of the applicable balance sheet date. The statements of income items of foreign operations are translated to U.S. dollar using average rates of exchange for the applicable period. The gains and losses resulting from translation of the financial statements of Delphax’s foreign operations are recorded within the accumulated other comprehensive income (loss) and non-controlling interests categories of the Company’s consolidated equity. Goodwill - Goodwill of approximately $375,000 8 not The Company intends to perform its annual impairment test of Delphax ’s goodwill as of September 30, March 31, 2016 two one two The Company is permitted to first not 50 not not not first second first ’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second second Considering all relevant factors, the Company identified a potential goodwill impairment during the quarter ended March 31, 2016. $100,000. Intangible Assets - Amortizable intangible assets consist of acquired patents and tradenames recorded at fair value in connection with the acquisition of interests in Delphax (Note 8 $50,000 March 31, 2016. Years Tradenames 5 Patents 9 Marketable Securities – In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities Inventories – Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost ( first first may not one Property and Equipment – Property and equipment is stated at cost or, in the case of equipment under capital leases, the present value of future lease payments. Rotable parts represent aircraft parts which are repairable, capitalized and depreciated over their estimated useful lives. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Leased equipment is depreciated using the accelerated method. Useful lives range from three seven ten The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may Asset Retirement Obligation - Under the terms of a lease for a manufacturing facility in Canada, Delphax is responsible for restoring the leased property to its original condition, normal wear and tear excepted. The Company’s provisional accounting for the acquisition of Delphax reflects an estimated asset retirement obligation (“ARO”) liability for this matter of approximately $560,000. March 31, 2016 March 31, 2016 no November 24, 2015 March 31, 2016 Restricted Cash — Restricted cash consists of cash held by SAIC as statutory capital reserves and cash collateral securing SAIC’s participation in certain reinsurance pools. Revenue Recognition – Cargo revenue is recognized upon completion of contract terms. Revenues from maintenance and ground support services and services within our printing equipment and maintenance segment are recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer. Operating Expenses Reimbursed by Customer – The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of flight crews, fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass through costs totaled $24,632,000 $32,672,000 March 31, 2016 2015, Stock Based Compensation – The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. Warranty Reserves – The Company warranties its ground equipment products for up to a three 90 Product warranty reserve activity is as follows: Year Ended March 31, 2016 2015 Beginning Balance $ 231,803 $ 242,000 Amounts charged to expense 140,768 169,683 Actual warranty costs paid (166,916 ) (179,880 ) Delphax acquisition 60,800 - Ending Balance $ 266,455 $ 231,803 Income Taxes – 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. Attribution of net income or loss of partially-owned consolidated entities - In the case of Delphax, we determined that the attribution of net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. Our investment in 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% zero 67% 33% The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis. Research and Development Costs – All research and development costs are expensed as incurred. The research and development costs for the period November 24, 2015 March 31, 2016 $778,000. no March 31, 2015.

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share (As Restated)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	2. EARNINGS PER COMMON SHARE (AS RESTATED) Basic earnings per share has been calculated by dividing net income by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. For the year ended March 31, 2016 Year Ended March 31, 2016 2015 (As Restated)* Net earnings attributable to Air T, Inc. Stockholders, as previously reported $ 4,943,065 $ 2,483,926 Net earnings attributable to Air T, Inc. Stockholders, as restated $ 4,413,910 $ 2,483,926 Earnings Per Share: Basic, as previously reported $ 2.08 $ 1.05 Basic, as restated $ 1.86 $ 1.05 Diluted, as previously reported $ 2.06 $ 1.04 Diluted, as restated $ 1.84 $ 1.04 Weighted Average Shares Outstanding: Basic 2,372,527 2,359,610 Diluted 2,396,824 2,379,928 * Earnings per common share have been restated for the year ended March 31, 2016. 1A.

Note 3 - Marketable Securities

Note 3 - Marketable Securities	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. MARKETABLE SECURITIES Marketable securities at March 31, 2016 $9,656,000, $9,791,000, $422,000 $557,000. March 31, 2015 $5,279,000, $5,490,000, $0 $211,000. 12 March 31, 2016 $5,903,000 $163,000, $4,168,000 $176,000, March 31, 2015). 12 March 31, 2016 $4,711,000 $395,000, $1,111,000 $35,000, March 31, 2015). $50,000 $9,000 March 31, 2016 March 31, 2015,

Note 4 - Inventories

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

Note 5 - Property and Equipment

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

Note 6 - Intangible Assets and

Note 6 - Intangible Assets and Goodwill	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. INTANGIBLE ASSETS AND GOODWILL Intangible assets as of March 31, 2016 no March 31, 2016 Tradenames $ 120,000 Patents 1,090,000 1,210,000 Less accumulated amortization and impairment (100,888 ) Intangible assets, net $ 1,109,112 Amortization expense was approximately $51,000 November 24, 2015 March 31, 2016. no March 31, 2015 ’s investment in Delphax on November 24, 2015. March 31, 2016 $50,000. Annual future amortization expense for these intangible assets is as follows: Year ending March 31, 2017 $ 135,111 2018 135,111 2019 135,111 2020 135,111 2021 126,695 Thereafter 441,973 $ 1,109,112 The Company provisionally recorded goodwill of approximately $375,000 8 $100,000 2016

Note 7 - Accrued Expenses

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

Note 8 - Acquisition of Interes

Note 8 - Acquisition of Interests in Delphax (As Amended)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	8. ACQUISITION OF INTERESTS IN DELPHAX (AS RESTATED) 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%. November 24, 2017. October 2, 2015 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 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. 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 provisional fair values of consolidated Delphax assets and liabilities as of the Closing Date: November 24, 2015 ASSETS Cash and cash equivalents $ 586,061 Accounts receivable 1,740,210 Inventories 3,972,802 Other current assets 693,590 Property and equipment 722,714 Intangible assets - trade name 120,000 Intangible assets - patents 1,090,000 Goodwill 375,408 Total assets $ 9,300,785 LIABILITIES Accounts payable $ 1,663,199 Accrued expenses 1,949,522 Income tax payable 11,312 Debt 3,313,317 Other long-term liabilities 650,500 Total liabilities $ 7,587,850 Net Assets $ 1,712,935 The Company determined that it was reasonable to use the price which it paid for its 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 initial accounting for its acquisition of interests in Delphax was, as of the date of the Original Filing incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional. Determination of the acquisition date fair values of certain of Delphax assets and liabilities, particularly inventories and the ARO liability (see Note 1 first 2017, no second 2017 Direct costs relating to the above transactions of $110,000 March 31, 2016, Pro forma financial information is not not ’s consolidated financial statements.

