Air T (AIRT) 10-Q/A 13 Oct 17 2017 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document Information [Line Items]
Entity Registrant Name	AIR T INC
Entity Central Index Key	353,184
Trading Symbol	airt
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,042,789
Document Type	10-Q/A
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE Air T, Inc. (the "Company," "Air T," "we" or "us") is filing this amended Form 10-Q/A ("Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for the period ended June 30, 2016, originally filed with the Securities and Exchange Commission (the "SEC") on August 15, 2016 ("Original Filing"), to restate our unaudited condensed consolidated financial statements and related footnote disclosures at December 31, 2015 and March 31, 2016 and for the three months ended June 30, 2016. The previously filed consolidated financial statements for those periods should no longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10- Q/A” below. Restatement Background As disclosed in the Original Filing, pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the "Securities Purchase Agreement") among the Company, Delphax Technologies Inc. ("Delphax") and its subsidiary, Delphax Technologies Canada Limited ("Delphax Canada"), on November 24, 2015 (the "Closing Date"), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the "Senior Subordinated Note") issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the "Series B Preferred Stock") and a Stock Purchase Warrant (the "Warrant") to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). As further disclosed in the Original Filing, each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to antidilution 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 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) threesevenths 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 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 (loss) attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T's investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax's net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses. The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity. As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests should have been 32%. In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax. This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at June 30, 2016 and for the three months ended June 30, 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 Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the "Form 10-K/A") to similarly restate our audited consolidated financial statements and related financial information at and for the fiscal year ended March 31, 2016 and to amend certain other items within that report, (ii) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the "2015 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2015 and for the three and nine months ended December 31, 2015 and to amend certain other items within that report, (iii) an amendment to our Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the "Q2 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at September 30, 2016 and March 31, 2016 and for the three and six months ended September 30, 2016 and to amend certain other items within that report, and (iv) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2016 (the "Q3 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2016 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 and to amend certain other items within that report. Internal Control and Disclosure Controls Considerations Our Chief Executive Officer and Chief Financial Officer have determined that there were deficiencies in our internal control over financial reporting that constitute material weaknesses, as defined by SEC regulations, at June 30, 2016. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined by SEC regulations, were not effective at June 30, 2016, as discussed in Part I, Item 4 of this Form 10-Q/A. Items Amended in this Form 10-Q/A For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement described above. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement: A. Part I, Item 1. Financial Statements B. Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations C. Part I, Item 4. Controls and Procedures D. Part II, Item 6. Exhibits In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. In addition, the Exhibit Index has been appropriately updated.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Loss (Unaudited) (As Restated) - USD ($)	3 Months Ended
	Jun. 30, 2016		Jun. 30, 2015
Operating Revenues:
Operating Revenues	$ 30,493,253		$ 22,358,520
Operating Expenses:
Flight-air cargo	8,974,565		6,373,909
Maintenance-air cargo	5,445,904		5,208,164
Ground equipment sales	3,416,324		3,129,114
Ground support services	5,392,668		4,715,911
Printing equipment and maintenance	6,007,767
Research and development	510,960
General and administrative	5,828,946		3,806,928
Depreciation, amortization and impairment	1,989,601		178,617
Gain on sale of property and equipment			(5,024)
	37,566,735		23,407,619
Operating Loss	(7,073,482)		(1,049,099)
Non-operating Income (Expense):
Gain on sale of marketable securities	143,869
Foreign currency gain, net	91,790
Other-than-temporary impairment loss on investments	(1,502,239)
Other investment income (loss), net	42,693		(19,941)
Interest expense and other	(64,011)
	(1,287,898)		(19,941)
Loss Before Income Taxes	(8,361,380)		(1,069,040)
Income Taxes	(372,000)		(333,000)
Net Loss	(7,989,380)		(736,040)
Net Loss Attributable to Non-controlling Interests	2,237,909
Net Loss Attributable to Air T, Inc. Stockholders	$ (5,751,471)	[1]	$ (736,040)
Loss Per Share:
Basic (in dollars per share)	$ (2.42)	[1]	$ (0.31)
Diluted (in dollars per share)	$ (2.42)	[1]	$ (0.31)
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527	[1]	2,372,527
Diluted (in shares)	2,372,527	[1]	2,372,527
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 16,637,165		$ 12,889,190
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	4,254,188		4,039,237
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	6,800,042		5,430,093
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	2,560,088
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 241,770
[1]	Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (As Restated) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Net loss	$ (7,989,380)	$ (736,040)
Other comprehensive income (loss):
Foreign currency translation loss	(150,312)
Unrealized net losses on marketable securities	(981,370)	(439,298)
Tax effect of net unrealized losses on marketable securities	353,293	158,148
Total unrealized net loss on marketable securities, net of tax	(628,077)	(281,150)
Reclassification of other-than-temporary impairment losses on marketable securities included in net loss, net of gains on sale of marketable securities	1,358,370
Tax effect of reclassification	(489,012)
Reclassification adjustment, net of tax	869,358
Total Other Comprehensive Income (Loss)	90,969	(281,150)
Total Comprehensive Loss	(7,898,411)	(1,017,190)
Comprehensive Loss Attributable to Non-controlling Interests	2,285,699
Comprehensive Loss Attributable to Air T, Inc. Stockholders	$ (5,612,712)	$ (1,017,190)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	[1]
Current Assets:
Cash and cash equivalents (Delphax $495,668 and $249,528)**	$ 3,969,976	$ 5,345,455
Marketable securities	4,780,300	4,944,572
Restricted cash	824,062	820,651
Accounts receivable, less allowance for doubtful accounts of $355,000 and $426,000 (Delphax $1,460,541 and $1,433,494)**	11,230,664	12,303,128
Notes and other receivables-current	1,056,929	592,721
Income tax receivable	1,136,720	719,899
Inventories (Delphax $2,834,609 and $4,642,298)**	15,199,716	12,274,104
Deferred income taxes	155,279	291,000
Prepaid expenses and other (Delphax $665,481 and $1,034,067)**	1,192,794	1,668,004
Total Current Assets	39,546,440	38,959,534
Investments in Available-For-Sale Securities	3,603,764	4,711,343
Property and Equipment, Net (Delphax $66,605 and $625,684)**	4,813,305	4,577,774
Cash Surrender Value of Life Insurance Policies	2,118,628	2,100,057
Notes and Other Receivables - Long Term		103,996
Other Assets (Delphax $0 and $26,020)**	291,818	317,528
Intangible Assets, Net (Delphax $0 and $1,109,112)**		1,109,112
Goodwill (Delphax $0 and $275,408)**		275,408
Total Assets	50,373,955	52,154,752
Current Liabilities:
Accounts payable (Delphax $2,672,207 and $1,684,802)**	8,896,453	7,003,660
Income tax payable (Delphax $11,312 and $11,312)**		11,312
Accrued expenses (Delphax $4,409,633 and $1,926,340)**	8,035,357	6,842,874
Short-term debt (Delphax $2,177,827 and $1,859,300)**	2,177,827	1,859,300
Total Current Liabilities	19,109,637	15,717,146
Long-Term Debt	3,320,701	4,835
Deferred Income Taxes	546,000	546,000
Other Non-current Liabilities	24,498	615,241
Commitments and Contingencies (Notes 8 and 12)
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	4,956,171
Retained earnings	23,070,354	28,821,825
Accumulated other comprehensive income (loss), net	(1,760)	(140,519)
Total Air T, Inc. Stockholders' Equity	28,617,896	34,230,608
Non-controlling interests	(1,244,777)	1,040,922
Total Equity	27,373,119	35,271,530
Total Liabilities and Equity	$ 50,373,955	$ 52,154,752
[1]	Derived from audited financial statements

