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%) |