Note 9 - Variable Interest Enti

Note 9 - Variable Interest Entities (As Restated)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	9. VARIABLE INTEREST ENTITIES (AS RESTATED) A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 Consolidation ● the power to direct the activities that most significantly impact the economic performance of the VIE; and ● the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. As described in Note 8, 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 8 The following table sets forth the carrying values of Delphax ’s assets and liabilities as of March 31, 2016: March 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 249,528 Accounts receivable, net 1,433,494 Inventories 4,642,298 Other current assets 1,034,067 Total current assets 7,359,387 Property and equipment 625,684 Intangible assets 1,109,112 Goodwill 275,408 Other Assets 26,020 Total assets $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 1,684,802 Income tax payable 11,312 Accrued expenses 1,926,340 Short-term debt 1,859,300 Total current liabilities 5,481,754 Long-term debt 2,581,107 Other long-term liabilities 606,358 Total liabilities $ 8,669,219 Net Assets $ 726,392 Long-term debt as reflected in the above table includes approximately $76,000 ’s accompanying March 31, 2016 The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax ’s creditors do not Delphax ’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015. March 31, 2016: From November 24, 2015 through March 31, 2016 Operating Revenues $ 3,954,797 Operating Expenses: Cost of sales 3,611,024 General and administrative 1,218,564 Research and development 777,942 Depreciation, amortization and impairment 313,893 5,921,423 Operating Loss (1,966,626 ) Non-operating Loss (21,111 ) Loss Before Income Taxes (1,987,737 ) Income Taxes - Net Loss $ (1,987,737 ) Non-operating income, net, includes interest expense of approximately $76,000 ’s accompanying consolidated statements of income and comprehensive income for the year ended March 31, 2016. 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 fiscal year ended March 31, 2016, 33%.

Note 10 - Financing Arrangement

Note 10 - Financing Arrangements	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	10. FINANCING ARRANGEMENTS As of March 31, 2016, $20.0 $500,000. may one 1.50%, 0.15%. may April 1, 2017. Borrowings under the Revolving Credit Facility, together with hedging obligations, if any owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first 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. The Company is exposed to changes in interest rates on its prior line of credit and its current revolving credit facility. If the LIBOR interest rate had been increased by one No March 31, 2016. Amounts advanced under the credit facility bear interest at the 30 150 March 31, 2016 .44%. March 31, 2016. As of March 31, 2016, $7.0 ’s senior credit facility prohibits the payment of cash dividends, the facility is not The Delphax senior credit facility is secured by substantially all of its North American assets, expires in November 2018, 4.25% March 31, 2016). March 31, 2016, $1,833,000 $800,000. March 31, 2016 not ’s non-compliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the facility and to declare all amounts outstanding under the senior credit facility due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the senior credit facility. As of the date of this report, Delphax has not may may

Note 11 - Lease Arrangements

Note 11 - Lease Arrangements	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments Disclosure [Text Block]	11. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases its corporate offices from a company controlled by certain of the Company ’s former officers and directors. The lease for this facility provides for monthly rent of $14,862 January 31, 2018, may three two January 31, 2024. The Company leases approximately 53,000 66,000 January 2023, four five GGS leases its production facility under an agreement that extends through August 2019. GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one March 2021. Delphax leases its production facility in Mississauga, Ontario under an agreement extending through August 2018. $384,000 $222,000 March 31, 2016 1 Delphax has office space in the United Kingdom under an operating lease that extends through January 2017. £62,400 $90,000 March 31, 2016 At March 31, 2016, March 31, 2016 one Year ended March 31, 2017 $ 3,278,000 2018 2,611,000 2019 1,660,000 2020 1,018,000 2021 564,000 Thereafter 632,000 Total minimum lease payments $ 9,763,000 The Company ’s rent expense excluding Delphax for operating leases totaled approximately $3,038,000 $2,309,000 2016 2015, $178,000 $177,000 2016 2015, November 24, 2015 March 31, 2016 $226,000.

Note 12 - Equipment Leased to C

Note 12 - Equipment Leased to Customers	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	12. EQUIPMENT LEASED TO CUSTOMERS The Company leases equipment to third March 31, 2016, Year ended March 31, 2017 $ 206,000 2018 46,040 2019 46,040 2020 46,040 2021 46,040 Thereafter 3,837 Total minimum lease payments $ 393,994 Delphax leases a printer to a third June 2015. May 2018. $20,000. March 31, 2016, Year ended March 31, 2017 $ 240,000 2018 240,000 2019 40,000 $ 520,000

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one three Level 1: Level 2: not Level 3: no The Company ’s assets and liabilities measured at fair value (all Level 1 Fair Value Measurements at March 31, 2016 2015 Marketable securities $ 9,655,915 $ 5,278,752 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accrued expenses approximate their fair value at March 31, 2016 2015.