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) (Parentheticals) - USD ($)		Jun. 30, 2016	Mar. 31, 2016
Cash and cash equivalents		$ 3,969,976	$ 5,345,455	[1]
Allowance for doubtful accounts		355,000	426,000	[2]
Accounts receivable		11,230,664	12,303,128	[1]
Inventories		15,199,716	12,274,104	[1]
Prepaid expenses and other		1,192,794	1,668,004	[1]
Property and Equipment, Net		4,813,305	4,577,774	[1]
Other Assets		291,818	317,528	[1]
Intangible Assets, Net			1,109,112	[1]
Goodwill			275,408	[1]
Accounts payable		8,896,453	7,003,660	[1]
Income tax payable			11,312	[1]
Accrued expenses		8,035,357	6,842,874	[1]
Short-term debt		$ 2,177,827	$ 1,859,300	[1]
Preferred stock, par value (in dollars per share)		$ 1	$ 1	[2]
Preferred stock, authorized (in shares)		50,000	50,000	[2]
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25	[2]
Common stock, authorized (in shares)		4,000,000	4,000,000	[2]
Common stock, issued (in shares)		2,372,527	2,372,527	[2]
Common stock, outstanding (in shares)		2,372,527	2,372,527	[2]
Delphax [Member]
Cash and cash equivalents	[3]	$ 495,668	$ 249,528	[2]
Accounts receivable	[3]	1,460,541	1,433,494	[2]
Inventories	[3]	2,834,609	4,642,298	[2]
Prepaid expenses and other	[3]	665,481	1,034,067	[2]
Property and Equipment, Net	[3]	66,605	625,684	[2]
Other Assets	[3]	0	26,020	[2]
Intangible Assets, Net	[3]	0	1,109,112	[2]
Goodwill	[3]	0	275,408	[2]
Accounts payable	[3]	2,672,207	1,684,802	[2]
Income tax payable	[3]	11,312	11,312	[2]
Accrued expenses	[3]	4,409,633	1,926,340	[2]
Short-term debt	[3]	$ 2,177,827	$ 1,859,300	[2]
[1]	Derived from audited financial statements
[2]	Derived from audited financial statements
[3]	Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		3 Months Ended
		Jun. 30, 2016		Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (7,989,380)		$ (736,040)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on sale of marketable securities		(143,869)
Gain on sale of property and equipment				(5,024)
Change in accounts receivable and inventory reserves		2,348,788		9,528
Depreciation, amortization and impairment		1,989,601		178,617
Change in cash surrender value of life insurance		(18,571)		(20,146)
Deferred income taxes
Warranty reserve		39,001		(22,440)
Other-than-temporary impairment loss on investments		1,502,239
Change in operating assets and liabilities:
Accounts receivable		1,117,413		(774,712)
Notes receivable		(406,552)		257,385
Inventories		(5,704,755)		(3,729,103)
Prepaid expenses and other assets		534,759		211,559
Accounts payable		1,864,793		639,787
Accrued expenses		744,233		78,301
Income taxes payable/receivable		(428,132)		(602,588)
Non-current liabilities		(207,494)
Total adjustments		3,231,454		(3,778,836)
Net cash used in operating activities		(4,757,926)		(4,514,876)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(924,623)		(1,070,456)
Proceeds from sale of marketable securities		1,215,105
Proceeds from sale of property and equipment				19,163
Capital expenditures		(519,569)		(219,496)
Increase in restricted cash		(3,411)		(3,316)
Net cash used in investing activities		(232,498)		(1,274,105)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		12,047,913
Payments on line of credit		(8,727,210)		(18,704)
Net cash provided by (used in) financing activities		3,634,395		(18,704)
Effect of foreign currency exchange rates on cash and cash equivalents		(19,450)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(1,375,479)		(5,807,685)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		5,345,455	[1]	13,388,767
CASH AND CASH EQUIVALENTS AT END OF PERIOD		3,969,976		7,581,082
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers		321,345
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		2,319		20,497
Income taxes		56,133		269,701
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		313,692
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	[2],[3]	249,528
CASH AND CASH EQUIVALENTS AT END OF PERIOD	[2]	$ 495,668
[1]	Derived from audited financial statements
[2]	Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively
[3]	Derived from audited financial statements

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Unaudited) (As Restated) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]		Total
Balance (in shares) at Mar. 31, 2015	2,372,527
Balance at Mar. 31, 2015	$ 593,131	$ 4,929,090	$ 24,407,915	$ (134,913)		[1]	$ 29,795,223
Net loss			(736,040)				(736,040)
Net change from marketable securities, net of tax				(281,150)			(281,150)
Balance (in shares) at Jun. 30, 2015	2,372,527
Balance at Jun. 30, 2015	$ 593,131	4,929,090	23,671,875	(416,063)		[1]	28,778,033
Foreign currency translation loss
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	[1]	35,271,530	[2]
Net loss			(5,751,471)		(2,237,909)		(7,989,380)
Net change from marketable securities, net of tax				241,281			241,281
Balance (in shares) at Jun. 30, 2016	2,372,527
Balance at Jun. 30, 2016	$ 593,131	4,956,171	23,070,354	(1,760)	(1,244,777)	[1]	27,373,119
Foreign currency translation loss				$ (102,522)	$ (47,790)		$ (150,312)
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation
[2]	Derived from audited financial statements

Note 1A - Restatement of Previo

Note 1A - Restatement of Previously Issued Consolidated Financial Statements	3 Months Ended
	Jun. 30, 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 condensed consolidated financial statements included in the Company ’s Quarterly Report on Form 10 June 30, 2016, August 15, 2016 ( November 24, 2015 62% 38% We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% ’s net losses are attributed first 67% /33% 67% 33% As a result of the application of the above-described attribution methodology, for the three June 30, 2016, 32%. In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax. This Form 10 statements at June 30, 2016 three June 30, 2016 The combined impacts of all the adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form 10Q/A Financial Statement Presentation In addition to the restatement of our consolidated financial statements, we have also restated the following Notes for the effects of the errors above or, as indicated, amended Notes to include additional relevant disclosures. ● Note 1 . Financial Statement Presentation (As Restated) ● Note 2. nterests in Delphax (As Amended) ● Note 4. ● Note 9. The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements at June 30, 2016 March 31, 2016 three June 30, 2016: As Previously Reported As Restated Consolidated Balance Sheet Information (at June 30, 2016): Additional paid-in capital $ 4,947,665 $ 4,956,171 Retained earnings 25,674,678 23,070,354 Accumulated other comprehensive income (loss), net 66,309 (1,760 ) Total Air T, Inc. stockholders' equity 31,281,783 28,617,896 Non-controlling interests (3,908,664 ) (1,244,777 ) Total equity 27,373,119 27,373,119 Total liabilities and equity 50,373,955 50,373,955 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 income (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): Net loss attributable to non-controlling interests $ 4,313,078 $ 2,237,909 Net loss attributable to Air T, Inc. stockholders (3,676,302 ) (5,751,471 ) Loss per share - basic (1.55 ) (2.42 ) Loss per share - diluted (1.55 ) (2.42 ) Consolidated Statement of Comprehensive Income: Comprehensive loss attributable to non-controlling interests $ 4,406,316 $ 2,285,699 Comprehensive loss attributable to Air T, Inc. stockholders (3,492,095 ) (5,612,712 )