Note 14 - Air T, Inc. Stockhold

Note 14 - Air T, Inc. Stockholders' Equity	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. AIR T, INC. STOCKHOLDERS ’ EQUITY The authorized capital structure of Air T, Inc. includes 4,000,000 $0.25 In May 2014, On May 14, 2014, 750,000 ’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b 18, In addition to common stock, the Company may 50,000 $1.00 one A total of 5,000 5,000 3,000 $1.00 1,000 $100 1,000 one thousand No March 31, 2016. On December 14, 2014, one The Rights are governed by a Rights Agreement (the “Rights Agreement”) dated as of December 15, 2014. December 26, 2014 ( one The Rights initially represent the right to purchase one one The Rights will become exercisable upon the occurrence of specified events, including if any person or group (other than an “exempt person”) acquires beneficial ownership of 20 20% not not 1% 20% 20 $85 20 may, one one December 26, 2017. may, $0.01

Note 15 - Employee and Non-Empl

Note 15 - Employee and Non-Employee Stock Options	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	15. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in 2005, 256,000 at 100% March 31, 2016, no may 40,000 one third first one Compensation expense related to Air T, Inc. stock options was $0 $9,000 March 31, 2016 2015, March 31, 2016, no no March 31, 2016 March 31, 2015. In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company ’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted 1.2 $0.33 March 31, 2016 $30,000 March 31, 2016, $373,000 Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life(Years) Value Outstanding at March 31, 2014 101,500 $ 8.73 3.39 $ 342,000 Granted - Exercised (17,500 ) 8.61 Forfeited (6,000 ) 8.29 Repurchased (32,000 ) 8.96 Outstanding at March 31, 2015 46,000 $ 8.68 2.87 $ 732,000 Granted - Exercised - - Forfeited (6,000 ) 8.29 Repurchased - - Outstanding at March 31, 2016 40,000 8.74 2.09 $ 617,000 Exercisable at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 During the year ended March 31, 2015, 10,000 March 31, 2014 2,500 March 31, 2016, no

Note 16 - Major Customers

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

Note 17 - Income Taxes

Note 17 - Income Taxes	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	17. INCOME TAXES The components of income tax expense were as follows: Year Ended March 31, 2016 2015 Current: Federal $ 1,817,000 $ 1,209,000 State 316,000 159,000 Foreign 171,000 (65,000 ) Total current 2,304,000 1,303,000 Deferred: Federal 152,000 (315,000 ) State (61,000 ) (57,000 ) Total deferred 91,000 (372,000 ) Total $ 2,395,000 $ 931,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 34% Year Ended March 31, 2016 2015 Expected Federal income tax expense U.S. statutory rate $ 2,092,000 34.0 % $ 1,161,000 34.0 % State income taxes, net of Federal benefit 169,000 2.7 % 67,000 2.0 % Permanent differences, other 47,000 0.8 % 42,000 1.2 % Section 831(b) benefit (316,000 ) -5.1 % (364,000 ) -10.6 % Change in valuation allowance 557,000 9.0 % Domestic production activities deductions (193,000 ) -3.1 % (107,000 ) -3.1 % Other differences, net 39,000 0.6 % 132,000 3.8 % Income tax expense $ 2,395,000 38.9 % $ 931,000 27.3 % Delphax, which generated a loss for the period from November 24, 2015 March 31, 2016 not ’s consolidated tax returns, is the source of the above valuation allowance effect. Deferred tax assets and liabilities consisted of the following as of: March 31, 2016 2015 Inventory reserves $ 504,000 $ 115,000 Accrued vacation 439,000 244,000 Stock option compensation 141,000 47,000 Warranty reserve 74,000 85,000 Accounts and notes receivable reserve 181,000 83,000 Net operating loss carryforwards 5,353,000 - Federal credits 4,784,000 - 263A inventory capitalization 60,000 145,000 Other 112,000 79,000 Total deferred tax assets 11,648,000 798,000 Deferred Revenue (52,000 ) - Prepaid expenses (563,000 ) (473,000 ) Property and equipment (70,000 ) (463,000 ) Intangibles (388,000 ) - Total deferred tax liabilities (1,073,000 ) (936,000 ) Net deferred tax (liability) asset $ 10,575,000 $ (138,000 ) Less Valuation Allowance (10,830,000 ) - Net deferred tax (liability) asset after Valuation Allowance $ (255,000 ) $ (138,000 ) The deferred tax items are reported on a net current and non-current basis in the accompanying fiscal 2016 2015 The Company accounts for uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. The Company has analyzed filing positions in all of the federal, state and international jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The periods subject to examination for the Company ’s federal return are the fiscal 2012 2014 2011 2014 March 31, 2016 2015, not not twelve It is the Company ’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2016 2015, not March 31, 2016 2015. As described in Note 8, November 24, 2015, 38%, three no 2011. Delphax maintains a September 30 September 30, 2015, $6.0 $7.9 $4.5 2023. $325,000 no of Section 382. first 2017. 382 The provisions of ASC 740 not November 24, 2015, ’s net deferred tax assets of approximately $10,273,000. March 31, 2016 $10,830,000. U.S. income tax has not not

Note 18 - Employee Benefits

Note 18 - Employee Benefits	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	18. EMPLOYEE BENEFITS The Company has a 401 1165 ’s contribution to the Plans for the years ended March 31, 2016 2015 $376,000 $299,000, The Company, in each of the past three 2016 2015 $1,748,000 $1,150,000, In addition, Delphax has a defined contribution salary deferral plan covering substantially all U.S. employees under Section 401 50% ’ before-tax contributions up to 6% three November 24, 2015 March 31, 2016 $15,000. Delphax also has a defined contribution plan covering substantially all Canadian employees. Canadian employees contribute 2% 3% 4% two November 24, 2015 March 31, 2016 $41,000.

Note 19 - Quarterly Financial I

Note 19 - Quarterly Financial Information (Unaudited) (As Restated)	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (AS RESTATED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter (As Restated)* (As Restated)* 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 $ 3,890 (2,314 ) Net Income (Loss), as previously reported (736 ) 3,794 2,971 (1,086 ) Net Income (Loss), as restated (736 ) 3,794 2,726 (1,370 ) Basic Earnings (Loss) per share, as previously reported (0.31 ) 1.60 1.25 (0.46 ) Basic Earnings (Loss) per share, as restated (0.31 ) 1.60 1.15 (0.58 ) Diluted Earnings (Loss) per share, as previously reported (0.31 ) 1.58 1.24 (0.46 ) Diluted Earnings (Loss) per share, as restated (0.31 ) 1.58 1.14 (0.57 ) 2015 Operating Revenues $ 21,779 $ 34,625 $ 30,893 $ 24,885 Operating Income (Loss) 99 2,597 2,141 (1,420 ) Net Income (Loss) 73 1,818 1,448 (856 ) Basic Earnings (Loss) per share 0.03 0.77 0.61 (0.36 ) Diluted Earnings (Loss) per share 0.03 0.77 0.61 (0.36 ) * Results of operations for the third fourth 2016 1A.

Note 20 - Geographical Informat

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

Note 21 - Segment Information

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

Note 22 - Commitments and Conti

Note 22 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	22. COMMITMENTS AND CONTINGENCIES The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not In June 2016, the Company acquired land and entered into an agreement to construct a new corporate headquarters facility in Denver, North Carolina for an aggregate amount of approximately $1.9 2018. $178,000. no

Note 23 - Related Party Matters

Note 23 - Related Party Matters	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	23. RELATED PARTY MATTERS Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018, may three two January 31, 2024. Since April 1, 2015, ’s leasing subsidiary has acquired interests in two $401,250. third $1,000 1% March 31, 2016 1%

Note 24 - Subsequent Events

Note 24 - Subsequent Events	12 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	24. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued. On April 4, 2016, two 500 $650,000 third third 12 On June 1, 2016, May 31, 2020 2% not March 31, 2016, ’s operating income. In June 2016, the Company acquired land and entered into an agreement to construct a new corporate headquarters in Denver, North Carolina for an aggregate amount of approximately $1.9 2018. $178,000.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and Delphax. All intercompany transactions and balances have been eliminated in consolidation.
Reclassification, Policy [Policy Text Block]	Reclassifications - Certain prior period amounts have been reclassified to conform with the current period presentation. Such reclassifications had no
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk – The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company ’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign exchange - Delphax, which is headquartered in the United States, has subsidiaries in Canada, France, and the United Kingdom. The functional currency of the Delphax’s Canadian subsidiary is the U.S. dollar, whereas the functional currency of Delphax’s subsidiaries in France and the United Kingdom is the Euro and Pound Sterling, respectively. The balance sheets of foreign operations with a functional currency of other than the U.S. dollar are translated to U.S. dollars using rates of exchange as of the applicable balance sheet date. The statements of income items of foreign operations are translated to U.S. dollar using average rates of exchange for the applicable period. The gains and losses resulting from translation of the financial statements of Delphax’s foreign operations are recorded within the accumulated other comprehensive income (loss) and non-controlling interests categories of the Company’s consolidated equity.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill - Goodwill of approximately $375,000 8 not The Company intends to perform its annual impairment test of Delphax ’s goodwill as of September 30, March 31, 2016 two one two The Company is permitted to first not 50 not not not first second first ’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second second Considering all relevant factors, the Company identified a potential goodwill impairment during the quarter ended March 31, 2016. $100,000.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets - Amortizable intangible assets consist of acquired patents and tradenames recorded at fair value in connection with the acquisition of interests in Delphax (Note 8 $50,000 March 31, 2016. Years Tradenames 5 Patents 9
Marketable Securities, Policy [Policy Text Block]	Marketable Securities – In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities
Inventory, Policy [Policy Text Block]	Inventories – Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost ( first first may not one
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment – Property and equipment is stated at cost or, in the case of equipment under capital leases, the present value of future lease payments. Rotable parts represent aircraft parts which are repairable, capitalized and depreciated over their estimated useful lives. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Leased equipment is depreciated using the accelerated method. Useful lives range from three seven ten The Company assesses long-lived assets used in operations for impairment when events and circumstances indicate the assets may
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligation - Under the terms of a lease for a manufacturing facility in Canada, Delphax is responsible for restoring the leased property to its original condition, normal wear and tear excepted. The Company’s provisional accounting for the acquisition of Delphax reflects an estimated asset retirement obligation (“ARO”) liability for this matter of approximately $560,000. March 31, 2016 March 31, 2016 no November 24, 2015 March 31, 2016
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash — Restricted cash consists of cash held by SAIC as statutory capital reserves and cash collateral securing SAIC’s participation in certain reinsurance pools.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition – Cargo revenue is recognized upon completion of contract terms. Revenues from maintenance and ground support services and services within our printing equipment and maintenance segment are recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer.
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	Operating Expenses Reimbursed by Customer – The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of flight crews, fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass through costs totaled $24,632,000 $32,672,000 March 31, 2016 2015,
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Based Compensation – The Company maintains a stock option plan for the benefit of certain eligible employees and directors of the Company. The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves – The Company warranties its ground equipment products for up to a three 90 Product warranty reserve activity is as follows: Year Ended March 31, 2016 2015 Beginning Balance $ 231,803 $ 242,000 Amounts charged to expense 140,768 169,683 Actual warranty costs paid (166,916 ) (179,880 ) Delphax acquisition 60,800 - Ending Balance $ 266,455 $ 231,803
Income Tax, Policy [Policy Text Block]	Income Taxes – 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.
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Attribution of net income or loss of partially-owned consolidated entities - In the case of Delphax, we determined that the attribution of net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. Our investment in 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% The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs – All research and development costs are expensed as incurred. The research and development costs for the period November 24, 2015 March 31, 2016 $778,000. no March 31, 2015.