Note 1 - Financial Statement Pr

Note 1 - Financial Statement Presentation (As Restated)	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Financial Statement Presentation (As Restated) The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Amendment No.1 10 10 March 31, 2016. June 30 not Certain reclassifications have been made to the prior period amounts to conform to the current presentation. New Accounting Pronouncements In May 2014, five and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, In February 2015, no ’s condensed consolidated financial statements. In April 2015, December 15, 2015, not ’s condensed consolidated financial statements. In July 2015, December 15, 2016 In September 2015, December 15, 2015. June 30, 2016. no impact on the Company’s condensed consolidated financial statements for the quarter. In January 2016, 2016 01 Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, 2016 01 320 321, In February 2016, No. 2016 02, 12 December 15, 2018, In March 2016, 2018

Note 2 - Acquisition of Interes

Note 2 - Acquisition of Interests in Delphax (As Amended)	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Acquisition of Interests in Delphax (As Amended ) Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 ( November 24, 2015 ( $2,500,000 $500,000 90 October 2, 2015 $1,050,000 43,000 ’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%. November 24, 2017. October 2, 2015 ’s rights with respect to payment under and enforcement of the Senior Subordinated Note and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement. Each share of Series B Preferred Stock is convertible into 100 no No ’s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately 38% 31% Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Shares and interests in the Warrant sufficient to permit it to acquire up to 50% 50% ● holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement with respect to) three 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 June 30, 2016, three six not seventh The Warrant expires on November 24, 2021. In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must first may 0.95 20 one As a result of the above transactions, the Company determined that it had obtained control over Delphax and has consolidated Delphax in its consolidated financial statements beginning on November 24, 2015. The following table summarizes the provisional fair values of 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 interests 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 The Company ’s initial accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional. As further discussed in Note 9, June 30, 2016 June 30, 2016 not not

Note 3 - Income Taxes

Note 3 - Income Taxes	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Taxes Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. During the three June 30, 2016, $372,000 4.4%. no ’s effective tax rate for the June 2016 three June 30, 2016 June 30, 2016 831 three June 30, 2015, $333,000 34.3%. 34% As described in Note 2, 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 382 may $3.2 $4.5 9. The provisions of ASC 740 not November 24, 2015, ’s net deferred tax assets of approximately $11,661,000. June 30, 2016 $12,772,000. The Company has not ’s investments in Delphax. The Company concluded that the conditions for such recognition were not June 30, 2016. not

Note 4 - Net Earnings (Loss) Pe

Note 4 - Net Earnings (Loss) Per Share (As Restated)	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Net Earnings (Loss) Per Share (As Restated) Basic earnings (loss) per share was calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings (loss) per common share is as follows: Three Months Ended June 30, 2016 2015 (As Restated)* Net loss attributable to Air T, Inc. Stockholders as previously stated $ (3,676,302 ) $ (736,040 ) Net loss attributable to Air T, Inc. Stockholders as restated $ (5,751,471 ) $ (736,040 ) Loss Per Share: Basic, as previously stated $ (1.55 ) $ (0.31 ) Basic, as restated $ (2.42 ) $ (0.31 ) Diluted, as previously stated $ (1.55 ) $ (0.31 ) Diluted, as restated $ (2.42 ) $ (0.31 ) Weighted Average Shares Outstanding: Basic 2,372,527 2,372,527 Diluted 2,372,527 2,372,527 * Earnings per common share have been restated for the three June 30, 2016. 1A. The Company reported a net loss for the three June 30, 2016 2015. no See Note 14 June 30, 2016 June 30, 2016,

Note 5 - Investment Securities

Note 5 - Investment Securities Available for Sale	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Investment Securities Available For Sale Investments in available-for-sale marketable securities at June 30, 2016 $8,384,000, $9,643,000, $413,000 $1,673,000. March 31, 2016 $9,656,000, $9,791,000, $422,000 $557,000. 12 June 30, 2016 $1,182,000 $170,000, March 31, 2016 $5,903,000 $163,000. 12 June 30, 2016 $3,604,000 $1,502,000, March 31, 2016 $4,711,000 $395,000. The Company realized gains of $144,000 $0, three June 30, 2016 June 30, 2015. June 30, 2016 March 31, 2016 not twelve ’s investment in Insignia is classified as non-current in the June 30, 2016 The Company ’s investment in Insignia at June 30, 2016 $5,106,000 $1,502,000. June 30, 2016 June 30, 2016, one June 30, 2016. June 30, 2016. June 30, 2016 $1,502,000. no All securities are priced using publicly quoted market prices and are considered Level 1

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories Inventories consisted of the following: June 30, 2016 March 31, 2016 Ground support service parts $ 2,065,265 $ 1,566,694 Ground equipment manufacturing: Raw materials 2,138,404 1,549,810 Work in process 1,497,213 408,213 Finished goods 6,885,948 4,328,812 Printing equipment and maintenance: Raw materials 3,561,714 3,319,939 Work in process 792,212 759,446 Finished goods 915,520 562,912 Total inventories 17,856,276 12,495,826 Reserves (2,656,560 ) (221,722 ) Total, net of reserves $ 15,199,716 $ 12,274,104 During the quarter ended June 30, 2016, 9.

Note 7 - Stock Based Compensati

Note 7 - Stock Based Compensation	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Stock Based Compensation Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though no may July 29, 2015. is recognized over the requisite service period for stock options which are expected to vest. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. 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. No ’s stock option plan during the three June 30, 2016 2015. $0 three June 30, 2016 2015, June 30, 2016, no No June 2016 ’s stock option plans. Delphax did not June 2016

Note 8 - Financing Arrangements

Note 8 - Financing Arrangements	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	8. Financing Arrangements On April 1, 2015, $7.0 $20.0 $500,000 may one 1.50%, 0.15%. may On July 15, 2016, July 15, 2016 ( not August 9, 2016, August 9, 2016 ( $20.0 $25.0 April 1, 2017 April 1, 2018 14 . 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 9, ’s creditors do not The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $18.0 March 31, 2017, 50% 1.35 1.0, 3.5 1.0, 1.25 1.0 June 30, 2016 September 30, 2016, 1.50 1.0 December 31, 2016 March 31, 2017, 1.75 1.0 no $5,000,000 As of June 30, 2016, $3.3 June 30, 2016 No March 31, 2016. As of June 30, 2016, $7.0 not nor any of its subsidiaries is a guarantor of Delphax’s obligations under the Senior Credit Agreement. The facility is secured by substantially all of Delphax’s North American assets, expires in November 2018, 4.25% June 30, 2016). As of June 30, 2016, $2.1 $1.8 March 31, 2016) March 31, 2016, June 30, 2016 not ’s noncompliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the Senior Credit Agreement and to declare all amounts outstanding 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 Agreement. As of the date of this report, Delphax has not The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements.