Note 1A - Restatement of Prev34

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As Previously Reported As Restated Consolidated Balance Sheet Information (at March 31, 2016): Additional paid-in capital $ 4,947,665 $ 4,956,171 Retained earnings 29,350,980 28,821,825 Accumulated other comprehensive loss, net (117,898 ) (140,519 ) Total Air T, Inc. stockholders' equity 34,773,878 34,230,608 Non-controlling interests 497,652 1,040,922 Total equity 35,271,530 35,271,530 Total liabilities and equity 52,154,752 52,154,752 Consolidated Statement of Income (Loss) (for the fiscal year ended March 31, 2016): Net loss attributable to non-controlling interests $ 1,185,108 $ 655,953 Net income attribuable to Air T, Inc. stockholders 4,943,065 4,413,910 Earnings per share - basic 2.08 1.86 Earnings per share - diluted 2.06 1.84 Consolidated Statement of Comprehensive Income (for the fiscal year ended March 31, 2016): Comprehensive loss attributable to non-controlling interests $ 1,233,470 $ 681,694 Comprehensive income attributable to Air T, Inc. stockholders 4,960,080 4,408,304 Consolidated Statement of Cash Flows (for the fiscal year ended March 31, 2016): Proceeds from sale of property and equipment $ (1,246,071 ) $ 200,634 Capital expenditures 200,634 (1,246,071 )

Note 1 - Summary of Significa35

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

Note 2 - Earnings Per Common 36

Note 2 - Earnings Per Common Share (As Restated) (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2016 2015 (As Restated)* Net earnings attributable to Air T, Inc. Stockholders, as previously reported $ 4,943,065 $ 2,483,926 Net earnings attributable to Air T, Inc. Stockholders, as restated $ 4,413,910 $ 2,483,926 Earnings Per Share: Basic, as previously reported $ 2.08 $ 1.05 Basic, as restated $ 1.86 $ 1.05 Diluted, as previously reported $ 2.06 $ 1.04 Diluted, as restated $ 1.84 $ 1.04 Weighted Average Shares Outstanding: Basic 2,372,527 2,359,610 Diluted 2,396,824 2,379,928

Note 4 - Inventories (Tables)

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

Note 5 - Property and Equipme38

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

Note 6 - Intangible Assets an39

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

Note 7 - Accrued Expenses (Tabl

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

Note 8 - Acquisition of Inter41

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

Note 9 - Variable Interest En42

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

Note 11 - Lease Arrangements (T

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

Note 12 - Equipment Leased to44

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

Note 13 - Fair Value of Finan45

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

Note 15 - Employee and Non-Em46

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

Note 17 - Income Taxes (Tables)

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

Note 19 - Quarterly Financial48

Note 19 - Quarterly Financial Information (Unaudited) (As Restated) (Tables)	12 Months Ended
	Mar. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Quarter Quarter Quarter Quarter (As Restated)* (As Restated)* 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 $ 3,890 (2,314 ) Net Income (Loss), as previously reported (736 ) 3,794 2,971 (1,086 ) Net Income (Loss), as restated (736 ) 3,794 2,726 (1,370 ) Basic Earnings (Loss) per share, as previously reported (0.31 ) 1.60 1.25 (0.46 ) Basic Earnings (Loss) per share, as restated (0.31 ) 1.60 1.15 (0.58 ) Diluted Earnings (Loss) per share, as previously reported (0.31 ) 1.58 1.24 (0.46 ) Diluted Earnings (Loss) per share, as restated (0.31 ) 1.58 1.14 (0.57 ) 2015 Operating Revenues $ 21,779 $ 34,625 $ 30,893 $ 24,885 Operating Income (Loss) 99 2,597 2,141 (1,420 ) Net Income (Loss) 73 1,818 1,448 (856 ) Basic Earnings (Loss) per share 0.03 0.77 0.61 (0.36 ) Diluted Earnings (Loss) per share 0.03 0.77 0.61 (0.36 )

Note 20 - Geographical Inform49

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

Note 21 - Segment Information (

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

Note 1A - Restatement of Prev51

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($)	Nov. 24, 2015	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016		Mar. 31, 2016	Mar. 31, 2015
Net Income (Loss) Attributable to Noncontrolling Interest					$ (655,953)	[1]
Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage		33.00%		33.00%	33.00%		33.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests					33.00%
Net Income (Loss) Attributable to Noncontrolling Interest					$ 0
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent					67.00%
Scenario, Previously Reported [Member]
Net Income (Loss) Attributable to Noncontrolling Interest					$ (1,185,108)
Scenario, Previously Reported [Member] | Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage			62.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent					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]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.

Note 1A - Restatement of Prev52

Note 1A - Restatement of Previously Issued Consolidated Financial Statements - Effect of Correction of Error (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016		Dec. 31, 2015	[3]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015		Dec. 31, 2014	[3]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016		Mar. 31, 2015	Mar. 31, 2014
Additional paid-in capital	$ 4,956,171	[1]					$ 4,929,090						$ 4,956,171	[1]	$ 4,929,090
Retained earnings	28,821,825	[1]					24,407,915						28,821,825	[1]	24,407,915
Accumulated other comprehensive loss, net	(140,519)	[1]					(134,913)						(140,519)	[1]	(134,913)
Total Air T, Inc. stockholders' equity	34,230,608	[1]					29,795,223						34,230,608	[1]	29,795,223
Non-controlling Interests	1,040,922	[1]											1,040,922	[1]
Total equity	35,271,530	[1]					29,795,223						35,271,530	[1]	29,795,223	$ 27,360,057
Total liabilities and equity	52,154,752	[1]					43,456,382						52,154,752	[1]	43,456,382
Net Loss Attributable to Non-controlling Interests													655,953	[2]
Net income attribuable to Air T, Inc. stockholders	$ (1,370,000)	[3]	$ 2,726,000		$ 3,794,000	$ (736,000)	$ (856,000)	[3]	$ 1,448,000		$ 1,818,000	$ 73,000	$ 4,413,910	[2],[4]	$ 2,483,926
Basic (in dollars per share)	$ (0.58)	[3]	$ 1.15		$ 1.60	$ (0.31)	$ (0.36)	[3]	$ 0.61		$ 0.77	$ 0.03	$ 1.86	[2],[4]	$ 1.05
Diluted (in dollars per share)	$ (0.57)	[3]	$ 1.14		$ 1.58	$ (0.31)	$ (0.36)	[3]	$ 0.61		$ 0.77	$ 0.03	$ 1.84	[2],[4]	$ 1.04
Comprehensive loss attributable to non-controlling interests													$ 681,694	[5]
Comprehensive income attributable to Air T, Inc. stockholders													4,408,304	[5]	2,356,793
Proceeds from sale of property and equipment													(1,246,071)	[6]	(799,666)
Proceeds from sale of property and equipment													200,634	[6]	3,358,660
Scenario, Previously Reported [Member]
Additional paid-in capital	$ 4,947,665												4,947,665
Retained earnings	29,350,980												29,350,980
Accumulated other comprehensive loss, net	(117,898)												(117,898)
Total Air T, Inc. stockholders' equity	34,773,878												34,773,878
Non-controlling Interests	497,652												497,652
Total equity	35,271,530												35,271,530
Total liabilities and equity	52,154,752												52,154,752
Net Loss Attributable to Non-controlling Interests													1,185,108
Net income attribuable to Air T, Inc. stockholders	$ (1,086,000)	[3]	$ 2,971,000		$ 3,794,000	$ (736,000)							$ 4,943,065	[4]	$ 2,483,926
Basic (in dollars per share)	$ (0.46)	[3]	$ 1.25		$ 1.60	$ (0.31)							$ 2.08	[4]	$ 1.05
Diluted (in dollars per share)	$ (0.46)	[3]	$ 1.24		$ 1.58	$ (0.31)							$ 2.06	[4]	$ 1.04
Comprehensive loss attributable to non-controlling interests													$ 1,233,470
Comprehensive income attributable to Air T, Inc. stockholders													4,960,080
Proceeds from sale of property and equipment													(1,246,071)
Proceeds from sale of property and equipment													$ 200,634
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	Results of operations for the third and fourth quarter of 2016 have been restated. See Note 1A.
[4]	Earnings per common share have been restated for the year ended March 31, 2016. See Note 1A.
[5]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[6]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.

Note 1 - Summary of Significa53

Note 1 - Summary of Significant Accounting Policies (As Restated) (Details Textual) - USD ($)	3 Months Ended	4 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016		Dec. 31, 2015	Mar. 31, 2016		Mar. 31, 2016		Mar. 31, 2015	Nov. 24, 2015
Accounts Receivable Payment Terms					30 days
Goodwill, Gross		$ 375,000			$ 375,000		$ 375,000
Goodwill, Impairment Loss					100,000
Impairment of Intangible Assets, Finite-lived					$ 50,000
Warranty Term on Ground Equipment Products					3 years
Research and Development Expense		778,000			$ 777,942	[1]			$ 0
Stockholders' Equity Attributable to Noncontrolling Interest		1,040,922	[2]		1,040,922	[2]	$ 1,040,922	[2]
Net Income (Loss) Attributable to Noncontrolling Interest					$ (655,953)	[1]
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%		33.00%
Stockholders' Equity Attributable to Noncontrolling Interest		$ 0			$ 0		$ 0
Net Income (Loss) Attributable to Noncontrolling Interest					$ 0
Equipment Leased to Other Party [Member]
Property, Plant and Equipment, Useful Life					10 years
Delphax [Member]
Asset Retirement Obligation										$ 560,000
Delphax [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life					3 years
Delphax [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life					7 years
Overnight Air Cargo [Member]
Number of Major Customers					1
Cargo and Freight Revenue					$ 24,632,000				$ 32,672,000
[1]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 1 - Summary of Significa54

Note 1 - Summary of Significant Accounting Policies (As Restated) - Amortization Lives of Intangible Assets (Details)	12 Months Ended
	Mar. 31, 2016
Trade Names [Member]
Intangible asset, useful life (Year)	5 years
Patents [Member]
Intangible asset, useful life (Year)	9 years

Note 1 - Summary of Significa55

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

Note 2 - Earnings Per Common 56

Note 2 - Earnings Per Common Share (As Restated) - Earnings Per Common Share (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	[1]	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	[2]	Mar. 31, 2015
Net Income Attributable to Air T, Inc. Stockholders	$ (1,370,000)		$ 2,726,000		$ 3,794,000	$ (736,000)	$ (856,000)		$ 1,448,000		$ 1,818,000	$ 73,000	$ 4,413,910	[3]	$ 2,483,926
Earnings Per Share:
Basic (in dollars per share)	$ (0.58)		$ 1.15		$ 1.60	$ (0.31)	$ (0.36)		$ 0.61		$ 0.77	$ 0.03	$ 1.86	[3]	$ 1.05
Diluted (in dollars per share)	$ (0.57)		$ 1.14		$ 1.58	$ (0.31)	$ (0.36)		$ 0.61		$ 0.77	$ 0.03	$ 1.84	[3]	$ 1.04
Weighted Average Shares Outstanding:
Basic (in shares)													2,372,527	[3]	2,359,610
Diluted (in shares)													2,396,824	[3]	2,379,928
Scenario, Previously Reported [Member]
Net Income Attributable to Air T, Inc. Stockholders	$ (1,086,000)		$ 2,971,000		$ 3,794,000	$ (736,000)							$ 4,943,065		$ 2,483,926
Earnings Per Share:
Basic (in dollars per share)	$ (0.46)		$ 1.25		$ 1.60	$ (0.31)							$ 2.08		$ 1.05
Diluted (in dollars per share)	$ (0.46)		$ 1.24		$ 1.58	$ (0.31)							$ 2.06		$ 1.04
[1]	Results of operations for the third and fourth quarter of 2016 have been restated. See Note 1A.
[2]	Earnings per common share have been restated for the year ended March 31, 2016. See Note 1A.
[3]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Marketable Securities	$ 9,656,000		$ 5,279,000
Available-for-sale Securities, Amortized Cost Basis	9,791,000		5,490,000
Available-for-sale Securities, Gross Unrealized Gain	422,000		0
Available-for-sale Securities, Gross Unrealized Loss	557,000		211,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	5,903,000		4,168,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	163,000		176,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	4,711,000		1,111,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	395,000		35,000
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	$ 49,720	[1]	$ 8,487
[1]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.