Note 9 - Variable Interest Enti

Note 9 - Variable Interest Entities (As Restated)	3 Months Ended
	Jun. 30, 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 2, 810, November 24, 2015. 810, ’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. ’s determination, the Company assigned considerable weight to both 1 June 1, 2016 four 2 June 1, 2016. November 24, 2015, Refer to Note 2 The following table sets forth the carrying values of Delphax ’s assets and liabilities as of June 30, 2016 March 31, 2016: June 30, 2016 March 31, 2016 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 495,668 $ 249,528 Accounts receivable, net 1,460,541 1,433,494 Inventories 2,834,609 4,642,298 Other current assets 665,481 1,034,067 Total current assets 5,456,299 7,359,387 Property and equipment 66,605 625,684 Intangible assets - 1,109,112 Goodwill - 275,408 Other Assets - 26,020 Total assets $ 5,522,904 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,672,207 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 4,409,633 1,926,340 Short-term debt 2,177,827 1,859,300 Total current liabilities 9,270,979 5,481,754 Long-term debt 2,632,027 2,581,107 Other long-term liabilities - 606,358 Total liabilities $ 11,903,006 $ 8,669,219 Net Assets $ (6,380,102 ) $ 726,392 Long-term debt as reflected in the above table includes approximately $132,000 $76,000 June 30, 2016 March 31, 2016, ’s accompanying June 30, 2016 March 31, 2016 The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax ’s creditors do not Revenue and Expenses of Delphax . Delphax’s revenues and expenses are included in the Company’s consolidated financial statements beginning November 24, 2015. three June 30, 2016. For the Three Months Ended June 30, 2016 (Unaudited) Operating Revenues $ 3,210,088 Operating Expenses: Cost of sales 6,601,734 General and administrative 1,352,152 Research and development 510,960 Depreciation, amortization and impairment 1,680,601 10,145,447 Operating Loss (6,935,359 ) Non-operating Loss (20,940 ) Loss Before Income Taxes (6,956,299 ) Income Taxes - Net Loss $ (6,956,299 ) During the quarter ended June 30, 2016, ’s new élan printer system also did not The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax ’s business outlook and alternative courses of action. During the quarter ended June 30, 2016, Based on consideration of all relevant information available at the time of the Original Filing, including the assessment of the outside advisory firm and in light of its expected lack of profitability and current debt load, Delphax anticipates cooperating with senior and subordinated secured lenders to permit such lenders to initiate a formal receivership filing to commence an operating liquidation of Delphax Canada, Delphax’s primary, and sole manufacturing, subsidiary. Under the terms of the subordination agreement between the Company and the senior lender under the Senior Credit Agreement, until all indebtedness under the Senior Credit Agreement has been paid in full, the Company is restricted from initiating such a process. Such a process, if in fact commenced, would likely commence during the third fourth 2016 90 The adverse business developments during the quarter ended June 30, 2016 ’s assets, both tangible and intangible. Based on this reevaluation, which involved material estimation and subjectivity (including with respect to the recovery on assets in an operating liquidation), the Company concluded that a significant increase to inventory reserves was necessary. In addition, the Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. This impairment totaled approximately $1,385,000 June 30, 2016. $249,000 June 30, 2016. June 30, 2016, $5,610,000, June 30, 2016. Due to the significant judgment involved in estimating the fair value of amortizable/depreciable assets and goodwill, the Company considers these to be Level 3 The following presents information on Delphax ’s intangible assets and goodwill at June 30, 2016 March 31, 2016: June 30, 2016 March 31, 2016 (Unaudited) Tradenames $ 120,000 $ 120,000 Patents 1,090,000 1,090,000 Goodwill 375,000 375,000 1,585,000 1,585,000 Less accumulated amortization and impairment (1,585,000 ) (200,480 ) Intangible assets and goodwill, net $ - $ 1,384,520 The Company provisionally recorded goodwill of approximately $375,000 2 March 31, 2016 $100,000 $275,000 June 30, 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 three months ended June 30, 2016, 32%.

Note 10 - Geographical Informat

Note 10 - Geographical Information	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	10. Geographical I nformation Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2016 March 31, 2016: June 30, 2016 March 31, 2016 (Unaudited) United States, the Company ’s country of domicile $ 4,518,267 $ 4,240,050 Foreign 295,038 337,724 Total property and equipment, net $ 4,813,305 $ 4,577,774 Total revenue, in and outside the United States is summarized in the following table for the quarters ended June 30, 2016 June 30, 2015: June 30, 2016 June 30, 2015 (Unaudited) (Unaudited) United States, the Company ’s country of domicile $ 28,231,252 $ 20,297,312 Foreign 2,262,001 2,061,208 Total revenue $ 30,493,253 $ 22,358,520

Note 11 - Segment Information

Note 11 - Segment Information	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. Segment Information At June 30, 2016, 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. 9 third December 31, 2015. Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its business segments based on operating income. In March 2014, $250,000. not third fourth 2016, June 2015 Segment data is summarized as follows: Three Months Ended June 30, 2016 2015 Operating Revenues: Overnight Air Cargo $ 16,637,165 $ 12,889,190 Ground Equipment Sales: Domestic 5,386,069 1,978,029 International 1,284,619 2,061,208 Total Ground Equipment Sales 6,670,688 4,039,237 Ground Support Services 6,800,042 5,430,093 Printing Equipment and Maintenance Domestic 2,232,706 - International 977,382 - Total Printing Equipment and Maintenance 3,210,088 - Leasing 241,770 - Corporate 281,926 265,209 Intercompany (3,348,426 ) (265,209 ) Total $ 30,493,253 $ 22,358,520 Operating Income (Loss): Overnight Air Cargo $ 979,177 $ (94,443 ) Ground Equipment Sales 342,320 (519,171 ) Ground Support Services (110,052 ) (335,456 ) Printing Equipment and Maintenance (6,935,359 ) - Leasing 107,258 - Corporate (931,837 ) (100,029 ) Intercompany (524,989 ) - Total $ (7,073,482 ) $ (1,049,099 ) Capital Expenditures: Overnight Air Cargo $ - $ 24,325 Ground Equipment Sales 19,596 125,770 Ground Support Services 101,411 69,401 Printing Equipment and Maintenance 9,927 - Corporate 388,635 - Leasing 3,066,500 - Intercompany (3,066,500 ) - Total $ 519,569 $ 219,496 Depreciation and Amortization: Overnight Air Cargo $ 29,209 $ 34,472 Ground Equipment Sales 47,594 95,440 Ground Support Services 83,436 41,232 Printing Equipment and Maintenance 296,081 - Leasing 132,369 - Corporate 30,743 7,473 Intercompany (14,351 ) - Total $ 605,081 $ 178,617 The elimination of intercompany revenues is related to the sale during the three June 30, 2016 ten two

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. 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, $1.9 2018. ’s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately $178,000. no

Note 13 - Related Party Matters

Note 13 - Related Party Matters	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. 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% June 30, 2016 1%

Note 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. Repurchase of Common Stock On July 1, 2016, 329,738 $0.25 $24.01 $7,917,000. thirty 30 Pursuant to the terms of the Securities Purchase Agreement, for a period of four ’ relationship with the Company. Under the terms of the Securities Purchase Agreement, each party to the Securities Purchase Agreement has released each other party to the Securities Purchase Agreement from all claims that the releasing party has, had or may June 8, 2016 ’s records. Acquisition of Assets of Contrail Aviation Support On July 18, 2016, ’s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller’s employees and Mr. Kuhn was appointed Chief Executive Officer of Contrail Aviation. Following the acquisition, Contrail Aviation comprises an additional business segment—the aircraft engine aftermarket and surplus parts segment—of the Company’s operations. The consideration paid by Contrail Aviation for the acquired assets was (i) $4,937,500 ’s Net Working Capital (as defined in the Asset Purchase Agreement) as of date of closing of the acquisition and of which $300,000 21% $1,500,000 $3,000,000 (i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no (ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, $2,000,000, x $1,500,000, two 2 (iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $2,000,000, $4,000,000, $1,000,000; (iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $4,000,000, $1,500,000; (v) if, following the fifth $15,000,000 $3,000,000 $3,000,000 As used in the Asset Purchase Agreement, “Earnout Period” means each of the first five twelve Upon the consummation of the asset sale and in connection with the transfer of equity membership units of Contrail Aviation to the Seller, on July 18, 2016 fifth ’s equity membership interests Contrail Aviation at price to be agreed upon, or failing such an agreement to be determined pursuant to third The Company will account for the above described transaction as a business combination beginning with its second 2017 Contrail Aviation Credit Agreement In connection with and upon consummation of the asset acquisition by Contrail Aviation, on July 18, 2016, $12,000,000 75% $9,000,000 80% one 2.80%, January 2018. The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a first $1,600,000, The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of Contrail Aviation and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of 1.75 1.0, 2.5 1.0, $10,000 The Contrail Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company ’s failure to own, legally and beneficially, at least 51% Amendments to Revolving Credit Facility On July 15, 2016, July 15, 2016 ( ● not ● not ● permit the BMO Limited Guaranty; ● revise certain covenants to address the treatment of Contrail Aviation and Delphax; and ● effect conforming and other changes to defined terms. On August 9, 2016, August 9, 2016 ( ● increase the maximum amount available for borrowing under the Revolving Credit Facility from $20.0 $25.0 ● extend the maturity of the Revolving Credit Facility from April 1, 2017 April 1, 2018; ● reduce the required consolidated tangible net worth from $22.0 $18.0 March 31, 2017, 50% ● adjust the minimum consolidated asset coverage ratio for the quarter ended June 30, 2016 September 30, 2016 1.25 December 31, 2016 March 31, 2017 1.50 ● add a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to no $5,000,000 ● adjust the definitions of terms used in the financial covenants to address the impact of non-wholly owned subsidiaries and the BMO Limited Guaranty.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In May 2014, five and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, In February 2015, no ’s condensed consolidated financial statements. In April 2015, December 15, 2015, not ’s condensed consolidated financial statements. In July 2015, December 15, 2016 In September 2015, December 15, 2015. June 30, 2016. no impact on the Company’s condensed consolidated financial statements for the quarter. In January 2016, 2016 01 Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 December 15, 2017, 2016 01 320 321, In February 2016, No. 2016 02, 12 December 15, 2018, In March 2016, 2018

Note 1A - Restatement of Prev24

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	As Previously Reported As Restated Consolidated Balance Sheet Information (at June 30, 2016): Additional paid-in capital $ 4,947,665 $ 4,956,171 Retained earnings 25,674,678 23,070,354 Accumulated other comprehensive income (loss), net 66,309 (1,760 ) Total Air T, Inc. stockholders' equity 31,281,783 28,617,896 Non-controlling interests (3,908,664 ) (1,244,777 ) Total equity 27,373,119 27,373,119 Total liabilities and equity 50,373,955 50,373,955 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 income (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): Net loss attributable to non-controlling interests $ 4,313,078 $ 2,237,909 Net loss attributable to Air T, Inc. stockholders (3,676,302 ) (5,751,471 ) Loss per share - basic (1.55 ) (2.42 ) Loss per share - diluted (1.55 ) (2.42 ) Consolidated Statement of Comprehensive Income: Comprehensive loss attributable to non-controlling interests $ 4,406,316 $ 2,285,699 Comprehensive loss attributable to Air T, Inc. stockholders (3,492,095 ) (5,612,712 )

Note 2 - Acquisition of Inter25

Note 2 - Acquisition of Interests in Delphax (As Amended) (Tables)	3 Months Ended
	Jun. 30, 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 4 - Net Earnings (Loss) 26

Note 4 - Net Earnings (Loss) Per Share (As Restated) (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2016 2015 (As Restated)* Net loss attributable to Air T, Inc. Stockholders as previously stated $ (3,676,302 ) $ (736,040 ) Net loss attributable to Air T, Inc. Stockholders as restated $ (5,751,471 ) $ (736,040 ) Loss Per Share: Basic, as previously stated $ (1.55 ) $ (0.31 ) Basic, as restated $ (2.42 ) $ (0.31 ) Diluted, as previously stated $ (1.55 ) $ (0.31 ) Diluted, as restated $ (2.42 ) $ (0.31 ) Weighted Average Shares Outstanding: Basic 2,372,527 2,372,527 Diluted 2,372,527 2,372,527

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2016 March 31, 2016 Ground support service parts $ 2,065,265 $ 1,566,694 Ground equipment manufacturing: Raw materials 2,138,404 1,549,810 Work in process 1,497,213 408,213 Finished goods 6,885,948 4,328,812 Printing equipment and maintenance: Raw materials 3,561,714 3,319,939 Work in process 792,212 759,446 Finished goods 915,520 562,912 Total inventories 17,856,276 12,495,826 Reserves (2,656,560 ) (221,722 ) Total, net of reserves $ 15,199,716 $ 12,274,104

Note 9 - Variable Interest En28

Note 9 - Variable Interest Entities (As Restated) (Tables) - Delphax [Member]	3 Months Ended
	Jun. 30, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, 2016 March 31, 2016 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 495,668 $ 249,528 Accounts receivable, net 1,460,541 1,433,494 Inventories 2,834,609 4,642,298 Other current assets 665,481 1,034,067 Total current assets 5,456,299 7,359,387 Property and equipment 66,605 625,684 Intangible assets - 1,109,112 Goodwill - 275,408 Other Assets - 26,020 Total assets $ 5,522,904 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,672,207 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 4,409,633 1,926,340 Short-term debt 2,177,827 1,859,300 Total current liabilities 9,270,979 5,481,754 Long-term debt 2,632,027 2,581,107 Other long-term liabilities - 606,358 Total liabilities $ 11,903,006 $ 8,669,219 Net Assets $ (6,380,102 ) $ 726,392
Condensed Income Statement [Table Text Block]	For the Three Months Ended June 30, 2016 (Unaudited) Operating Revenues $ 3,210,088 Operating Expenses: Cost of sales 6,601,734 General and administrative 1,352,152 Research and development 510,960 Depreciation, amortization and impairment 1,680,601 10,145,447 Operating Loss (6,935,359 ) Non-operating Loss (20,940 ) Loss Before Income Taxes (6,956,299 ) Income Taxes - Net Loss $ (6,956,299 )
Schedule of Intangible Assets and Goodwill [Table Text Block]	June 30, 2016 March 31, 2016 (Unaudited) Tradenames $ 120,000 $ 120,000 Patents 1,090,000 1,090,000 Goodwill 375,000 375,000 1,585,000 1,585,000 Less accumulated amortization and impairment (1,585,000 ) (200,480 ) Intangible assets and goodwill, net $ - $ 1,384,520