Note 4 - Inventories - Inventor

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

Note 5 - Property and Equipme59

Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Mar. 31, 2016		Mar. 31, 2015
Property and equipment, gross	$ 8,458,523		$ 6,604,150
Less accumulated depreciation	(3,880,750)		(4,032,650)
Property and equipment, net	4,577,774	[1]	2,571,499
Furniture and Fixtures [Member]
Property and equipment, gross	5,559,885		4,931,748
Equipment Leased to Other Party [Member]
Property and equipment, gross	$ 2,898,639		$ 1,672,402
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 6 - Intangible Assets an60

Note 6 - Intangible Assets and Goodwill (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016		Mar. 31, 2015	Nov. 24, 2015
Finite-Lived Intangible Assets, Net	$ 1,109,112		$ 0
Amortization of Intangible Assets	51,000		0
Impairment of Intangible Assets, Finite-lived	50,000
Goodwill	275,408	[1]
Goodwill, Impairment Loss	100,000
Delphax [Member]
Goodwill				$ 375,408
Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived	$ 50,000
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 6 - Intangible Assets an61

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

Note 6 - Intangible Assets an62

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

Note 7 - Accrued Expenses - Sum

Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2016		Mar. 31, 2015
Salaries, wages and related items	$ 3,288,169		$ 1,571,347
Profit sharing	1,769,261		1,088,089
Health insurance	353,825		405,826
Warranty reserves	266,455		231,803
Other	1,165,164		232,386
Total	$ 6,842,874	[1]	$ 3,529,451
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 8 - Acquisition of Inter64

Note 8 - Acquisition of Interests in Delphax (As Amended) (Details Textual) - Delphax [Member] - USD ($)	Nov. 24, 2015	Mar. 31, 2016
Payments to Acquire Businesses, Gross	$ 1,050,000
Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price	0.95
Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period	20 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	$ 3,313,317
Business Combination, Acquisition Related Costs		$ 110,000
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 8 - Acquisition of Inter65

Note 8 - Acquisition of Interests in Delphax (As Amended) - Acquisitions - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($)	Mar. 31, 2016	[1]	Nov. 24, 2015	Mar. 31, 2015
ASSETS
Goodwill	$ 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
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
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

Note 9 - Variable Interest En66

Note 9 - Variable Interest Entities (As Restated) (Details Textual) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2016
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%	33.00%
Delphax [Member]
Loan Due from Variable Interest Entity, Accrued Interest			$ 76,000	$ 76,000

Note 9 - Variable Interest En67

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 ($)	Mar. 31, 2016		Mar. 31, 2015		Mar. 31, 2014
Cash and cash equivalents	$ 5,345,455	[1],[2]	$ 13,388,767	[2]	$ 3,508,888
Accounts receivable, net	12,303,128	[1]	9,534,563
Inventories	12,274,104	[1]	7,789,649
Other current assets	1,668,004	[1]	612,334
Total current assets	38,959,534	[1]	38,670,024
Property and equipment	4,577,774	[1]	2,571,499
Intangible assets	1,109,112		0
Goodwill	275,408	[1]
Other Assets	317,528	[1]	224,188
Total assets	52,154,752	[1]	43,456,382
Accounts payable	7,003,660	[1]	4,715,708
Income tax payable	11,312	[1]
Accrued expenses	6,842,874	[1]	3,529,451
Short-term debt	1,859,300	[1]
Total current liabilities	15,717,146	[1]	8,245,159
Long-term debt	4,835	[1]	5,000,000
Other long-term liabilities	615,241	[1]
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	249,528
Accounts receivable, net	1,433,494
Inventories	4,642,298
Other current assets	1,034,067
Total current assets	7,359,387
Property and equipment	625,684
Intangible assets	1,109,112
Goodwill	275,408
Other Assets	26,020
Total assets	9,395,611
Accounts payable	1,684,802
Income tax payable	11,312
Accrued expenses	1,926,340
Short-term debt	1,859,300
Total current liabilities	5,481,754
Long-term debt	2,581,107
Other long-term liabilities	606,358
Total liabilities	8,669,219
Net Assets	$ 726,392
[1]	The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.
[2]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.

Note 9 - Variable Interest En68

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												4 Months Ended		12 Months Ended
	Mar. 31, 2016	[1]	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2016		Mar. 31, 2015
Operating revenues	$ 34,581,000		$ 46,619,000		$ 44,654,000	$ 22,359,000	$ 24,885,000		$ 30,893,000		$ 34,625,000	$ 21,779,000			$ 148,211,938	[2]	$ 112,181,158
General and administrative															18,139,830	[2]	14,222,996
Research and Development Expense													$ 778,000		777,942	[2]	0
Depreciation, amortization and impairment															1,257,207	[2],[3]	856,911
															142,180,275	[2]	108,764,455
Operating Loss	$ (2,314,000)		$ 3,890,000		$ 5,505,000	$ (1,049,000)	$ (1,420,000)		$ 2,141,000		$ 2,597,000	$ 99,000			6,031,663	[2]	3,416,703
Non-operating Loss															121,746	[2]	(1,778)
Loss Before Income Taxes															6,153,409	[2]	3,414,926
Income Taxes															2,395,452		931,000
Net Loss															$ 3,757,957	[2],[3],[4]	$ 2,483,926
Delphax [Member]
Operating revenues														$ 3,954,797
Cost of sales														3,611,024
General and administrative														1,218,564
Research and Development Expense														777,942
Depreciation, amortization and impairment														313,893
														5,921,423
Operating Loss														(1,966,626)
Non-operating Loss														(21,111)
Loss Before Income Taxes														(1,987,737)
Income Taxes
Net Loss														$ (1,987,737)
[1]	Results of operations for the third and fourth quarter of 2016 have been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.
[4]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.