Note 10 - Geographical Inform29

Note 10 - Geographical Information (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	June 30, 2016 March 31, 2016 (Unaudited) United States, the Company ’s country of domicile $ 4,518,267 $ 4,240,050 Foreign 295,038 337,724 Total property and equipment, net $ 4,813,305 $ 4,577,774
Revenue from External Customers by Geographic Areas [Table Text Block]	June 30, 2016 June 30, 2015 (Unaudited) (Unaudited) United States, the Company ’s country of domicile $ 28,231,252 $ 20,297,312 Foreign 2,262,001 2,061,208 Total revenue $ 30,493,253 $ 22,358,520

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2016 2015 Operating Revenues: Overnight Air Cargo $ 16,637,165 $ 12,889,190 Ground Equipment Sales: Domestic 5,386,069 1,978,029 International 1,284,619 2,061,208 Total Ground Equipment Sales 6,670,688 4,039,237 Ground Support Services 6,800,042 5,430,093 Printing Equipment and Maintenance Domestic 2,232,706 - International 977,382 - Total Printing Equipment and Maintenance 3,210,088 - Leasing 241,770 - Corporate 281,926 265,209 Intercompany (3,348,426 ) (265,209 ) Total $ 30,493,253 $ 22,358,520 Operating Income (Loss): Overnight Air Cargo $ 979,177 $ (94,443 ) Ground Equipment Sales 342,320 (519,171 ) Ground Support Services (110,052 ) (335,456 ) Printing Equipment and Maintenance (6,935,359 ) - Leasing 107,258 - Corporate (931,837 ) (100,029 ) Intercompany (524,989 ) - Total $ (7,073,482 ) $ (1,049,099 ) Capital Expenditures: Overnight Air Cargo $ - $ 24,325 Ground Equipment Sales 19,596 125,770 Ground Support Services 101,411 69,401 Printing Equipment and Maintenance 9,927 - Corporate 388,635 - Leasing 3,066,500 - Intercompany (3,066,500 ) - Total $ 519,569 $ 219,496 Depreciation and Amortization: Overnight Air Cargo $ 29,209 $ 34,472 Ground Equipment Sales 47,594 95,440 Ground Support Services 83,436 41,232 Printing Equipment and Maintenance 296,081 - Leasing 132,369 - Corporate 30,743 7,473 Intercompany (14,351 ) - Total $ 605,081 $ 178,617

Note 1A - Restatement of Prev31

Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($)	Nov. 24, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Mar. 31, 2016
Net Income (Loss) Attributable to Noncontrolling Interest		$ (2,237,909)
Stockholders' Equity Attributable to Noncontrolling Interest		$ (1,244,777)		$ (1,244,777)	$ 1,040,922	[1]
Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage		32.00%
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		$ 0
Stockholders' Equity Attributable to Noncontrolling Interest		0		0
Scenario, Previously Reported [Member]
Net Income (Loss) Attributable to Noncontrolling Interest		(4,313,078)
Stockholders' Equity Attributable to Noncontrolling Interest		$ (3,908,664)		$ (3,908,664)	$ 497,652
Scenario, Previously Reported [Member] | Delphax [Member]
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage				62.00%
Delphax [Member]
Payments to Acquire Businesses, Gross	$ 1,050,000
Delphax [Member] | Series B Preferred Stock of Delphax [Member]
Business Combination, Shares Acquired	43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants	95,600
Business Combination, Warrants Acquired, Exercise Price Per Share	$ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion	100
Preferred Stock, Liquidation Preference Per Share	$ 0
Preferred Stock, Dividend Rate, Percentage	0.00%
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion	38.00%
Five Year Senior Subordinated Promissory Note [Member] | Delphax [Member]
Debt Instrument, Face Amount	$ 2,500,000
Delphax 90-Day Senior Subordinated Note [Member] | Delphax [Member]
Debt Instrument, Cancellation, Outstanding Principal Surrendered	$ 500,000
[1]	Derived from audited financial statements

Note 1A - Restatement of Prev32

Note 1A - Restatement of Previously Issued Consolidated Financial Statements - Effect of Correction of Error (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Mar. 31, 2016		Mar. 31, 2015
Additional paid-in capital	$ 4,956,171			$ 4,956,171	[1]
Retained earnings	23,070,354			28,821,825	[1]
Accumulated other comprehensive income (loss), net	(1,760)			(140,519)	[1]
Total Air T, Inc. stockholders' equity	28,617,896			34,230,608	[1]
Non-controlling interests	(1,244,777)			1,040,922	[1]
Total equity	27,373,119		$ 28,778,033	35,271,530	[1]	$ 29,795,223
Total liabilities and equity	50,373,955			52,154,752	[1]
Net Loss Attributable to Non-controlling Interests	2,237,909
Net loss attributable to Air T, Inc. stockholders	$ (5,751,471)	[2]	$ (736,040)
Basic (in dollars per share)	$ (2.42)	[2]	$ (0.31)
Diluted (in dollars per share)	$ (2.42)	[2]	$ (0.31)
Comprehensive Loss Attributable to Non-controlling Interests	$ 2,285,699
Comprehensive loss attributable to Air T, Inc. stockholders	(5,612,712)		(1,017,190)
Scenario, Previously Reported [Member]
Additional paid-in capital	4,947,665			4,947,665
Retained earnings	25,674,678			29,350,980
Accumulated other comprehensive income (loss), net	66,309			(117,898)
Total Air T, Inc. stockholders' equity	31,281,783			34,773,878
Non-controlling interests	(3,908,664)			497,652
Total equity	27,373,119			35,271,530
Total liabilities and equity	50,373,955			$ 52,154,752
Net Loss Attributable to Non-controlling Interests	4,313,078
Net loss attributable to Air T, Inc. stockholders	$ (3,676,302)	[2]	$ (736,040)
Basic (in dollars per share)	$ (1.55)	[2]	$ (0.31)
Diluted (in dollars per share)	$ (1.55)	[2]	$ (0.31)
Comprehensive Loss Attributable to Non-controlling Interests	$ 4,406,316
Comprehensive loss attributable to Air T, Inc. stockholders	$ (3,492,095)
[1]	Derived from audited financial statements
[2]	Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.