Note 10 - Financing Arrangeme69

Note 10 - Financing Arrangements (Details Textual) - Revolving Credit Facility [Member]	12 Months Ended
	Mar. 31, 2016USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	0.15%
Minimum Consolidated Tangible Net Worth	$ 22,000,000
Minimum Fixed Charge Coverage Ratio	1.35
Minimum Asset Coverage Ratio	1.75
Maximum Leverage Ratio	3.5
Long-term Line of Credit	$ 0
LIBOR Rate	0.44%
Delphax [Member]
Long-term Line of Credit	$ 1,833,000
Debt Instrument, Interest Rate, Effective Percentage	4.25%
Line of Credit Facility, Additional Borrowing Capacity	$ 800,000
Delphax [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Derivative, Basis Spread on Variable Rate	1.50%
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000

Note 11 - Lease Arrangements (D

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

Note 11 - Lease Arrangements -

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

Note 12 - Equipment Leased to72

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

Note 12 - Equipment Leased to73

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

Note 13 - Fair Value of Finan74

Note 13 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Marketable Securities	$ 9,656,000	$ 5,279,000
Fair Value, Inputs, Level 1 [Member]
Marketable Securities	$ 9,655,915	$ 5,278,752

Note 14 - Air T, Inc. Stockho75

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

Note 15 - Employee and Non-Em76

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

Note 15 - Employee and Non-Em77

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

Note 16 - Major Customers (Deta

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

Note 17 - Income Taxes (Details

Note 17 - Income Taxes (Details Textual)	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Nov. 24, 2015USD ($)	Sep. 30, 2015USD ($)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
Unrecognized Tax Benefits	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	0
Deferred Tax Assets, Valuation Allowance	$ 10,830,000
Delphax [Member] | Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries	3
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%
Deferred Tax Assets, Valuation Allowance	$ 10,830,000		$ 10,273,000
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards				$ 6,000,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards				7,900,000
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

Note 17 - Income Taxes - Provis

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

Note 17 - Income Taxes - Differ

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

Note 17 - Income Taxes - Deferr

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

Note 18 - Employee Benefits (De

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

Note 19 - Quarterly Financial84

Note 19 - Quarterly Financial Information (Unaudited) (As Restated) (Details) - USD ($)	3 Months Ended												12 Months Ended
	Mar. 31, 2016	[1]	Dec. 31, 2015	[1]	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	[1]	Dec. 31, 2014	[1]	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016		Mar. 31, 2015
Revenues	$ 34,581,000		$ 46,619,000		$ 44,654,000	$ 22,359,000	$ 24,885,000		$ 30,893,000		$ 34,625,000	$ 21,779,000	$ 148,211,938	[2]	$ 112,181,158
Operating Income (Loss)	(2,314,000)		3,890,000		5,505,000	(1,049,000)	(1,420,000)		2,141,000		2,597,000	99,000	6,031,663	[2]	3,416,703
Net Income Attributable to Air T, Inc. Stockholders	$ (1,370,000)		$ 2,726,000		$ 3,794,000	$ (736,000)	$ (856,000)		$ 1,448,000		$ 1,818,000	$ 73,000	$ 4,413,910	[2],[3]	$ 2,483,926
Basic (in dollars per share)	$ (0.58)		$ 1.15		$ 1.60	$ (0.31)	$ (0.36)		$ 0.61		$ 0.77	$ 0.03	$ 1.86	[2],[3]	$ 1.05
Diluted (in dollars per share)	$ (0.57)		$ 1.14		$ 1.58	$ (0.31)	$ (0.36)		$ 0.61		$ 0.77	$ 0.03	$ 1.84	[2],[3]	$ 1.04
Scenario, Previously Reported [Member]
Net Income Attributable to Air T, Inc. Stockholders	$ (1,086,000)		$ 2,971,000		$ 3,794,000	$ (736,000)							$ 4,943,065	[3]	$ 2,483,926
Basic (in dollars per share)	$ (0.46)		$ 1.25		$ 1.60	$ (0.31)							$ 2.08	[3]	$ 1.05
Diluted (in dollars per share)	$ (0.46)		$ 1.24		$ 1.58	$ (0.31)							$ 2.06	[3]	$ 1.04
[1]	Results of operations for the third and fourth quarter of 2016 have been restated. See Note 1A.
[2]	The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.
[3]	Earnings per common share have been restated for the year ended March 31, 2016. See Note 1A.

Note 20 - Geographical Inform85

Note 20 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Non-current Assets	$ 4,577,774	$ 2,571,499
UNITED STATES
Non-current Assets	4,544,050	2,571,499
Non-US [Member]
Non-current Assets	$ 33,724

Note 20 - Geographical Inform86

Note 20 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2016

[1]

Dec. 31, 2015

[1]

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

[1]

Dec. 31, 2014

[1]

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2016

Mar. 31, 2015

Operating revenues

$ 34,581,000

$ 46,619,000

$ 44,654,000

$ 22,359,000

$ 24,885,000

$ 30,893,000

$ 34,625,000

$ 21,779,000

$ 148,211,938

[2]

$ 112,181,158

UNITED STATES

Operating revenues

141,010,279

103,642,292

Non-US [Member]

Operating revenues

$ 7,201,659

$ 8,538,866

[1]

Results of operations for the third and fourth quarter of 2016 have been restated. See Note 1A.

[2]

The Consolidated Statement of Comprehensive Income for the year ended March 31, 2016 has been restated. See Note 1A.

Note 21 - Segment Information87

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

Note 21 - Segment Information -

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

Note 22 - Commitments and Con89

Note 22 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016
Corporate Headquarters, Annual Rental Payment	$ 178,000
Subsequent Event [Member]
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount		$ 1,900,000

Note 23 - Related Party Matte90

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

Note 24 - Subsequent Events (De

Note 24 - Subsequent Events (Details Textual) - USD ($)	Jun. 01, 2016	Apr. 04, 2016	Mar. 31, 2016	Jun. 30, 2016
Corporate Headquarters, Annual Rental Payment			$ 178,000
Subsequent Event [Member]
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount				$ 1,900,000
Subsequent Event [Member] | ATGL [Member] | Delphax [Member]
Payments to Acquire Machinery and Equipment		$ 650,000
Subsequent Event [Member] | MAC and CSA [Member] | FedEx Corporation [Member]
Administrative Fee Increase (Decrease), Percentage	(2.00%)