Note 2 - Acquisition of Inter33

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

Note 2 - Acquisition of Inter34

Note 2 - Acquisition of Interests in Delphax (As Amended) - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016	[1]	Nov. 24, 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]	Derived from audited financial statements

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual)	3 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Nov. 24, 2015USD ($)	Sep. 30, 2015USD ($)
Income Tax Expense (Benefit)	$ (372,000)	$ (333,000)
Effective Income Tax Rate Reconciliation, Percent	4.40%	34.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
Deferred Tax Assets, Valuation Allowance	$ 12,772,000		$ 11,661,000
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards				$ 6,000,000
Tax Credit Carryforward, Amount				4,500,000
Delphax [Member] | Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount				4,500,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards				7,900,000
Tax Credit Carryforward, Amount				3,200,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount				$ 325,000
Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries	3
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%

Note 4 - Net Earnings (Loss) 36

Note 4 - Net Earnings (Loss) Per Share (As Restated) (Details Textual) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note 4 - Net Earnings (Loss) 37

Note 4 - Net Earnings (Loss) Per Share (As Restated) - Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016	[1]	Jun. 30, 2015
Net loss attributable to Air T, Inc. Stockholders	$ (5,751,471)		$ (736,040)
Loss Per Share:
Basic (in dollars per share)	$ (2.42)		$ (0.31)
Diluted (in dollars per share)	$ (2.42)		$ (0.31)
Weighted Average Shares Outstanding:
Basic (in shares)	2,372,527		2,372,527
Diluted (in shares)	2,372,527		2,372,527
Scenario, Previously Reported [Member]
Net loss attributable to Air T, Inc. Stockholders	$ (3,676,302)		$ (736,040)
Loss Per Share:
Basic (in dollars per share)	$ (1.55)		$ (0.31)
Diluted (in dollars per share)	$ (1.55)		$ (0.31)
[1]	Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.

Note 5 - Investment Securitie38

Note 5 - Investment Securities Available for Sale (Details Textual) - USD ($)	3 Months Ended				9 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016		Jun. 30, 2015	Dec. 31, 2014	Mar. 31, 2016
Marketable Securities	$ 8,384,000	$ 9,656,000				$ 9,656,000
Available-for-sale Securities, Amortized Cost Basis	9,643,000	9,791,000				9,791,000
Available-for-sale Securities, Gross Unrealized Gain	413,000	422,000
Available-for-sale Securities, Gross Unrealized Loss	1,673,000	557,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	1,182,000	5,903,000				5,903,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss	170,000					163,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	3,604,000	4,711,000				4,711,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss	1,502,000					395,000
Available-for-sale Securities, Gross Realized Gains	144,000			$ 0
Available-for-sale Securities, Gross Realized Losses					$ 0
Available-for-sale Securities, Noncurrent	3,603,764	$ 4,711,343	[1]			$ 4,711,343	[1]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	1,502,239
Insignia [Member]
Available-for-sale Securities, Gross Unrealized Loss	1,502,000
Available-for-sale Securities, Noncurrent	5,106,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 1,502,000			$ 0
[1]	Derived from audited financial statements

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Ground support service parts	$ 2,065,265	$ 1,566,694
Inventory Gross	17,856,276	12,495,826
Reserves	(2,656,560)	(221,722)
Total, net of reserves	15,199,716	12,274,104	[1]
Ground Equipment Manufacturing [Member]
Raw materials	2,138,404	1,549,810
Work in process	1,497,213	408,213
Finished goods	6,885,948	4,328,812
Printing Equipment and Maintenance [Member]
Raw materials	3,561,714	3,319,939
Work in process	792,212	759,446
Finished goods	$ 915,520	$ 562,912
[1]	Derived from audited financial statements

Note 7 - Stock Based Compensa40

Note 7 - Stock Based Compensation (Details Textual) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Allocated Share-based Compensation Expense	$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0
Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0
Allocated Share-based Compensation Expense	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0

Note 8 - Financing Arrangemen41

Note 8 - Financing Arrangements (Details Textual)	27 Months Ended
	Jun. 30, 2016USD ($)	Aug. 09, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Secured Long-term Debt, Noncurrent				$ 7,000,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Commitment Fee Percentage	0.15%
Minimum Consolidated Tangible Net Worth	$ 22,000,000
Long-term Line of Credit	3,300,000		$ 0
Revolving Credit Facility [Member] | Delphax [Member]
Long-term Line of Credit	$ 2,100,000		$ 1,800,000
Debt Instrument, Interest Rate, Effective Percentage	4.25%
Revolving Credit Facility [Member] | Delphax [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 25,000,000
Minimum Fixed Charge Coverage Ratio		1.35
Maximum Leverage Ratio		3.5
Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement		$ 5,000,000
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of April 01, 2016 to March 31, 2017 [Member]
Minimum Consolidated Tangible Net Worth		$ 18,000,000
Percentage of Consolidated Net Income		50.00%
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of April 01, 2016 to June 30, 2016 [Member]
Minimum Asset Coverage Ratio		1.25
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of October 01, 2016 to December 31, 2016 [Member]
Minimum Asset Coverage Ratio		1.5
Revolving Credit Facility [Member] | Subsequent Event [Member] | After March 31, 2017 [Member]
Minimum Asset Coverage Ratio		1.75
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of July 01, 2016 to September 30, 2016 [Member]
Minimum Asset Coverage Ratio		1.25
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of January 01, 2017 to March 31, 2017 [Member]
Minimum Asset Coverage Ratio		1.5
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Derivative, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,000

Note 9 - Variable Interest En42

Note 9 - Variable Interest Entities (As Restated) (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Goodwill		$ 275,408	[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	32.00%
Delphax [Member]
Loan Due from Variable Interest Entity, Accrued Interest	$ 132,000	76,000
Amortization of Finite Lived Intangible Assets and Impairment of Goodwill	1,385,000
Severance Costs	5,610,000
Goodwill	375,000
Goodwill, Impairment Loss	275,000	$ 100,000
Delphax [Member] | Long-lived Tangible Assets [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 249,000
[1]	Derived from audited financial statements

Note 9 - Variable Interest En43

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 ($)	Jun. 30, 2016	Mar. 31, 2016		Jun. 30, 2015	Mar. 31, 2015
Cash and cash equivalents	$ 3,969,976	$ 5,345,455	[1]	$ 7,581,082	$ 13,388,767
Accounts receivable, net	11,230,664	12,303,128	[1]
Inventories	15,199,716	12,274,104	[1]
Other current assets	1,192,794	1,668,004	[1]
Total current assets	39,546,440	38,959,534	[1]
Property and equipment	4,813,305	4,577,774	[1]
Goodwill		275,408	[1]
Other Assets	291,818	317,528	[1]
Total assets	50,373,955	52,154,752	[1]
Accounts payable	8,896,453	7,003,660	[1]
Income tax payable		11,312	[1]
Accrued expenses	8,035,357	6,842,874	[1]
Short-term debt	2,177,827	1,859,300	[1]
Total current liabilities	19,109,637	15,717,146	[1]
Long-term debt	3,320,701	4,835	[1]
Other long-term liabilities	24,498	615,241	[1]
Delphax [Member]
Goodwill	375,000
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	495,668	249,528
Accounts receivable, net	1,460,541	1,433,494
Inventories	2,834,609	4,642,298
Other current assets	665,481	1,034,067
Total current assets	5,456,299	7,359,387
Property and equipment	66,605	625,684
Intangible assets		1,109,112
Goodwill		275,408
Other Assets		26,020
Total assets	5,522,904	9,395,611
Accounts payable	2,672,207	1,684,802
Income tax payable	11,312	11,312
Accrued expenses	4,409,633	1,926,340
Short-term debt	2,177,827	1,859,300
Total current liabilities	9,270,979	5,481,754
Long-term debt	2,632,027	2,581,107
Other long-term liabilities		606,358
Total liabilities	11,903,006	8,669,219
Net Assets	$ (6,380,102)	$ 726,392
[1]	Derived from audited financial statements

Note 9 - Variable Interest En44

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
	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 30,493,253	$ 22,358,520
General and administrative	5,828,946	3,806,928
Research and development	510,960
Depreciation, amortization and impairment	1,989,601	178,617
	37,566,735	23,407,619
Operating Loss	(7,073,482)	(1,049,099)
Non-operating Loss	(1,287,898)	(19,941)
Loss Before Income Taxes	(8,361,380)	(1,069,040)
Income Tax Expense (Benefit)	(372,000)	(333,000)
Net Loss	(7,989,380)	$ (736,040)
Delphax [Member]
Revenues	3,210,088
Cost of sales	6,601,734
General and administrative	1,352,152
Research and development	510,960
Depreciation, amortization and impairment	1,680,601
	10,145,447
Operating Loss	(6,935,359)
Non-operating Loss	(20,940)
Loss Before Income Taxes	(6,956,299)
Income Tax Expense (Benefit)
Net Loss	$ (6,956,299)

Note 9 - Variable Interest En45

Note 9 - Variable Interest Entities (As Restated) - Summary of Intangible Assets and Goodwill of Delphax (Details) - Delphax [Member] - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Goodwill	$ 375,000	$ 375,000
Intangible assets and goodwill, gross	1,585,000	1,585,000
Less accumulated amortization and impairment	(1,585,000)	(200,480)
Intangible assets and goodwill, net		1,384,520
Trade Names [Member]
Intangible assets, gross	120,000	120,000
Patents [Member]
Intangible assets, gross	$ 1,090,000	$ 1,090,000

Note 10 - Geographical Inform46

Note 10 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Non-current Assets	$ 4,813,305	$ 4,577,774
UNITED STATES
Non-current Assets	4,518,267	4,240,050
Non-US [Member]
Non-current Assets	$ 295,038	$ 337,724

Note 10 - Geographical Inform47

Note 10 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 30,493,253	$ 22,358,520
UNITED STATES
Revenues	28,231,252	20,297,312
Non-US [Member]
Revenues	$ 2,262,001	$ 2,061,208

Note 11 - Segment Information48

Note 11 - Segment Information (Details Textual)	1 Months Ended	3 Months Ended
	Mar. 31, 2014USD ($)	Jun. 30, 2016
Number of Operating Segments		5
Initial Capital	$ 250,000
Number of Commercial Deicing Units Sold		10
Number of Elan Printers Sold		2

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 30,493,253	$ 22,358,520
Operating Income (Loss)	(7,073,482)	(1,049,099)
Capital Expenditures	519,569	219,496
Depreciation and Amortization	605,081	178,617
Corporate, Non-Segment [Member]
Revenues	281,926	265,209
Operating Income (Loss)	(931,837)	(100,029)
Capital Expenditures	388,635
Depreciation and Amortization	30,743	7,473
Intersegment Eliminations [Member]
Revenues	(3,348,426)	(265,209)
Operating Income (Loss)	(524,989)
Capital Expenditures	(3,066,500)
Depreciation and Amortization	(14,351)
Overnight Air Cargo [Member]
Revenues	16,637,165	12,889,190
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	16,637,165	12,889,190
Operating Income (Loss)	979,177	(94,443)
Capital Expenditures		24,325
Depreciation and Amortization	29,209	34,472
Ground Equipment Sales [Member]
Revenues	4,254,188	4,039,237
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	6,670,688	4,039,237
Operating Income (Loss)	342,320	(519,171)
Capital Expenditures	19,596	125,770
Depreciation and Amortization	47,594	95,440
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	5,386,069	1,978,029
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	1,284,619	2,061,208
Ground Support Services [Member]
Revenues	6,800,042	5,430,093
Ground Support Services [Member] | Operating Segments [Member]
Revenues	6,800,042	5,430,093
Operating Income (Loss)	(110,052)	(335,456)
Capital Expenditures	101,411	69,401
Depreciation and Amortization	83,436	41,232
Printing Equipment and Maintenance [Member]
Revenues	2,560,088
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	3,210,088
Operating Income (Loss)	(6,935,359)
Capital Expenditures	9,927
Depreciation and Amortization	296,081
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	2,232,706
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	977,382
Leasing [Member]
Revenues	241,770
Leasing [Member] | Operating Segments [Member]
Revenues	241,770
Operating Income (Loss)	107,258
Capital Expenditures	3,066,500
Depreciation and Amortization	$ 132,369

Note 12 - Commitments and Con50

Note 12 - Commitments and Contingencies (Details Textual)	3 Months Ended
	Jun. 30, 2016USD ($)
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount	$ 1,900,000
Corporate Headquarters, Annual Rental Payment	$ 178,000

Note 13 - Related Party Matte51

Note 13 - Related Party Matters (Details Textual)	3 Months Ended	15 Months Ended
	Jun. 30, 2016USD ($)a	Jun. 30, 2016USD ($)a
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]
Area of Real Estate Property | a	68	68
Operating Leases Monthly Rent	$ 14,862
Number of Additional Lease Option Periods	3
Lessee, 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%	1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues		1.00%

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual)	Jul. 18, 2016USD ($)	Jul. 01, 2016USD ($)$ / sharesshares	Aug. 09, 2016USD ($)	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016$ / shares	[1]
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.25	$ 0.25
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 20,000,000
Minimum Consolidated Tangible Net Worth				$ 22,000,000
Subsequent Event [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 25,000,000
Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement			5,000,000
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of April 01, 2016 to March 31, 2017 [Member]
Minimum Consolidated Tangible Net Worth			$ 18,000,000
Percentage of Consolidated Net Income			50.00%
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of July 01, 2016 to September 30, 2016 [Member]
Minimum Asset Coverage Ratio			1.25
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of January 01, 2017 to March 31, 2017 [Member]
Minimum Asset Coverage Ratio			1.5
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of April 01, 2016 to June 30, 2016 [Member]
Minimum Asset Coverage Ratio			1.25
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of October 01, 2016 to December 31, 2016 [Member]
Minimum Asset Coverage Ratio			1.5
Subsequent Event [Member] | Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 12,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory	75.00%
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base	$ 9,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable	80.00%
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 1,600,000
Minimum Debt Service Coverage Ratio	1.75
Maximum Ratio of Total Liabilities to Tangible Net Worth	2.5
Annual Operating Lease Payments Limitation	$ 10,000
Subsequent Event [Member] | Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.80%
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]
Payments to Acquire Businesses, Gross	$ 4,937,500
Escrow Deposit	$ 300,000
Business combination, Equity Interests in Acquiree, Percentage	21.00%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year	$ 1,500,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	3,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment	0
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	1,500,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member]
Business Combination, Contingent Consideration Arrangements, Earnout Payment Calculation, Subtraction	$ 1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier	2
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	$ 2,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	1,500,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment	1,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	4,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	2,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 4 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment	1,500,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 4 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	4,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 5 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment	3,000,000
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 5 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold	$ 15,000,000
Subsequent Event [Member] | Biglari Group [Member] | Securities Purchase Agreement [Member]
Treasury Stock, Shares, Acquired | shares		329,738
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.25
Treasury Stock Acquired, Average Cost Per Share | $ / shares		$ 24.01
Treasury Stock, Value, Acquired, Cost Method		$ 7,917,000
[1]	Derived from audited financial statements